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Lessons From "Rich Dad Poor Dad" By Robert Kiyosaki

On May 20, 2024, 19 extraordinary women gathered for the spring 2024 Women, Wealth and Wisdom Financial "Book" Club in Bloomington, Indiana. We discussed insights from "Rich Dad Poor Dad" by Robert Kiyosaki. See those lessons and discussion questions below.

Quotes from Chapter 1: The Rich Don’t Work for Money

  • Assets over Income: Buying or building assets that deliver cash flow is putting your money to work for you. High-paying jobs mean two things: you’re working for money and the taxes you pay will probably increase. I’ve learned to put my money to work for me and enjoy the benefits of generating income that doesn’t come from a paycheck. (p 39)
  • Most people have a price. And they have a price because of human emotions named fear and greed. First, the fear of being without money motivates us to work hard, and then once we get that paycheck, greed or desire starts us thinking about all the wonderful things money can buy. The pattern is then set...This is what I call the Rat Race. (p 48)
  • I constantly work to control my thoughts and my emotions. I’ve seen this play out over and over in my life: When emotion goes up, intelligence goes down. (p 60)

Quotes from Chapter 2: Why Teach Financial Literacy? 

  • It’s not how much money you make. It’s how much money you keep. (p 75)
  • You must know the difference between an asset and a liability, and buy assets. An asset puts money in my pocket. A liability takes money out of my pocket. (p 80-81)
  • Wealth is a person’s ability to survive so many number of days forward – or, if I stopped working today, how long could I survive? (p 110)

Quotes from Chapter 3: Mind Your Own Business 

  • The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich. (p 129)
  • Keep your daytime job, but start buying real assets, not liabilities or personal effects that have no real value once you get them home. Keep expenses low, reduce liabilities, and diligently build a base of solid assets. (p 141)

Quotes from Chapter 4: The History of Taxes and the Power of Corporations 

  • If you work for money, you give the power to your employer. If money works for you, you keep the power and control it. (p 155) 
  • Employees earn and get taxed, and they try and live on what is left. A corporation earns, spends everything it can, and is taxed on anything that is left. It’s one of the biggest legal tax loopholes that the rich use. (p 160)

Quotes from Chapter 5: The Rich Invent Money

  • The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth. (p 183)
  • Great opportunities are not seen with your eyes. They are seen with your mind. (p 199)

Quotes from Chapter 6: Work to Learn—Don’t Work for Money

  • I recommend to young people to seek work for what they will learn, more than what they will earn. (p 223)
  • The world is filled with talented poor people. All too often, they’re poor or struggle financially or earn less than they are capable of, not because of what they know, but because of what they do not know. (p 229-230)
  • Giving money is the secret to most great wealthy families.  (p 233)

Quotes from Chapter 7: Overcoming Obstacles

  • There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. The five reasons are: 1. Fear 2. Cynicism 3. Laziness 4. Bad habits 5. Arrogance
  • For winners, losing inspires them. For losers, losing defeats them. (p 249) 
  • Our lives are a reflection of our habits more than our education. (p 160)

Quotes from Chapter 8: Getting Started

  • I’ve learned that, without a strong reason or purpose, anything in life is hard. (p 280)
  • If you’re tired of what you’re doing, or you’re not making enough, it’s simply a case of changing the formula via which you make money. (p 286)
  • Whenever you feel short or in need of something, give what you want first and it will come back in buckets. That is true for money, a smile, love, or friendship. (p 303)

Questions from Chapter 9: Still Want More? Here are Some To-Dos

  • Stop doing what you are doing… take a break and assess what is working and what is not working. (p 321)
  • Action always beats inaction (p 333)

If you would be interested in participating in a future financial book club, click here to sign up or email Dawnetta Cooper for more information. To download a copy of the discussion questions, click the link below.

Download Questions From Rich Dad Poor Dad

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