Michaela Broyer Professor Sahly Personal Finance 12/11/2017 Rich Dad Poor Dad vs. Financial Peace “If you don’t take risks, you become subject to someone who does” is a phrase fitting to the primary objectives and teachings of Robert Kiyosaki, author of Rich Dad, Poor Dad. Kiyosaki offers a multitude of valuable as well as engaging financial lessons. Furthermore, his lessons are reinforced by his many personal life experiences and encounters. One of the most valuable lessons Kiyosaki offers his readers is a new perspective on how one can use their money to their advantage by taking an entirely new perspective on how making money is viewed. Within Kiyosaki’s renowned financial guidance book, Rich Dad, Poor Dad, he introduces his financial background through various anecdotes from his childhood and how the choices he made would ultimately impact his financial choices for the rest of his life. He continually returns to his memories of how having a “rich dad” and a “poor dad” enabled him to have a choice for the type of financial education he was to receive. He conclusively makes the choice to take advice from his “rich dad”. His “rich dad” then endeavors to teach him six vital financial lessons. In order to …show more content…
This is as opposed to merely using your profession on its own to build net worth. This idea elaborates on his comparison between his “rich dad” and his “poor dad”. While his “poor dad” encourages him to do well in school so he can work for a good company, his “rich dad” encourages him to work towards buying and owning his own company to boost his available means. In addition to buying businesses, Kiyosaki also advocates towards buying real estate and individual stock in pursuance of assets. Assets are essential to the principal ideas that Rich Dad, Poor Dad has to
After reading this article, it is apparent that Suze Orman can relate herself to any topic that she is presented with. She is also able to relate to whatever audience is sitting in front of her or reading her books or articles. Her increasing reputable reputation has earned her a spot at the top, “a two-time Emmy Award-winning television host, New York Times mega bestselling author, magazine and online columnist, writer/producer and one of the top motivational speakers in the world today, Orman is undeniably America's most recognized expert on personal finance” (CNBC). Considering all her awards and accomplishments it is no wonder that Suze Orman has earned her reputation of being a financial guru.
Ben Stein's letter, "Birds and Bees? No, Let's Talk about Dollars about Dollars and Cents", discusses the importance of developing capital early in life. Through his use of personal anecdotes, didactic, and repetition, Ben Stein effectively informs his son, Tommy, that he must start building financial capital at a young age to ensure a successful and stable life later on.
One of my best friends that I spent a lot of my childhood with, grew up in a much smaller house to parents, who did not earn make very much money. Aside from having the same name, my friend’s father shared a lot of similarities to Walter in A Raisin in the Sun, written by Lorraine Hansberry. Both of them also looked at investing in something and having a large outcome from it. “No—but after tonight. After what your daddy gonna do tonight, there’s going to be offices—a whole lot of offices”(Hanseberry108). This is similar to the father of my friend because both he and Walter, who was speaking in the quote, had big ideas and plans on something they probably did not know a whole lot about and eventually after little to no success both of these men have less money to work with. It shows a lot when a person grows up in a house with less money because they are more likely to hold tighter to what they have and less likely to be careless about purchases and unimportant wants. My friend is one that will always be seen taking care of what he has because that is something valuable that was taught to him indirectly by his parents. This is a little different from my family because all too often I notice that my brother does not take care of his personal things and ends up spending more money on new things that he would not need if he knew smarter in that
...illionaire Next Door is insightful guide and story of how to reach your goals of becoming a millionaire. Through real life examples, these stories persuade us to walk the path of financial independence. American’s live lavishly and take vast amounts of debt; we have the illusion of these individuals possessing great wealth. The book says otherwise. The typical millionaire drives a used car, inexpensive items, and is frugal about saving. Throughout the book the main lessons were to be frugal, live well below you means, save violently, and to teach your kids how to be financially independent. If these principles are practiced in this book the possibility of someone becoming a millionaire is one step closer.
Ultimately, this study shows that it is common for one person to rely on knowledge of another person’s financial aspect of life when determining whether or not to invest interest in them. Of course, there are other matters that could have altered these results such as if racial, cultural, age, or gender differences/expectations were considered. The matter of this study is prevalent in the field social psychology as well as everyday life.
Carnegie opens his essay with the statement that there are three main ways most wealthy people use or distribute their money. First, some pass their money on to the next generation. Children...
A lot of lessons have been learned this past decade. The biggest lessons Americans have learned about is how to save money, to be more money savvy and not to keep our heads buried in the sand. In truth, we are saving more than ever before, or at least trying to. We, however, have many hurdles and ills i...
At a young age, my grandpa Robert started practicing financial responsibility. He worked all through his childhood on his family farm. He would take care of pigs and chickens and also butcher them. He also tended to his family’s wheat fields. The small amount of money his parents gave him as wages were saved for a rainy day. My grandpa was never one to spend unnecessary money.
In Junot Diaz’s essay “The Money” he explains where his family stands economically. Stating that his father was regularly being fired from his forklifting jobs and his mother 's only job was to care for him and his four siblings. With the money brought home by his father, his mom would save some. Her reason was to raise enough to send to her parents back in the Dominican Republic. When his family went on a vacation, they came back to an unpleasant surprise; their house had been broke into. Eventually Diaz was able to get back their money and belongings. Diaz returned the money to his mother although she didn’t thank him for it, this disappointed him. Like Diaz I have also encountered a similar situation where I was disappointed. When I was in second grade, my life life took a completely different turn. My dad took an unexpected trip to Guatemala, on his return, the outcome was not what I expected.
In the book “Think and Grow Rich,” the author, Napoleon Hill, provides a set of principles that he calls the key to financial success. The idea at the center of these principles is that one becomes what he or she frequently thinks about, in this case success (i.e. rich). Hill lays out a method he created to translate one’s thoughts into reality, creating an insatiable hunger and drive within an individual to succeed. Using the examples of his son and some of America’s legendary iconic business leaders, of which Hill studied and interviewed, including Edwin C. Barnes, he demonstrates that anything one puts his or her mind to can be produced and conceived.
The world revolves around money. Not only is money the base of our society, but people also depend on money to live a healthy and secure life. People have lost their homes, their families and th...
Parents may not feel comfortable enough with their own financial situation to discuss personal finance with their children (Williams, 2009). Additionally, the parents, or other influencers, may not have a full grasp of certain concepts of financial literacy. In an article by Carlin and Robinson (2010) it was noted that “many retirement-age adults lack the financial literacy to understand the basic features of their retirement plans.” Financial literacy through socialization and practice may not be enough for students; whether it be “disadvantaged” youths who often lack a high quality of life at home, or youths whose parents have stable jobs with retirement
Money Wise Women, is a blog that is created by women for women that contains money management information. The introduction of this blog starts off by telling a story of the author’s pers...
Robert Kiyosaki said “You’re only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich. You’ve done something” There is no way of becoming successful in life if you aren’t driven and don’t have determination in what you believe in. The main point of this book was that you need to make money work for you and not the other way around. It is tough trying to put your wants and fears to the side in order to get rich and stay rich. One tip given was that you need to stop what your doing if what your doing isn’t working for you. Robert Kiyosaki did a great job of taking us into his life and his journey into becoming successful.