Rich Dad, Poor Dad is a must-read book for anyone wanting to create not only wealth for themselves, but wealth for their family. Every point made in the book is a part of a bigger blueprint on attaining financial freedom within your lifetime. Here are 4 points we think everyone should take away from it.
1. Learning Money is Kid’s Stuff
Starting young is the point here. A lot of parents let their kids learn about life the hard way and aren’t actively teaching them the skills needed to excel in society. It’s easy to be like the typical person. That’s why they’re called typical! However, to excel and achieve not only financial freedom, but freedom in all aspects of life, it takes what I call “conscious parenting”. That’s something that the “rich dad” in the book did. He made sure to include valuable lessons in almost everything he did with his son. He never let a situation go by where he didn’t teach his son how to think for himself and uncover solutions.
Too many parents miss this important step. We need more people to understand that learning about the way the world works, how it rewards people, and how the financial system work will set your kids up for many generations to come. It just has to be incorporated into their life, starting at a young age!
2. Real Estate
This is one of the most powerful investment vehicles around. Rich Dad, Poor Dad talks a lot about his journey when it comes to achieving financial wealth. The main vehicle he used was real estate, whether it consisted of flipping houses, being the middleman, or holding rental properties. He goes deep into strategies we utilized towards the end of the book.
Once I purchased my first property, my cash flow increased and I instantly started building my net worth.
I’m not saying you have to make a career out of it, but it’s one the most common ways that generational wealth is created. A staggering 90% of millionaires are said to own some form of real estate. Real estate is something everyone should look into if they want to generate a massive income and net worth.
3. Ask Ask Ask
Too many people fail to use their resources when trying to move up in the world. Just ask.
In the book, the author recalled a story that his “Rich Dad” told him about people not being interested in learning how to create wealth for themselves. His rich dad would always say that his employees had no issue asking him for a raise. However, they never thought to ask him how he built wealth and accumulated the success he did. They were happy with average lives and struggling.
When I first started my company, I was terrible at getting new clients. The only clients who came my way were businesses who were referred to me by current and past happy clients. I eventually thought to myself, there’s no reason I shouldn’t have a bigger clientele since I know so many extremely successful business owners. One day I simply asked each of my clients if they could think of anyone who needed my services. That same day, I gained multiple leads and a few of them happen to turn into monthly clients of mine!
The same lesson applies to seeking advice, like in Rich Dad, Poor Dad, just ask! Never assume people will automatically “hand” you something. Don’t be that person who doesn’t ask!
4. Bad Perspectives Matter
The premise of Rich Dad, Poor Dad is the lessons he learned from both of his dads. His rich dad had the better advice towards advancement, of course. However, he still took in advice from his poor dad, whether or not he followed it. I tell individuals all the time, perspectives matter! Hearing the opinions of individuals who have a different perspective on life, can teach you in two ways.
It can help you become a more well-rounded person because you understand people better, those who do not align with your values. You also learn what you don’t want to do, which is just as important as learning what you should do in life to progress. Hearing a perspective you don’t agree with can’t hurt you if you’re aware it’s not the advice you seek. It’ll only help you learn and grow as a person.Perspectives matter.
It’s no secret Rich Dad, Poor Dad is a book that stood the test of time and will continue to educate and motivate generations to come. While the points mentioned above only scratch the surface of the abundance of knowledge that was shared in the book, these are some of the most vital points that can change the trajectory of your life. Make the most of them and I’m positive you’ll see drastic changes in your life for the better!