Contest: What Books are you Reading?| Rich Dad Poor Dad

I have recently read a nonfiction book named **Rich Dad Poor Dad** by Robert Kiyosaki. This is all time best international seller, stresses out the importance of financial education to avoid the financial struggles in life.

In this book, the author writes about the financial education he got from his two dads since he was only 11years old.

^{At the age of 11, Robert and his friend Mike realised that they are poor as compared to the other kids who goes on fancy vacation trips.}

When they came home, they thought lack of money is their only issues. So they started making money(coins) out of nickel using plaster of Paris.

Soon, the poor dad of Robert told them that making money like this is illegal. Heartbroken both friends sat on the stairs kept thinking again How to Make money.

Robert has a poor dad (his real dad) who was a PhD and teaching in a government sector and earning a handsome money. Still he was struggling financially to manage his money along with his life style.

Then there was a rich dad of Robert ( his friend Mike's dad), who didn't finish his school. He had made a chain of hotels, working very hard and smart to acquire wealth.

Above all he was financially educated which is the reason he was using money to make him more money. He knew how to spend money to become rich one day.

That's why one day he became one, both these kids started getting their financial education from their rich dad and theoretical education from the school ( like their poor educated dad who died in debt).

What benefits has it brought to you? What have you learned new?

¤ Before reading this book my approach towards money was to earn to just purchase things and comfort i like.

¤ After reading this book, i think twice before spending my money. I sit down and ask if i genuinely need to buy that thing or it is just to satisfy the society (to showoff).

6 Things I learnt from this book

• Rich people have more income sources than their expenses. They always spend less than their income and adopt a bare minimum lifestyle before building an empire.

^{Money without financial education is money soon gone}

• Rich people buy assets and not liabilities. A large amount of their income comes from their assets.
  Assets: generates income for you like a rental property etc
  Liability: Takes money from your pocket like house, luxury cars, credit cards, debit cards.
  Once they acquire many assets and income sources, then they spend that money to purchase liabilities( luxury items and comforts).

• They are open to learn even after finishing their school. They know little but about everything.
  They don't hesitate to start small as most middle class people do.

• Rich people have legal loopholes to avoid taxes imposed by govt. Middle class and poor are bound to pay taxes which literally cuts a big chunk of their income. Rich people have a good legal team to handle their legal documentations.

• Rich people are good at communication and doing investments. They don't fear to take the first step which most people are scared to take.

• People with rich mindset don't listen to people who are always complaining about the downfall of economy. They make a way out from the depressed economy to acquire more wealth.
  They avoid negative people who always say Sky is Falling, Sky is Falling.

What led you to read it? Was it a recommendation or just curiosity?

One day, i was reading a local fiction from my country where this book was mentioned in the middle of a business meeting. I had seen this book on the internet before that. However, took the decision to read it in hard form after the curiosity aroused.

Therefore, i ordered it and read it in a few days. This is one of the fastest readings of my life. I genuinely fell in love with his simplest writing and guiding style.

If you could or wanted to give it to someone, who would it be and why?

I would recommend it to ever person out there struggling financially in life. In fact, all of us suffer financially in this insane inflation and lifestyle we have apodted.

In 21st century, we have adopted a lifestyle to spend everything to fit in a particular standard of the society. Consequently, we go broke time to time and invest very little or nothing for the future.

If you're one of these people, then this book is for you.

Do you think that if we make reading a habit it can have a positive impact on our lives?

^{The one who reads, lives a hundred lives}.

Reading encourages us to learn each day. When we keep on learing our brain health improves. Our intellect improves by reading, when we read something daily it gives us a reward in the form of happy hormones aka Dopamine.

So,
Eat, Sleep, read, and repeat

Inviting @abdullhahsafdar @sawera1