Thousands Swear By the Lessons in Rich Dad Poor Dad: I Gave It A Go
Confession time: I’m 30 and I’m totally clueless when it comes to money. Budgeting? Investing? Interest rates? I can use these words in a sentence, but that’s about it. And guess what? I’m not alone.
Turns out, according to a study by PriceWaterhouseCoopers, only 24% of millennials actually know their financial stuff.
So, for this New Year, I made it my mission to finally get a grip on my finances. Where did I start? Well, one name that kept coming up was Robert Kiyosaki and his worldwide phenomenon, Rich Dad, Poor Dad.
Everyone was raving about it, so I decided to check it out in a quick and easy way using the Blinkist app.
Rich Dad, Poor Dad
Rich Dad, Poor Dad
- 29 min reading time
- audio version available
Reshaping My Finances with Kiyosaki’s Wisdom and Blinkist
Blinkist collects the key points from nonfiction books and offers a digestible summary that can be read or listened to in about 15 minutes. Apart from Rich Dad Poor Dad, the app has over 6,500 titles across genres like personal development, productivity, and psychology.
Equipped with Kiyosaki’s wisdom and Blinkist’s smart explainer I started to tackle my finances head on. Here’s what I learned:
1. Building Wealth Is About How You Save Rather Than How Much You Earn
As a fundamental step to smart money management, Kiyosaki argues that saving money is much more important than making it. In fact, if you drastically cut your spending and saved between 30% to 50% of your income – financial independence could be yours in a just a few decades.
To put it in perspective, if you took an average monthly income of $5,000 and saved half of it in a smart investment portfolio, within the frame of 20 short years, you may have as much as $1,276,000 in investments saved up. However, it’s worth bearing in mind that the key to this kind of saving is cutting back drastically on spending, a step that may be too hard to bear for some.
2. Choose The Right Assets To Invest In.
Kiyosaki’s next critical lesson on wealth is this – the concept of making money work for them is how the rich accumulate wealth. Instead of spending all their income on unnecessary items, they choose to invest a portion of it in various types of assets.
By allowing their assets to generate income, they no longer have to rely on working for money themselves.
For example, a house can be seen as a major liability rather than an asset. It requires a long-term commitment to paying off a mortgage and taxes, draining your finances. By investing in a house with a mortgage, you lose out on the opportunity to invest in more profitable assets.
To achieve wealth, focus on identifying true assets and acquiring them instead of accumulating liabilities. Comparatively, poor and middle-class individuals rely on their salary to cover immediate expenses and debts, while rich individuals generate income from their assets and continuously increase their wealth.
By minimizing liabilities and expenses, you can allocate more funds towards investing in assets, allowing your money to work for you and accumulate wealth.
3. Work For Yourself, Not Your Boss
However, Kiyosaki emphasizes the importance of “minding your own business”. This means tending to your own finances and making money for yourself, not just your employer. It means earning money through assets, not promotions and raises.
Your profession is what you do to pay the bills, while your business is what you invest in to grow your assets. Kiyosaki followed his rich dad’s advice and started buying assets, even while working a day job. He kept his expenses low, invested his salary, and built a portfolio of income-producing assets.
By thinking of his assets as his own employees, Kiyosaki made his money work for him, even while he slept. To get rich, adopt the same mindset.
Your salary alone won’t make you wealthy, but it can help you buy the assets that will. Learn to distinguish between your profession and your business, because only one will make you rich.
Master Your Money In 15 Minutes With Blinkist
Being inquisitive, learning new habits, and building positive habits are themes commonly found within the pages of the books millionaires are reading. However, the hustle and bustle of life might makes it almost impossible to read them all.
The solution? Blinkist. By distilling key insights from nonfiction books into manageable 15-minute digestible reads or listens, the team at Blinkist brings information to your fingertips.
Even with the busiest schedule, Blinkist ensures valuable learnings are accessible, fitting effortlessly your daily reading and learning routine. With Blinkist, you can unlock the power of books and learn from the world’s smartest people without spending hours reading.
Learn About Financial Wisdom On-The-Go
Blinkist’s explainers are available in audio form too, allowing you to listen and learn while preparing your breakfast, during your morning commute, or at the gym. And with 70 new books added each month, there’s always something new waiting to be discovered.
Explore ground-breaking insights about finance from the likes of Stop. Think. Invest. by Michael Bailey to nailing money-management secrets from The Wisdom of Finance by Mihir A. Desai. You can even learn from a collection of books recommended by Robert Kiyosaki himself.
“I am really enjoying Blinkist. In fact, everyday I read through the Blinks and learn something good. This feeling of learning something meaningful is awesome. And in just 10 to 15 minutes, I’m through with the learnings of an entire book. I understand that reading blinks is not the same as reading a book, but if it was not for these blinks, I might have never read about some of the amazing books at all.”
Dive into a library of over 6,500 titles – there’s no better way to kickstart your day or revamp your life. Join the millions of users already transforming their lives, one book at a time.
One of the World’s Best Apps for Building New Habits
With Blinkist you can learn from books like Rich Dad, Poor Dad and apply the lessons directly to your everyday life. You’re in good company — 91% of Blinkist users report better habits since using the app, and 87% have seen positive changes in their lives.
“As a lifelong learner, finding Blinkist was a joy. If you enjoy non-fiction reading but are short on time, Blinkist will be your new favorite app.”
Unleash your financial potential with Rich Dad, Poor Dad Dive into Blinkist today and discover how much knowledge is at your fingertips. Take control of your finances today and see how much you could learn.