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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Second Chance summary
For Your Money, Your Life and Our World
15 mins
Brief summary
Second Chance by Robert T. Kiyosaki is a personal finance book that encourages readers to think like entrepreneurs and build a financial plan for their future. Through real-life examples and practical advice, Kiyosaki challenges readers to take control of their financial destiny.
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Second Chance
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Key idea 1 of 7
The American economic system is based on inflation and robs people of their wealth.
The phrase “The poor get poorer and the rich get richer” might sound like something from a cowboy film but in the United States it’s never been more true.
Regular people are robbed of their wealth because the system is based on inflation. Inflation is certainly bad for the average person – it means the money they’ve worked hard to earn is suddenly less valuable. To make matters worse, inflation encourages people to put more of their money into their savings, but that’s actually another cause of inflation. Here’s why.
When you deposit your savings into a bank, the bank then lends your money out to debtors. However, banks lend out much more than they receive in deposits.
Prior to the crash of 2007, banks had a lending limit of $34, meaning they could only lend out $34 for every dollar they actually had. But that increase in the money supply causes inflation, making your one dollar worth much less.
This sort of wild lending periodically results in financial bubbles, which the monetary system then answers with bailouts. Bailout money is taken from taxpayers, meaning bailouts are actually built into the system. That’s another way the current monetary system creates poverty.
However, bailouts and a system of inflation are only harmful to the people who work for a paycheck: employees, freelancers, small businesses and specialists. These are the groups that pay the highest taxes and tend to keep their savings in the bank.
This is why the middle class is shrinking so quickly. In 1970, 50.3 percent of Americans earned a middle class income, but by 2010, that figure had decreased to 42.2 percent.
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What is Second Chance about?
Second Chance (2015) outlines the reasons for the growing wealth gap in the United States and offers advice on working your way up the economic ladder. It explains how you can leverage assets and debt to enjoy more financial success in your future, while lifting your nose from the daily grindstone.
Second Chance Review
Second Chance (2015) by Robert T. Kiyosaki is a book that offers valuable insights on how to overcome financial challenges and create a better future. Here are three reasons why this book is worth reading:
- It provides practical strategies for navigating the complex world of finance, helping readers make informed decisions and seize opportunities.
- Using real-life examples and personal experiences, the author offers a unique perspective on wealth creation and the importance of financial education.
- The book explores the concept of financial intelligence and encourages readers to develop a mindset focused on creating financial freedom and security.
Best quote from Second Chance
Simply said, money is designed to keep people poor and slaves to those who control the monetary system.
—Robert T. Kiyosaki
Who should read Second Chance?
- Hard workers who never seem to get ahead
- Anyone interested in working less and earning more
- People who want to beat the financial system
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Second Chance FAQs
What is the main message of Second Chance?
The main message of Second Chance is that it's never too late to change your financial future.
How long does it take to read Second Chance?
The reading time for Second Chance varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is Second Chance a good book? Is it worth reading?
Second Chance is worth reading for its insights on personal finance and financial literacy.
Who is the author of Second Chance?
The author of Second Chance is Robert T. Kiyosaki.
What to read after Second Chance?
If you're wondering what to read next after Second Chance, here are some recommendations we suggest:
- Rich Dad's Who Took My Money? by Robert T. Kiyosaki
- Why “A” Students Work for “C” Students and “B” Students Work for the Government by Robert T. Kiyosaki
- Rich Dad’s Cashflow Quadrant by Robert T. Kiyosaki with Sharon L. Lechter
- Rich Dad's Increase Your Financial IQ by Robert T. Kiyosaki
- The Millionaire Real Estate Agent by Gary Keller with Dave Jenks and Jay Papasan
- The Business Of The 21st Century by Robert T. Kiyosaki
- The Compound Effect by Darren Hardy
- Beyond Order by Jordan B. Peterson
- Stop. Think. Invest. by Michael Bailey
- Mastering the VC Game by Jeffrey Bussgang