Rich dad poor dad is a personal finance book by Robert Kiyosaki, where the rich dad accumulated wealth due to entrepreneurship and savvy investing, while the poor dad went to school and worked hard all his life but never obtained financial security. In our own lives, particular with family and friends, we can also see rich dads and poor dads. We can also predict how decisions that are made will play out in the future. The fact is, the financial mistakes of the past tends to repeat themselves. Be a rich dad.
Poor Dad
Poor dad could be potentially your brother, sister, a friend, or you. He is that person who did everything correct it may seem. He went to school, got a job, got married, have kids, have a car, and have the coveted house. Poor dad has the picture of the American dream. A dream that poor dad will spend the rest of his life working to pay off. For poor dad, everything on the surface looks good. For poor dad, so long as the economy keeps on going well and he is not fired from his job, all is well. Poor dad makes just enough money to pay the required bills to stay afloat.
The problem for poor dad is that life does not always continue the way that you wish. Every so often there is a recession. Every so often employees are let go in view of downsizing. The problem for poor dad is that when things hits the fan, poor dad will fall behind. If all goes according to plan, at best, poor dad can continue living as is and work until his 60s or 70s and hope he has enough for retirement. At its worst, If there are any change in the economy or poor dad’s employment status, poor dad will fall behind and become financially ruined.
In the world of rich dad poor dad, I rather not be poor dad.
Rich Dad
Rich dad could be your brother, sister, a friend, or you. He is that person who did not necessity do everything correctly in view of the norm. However, Rich dad is an entrepreneur. Rich dad may not have done well in school, but has excelled outside of school. Rich dad has started and have failed at a number of business ventures. He may be operating a profitable business or one that is losing money currently. But one thing is for sure, Rich dad is taking a risk and operating a business. Rich dad is his own boss. Rich dad may not have the picture of the American dream, but has the potential to achieve it in terms of striking it rich as an entrepreneur. For rich dad, the dream of owning a successful business is just out of reach. For rich dad, the stress and uncertainty is worth the freedom and control that could be attained.
While life is not a bed of roses for rich dad, at worst his current business fails and he is ruined, but he went for it. The fact is, even if rich dad fails, it is likely that rich dad will start another business, because this is who rich dad is. Rich dad understands that being an entrepreneur comes with risks. However, the risk of being your own boss and controlling your future instead of handing it over to another is worth it.
At best, rich dad becomes widely successful and financially independent.
The In-between
For rich dad poor dad, you need not be 100% of either. You can take characteristics of both to ensure a stable and successful life. How about going to school, excel and being conservative yet entrepreneurial in your approach to money such that you can have a stable financial life. How about increasing your upside to avoid market fluctuations and the feelings of your boss by also starting your own business. Not every business will be successful, but when thinking about your family, would you rather be subjected to the whims of a boss or control your own destiny?
Note that both rich dad and poor dad are smart. Rich dad takes smart risks in business, poor dad is book smart but is conservative with regard to business. Rich dad and poor dad have different mindsets. Notice also the differences between the upsides and downsides of rich dad versus poor dad. Who would you rather be?
What many have notice over time is that you can do both. It is great to have the security of a somewhat stable biweekly paycheck working as an employee, but you can also start a business on the side. Yes, a side hustle that may one day become your main hustle.
Conclusion
Rich dad poor dad is a personal finance book by Robert Kiyosaki, where the rich dad accumulated wealth due to entrepreneurship and savvy investing, while the poor dad went to school and worked hard all his life but never obtained financial security. In our own lives, particular with family and friends, we can also see rich dad and poor dad. We can also predict how decisions that are made will play out in the future. The fact is, the financial mistakes of the past tends to repeat themselves. Be a rich dad.
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