We use cookies to ensure that we give you the best experience on our website. By using this site, you agree to our use of cookies Find out more.

Blog Detail

The Pocket Network Blogs

Rich Dad Poor Dad by Robert Kiyosaki - Book Review Transcript

Hi everyone, welcome to The Pocket Network’s First Monthly Business Book Review. We are so excited you could join us today. Every month we will be reviewing a business book that will greatly impact the way you do business. The ultimate goal is to help you find new books to read and implement in your business or if you’re on edge about buying a book, our short and sweet videos will help you make the ultimate decision. We will be posting the Book Reviews in both text and video format for everyone to enjoy. Without further ado. Lets jump right ahead with our first book review. 


Today we are going to discuss one of my favorite books. Rich Dad Poor Dad by Robert Kiyasoki. 


Cliche or not this book has opened my eyes to the endless possibilities real estate and being financially educated can bring. 


Robert writes the book like a story, which makes it so much more enjoyable to read. He explains how he has 2 dads when growing up. One being his poor yet really educated biological father and the other being his friend's rich dad who is a businessman. 


One day he asks his dad what he needs to do to become wealthy. His poor father says he needs to go to school, get educated and land a good paying job. But something didn’t sit right with him so he went and asked his rich dad the same question. His rich dad told him he will teach him exactly how to become wealthy with one condition, he will need to do exactly as he is told. 


His rich dad ends up teaching him valuable lessons that end up making Robert one of the wealthiest men in Hawaii. 


I learned a few of the important lessons from this book. One of which being how poor people purchase liabilities thinking they’re assets. Yet rich people make calculated asset purchases to pay for their liabilities, for example real estate.


Robert emphasizes the importance of learning personal finance. As obvious as it may seem you don’t think of learning personal finance until you really understand the benefits of it. 

While his definitions of assets and liabilities might not follow Generally Accepted Accounting Principles, it’s practical: assets put money in your pocket, and liabilities take money out of it.


Another key point was the need to escape the rat race. Not only does Kiyosaki cover the fundamental best practices for personal finance, but he also does a great job of painting an inspiring picture of their end goal: financial independence, security, being rich, or whatever you want to call it.


He follows up a lot on the matter of needing to escape the rat race that the majority of working class people find themselves in. Working to pay bills, student loans, fund liabilities, etc. 


He doesn’t go really deep on each subject but he recommends investing in assets like Stocks, Bonds, Notes, Businesses that don't require your attention, Royalties, and real estate. With the purpose of starting to create passive income from these sources. Once your passive income supersedes your work income you would technically be considered “out of the rat race” 


Another important point he makes is how Master Your Emotions Regarding Money: The famous quote goes as “Learn to use your emotions to think, not to think with your emotions”


This isn’t the personal finance message that you’d typically see today, but I like it a lot. Money is a hugely emotional issue for many people, and we could all probably benefit from understanding why it makes us feel however it does.


Some may fear the effects of money, some are scared of having too much so they don’t strive for more, they fear investing and losing, they are afraid of letting go of a secure job to pursue their dreams. Emotions have a lot to do with finance. 


I like to collate money and emotion in a matter of not letting it steer your thinking, but to use it to steer in the path of your choosing. 


He goes on to talk a lot about tax savings and much more tools he’s used to save and invest. He touches a lot on real estate which is why I was most interested in reading the book at first but after I completed it I had so many more questions that I’d never even thought of. 


Robert has written many more books that dive deeper into each specific category he has mentioned in Rich Dad Poor Dad.


I recommend this book to anyone looking for better understanding as to how real wealth is created. 

This book has helped me understand the basics of financial freedom and gave me the push I needed to start my real estate investment journey. 


As real estate professionals we should be thinking about ourselves as a business and how we can eventually step away without losing the income and having enough passive income to support us. 


Ask yourself, What does financial freedom mean to me? How do I plan on getting there?


If you don’t have a clear answer, I believe this book will help you get started. 


Join us next month as we review another tactical book to help you catapult your lifestyle and your business.