Rich Dad, Poor Dad…Business Book Review #1

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Alright world, so I have the goal of reading over 50 books this year. If there is anything in any of them that I find useful or worth sharing, I will share it with you.

So, I start with the first book…Rich Dad, Poor Dad by Robert Kiyosaki.

I thought that books best point was to help people understand that they need to change their point of view. The central focus is based in not working for money, but making money work for you. This book was really just a foundation for several of the other books written by Kiyosaki and the Rich Dad company.

That being said, there are several great pieces of truth in this book. Among them are tidbits that emphasize “paying yourself first” no matter what. And from the hard times that might come, you will tap into new ways of thinking that will help us generate income. It points out that when our back gets pushed against the wall, we get creative and find ways to be successful and make ends meet.

For me, after finishing the book, I was curious how many small businesses actually make their money work for them. I am not talking about setting yourself up as a company so that the tax burden is reduced (a topic touched on in the book), but rather how many businesses actually put their money to work for them.

I am a member of several groups of people that own small businesses and I always see the same comments and questions. How do I get more people in the door? Should I sell this product in my gym? And after reading this book, I want to encourage people not to go with the big name company, but rather find a smaller company that you can actually invest in and not just buy their product. Is there a company that you align with that will do the work and help return a larger profit to you. Instead of buying the best selling sports recovery drink, is there a smaller company looking to break into the market or a different supplement company or product that you can actually put money in to and not have to continue to re-order in order to make a profit. Just throwing an idea out there.

If you think about it, it has worked out pretty well for Reebok…they put a ton of money into this movement known as CrossFit. CrossFit was growing and they got in on the ground floor. The money they put into CrossFit helped it to grow, but there was no clothing company involved with them. They invested in the movement and look what CrossFit did for them. CrossFit grew and Reebok did not have to do anything…they just put their money on this growing trend. And next month Nike will be trying to break into the market.

Just something to think about…

The biggest thing that I would encourage any individual or business to take away from this is look for opportunities to take some chances and start having your money work for you. Find ways to encourage your staff to bring money into your business and give them opportunities to reap some of the benefits.