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Difino
| • | Rich Dad, Poor Dad is a book by Robert Kiyosaki that discusses what Kiyosaki feels rich parents teach their children that poor or middle class parents do not. It covers topics such as real estate investing, financial planning, and the value of hard work. The most central element however, is the advocacy of owning the means of production, rather then being an employee of someone else.
Present throughout the book is the unnamed (and possibly fictitious) "Rich Dad" who taught Robert Kiyosaki a variety of life lessons in a variety of ways. Among some of the topics are the value of financial intelligence, that corporations spend first then pay taxes while individuals pay taxes first then save, and that corporations are artificial entities.
Kiyosaki says the rich think differently in how they define simple words like assets and wealth, and how they fund their luxuries. He explains that he defines an asset as any item which produces income (such as rental property, stocks or bonds), and a liability as anything which produces expense (such as one's own home and car).
No one disputes that the rich buy "income-producing assets". Kiyosaki argues that the poor buy worthless items that they think are assets, which clearly do not earn anything, and may have no market value. According to Kiyosaki, wealth is measured as the number of days the income from your assets will sustain you and financial independence is achieved when your monthly income from assets exceeds your monthly expenses.
Note that some of the anarcho-capitalist ideas suggested in the book may be illegal or unethical depending on an individual's circumstance; for example, Kiyosaki advocates tax resistance.
Source: [wikipedia: rich dad, poor dad]
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