Stephen Covey

rich dad - poor dad

Rich Dad Poor Dad
Robert Kiyosaki

• "A true luxury is a reward for investing in and developing a real asset."
• "The only way to get out of the "Rat Race" is to prove your proficiency at both accounting and investing, arguably two of the most difficult subjects to master."
• "I have mentioned before that financial intelligence is a synergy of accounting, investing, marketing and law. Combine those four technical skills and making money with money is easier."
• “Most people are poor because when it comes to investing, the world is filled with Chicken Littles running around yelling, ‘The sky is falling. The sky is falling.’”
• “Many of today's youth have credit cards before they leave high school, yet they have never had a course in money or how to invest it, let alone understand how compound interest works on credit cards.”

Author's Description of his fathers

"I had two fathers, a rich one and a poor one. One was highly educated and intelligent; he had a Ph.D and completed four years of undergraduate work in less than two years. He then went on to Stanford University, the University of Chicago, and Northwestern University to do his advance studies, all on full financial scholarships. The other father never finished eighth grade.
Both men were successful in their careers, working hard all their lives. Yet one struggled financially all his life. The other would become one of the richest men in Hawaii. One died leaving tens of millions of dollars to his family, charities and his

church. The other left bills to be paid."

Poor Dad:

The Poor Dad in the story is based on Kiyosaki's real father, a PhD holder and graduate of Stanford, Chicago, and Northwestern Universities, all on full scholarship, who was the head of the Education department of the state of Hawaii. In the book, he is greatly respected until he decides, late in his career, to take a stand on principle against the governor of Hawaii. This leads directly to Poor Dad

losing his job, and his inability to find comparable work ever again. Because he has never learned to handle money, instead depending on the government (an employer) for support, he dies in severe debt.

Rich Dad:

In contrast to this character is Rich Dad, his best friend Michael's father. Rich Dad dropped out in 8th grade, but became a self-made multi-millionaire regardless. He teaches Kiyosaki and Michael a variety of financial lessons, and insists that the boys learn to make money work for them to avoid spending their whole lives working for money, like Rich Dad's employees, as well as Poor Dad, and indeed most of the people in the world.