The book Rich Dad Poor Dad by Robert. T. Kiyosaki is an interesting read for all age levels and a good start to financial literacy. It starts with the insights of a nine-year-old (the author) and his friend taking the first lessons on how to make and manage money. The author compares and contrasts his two dads; referring to his poor dad as his biological parent and his rich dad who is his best friend’s father. As a young boy growing up in Hawaii, he attended the same school as the wealthy children- their way of life was a stark revelation of the haves and the have-nots.
The first lesson that the author learned from his rich dad, who he decided to follow and emanate was ‘don’t work for money, let money work for you. His poor dad taught him the importance of education and getting a highly paid job. Though he had a lot of disagreements with his poor dad, who had a PhD and worked as a college professor, he pursued education smartly. This involved maximizing his understanding of money, and how income should be used to build assets and not liabilities. He also received valuable tips from his rich dad who aided him for thirty years- these tips included the concepts of paying himself first, taking risks with money, and learning to invest at a young age.
Written in a simple fluid language, the book is an eye-opener and provides tips on how to escape certain financial obstacles in the journey of life. I would definitely recommend this book to young readers, as it highlights the importance of developing good financial habits and the topic of working for yourself.