Why should I read Rich Dad, Poor Dad?
Why should I read Rich Dad, Poor Dad?
Book review by Jaanu
It’s long been considered a bible of sorts to the aspiring businessman or woman. But does it deserve the clout it has? Or is this snake oil?
I got this book as a gift for a birthday some years ago- at that time, I tried to read it but found too many of the concepts completely out of my reach. Now, as an incoming college student, I picked it up again… and devoured it. Robert Kiyosaki has put together an excellent manual which serves as an introduction to the world of business. That’s all it is, however- an introduction. This book is an absolute must-read, but don’t pick it up thinking it will be a panacea to money-related problems or a step-by-step list of instructions for how to start earning. It’s not either of those things.
Rather, it’s more of a philosophy and the approach of a seasoned businessman to 
his finances.
I think it’s tremendously important to read because our schools don’t teach financial literacy. Economics, personal finance, and accounting are still considered elective classes, and we don’t graduate knowing how to invest. The closest thing to financial literacy that I studied was how to write a check, which I learned in handwriting class (where we were taught cursive) at Ste. Jeanne d’Arc, my elementary school.
Kiyosaki has split the book into about 10 chapters, each with a very lucid takeaway. These lessons, he writes, were all instilled in him by his “rich dad” when he was a child growing up in Hawaii. The titular “poor dad” is his more educated biological father- someone he consistently likens in the book to the average member of the middle class.
What’s most groundbreaking in the book is Kiyosaki’s approach to money. No, your house is not an asset, he cautions; only investments that actually put money in your pocket should be considered assets.
He sprinkles the book full of anecdotes. One is about a childhood business venture: the time he and his friend Mike created a library system for used comic books from his part-time job in Rich Dad’s convenience store. Children would pay a membership fee and would have the whole library of comic books to access. One idea he shares is the value of an entrepreneurial imagination. The other: how hard it is to find a good employee. He was foiled in his attempt to establish branch offices for the comic book libraries because no workers as trustworthy as Mike’s studious little sister (the original employee) were to be found. The book is inspiring. Pictured here is Ray Kroc, who brought McDonald’s to the world. He shares a short but interesting anecdote about a visit Kroc made to a Texas business school. I don’t want to spoil anything, so read the book to find out. Kiyosaki explains that your main job shouldn’t be your source of income. To enjoy life, he says, work hard. Make sacrifices. But make money in spite of your main job, so that retirement can involve working- or not working, if you want. Your job should be your passion but business is business. 💵
