Rich dad poor dad: (2022) Free Summary, Lessons, Action steps and lots more.

What you get in this post: in this post, I have covered all chapter’s lessons

All quotes,

favorite parts of this book (stories, examples, etc)

It also includes at the end of the chapter What action do you need to take?

So stay tuned till the end.

For just 1 page summary you can click here.

Why do you have to read this Rich dad poor dad summary?

Reason:

Do your parents also advise you to work hard in school, get good grades, and then apply to reputable colleges for employment?

This book is for you if your parents also tell you things like that.

Benefits:

You will realize that there is much more important than studies after reading this book.

what schools and colleges do not teach.

The proper use of money is more crucial than knowing the right ways to earn it.

Want to know how?

Favorite quote:

One of the reasons the rich get richer, the poor get poorer, and the middle-class struggle in debt is that the subject of money is taught at home, not in school.

Let’s get started.

For just 1 page summary you can click here.

Rich dad poor dad Book summary in 3 sentences.

  • Don’t work for money; work for skills.
  • By reading books, attending seminars, and listening to podcasts, you can advance your financial literacy.
  • Don’t just learn one thing; constantly work to broaden and enhance your skill set.

The five key takeaways from Rich dad poor dad.

  • You should constantly ask yourself how you can achieve a goal in order to widen your perspective and provide you with multiple options.
  • The difference between the wealthy and the poor is that the poor work for money while the money work for the rich.
  • Focus on assets, not liabilities.
  • Be patient and only purchase your luxuries from your assets.
  • We must take risks and overcome our fear of failure.

Read more 12 Rules of life, summary, lessons, action steps and lots more.

Chapter 1:

The father of his friend and the author’s own father were both important in the author’s life.

His own father, whom the author called poor dad.

And whom the author used to refer to him as Rich Dad, Is his friend dad.

Because he explained how they can make more money.

And his poor father, who was well educated he has a degree of Ph.D. and always encouraged him to study and find employment.

But his friend’s dad used to advise him to work hard in school but not so that he could get a job, but rather so that he could learn how to become wealthy and provide jobs for others.

The distinction between the two dads was that the rich dad used to say how to give a job, while the poor dad used to say how to get a job.

His poor father always used to say, “I am very poor, I can’t get this, I can’t afford this,” but his rich father always said, “Always think that what you want to get you, think how can you get that thing.”

His rich father advised him to never say that you cannot get something; instead, say how you can get it.

Your mind will be opened, and this will lead the way.

However, when you claim that you can’t afford it or obtain it, your mind is closed.

For this reason, you should constantly ask yourself how you can achieve a goal in order to widen your perspective and provide you with multiple options.

Chapter 2:

When the author asked his father why we weren’t wealthy, he replied I’m just a regular teacher and I don’t know how to get rich.

However, when a banker advised the author and his friend to go learn how to become wealthy from your friend’s father

Then his friend questioned why my father? My father is poor, not wealthy,

Then the banker responded that your father would become wealthy very soon.

Because of this, the author and his friend whose name is Mike went to Mike’s father’s place and said, “You teach us how to become rich.”

Mike’s father, however, turned him down and told him, “I will not teach you for free.”

You must work for me in exchange for the 10 cents I will pay you.

After four weeks of diligent work, the author declared that she was quitting her job. Mike then began to laugh, and the author questioned him as to why.

Mike then responds, “My father said you will quit your job, and when you say so, then I will take you to my father,” in that order.

And when he introduces him to his father, the latter remarks, “I knew you would talk about quitting the job.”

The author then scolds, “You did not teach me anything, I worked so hard, and you never even spoke to me,” in an irritated tone.

Mike’s father then claims, “I’ve been training you since day one.”

When the author asked what he was teaching him, Mike’s father responded that everyone makes the same mistake.

The difference between the wealthy and the poor is that the poor work for money while the money work for the rich.

I wanted to impart that knowledge to you. That is what poor people do to get a salary and work only for money.

