Writing 1

Zekarias Feleke
Instructor Bishoy Anwar
Writing 1
2/17/20
Rich Dad Poor Dad
There are six major lessons in this book which you will never find anywhere
in life and this is also the reason why majority of the people struggle
financially. These six lessons in this book prove the knowledge of financial
literacy is crucial to succeed in life, it opens the mind to dream big and see
things differently than the majority of the people in the world. And when I
say financial literacy it's not the knowledge that you learn in college because
if that was the reason everybody that goes to school for business or finance
would possess this knowledge. The sad truth you will realize while reading
this book is that schools design you to work for other people get employed
by financially literate people, everybody needs a starting point or capital to
do his/her own thing but school shapes your mind to see only the tip of the
iceberg. The six lessons included in this book are: the rich don't work for
money, why teach financial literacy, Mind your own business, History of
taxes and the power of corporations, the rich invent money, and work to
learn don't work for money. Most people think getting paid $100k or $200k
every year is making a lot of money which is not close to the truth at all. First
of all, it's not how much you make its how much you keep this is one of the
most essential secrets in this book. This book makes you realize you have to
have a plan to get out of the rat race before going to college and getting into
debt that's not worth it or waste your time and money doing nonsense that
gets you nowhere in life. This book also explains how simple the concept of
money is and that's the main reason why most people fail to acquire the
knowledge. Most people that have not yet acquired the knowledge fail to
understand the difference between an asset and a liability not understanding
the difference between these two things create the difference between the
rich, middle class and poor. There is not much difference between the middle
class and poor they both fail to understand the concept. A middle class has a
slightly higher paying job than the poor and yet most people aim for the
middle class. An asset is a thing that puts money into your pocket a liability
is a thing that takes money out of your pocket people don't understand this
because of the simplicity if you ask a poor or middle-class person if they
have an asset the answer is going to be yes. What they refer to an asset is
there house and car well those two are by far the least things to be
considered an asset. A house cannot be an asset because it does not bring
any money people think their house is there biggest investment, but the
truth is one of the biggest liabilities that also applies for a car. These two are
a luxury that you cannot afford until you have a sustainable cash flow.
People tend to think to go to college and getting a well-paying job will solve
all their money problems. This book also gives essential advice on real estate
investing and taking risks. If you look at most successful people you will see
they have multiple income sources that show getting a job and waiting for
your paycheck will never get you the life you dream of. When reading the
book you will understand saving money is one of the greatest mistakes most
people do '' Savers are losers'' is one the quote that Robert Kiyosaki uses
while writing this book and you will understand why saving is one of the
worst things you could do to your money especially if your saving in banks.
The book also enlightens you how the rich are taxing it will show you the
power of corporation and how the rich pay their tax after expense. Most
people thinking is ruined by external factors like parents, school and their
religious belief, I have met people that think the root of all evil is money this
type of mindset will destroy you and the people that are dependent on you
this book has one quote that I liked '' The root of all evil is the lack of
money''. This book makes you understand investing and buying in recession
is one of the smartest things you could do and waiting for recession to occur
and not investing is the worst of them some people have money but they
won't put that money into work waiting for recession to occur. Instead of
saving having a cash flow system through an asset is the way to not waste
your cash into the system. Most people also don't understand the concept of
affording, you only can afford to buy something if you can buy that product
twice and not affect the sate you were. The book shows you why a capitalist
country is the best place to live and get successful easily. The most
misconception of getting money is by trading time you only need to trade

your time for personal growth, trading your time for money is not just waste
of time but also energy of your decision making instead what you should do
is adding value to what you do and getting paid more for the value you have
added. This book tells you when you first get your paycheck whit out having
the financial literacy needed is when you submit yourself to your employer
and the money. This problem of most people is jealousy and laziness if your
complaining about the rich that means you are jealous of that person, the
person worked for that money even if the money is inherited still somebody
had to work for that money so instead of complaining about the rich and
about taxes you should get out grind and make it in life no matter what. The
last thing I want to mention is about failure more than 92% of people don't
pursue their dream because of the fear of failure there is one sad truth if you
don't fail you won't make it in fact if you don't fail it means you’re not trying.
WORK CITED
Kiyosaki, Robert. Rich Dad Poor Dad,
Scottsdale: Plata
Publishing LLC, 1197. Print

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Zekarias Feleke

Instructor Bishoy Anwar

Rich Dad Poor Dad

by financially literate people, everybody needs a starting point or capital to

understand the difference between an asset and a liability not understanding

because of the simplicity if you ask a poor or middle-class person if they

considered an asset. A house cannot be an asset because it does not bring

misconception of getting money is by trading time you only need to trade

Kiyosaki, Robert. Rich Dad Poor Dad,

Publishing LLC, 1197. Print

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