Strategies For A Wealthy & Balanced Life

Rich Dad, Poor Dad is one of the books listed in The Learning Path to Wealth. This book is inspirational, informative, and seems to have produced some critics as well.

The author, Robert Kiyosaki, shares his childhood experiences as it revolves around different mindsets around money. One mindset is that of Robert's father (Poor Dad) which was very educated but financially unstable. The other mindset was that of his best friends father (Rich Dad) which would become a millionaire with only an 8th grade education.

Poor Dad had a lifelong money problems living paycheck to paycheck. Poor Dad was upper middle class but still could not escape the "Rat Race." While comparing Rich Dad and Poor Dad it became evident to Robert that "the poor and middle class work for money", but "the rich have money work for them."

Rich Dad taught Robert the lessons he needed to learn to make himself financially independent. In the book, Robert concludes that our educational system is good at producing employees, but not very good at producing people who are good at managing their finances.

Kiyosaki can tend to be long winded in the book, delaying the point trying to be made. He goes into a "new" definition of what an asset is and how it is different than that of general accounting principals. This suggested new way of thought has created some critics and commotion.

The ultimate goal of this book is to provide you a new way of thinking and concepts to help you shed the 9-5 job and start working for yourself.

What useful personal financial information is contained in Rich Dad, Poor Dad?

The majority of the book is spent covering six lessons taught to Robert by his Rich Dad.

This lesson teaches that the rich do not work for money but work to learn concepts and ideas. The ideas and concepts that the rich learn can easily be applied to make money reputedly.

Another concept of this lesson explores how Rich Dad is very frugal. Even though Rich Dad has a great deal of money in the bank, he still drives an older car and does not live in a mansion. Most people associate wealth with material things, which can be one of the biggest misconceptions. The idea of wealth is never having to worry about paying bills- not how big of a house you live in or what car you drive.

This is the section of the book that has brought a great deal of attention and critics. In this section Robert explains a different definition of an asset. Conventional accounting considers a house, boat, car, bikes (I think you get the idea) all assets. Robert does on consider these assets. Robert considers anything that makes money an asset. Anything that costs you money is considered a liability in the book Rich Dad, Poor Dad. Some people do not like this way of thinking and has attracted critics because of the above mention concepts.

Here at the L-Coaches we support and believe the concepts presented in Rich Dad, Poor Dad. If you want to create wealth in your life and you are reading this trying to crack the "how to become wealthy" code then it is time to change your way of thinking because what you are doing is not working. The whole point of the concept that "if it does not make you money, it is a liability" teaches people what wealth is truly about. Wealth is about making money when you are not working, not living paycheck to paycheck, enjoy life and the simple pleasure and freedom having money provides to you and your family.

This lesson teaches readers in order to achieve financial freedom; we must build the kind of assets that are explained in Rich Dad, Poor Dad. Building the type of assets that Robert speaks of in this book is not something that can be built in a day, week, or month. It takes time. Just as we mentioned in The Learning Path to Wealth, this is a journey and the process of building wealth takes time.

This chapter explores the idea that you should be spending your spare time NOT spending your paychecks. Invest as much of your spare time as you can into developing assets (as defined in the book). Pay off your debt and start investing as soon as possible into ideas, websites, and concepts, etc. that will eventually generate passive or residual income.

We particularly liked that Robert does not tell you to quite your day job and jump into something with all of your heart and hope it works out. He simply suggests that you start putting all the pieces together while you are working your day job. Once the spare time projects starts making you more money than your day job consider leaving your day job if you don't like it.

This lesson covers the topic on how you can benefit by incorporating and being an employee of your own business. The key for the wealthy is having the company buy your assets. To get all the details you can purchase the book or CD below.

Wow! Invent money? Yes, anyone can invent money. Writing your own book is inventing money. Robert goes through multiple examples in his book. You can purchase this book by clicking on the link below.

Rich Dad Poor Dad is thought provoking and many of Robert Kiyosaki's basic concepts are valuable. Becoming wealthy requires a change in mindset, and we believe Kiyosaki's approach helps with that process.