Read a more Detailed Book summary of the rudest book ever by Shwetabh Gangwar.

Chapter 3:

The author and Mike were taught by their rich father that the poor used his salary as soon as their paycheck arrives and spend it on their luxuries.

And with the same spending, his expenses rise even higher.

For example, if his payday is at the end of the month, he will buy items that don’t make him money; instead, it increases his expenses.

For example; If you have an air conditioner, your bill will rise as a result, which will drive up your expenses even further.

and you will never be wealthy.

Because of this, wealthy fathers advise their children to spend their money on items that will increase their wealth rather than decrease it.

Giving the example of this wealthy father reveals two types of information.

He refers to one as assets and the other as liabilities.

What sets assets and liabilities apart from one another?

As you invest in assets, you will not need to work because assets are defined as those that give you money, and liabilities as those that cost you money.

For example, investing in stocks and real states will increase your money.

Assets will automatically make you money,

but liabilities make your money lose.

For instance, when your paychecks arrive, you immediately buy an air conditioner.

It forces you to spend your money and does not provide you with any in return.

At this point, you must be wondering whether wealthy people don’t buy cars or reside in air-conditioned homes.

They do but when their salary comes, they invest first, and with the money that follows, they grant their wish.

They do not satisfy their desire with their salary; instead, they purchase things with the money that comes from assets.

Focus on assets, not on liabilities.

Chapter 4:

The author claims that while wealthy people concentrate on assets, poor people pay attention to salaries.

The author advises that you should put your all into whatever work you do, but avoid going over budget with your pay; instead, invest it in assets.

In this chapter, the author also teaches that if you work hard and go differently, most of the time you will not get support from the people.

you will encounter challenges, and you must consider how you can advance without paying attention to them.

As the author’s wife waited four years to only purchase a car, be patient, and only purchase your luxuries from your assets.

Read a more 14 easy steps to overcome po*nography addiction.(2022)

Chapter 5:

The author explains how you can pay less tax in this chapter.

Warren Buffet pays less tax than his secretary, why does this happen?

Is what they do illegal?

So, no, they legally reduce their tax; you can do the same.

For this, you should learn a lot about taxes and use the law to your advantage.

This topic is covered in a lot of books as well.

The best book on tax author suggests (incorporate and grow rich)

This chapter has only explained that if you read up on legal taxation thoroughly and make an effort to comprehend the laws, you can pay less legal tax and even avoid it.

Chapter 6:

In this chapter, the author explains that there are many people with a lot of knowledge who do not use it because they are afraid that their money will sink if they make an investment.

However, you shouldn’t be afraid because a fearful person won’t take action.

If money is sinking, then a lot of the author’s money has also drowned.

The author continues by warning that investing will cause you to lose a significant amount of money.

But you’ll also receive a fairly large sum.

We shouldn’t be afraid like that because as your experience grows, your money will grow and you will know which mistakes to avoid.

Facebook founder Mark Zuckerberg claims that the biggest risk in today’s world is not taking a risk. Therefore, in order to advance, we must take risks and overcome our fear of failure.

You can take action and try something new in this way.

Read a more Detailed Book summary of GIVE AND TAKE by Adam Grant.

Chapter 7:

The author argues that in order to become wealthy, you must be very good at many different things.

He uses the example of a reporter who said, “I want to be like you,” to illustrate this point.

The author asked, “Who has stopped you?” The reporter replied, “I don’t know,” so the author read her articles, which were excellent, but she lacked the ability to sell.

The reporter became enraged when the author suggested that she should enroll in sales courses and she responded, “I have a degree, I’m such a good professional, you want me to take sales courses.”

When she questioned this, the author responded, “Can’t anyone make a better McDonald’s burger than that? You must have eaten a McDonald’s burger.”

You can make things great, but not only do you need to make them well, you also need to know how to sell them.

