Rich Dad , Poor Dad ...
After many months, one fine weekend (which happens to be the last weekend), i decided to pick up a book to read. Its not that I don’t feel like reading, but i mostly keep myself into techie books (never quite took to devouring novels) This time, the (fortunate?) book was Rich Dad, Poor DadMy few words about the book -
The book starts more like a story, about the author as a kid, who says in the initial few pages: I have 2 dads, a rich dad and a poor dad Now don’t be mislead by this statement ;-D His own dad is a highly educated government servant, whom he refers to as Poor Dad . And his Rich Dad is actually his friend's dad, who is a self-employed business man (runs a corporation spanning real estate, construction etc). The book revolves around numerous examples (often comparisons) about the mindset, ideology and the approach that is employed by his 2 dads to issues, basically monetary issues.
'Poor Dad' is highly educated, is in government service, has a respectable job ... and ... always under monetary constraints. 'Rich Dad' is not as educated, but lives a totally different professional life. He is the one who run his things. The major difference between the two (which is also the main driving point of the book) is the stark difference in approach both of them have towards money dealings.
Rich Dad tries to instill into the author what he coins as Financial Intelligence His view is that, however educated you might become, more often than not, schools and colleges fail to improve you on the financial insight department - his point being, they hardly teach you or help develop the financial genius in you. But he is also a staunch supporter of getting yourself educated. But of course he insists on using that education to improve your understanding of the finances. (encourages to attend seminars which enrich your financial understanding)
Another important aspect which the author discusses in the book is how much risk should you take? The risk being referred to is financial risks vis-a-vis your investments. How much of a risk taker are you - will you invest in equities? will you invest in business? if you don’t take a plunge into high return investments (also higher risk investment), you would always stick to the low-return-low-risk segment of investments (this is one of the view points)
There are a lot more fundas as well, but one thing which the book consistently talks about is - how to make your money work for you, rather than you working for your money The point being, invest to make your money yield more money for you.
That’s enough for a (p)review - to end off, here’s a question i encountered in the book : when can you say - I am Rich ? When in your life, what circumstances would finally make you say 'I am Rich'?
P.S : no answers like "when i am happy" etc etc
posted by Anshuman @ 11:37 AM
7 Comments:
see my question is - "when can you claim that you are financially rich ? what is ur side of definition ?"
I think thr author doesnt undermine the importance of education..
he just says that instead of working for money make the money work for u ..
And well when cane u claim u r rich :-/ Thats tough man.. depends a lot on ur own personal aspirations i think
here is a definition put forth : I will consider myself 'richr when my investments will start returning me as much money, that I wont require to work anymore
Getcha ?
>"There are many other things that are more important than being rich."
Like what? Name one thing that is more important to you than being rich.
>"Being rich one cannot get everything in life."
No? You think so? Like what? What can't you get? Love? Happiness? Heaven after you die? Or do you have more tangible things in mind?
Me, I would rather be rich than poor. How rich is rich enough? I am not sure. I will let you know when I reach that point on my journey to become rich.
By the way, in what way is education more important than being rich? The sole purpose of educating oneself is to become rich. If you can become rich without a fancy degree, so much the better. You will have more time to make money and more time to enjoy the money you do make.
Show me a person (damn, double the number of letters than in a simple "man"!!!) who is not interested in becoming rich and I will show you a charlatan, a 420.
By the way, I have not read the book under discussion :-) Just saw the comments and just could not resist putting in a few words.
Does anybody have a copy of Rich Day, Poor Day that I could borrow?
so gautam, whats the point u r driving to - money buys all comforts ?
Like what? Name one thing that is more important to you than being rich - fame ?
Me, I would rather be rich than poor. - doesnt everyone want to be rich, than poor? what actually differentiates between the rich and the poor is that the rich are the ones who take steps to become rich !
How rich is rich enough? I am not sure. I will let you know when I reach that point on my journey to become rich. - heres the catch, u will let me know when u reach that point, but the fact of the matter is, u will never realise when u reach that point, coz u dont have a paramater of ur own to have that realisation...
The point about education - well said !
kiran the point to note is, what you are mentioning are intangible things which money cannot buy , but, a lack of money will definitely for sure fetch you all this for free . what say ?
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