Rich Dad Poor Dad

"This book was a change maker for me, personally. I had been a teacher, had just done an MBA and started a new highly paid job in London. I was starting to read self help books like How to Win Friends and Influence People by Dale Carnegie, and I came across Rich Dad Poor Dad when I was trying to find out more about money. As soon as I went to work in the City I had bought myself a car on a loan. I was being influenced, I was driving a car that I didn’t really feel I deserved – that feeling probably comes from my working-class background. This book changed the way I went about things. Within four months of reading Rich Dad Poor Dad I had sold the car back and paid off the loan because I realised that I was just increasing my liabilities. The rich dad makes sure he has assets that create cash flow, whereas the poor dad works for a living continually and is always chasing money because of inflation. “I’m a big advocate of financial education” Kids do need a bit of coaching with this book, but it helps them look at what an asset is, and what a liability is. For example, they will understand the difference between owning a house where you will maybe make money over time, and owning a rental property that gives you an income which you then use to build your assets and reduce any liabilities that you had. It is repetitive, but young people will get the fundamentals about using income, using the cash flow from surplus income to further build their assets. I changed my way of life, and this book is what moved the compass. It got me to where I am now, where I invest heavily in things that I ensure create cash flow."