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It appears your browser does not have it turned on. Please see your browser settings for this feature. EMBED for wordpress. Want more? Advanced embedding details, examples, and help! Topics Book. Both were very nice gentlemen, but they had different mindsets; the difference being financial education.
The one dad was educated, a hard worker in the educational system, earning a lot of money, yet was always indebted — the Poor Dad. The other was a high school dropout, but a smart worker who became rich and wealthy — the Rich Dad.
The main difference between both Dads was their mindset — that is, on how money was looked at. Poor Dad placed emphasis on getting a good education, getting a good job, so that they could work for money and earn lots of it. Rich Dad emphasized learning about how money works, and letting money work for you.
Rich Dad focused on increasing assets and limiting liabilities. To him, simply, an asset is anything that puts money in your pocket, while a liability is anything that takes money out of your pocket. He feels that financial education is the key to wealth — learning how to explore the differences between income and expenses, as well as assets and liabilities, and therefore increasing your assets which also increases your income , while simultaneously limiting your liabilities.
To be financially educated you need to know about accounting, investing, markets, and law.
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