Rich Dad Poor Dad

"Rich Dad Poor Dad" is a 1997 book by Robert Kiyosaki and Sharon Lechter. It contrasts two perspectives on money and investing by comparing the financial philosophies of the author’s two father figures: his biological father, the "Poor Dad," and the father of his best friend, the "Rich Dad." Throughout the book, Kiyosaki discusses how these differing viewpoints shaped his own financial beliefs and strategies.

The "Poor Dad," a highly educated and hardworking man, believed in traditional work and the importance of securing a stable job with good benefits. He valued formal education and encouraged climbing the corporate ladder as a path to success. However, despite his efforts, he struggled financially.

The "Rich Dad," in contrast, lacked a formal education but possessed a wealth of financial knowledge and entrepreneurial spirit. He encouraged Kiyosaki to learn about money through real-world experiences and to understand the importance of financial literacy. Rich Dad taught Kiyosaki to invest in assets that produce income, minimize liabilities, and to use financial intelligence to create wealth.

Key lessons from the book include the importance of investing in assets over liabilities, the power of financial education, and the advantages of understanding and utilizing financial and tax strategies to one’s benefit. The book emphasizes that becoming financially independent requires a shift from simply earning money to making money work for you.

"Rich Dad Poor Dad" has been praised for challenging conventional views on finance and has encouraged readers to rethink their own financial beliefs and to pursue financial independence through knowledge and foresight. It remains a popular foundational text for those interested in personal finance and investment.