BP Book Club: Rich Dad Poor Dad (Introduction)

4 Replies

Welcome to our first BP Book Club discussion. We will be discussing the Introduction of Rich Dad Poor Dad by Robert Kiyosaki. Next time, we will discuss chapter 1, entitled, "LESSON 1 - THE RICH DON'T WORK FOR MONEY."

For this discussion, I'll start by encouraging the following types of comments. Please feel free to respond to some or all of these prompts.

  • Share your favorite quote or passage from the reading.
  • Share one lesson or insight you gained from the reading.
  • Share any agreements or disagreements that you might have with the author.
  • Share any questions that you may have about the reading.
  • Share one personal application that this reading helped (or will help) to encourage in your life.
  • Piggyback off another person's comments (For this, feel free to use the BP "quote" function).

I am currently reading the book how can I get involved?

Hi Luis,

Welcome! You can get involved by being the guy to kick off our discussion about the book :) In this thread, we will be discussing the Introduction of the book. I've suggested some prompts above. Feel free to respond to any or all of them and get this party started!

Leverage is the key here, you want your money to work for you regardless of what you're doing. Also you have to adjust your mind from thinking "I need to make x amount" to "how do I earn x amount". We do not make money (if you do you're breaking the law) we earn money.

Here are my responses. 

  • Share your favorite quote or passage from the reading.
"I noticed that my poor dad was poor, not because of the amount of money he earned, which was significant, but because of his thoughts and actions."
  • Share one lesson or insight you gained from the reading.
The above quote was interesting to me because Kiyosaki mentions that his poor dad earned a significant amount of money. This quote whet my appetite in terms of learning more about how someone with a high income but an unhealthy mindset could end up poor, whereas someone with the right mindset (but maybe not a lot of money) could become rich.
  • Share any agreements or disagreements that you might have with the author.
I've heard many people say that Rich Dad Poor Dad is a "mindset" book but that the specific advice Kiyosaki gives can be dangerous. This chapter did open my mind in terms of having a new perspective about money, but I'm not sure I'd practice my business in the same way that Kiyosaki does. I'll also admit that it felt like Kiyosaki was throwing his poor dad under the bus a bit, which made me slightly uncomfortable.
  • Share any questions that you may have about the reading.
The first time I read this, I was new to the whole investing world. The biggest question I had at the time was, "Who were this guy's two dads and how were they so different?" I found out the answers later, though I also learned that "rich dad" might not even be real ... As a narrative device though, I appreciate him :)
  • Share one personal application that this reading helped (or will help) to encourage in your life.
My one big life application was that I needed to improve my financial education. This book is what started my business book kick and was the impetus for starting this book club. As an aside, I'll also say that one reason I haven't become a Bigger Pockets Pro member yet is because I'm asking, "How can I afford it?" While I can technically afford it, I'm challenging myself to not upgrade until I can generate an "assset" that will pay for it :)
  • Piggyback off another person's comments (For this, feel free to use the BP "quote" function).
I'll do that later :)

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.