Preview

Lessons of Rich Dad Poor Dad

Good Essays
Open Document
Open Document
970 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Lessons of Rich Dad Poor Dad
Rich Dad Poor Dad

In Rich Dad Poor Dad a lot of useful tips can be pulled from the reading. Robert T. Kiyosaki has taught me many things about the importance of financial literacy and smart spending. After reading this book I now feel I can make better decisions with my money that will help me throughout my life. I believe that I now have the upper hand when it comes to financial planning and my financial future. I feel that I now have the knowledge many people will never be blessed with.
Lesson #1: I need a reason greater than reality.
My reason to be wealthy is simply to live the lifestyle I want to live at an early age. I want to travel, shop, and be pampered. I want to be in control of my money and in turn, my life. I want to have freedom with my money. I never want to be stressed when it comes to money. I want to be well-off and organized when it comes to spending. I hope to be like my father when it comes to financial knowledge and freedom.
Lesson #2: I choose daily. After reading this book I feel that I have many changes to make when it comes to my financial plan. First of all, I need to start saving more of my money. I need to find a job that I am happy with and I need to invest my earnings in things that will benefit me in the future. Although I am only 16, planning for my financial future should be an important part of my life. I need to make choices that will pay off in the long run. I'm going to make my money work for me, starting NOW. I am going to open accounts in which I earn the most interest, and I will be happy with my decision later on when I need the extra money.
Lesson #3: Choose friends carefully. I don't choose my friends for the size of their (or their parents) wallets. I have never been a judgmental person when it comes to social status or the amount of money someone has. I will never be that kind of person. I have lived in one bedroom apartments, and now I live in a beautiful home in Londonderry. I understand what it is

You May Also Find These Documents Helpful

  • Satisfactory Essays

    From the beginning of the book I learned that it is very important to live the golden rule of wealth. The golden rule is to invest at least ten percent of your income for long-term growth. If you follow this rule it will make you a very wealthy person. During the middle of the book I found the scenario with Roy and Brain really interesting. They are brothers and they decided to buy a house together and fix it up and rent it out, they made it seem really simple to make an investment, split up the work, and find someone to lease from them. They stared feeling really comfortable about their finances. Towards the end of the book I found the part about retirement was very interesting, I even had my mom read…

    • 409 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    In 1982, Dave Ramsey graduated from the University of Tennessee with a degree in Finance and Real Estate. Following those years Mr. Ramsey went from holding a net worth of over a million dollars, to losing his wealth to debt. He paid his “stupid tax” and began the journey of financial security. Ramsey begun to realize that the money trouble he had acquired had began with his own personal impulses and disciplinary disregard for this finances. He preaches that to win with money, you need to have self control and “live like no one else” now, so you can “live like no one else” later. (Ramsey, np) Discipline and having a plan for the future can help you with your finances today. “Put a name to every dollar,” Dave states, talking…

    • 417 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Week 1 Assignment

    • 962 Words
    • 4 Pages

    6. People have different styles when it comes to handling their money. List two different things that affect your personal beliefs and opinions about financial planning. How well money? Can you spot areas for improvement in your money management style, and if so, where/ how? Personally with me money doesn’t come easy so when I get it I have to save it not just spend it. I am not a person that will usually blow a lot of money. I am the type that will try to invest my money just as long as I know that whatever I invest in is real and not a scam I like checking the internet for ways of investing my money such as stocks and bonds. I can spot ways of improving my money all the time. I have trackers and online notifications that give me all kinds of ideals of managing my money and ways of earning more I recommend everyone to familiarize themselves with the resources of the internet.…

    • 962 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    This course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property.…

    • 1875 Words
    • 8 Pages
    Satisfactory Essays
  • Good Essays

    A lot of times people think of money as a good thing, but really it corrupts. Jonathan Swift had said“A wise person should have money in their head, but not in their heart.” When people gain a lot of wealth most of the time the start to look down on people but in the end it doesn't matter because we all end up the same. Dead. “We all gonna die, we bleed from similar veins.” Tupac Shakur explains this perfectly, no matter who we are we’re going to die because we are the same, human beings. The Great Gatsby by F. Scott Fitzgerald shows how wealth creates social class which can ruin relationships.…

    • 692 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Economics Basics

    • 810 Words
    • 2 Pages

    Set financial goals… I think it is a great idea to start setting financial goals early in life, so by the time you have to start paying bills and taxes, you will already know how to do financial stuff.…

