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Book summary Père Riche

Introduction

Père Riche, Père Pauvre (Rich Father, Poor Father) tells the story of two
fathers, one with an abundance of diplomas, the other with only a B.A.-2.
Believing himself to enjoy ideal conditions, the over-educated father
leaves a near-zero inheritance on his death, with even a few unpaid bills
here and there.

The father, with a B.A.-2 degree, found financial success and became one
of the richest men in Hawaii, passing on a veritable empire to his son.
Throughout his life, the former will utter phrases like
"The first will say, "I can't a f f o r d this or that", while the second will say, "How
c a n I afford that?

It's the childhood story of Robert Kiyosaki, who, thanks to the experiences
of that time and the mentoring of guide Father Rich, became a successful
investor, entrepreneur and world-renowned author.

The father who amassed millions helps two little boys by teaching invaluable
lessons about money through their own experiences. Perhaps the most important of
these is understanding how best to use your mind and time to create your own
wealth.

Free yourself from the rat race. Learn to seize opportunities, find solutions,
take care of your business and, above all, learn to make money work for
you, not be a slave to it!

NB: the expressions "poor" and "rich" are used by the author in order t o explain
which type of behavior is preferable to become financially free. It's not about
judging you on t h e current state of your finances and wealth � .

"Failure is part of the success process. People who

avoid failure also avoid
success." Robert Kiyosaki, Rich Father, Poor Father
A few pearls of wisdom from the book Rich Father, Poor Father

● You are the image of your thoughts,

● Being a salaried employee is a short-term solution that can
become a long-term problem,
● A slave, even if paid a fortune, is still a slave,
● What's the point of trying to climb the corporate ladder when you can
own the company?

2 paths diverged at the edge of a wood, and me,

I chose the least borrowed, the one that nobody takes, and it

was this choice that made all the difference.

Robert Frost, The Road Not Taken

With his book Père riche, Père pauvre, Robert Kiyosaki teaches a
method that made him a multi-millionaire.
Lesson no. 1: The rich don't work for money
How Robert Kiyosaki created his first company at the age of 9

At the age of 9, Kiyosaki and his best friend Mike asked Mike's father (Père
Riche) to teach them how to earn money. After 3 weeks spent as a cleaner in
one of Mike's father's many stores for a pittance (10 cents a week!), the
author can't take it anymore and is thinking more and more of quitting.

This is the moment that his rich father chooses to teach him his first
lesson about money: some people quit their jobs because they're not
paid enough. Others see it as an opportunity to learn something new.

WORK TO LEARN: A TRICK USED BY THE RICH

Then Père Riche asks the two boys to work for him for free. By doing so, he
wants to force them to think of a way to create their own source of income
independently of their work for him. Their inspiration comes when they
notice that some of the comic books in the store have been neglected.

No problem, they get them back and open a library for their little
classmates, charging them admission: 10 cents for 2 hours of reading.
They pay Mike's sister $1 a week t o run the business.

Soon, they'll be earning $9.5 a week, without having to worry about

running their library. Their first business is born
!

Lesson 2: Why provide financial education?

They don't teach you how to get rich at school.

The widening gap between the rich and the poor is no accident. The
education system, as it is constructed today, does not allow us to reduce
this gap, because it does not teach us the rudiments of enrichment.

Perhaps that's why many of today's business leaders didn't have a typical
school career, and why some failed their studies altogether and simply
chose to drop out. Such was the case with Steve Jobs, Mark Zuckerberg
and Bill Gates, who are and were (in the case of Mr. Jobs) some of the
biggest names in business today.

The primary aim of the education system is to teach you how to enter the
professional world as it already exists, so that you can become a very good
employee. Not very good employers. And that makes all the difference.
Nor does today's education system teach the basics of personal finance
management that enabled the wealthy to build their wealth. It's up to you
to educate yourself and use this knowledge to acquire the assets you
need to generate income.

It's not how much you earn that's the problem, it's how much you manage
to put aside.

"A person can be highly educated, professionally

successful and financially illiterate." Robert
Kiyosaki, Rich Dad, Poor Dad
Here is the second part of my video review of the book Rich Dad, Poor Dad: "10 Steps to Financial
Independence" � :
The first step out of the rat race* is to :

UNDERSTANDING THE DIFFERENCE BETWEEN ASSETS AND LIABILITIES

An asset is a security or contract that generates income for its owner. A

liability, on the other hand, generates expenses.

Some examples of assets and liabilities :

ASSETS LIABILITIES

Real estate properties Bank loans

Actions Consumer loans

Bonds Credit cards

Intellectual properties Personal vehicles

The poor manage their money on a day-to-day basis, the middle class buy
liabilities when they're thinking of acquiring assets, and the rich or soon-
to-be-rich build a solid base of income-generating assets.
The middle class finds itself in a constant state of financial struggle. Their
primary source of income is wages. And wage increases are usually
accompanied by tax hikes.

As their salaries rise, so do their expenses. Hence the expression "rat

race*", which translates into a sort of frantic race to consume and pay back
the loans taken out to do so.

Finally, they see their home as their most important asset, rather than
investing in assets that will generate income. Because no, your main
residence is not an asset!

The rich stay rich, and get richer all the time, because they are constantly
acquiring assets, and their investments generate ever-increasing income
that far exceeds their rate of spending.

"The extent of your success is measured by the

strength of your desire, the size of your dream,
and how you handle disappointment along the
w a y " Robert Kiyosaki
YOUR RESIDENCE IS NOT AN ASSET
Here's why your principal residence is NOT an asset:

1. You'll work all your life to repay the loan you've taken out,
2. Your maintenance costs are substantial,

3. You must pay the property tax,

4. Your principal residence may depreciate if the real estate market falls
or if you buy at the top of the cycle,

5. Instead of having invested in an asset that earns you m o n e y o n a regular

basis, you're repaying your monthly mortgage payments to the bank. In other
words, the real owner of your home is the bank!