Because no matter how well something is made, progress cannot be made until it is made through sales, we should constantly consider how we can sell things.

You’ve probably seen plenty of these people, excellent doctors, and painters but they are unable to advance because they lack the ability to sell.

that is why it is important for us to develop our sales skills.

Top 10 lessons from Rich dad poor dad book.

  • We stumble while learning to walk. We wouldn’t be able to walk if we never fell.
  • Winners have no fear of failure, however, Failure is a necessary step in the success process. Success is avoided by those who avoid failure.
  • You’re only poor if you give up. The fact that you took action is what matters most. Most people only fantasize and talk about becoming wealthy. You’ve taken action.
  • When life pushes you, if you’re the kind of person who lacks guts, you simply give up. If you are that person, you will spend your entire life taking precautions, acting morally, and setting money aside in case something unavoidable occurs. You then pass away as a dull old man.
  • Our minds are the most potent tool we all possess. It can produce enormous wealth in what seems like an instant if properly trained.
  • Owners pay just enough so that workers won’t resign, and employees put in enough effort to avoid being fired.
  • I wish I could say it was easy. It wasn’t, but it also wasn’t difficult. But without a compelling cause or goal, everything in life is challenging.
  • I worry that too many people are preoccupied with money rather than their greatest asset, which is education.
  • Problems are solved by intelligence, not by money. Without financial expertise, money quickly runs out.
  • A LARGE PART OF PEOPLE AVOID SEEKING NEW WAYS TO FIX THEIR PROBLEMS DUE TO THE FEAR OF BEING DIFFERENT.

Read a more Detailed Book summary of THE MAGIC OF THINKING BIG by David J Schwartz

Action steps from Rich dad poor dad.

Be honest with yourself about your feelings, and use your thoughts and feelings for yourself, not against them.

If you acknowledge that you are the issue, you can take steps to improve yourself, gain new knowledge, and mature. Don’t attribute your problems to other people.

understand a lot of things little.

Give what you want first whenever you feel “short” or “in need,” and it will come back to you in spades.

We all possess the tremendous potential and are endowed with talents. But the one thing that prevents us from moving forward is some level of self-doubt. We are held back more by a lack of self-confidence than by a lack of technical knowledge.

There’s a distinction between being underprivileged and being bankrupt. Broken is a transient state. The poor are forever.

The majority of people desire that everyone else change for the better. The author will tell you that changing yourself is simpler than changing other people.

Learn to think through your emotions rather than from them.

Just be aware that the majority of people are employed due to fear. the anxiety of failing to pay their bills. the worry of losing your job. the worry that one will run out of money. the anxiety of beginning again.

The biggest enemies of individual genius were excessive fear and self-doubt.

The majority of people are unaware that in life, what matters is how much money you keep, not how much money you make.

I can’t afford it shut down your brain. It was relieved of the need to think. In addition, it evokes sadness. a feeling of helplessness that causes melancholy and depression.

‘How can I afford it?’

widening the brain. forced it to ponder and look for solutions. It also creates a stronger mind and a dynamic spirit and opens up possibilities, excitement, and dreams.

The next thing you need to learn is leadership.

An intelligent person seeks out employment with smarter individuals.

Rule #1: Invest in assets and understand the distinction between them. This is all you need to know if you want to be wealthy. It is the first rule. The only rule is this. Liabilities cause you to lose money while assets generate more revenue.

Risk will always exist, so learn to manage it rather than try to avoid it.

Today, knowledge is wealth. And the wealth belongs to whoever has the most up-to-date information.

It is comparable to the difference between someone who regularly exercises at the gym and someone who sits on the couch and watches television. Both proper physical and proper mental exercise increase your chances of being healthy and wealthy. Laziness has a negative impact on wealth and health.

Accounting may be the most difficult and boring subject in the world, but if you want to become wealthy over the long term, it may also be the most crucial.

When you don’t fit the stereotype, life can be difficult.

Thank you for your time.

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