Book Recommendation - Rich Dad Poor Dad

Written By Lindsey Buck

Rich Dad Poor Dad by Robert Kiyosaki

Rich Dad Poor Dad is a top selling personal finance book. Here are six takeaways that Thomas Buck (Principal of MIG), found to be most helpful.

  • Money without intelligence is money soon gone (e.g. lottery winners, or professional athletes who do not manage their money well). Financial literacy is crucial.

  • Understand the difference between an asset  and a liability - "rich people acquire assets, while the poor and middle class acquire liabilities."

  • Many financial problems are caused by trying to "keep up with the family next door."

  • Pay your brokers/financial professionals well (e.g. attorneys, accountants, real estate brokers, financial advisors). Good professional advice is incredibly valuable, and can save both time and money.

  • Work to control your thoughts and emotions - when emotions go up, intelligence goes down.

  • There are three types of income - earned, passive, and portfolio. One successful financial strategy is to turn earned income into passive income, through investments such as real estate.

Lindsey Buck
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