Rich Dad, Poor Dad summary

Let’s answer that question from the last section: No, it’s none of the answers above. 

The rich become rich by making their money work for them. Instead of spending all their income on fripperies and luxuries, they invest a portion of it in assets of various types. And then, rather than working for money, they let their assets make money for them. 

At this stage, you might feel like objecting. Sure, it’s easy to criticize secure, “rat-race” jobs while telling people to acquire assets – but how can you afford to buy those assets if you don't have a job in the first place? Is the money meant to fall from the sky?

Nope. No one’s telling you to quit your day job – not yet, at least. What Kiyosaki does stress, though in his third lesson, is the importance of “minding your own business”. 

When Robert was back in school, one of his favorite stories was the tale of Robin Hood and his band of Merry Men – the pack of traveling vagabonds who stole from the rich to give to the poor. It was a thrilling story, he thought – but his rich dad disagreed. To him, Robin Hood seemed like a crook.

You see, rich dad blamed the Robin Hood fantasy for inspiring the tax system he despised. Just as Robin Hood took money from the rich and gave it to the poor, so too did the government try to take from the rich to give to the needy. But, as rich dad explained, they didn’t actually succeed. 

Okay, let’s go back to Robert Kiyosaki’s story. When Robert and Mike were still young, Rich Dad took them under his wing, and gave them total access to his private business dealings. They sat in on his meetings with bankers, attorneys, and accountants, and discovered what being a successful business owner involves. 

As a result, the boys learned a lot, and they learned it quickly – but before long, they began to encounter problems. You see, the skills the pair were learning from rich dad made it pretty hard for them to take school very seriously. 

You can start the journey toward personal wealth at any point in your life: but the earlier you get going, the better. Obviously, if you begin at 20, you’re far more likely to become rich than if you begin at 30. 

But regardless of your age, the best way to get started is by following these three steps. First, appraise your finances. Second, set yourself some goals. And third, acquire the education necessary to reach them.

In this section, we’re going to look at your attitude in financial matters. Because if you do want to change your current financial state, you’ll need to start handling your finances differently. 

The biggest change you most likely need to make is learning to take risks. In the real world, it’s often not the intelligent who get ahead: it’s the daring. Call it what you want – chutzpah, guts, audacity – being brave enough to take risks is something the rich all have in common.

Alright, let’s dig a bit deeper into the notion of risk in this blink. What does it actually mean?

First of all, taking risks means not always being balanced and safe with your money, which is what you’re doing when you put it in basic checking and savings accounts at the bank.

So far, we’ve learned that your money should work for you, we’ve learned about financial intelligence, and we’ve learned the value of being bold. But there is one more important lesson to learn from rich dad.

When Robert graduated from college, he landed a steady and well-paying job almost immediately. For most people, it would have been a dream come true – and that’s exactly how his educated but poor dad saw it. I mean, we already know it: poor dad saw a secure career and persistent work as the only sure-fire way to grow wealthy.