Rich Dad Poor Dad is a book by Robert T. Kiyosaki and Sharon Lechter that offers a new perspective on wealth management and financial literacy:

What it's about

The book is written as a series of parables that compare the financial philosophies of Kiyosaki's "rich dad" and his "poor dad". The book explains how to build wealth through investing, real estate, and starting a business. It also advocates for developing marketable skills and financial intelligence.

Key takeaways

The book's main idea is that the rich focus on gaining skills rather than just making money. It encourages people to think like entrepreneurs and prioritize developing skills over high-paying jobs.

Some of the book's advice

Build passive income streams, such as rental income or dividends.

Start small and take the first steps towards financial independence.

Don't be addicted to money, work to learn, and don't work for money.

Educate yourself in personal finance, accounting, and understanding the markets.

The psychology of money is the study of how people think about and behave with money. It's a complex relationship that's influenced by a variety of factors, including personality, past experiences, and biases.

The book The Psychology of Money by Morgan Housel explores the relationship between money and human behavior. The book's main theme is that how you behave with money is more important than how smart you are. Some of the book's key takeaways include:

Long-term thinking: The importance of long-term thinking and the compounding effect of investments over time

Storytelling: How our narratives shape our perception of wealth and success

Luck and risk: The role of luck in making decisions with a margin of safety

Optimism and pessimism: The tendency to listen to pessimists more carefully

Financial success as a soft skill: Financial success is more about how you behave than what you know

Some other key ideas from the book include:

Avoiding ruin is often more important than striving for maximum returns

Wealth is what you don't see

Having a strong sense of controlling one's life is a more dependable predictor of positive feelings of wellbeing