Rich Dad, Poor Dad is one of the most popular self-help books about financial achievement. The author Robert Kiyosaki used his personal story about his friend's father, rich dad, and his own father, a poor father, to illustrate the principles of building wealth and achieving financial success.
Kiyosaki's father himself was an educated college graduate who worked hard all his life but never really could advance financially.
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Instead, his friend's father never graduated in eighth grade but was a successful businessman and investor. How did he do it? This is the story of Rich Dad, Poor Father and the principles of financial success:
Being financially literate is one of the basic principles of financial success. Successful people understand the difference between assets and liabilities, income and expenses. In other words, they know how to read the balance sheet.
Rich people understand the difference between income earned and investment income, and they focus on investment income generated from the assets they have. In addition, they understand how various forms of interest income and expense is treated from a tax standpoint so that they can minimize the amount of tax they pay and when they pay it.
Make your money more profitable for you than work for money: Working for money limits because there are only hours of the day or a week. Even people who are paid a high hourly rate will have a maximum income limit based on the time available.