(CHAPTER3) RICH DAD POOR DAD EXPLAINED

 Chapter3 of "Rich Dad Poor Dad" is titled "Mind your own business" This chapter focuses on the importance of financial education and why it is essential to achieve financial success. The author, Robert kiyosaki, highlights the differences in mindset and financial philosophies between his "rich dad" (a family friend who was financially successful) and his "poor dad" (his biological farther who had a stable but limited incomes).

Mind your own business means focus on building assets  

The Chapter 3 starts with the conversation between Founder of Mc Donald's, Ray Kroc and MBA students at university of Texas at Austin after the After the Powerful and inspiring talk, the class adjourned and the students asked Ray if he would join them at their favorite hangout to have a few beers. Ray graciously accepted

"what business I am in? Ray asked, once the group had all their beers in hand and students laughed, again Ray "What business I am in" one Brave person yelled whole world knows you're in the hamburger business? 

Ray chuckled and said I'm not in the hamburger business. My business is real estate.

today, McDonald's is the largest single owner of real estate in world, owning even more than the Catholic church.  

Purchase Check->Price

Key concepts discussed in this chapter include:

1. Role of Assets and Liabilities: Kiyosaki introduces the fundamental distinction between assets and liabilities. Assets are items or investments that put money in your pocket(e.g., Real estate, stocks, businesses), while liabilities are things that take money out of your pocket(e.g., mortgages, car loans, credit card debt). He suggests that building a portfolio of income-generating assets is essential for financial freedom.

2.The Power of financial education: the author argues that having a solid financial education is key to making informed decisions about money, investments, and wealth-building opportunities. He encourages readers to seek out knowledge about finance, investing and entrepreneurship from various sources. 

3.Breaking Free From The Rat Race: Kiyosaki introduces the "rat race" concept, where people work hard to pay bills accumulate debt. He encourages readers to break free from this cycle by developing financial literacy, investing in assets, and creating multiple income streams and he says about how to build assets by using bank loans.

The chapter essentially lays the groundwork for the book's core message, which is to challenge conventional beliefs about money, adopt a more entrepreneurial mindset, and work towards financial knowledge and building assets.

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  #(chapter 2) Rich Dad Poor Dad