Rich Dad Poor Dad: Personal Finance for Everyone?

Introduction

Rich Dad Poor Dad by Robert Kiyosaki is one of the most popular books in the world of personal finance. First published in 1997, it chronicles the lessons the author learned from two father figures: “Rich Dad” (the father of a friend who is a successful entrepreneur) and “Poor Dad” (Kiyosaki’s biological father who is educated but stuck in an employee mentality). The book aims to teach money management and investing principles, emphasizing the importance of changing one’s approach to wealth.

Book Summary

The central message of Rich Dad Poor Dad revolves around a series of contrasts between two approaches to financial life:

• Employee Mentality vs. entrepreneurial mindset: While “Poor Dad” promotes traditional education and a stable job, “Rich Dad” emphasizes the importance of creating passive income streams through investments.
• Actives vs. Passives: According to Kiyosaki, the goal should be to accumulate assets (assets that generate income) and reduce liabilities (expenses that take money away).
• Learn to make money work for you: A key lesson is that money should be seen as a tool to be put to work, rather than simply earning a paycheck.

The book is written in a simple and accessible way, designed for a broad audience and those new to the world of personal finance.

My Take: Interesting, but Overrated

Despite its popularity, I have to admit that I found the book to be a bit overrated. For someone like me who grew up in a family with an entrepreneur father, many of the concepts Kiyosaki explains are trivial or already known. Since I was a child, I have heard teachings such as “invest in assets” or “create sources of passive income”. These are things that I have always breathed and that have been transmitted to me as part of the entrepreneurial mentality.

Why It Can Be Useful for Others

Despite this, I recognize the value of Rich Dad Poor Dad for those starting from scratch. The book offers a clear and accessible perspective on money management, breaking some taboos and challenging the idea that financial success depends only on the traditional school path. For those who have never had access to these concepts, the book can represent a turning point and an introduction to the world of finance.

Strengths

1. Simplicity: Kiyosaki uses concrete examples and direct language.
2. Motivation: The book pushes you to reflect on your approach to money and the possibilities of changing your life.
3. Focus on financial education: An aspect often overlooked in traditional education.

Limitations

• Little depth: For those who are already familiar with finance or grew up in an entrepreneurial context, the book may seem superficial.
• Repetitiveness: Many concepts are reiterated several times, without adding new details, which is a great thing if it is the first time you come into contact with certain information ( IMPORTANCE OF REPETITION found in Thought -> Repetition is the mother of all skills ), but if you already have a smattering of knowledge it becomes boring.
• Examples not always practical: Some advice is difficult to apply for those who do not have starting resources.

Conclusion

Rich Dad Poor Dad is certainly an interesting book for those who want to approach the topics of personal finance in a simple and immediate way. However, for those who already have a solid foundation or come from an entrepreneurial context, it could be less stimulating and, in some cases, obvious. However, it remains a work that has the merit of having made the dialogue on money management accessible to a very wide audience.