Rich Dad Poor Dad by Robert Kiyosaki is a foundational personal finance book that contrasts the financial philosophies of two father figures: his biological father (Poor Dad) and the father of his best friend (Rich Dad). The book argues that true wealth comes from financial literacy, independent education, and building a portfolio of income-generating assets rather than relying solely on a paycheck.
Who controls the past controls the
future, who controls the present
controls the past.
By Robert T. Kiyosaki
who controls the past controls the future, who controls the present controls the past.
Rich Dad, Poor Dad
By Robert T. Kiyosaki
V1.0(9-9-2002)
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INTRODUCTION
There is a Need
Does school prepare children for the real world? "Study hard and get good
grades and you will find a high-paying job with great benefits," my parents used
to say. Their goal in life was to provide a college education for my older
sister and me, so that we would have the greatest chance for success in life.
When T finally earned my diploma in 1976-graduating with honors, and near the
top of my class, in accounting from Florida State University-my parents had
realized their goal. It was the crowning achievement of their lives. In
accordance with the "Master Plan," I was hired by a "Big 8" accounting firm, and
I looked forward to a long career and retirement at an early age.
My husband, Michael, followed a similar path. We both came from hard-
working families, of modest means but with strong work ethics. Michael also
graduated with honors, but he did it twice: first as an engineer and then from
law school. He was quickly recruited by a prestigious Washington, D.C., law firm
that specialized in patent law, and his future seemed bright, career path well-
defined and early retirement guaranteed.
Although we have been successful in our careers, they have not turned out
quite as we expected. We both have changed positions several times-for all the
right reasons-but there are no pension plans vesting on our behalf. Our
retirement funds are growing only through our individual contributions.
Michael and I have a wonderful marriage with three great children. As I
write this, two are in college and one is just beginning high school. We have
who controls the past controls the future, who controls the present controls the past.
spent a fortune making sure our children have received the best education
available.
One day in 1996, one of my children came home disillusioned with school.
He was bored and tired of studying. "Why should I put time into studying
subjects I will never use in real life?" he protested.
Without thinking, I responded, "Because if you don't get good grades, you
won't get into college."
"Regardless of whether I go to college," he replied, "I'm going to be
rich."
"If you don't graduate from college, you won't get a good job," I
responded with a tinge of panic and motherly concern. "And if you don't have a
good job, how do you plan to get rich?"
My son smirked and slowly shook his head with mild boredom. We have had
this talk many times before. He lowered his head and rolled his eyes. My words
of motherly wisdom were falling on deaf ears once again.
Though smart and strong-willed, he has always been a polite and respectful
young man.
"Mom," he began. It was my turn to be lectured. "Get with the times! Look
around; the richest people didn't get rich because of their educations. Look at
Michael Jordan and Madonna. Even Bill Gates, who dropped out of Harvard, founded
Microsoft; he is now the richest man in America, and he's still in his 30s.
There is a baseball pitcher who makes more than $4 million a year even though he
has been labeled `mentally challenged.' "
There was a long silence between us. It was dawning on me that I was
giving my son the same advice my parents had given me. The world around us has
changed, but the advice hasn't.
Getting a good education and making good grades no longer ensures success,
and nobody seems to have noticed, except our children.
"Mom," he continued, "I don't want to work as hard as you and dad do. You
make a lot of money, and we live in a huge house with lots of toys. If I follow
your advice, I'll wind up like you, working harder and harder only to pay more
taxes and wind up in debt. There is no job security anymore; I know all about
downsizing and rightsizing. I also know that college graduates today earn less
than you did when you graduated. Look at doctors. They don't make nearly as much
money as they used to. I know I can't rely on Social Security or company
pensions for retirement. I need new answers."
He was right. He needed new answers, and so did I. My parents' advice may
have worked for people born before 1945, but it may be disastrous for those of
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