    • 810 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    I may not know everything about a car, but I have learned quite a bit from my father. Everyday lessons from dad always help in any situation, especially when you are the girl that walks into the mechanics station, and your looked at like you know absolutely nothing, and sadly, most of the time, you get taking advantage of. The purpose of this essay is to share my experience of changing brake pads, by giving a step-by-step guide.…

    • 980 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Discussion

    • 559 Words
    • 3 Pages

    Financial decisions are extremely critical to social welfare. Many individuals have the state of mind that emphasizes the belief of how social welfare can be pursued through exercising one’s choice and making provisions to obtain the means to be financially stable. The world is increasingly becoming more financially integrated and complex, pushing average individuals and their families to make highly difficult, often irreversible financial decisions. Decision making in regards to every day financial decisions is just as important as deciding what retirement plans will be necessary, considering there might not be social security by the time some of us get of age. With the recession that the economy has endured in the last few years, the global financial crisis has displayed that poor financial decision-making can have significant costs for both individuals but also the overall society. The state of someone’s financial welfare ultimately determines their socioeconomic status in this world; therefore people should strive to be successful to reach their ultimate goals and learn to responsibly manage their finances.…

    • 559 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Wealth is something people want not what people need. Generations have come up with many different ideas of how to gain wealth, whether it’s inheriting it from family or working for it, it's still wealth. People think being rich and having a nice house or a nice car or having money to do whatever they want will make them happy. Humans will judge others based on their wealth even though it may not be necessary. Because of this, people want to be wealthy and not judged. Being in a high state of wealth can give oneself the hope to achieve many new, exciting things. In F. Scott Fitzgerald's, The Great Gatsby, wealth is a big deal. People are separated into East egg and West egg, based on how wealthy they are. East egg is for wealthy, high class…

    • 285 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The Millionaire Next Door

    • 1045 Words
    • 5 Pages

    What do you think of when you hear the word millionaire? Do you envision fancy cars, expensive attire, sparkly jewelry, an elaborate mansion? I know I did, that is until I read the book “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko. Did you know that your typical millionaire may be living in your neighborhood or sitting at the next table over in your favorite family restaurant? The book is based on in-depth interviews and research of American millionaires and how they are able to stay wealthy by being frugal and not overspend.…

    • 1045 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    The Millionaire Next Door

    • 1321 Words
    • 6 Pages

    How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison to what most Americans might perceive is the definition of wealth. As opposed to what most Americans in our society believe, a measure of an individual’s material possessions does not necessarily equate to being wealthy. According to the authors, wealth is what you accumulate and not what you spend. Based on the author’s definition of wealth, only 3.5% of American households meet their criteria for status as a millionaire. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million. The authors chose to focus on this segment of millionaires because this level of wealth can be attained in one generation and by many Americans.…

    • 1321 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Geffrard 1

    • 515 Words
    • 2 Pages

    It true that having plenty of money provides you with financial stability, and it means having less stress and no worry in your life. It not good to make people feel bad about their own personal finances. How we spend our money is our own choice. There is a certain amount of things you should show around people who can’t buy expensive things. But you shouldn't classify someone as a person based on how they are showing their wealth, or lack of it? My family being together, having the love of my boyfriend, and having friends me would makes me feel rich.…

    • 515 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Money management and financial planning is an aspect of life that everyone encounters. Despite one’s income or financial status, every adult and child has a concept of money and how to manage finances. Learning effective tips for financial success is very important to ensure future prosperity. For students especially, it is vital to be exposed to money management advice to learn and adopt good spending and saving practices early in life.…

    • 644 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Growing up poor was important for my intellectual development. I was angry, upset, and humiliated that my parents were (and still are) on welfare. I would go through life hearing people say that poor people are lazy, need to find a job, stop leeching off people who actually work, and so on. The people who typically said these phrases lived in their own ignorant world, without actual regard or compassion for others who aren't so fortunate. Not once did I view unwealthy people as "lazy", in fact, they are one of the hardest workers I have ever seen in my life.…

    • 249 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Wealth-Definition Essay

    • 686 Words
    • 3 Pages

    Fame, fortune, and extravagant lifestyles, we all desire them in certain ways, but what is it that makes a person truly feel wealthy? Wealth as defined by Merriam-Webster is (noun) 1. a large amount of money and possessions, 2. abundance of valuable material possessions or resources, 3. abundant supply, and 4. all property that has a money value or an exchangeable value. It originally comes from the 13th century: from Middle English welthe, from wele weal.…

    • 686 Words
    • 3 Pages
    Good Essays

Related Topics