If you really want to buy your principal residence, first generate the
income you need to finance your monthly mortgage payments.

Here are a few examples o f genuine assets:

· An apartment that you rent out, with the rent paid by the tenant enabling
you to repay the monthly instalment on the loan taken out to acquire the
property,

· A business that doesn't require your presence, but in which you are
the main shareholder.

Readers of this article have also read: Think and Grow Rich

To sum up, the main steps to get out of the "rat race" are :

1. Understand the difference between assets and liabilities,

2. Focus on purchasing assets that generate regular income,

3. Keep expenses and debt to a minimum,

4. Mind your own business!

Lesson 3: Mind your own business!
Keep your current job but start thinking about your own business

The author began his professional career selling photocopiers at Xerox.

With this income, he invested in real estate. Within just 3 years, the
income generated by his real estate investments exceeded his salary.

He then decided to leave the company to run his own business full-time. He
knew it was the only way out of the rat race.

Don't spend all your income. Build a diversified portfolio of assets and
spend later when those assets are earning you enough.

Lesson no. 4: The history of taxes and corporate power

Income tax was first introduced in England in 1874. In the United States, it
was introduced in 1913. What began as a plan to involve the wealthy in the
nation's growth and development was later extended to the middle class
and the poor.

The rich have a secret weapon to protect themselves from particularly

heavy taxes. Quite simply, it's their company. This gives them a number of
tax advantages.

The mechanism by which the rich minimize their taxes is as follows:

Business owners Company employees

 1. Earn money 1. Earn money

2. Spend their money 2. Pay their taxes

3. Pay their taxes 3. Spend their money

In short: PAY FIRST!

The author then invites us to consider the main components of w h a t he calls Financial IQ:

1. Accounting. You have no choice. If you want to invest in the stock

market, you'll need to know a thing or two about accounting, so you
can read the annual reports of the companies you want to invest in. The
same applies if you want to set up your own business.

2. Investment strategy. This ability will improve with experience. Talk to

investors and see how they behave. Attend seminars on the subject.

3. The law of the market. Master the law of supply and demand. No
business leader can succeed without some grasp of this basic principle.
Understand your customers' needs.

4. The law. You need a minimum knowledge of the law to grow your
business in the right way. Perfect your skills if you need to!

Lesson no. 5: The rich create their own

wealth

Self-confidence combined with a high financial IQ will undoubtedly be your

surest allies in achieving financial freedom. Of course, it
you'll need to save every month before investing. But that alone won't be
enough.

Use your time wisely and find the best opportunities

Let's take an example. In the early 90s, Phoenix's economy was in the
doldrums. Houses bought for $100,000 were selling for $75,000.
The author then bought the same type of house at public auction for
$20,000. He then sold them for $60,000, realizing a rather comfortable
capital gain in the process.

"Employees work hard so they don't get fired, and

owners pay just enough s o they don't quit their
jobs." Quote from Robert Kiyosaki, Rich Dad, Poor
Dad
After 6 months of doing this, he made a total net profit of $190,000 for 30 hours actually
worked!
Père Riche explains that there are two types o f investor:

1. Those who buy investment packages

This is what happens when you entrust your money to a property

developer or fund manager. It's a simple, straightforward way to invest
your money.

2. The professional investor

This is what happens when you look after your own investments. You seize the opportunities that come
y o u r w a y . This is the type of behavior that Rich Father encourages. To do this, you need to work on
3 types o f skills:

● Identify an opportunity that no one else has seen,

● How to raise funds,
● Getting smart people to work together.

Identify an opportunity no one else has seen

Learn to identify what REALLY adds value to a business. Do you really
think that Mac Donald's core business is hamburgers? In reality, the
heart of the fast-food chain's business is real estate and the search for
strategic locations in the most fashionable districts of every city in the
world.

There's one last thing you'll need to master if you're going to succeed in
your investments: accepting risk. You need to learn to control your emotions,
and to ignore any setbacks you may experience. It's your ability to bounce
back that will bring success, not your will to succeed right away.

Lesson no. 6: Work to learn, don't work for money

Robert Kiyosaki biography

After graduating, the author joined the Marine Corps. Among other things,
he learned how to lead troops, an essential lesson in corporate
management.

He then joined Xerox, where he learned to overcome his fear of rejection

by becoming one of the company's top 5 salespeople. Having reached
his goal, he left the company and started his own business.

BECOME AN EXPERT IN MARKETING, MANAGEMENT AND COMMUNICATIONS

A different kind of education

Schools train professionals. Professionals who become so specialized in

one field that they no longer know how to cope in others, and then need to
unionize to protect their work.

Specialization is not necessarily a panacea in this context, but rather a

way of retaining the essential lessons in each field, so as to master the
20% that provide 80% of the added value of your future business!

It was this kind of teaching that Père Riche passed on to the author and his
friend Mike. Mike subsequently took over the empire left to him by his
father, while at the same time the author created his own through real estate,
new product launches and educational programs.

"Robert Kiyosaki, author of the famous book "Père

Riche, Père Pauvre" (Rich Father, Poor Father),
qualifies his remarks further, pointing out that a
house is expensive, and can be considered a
liability rather than an asset. In fact, it doesn't
generate any income. Patrick Thénière and Rémy
Morel, lesaffaires.com (Montreal, Canada)
3 essential management skills

1. Cash management
2. Systems management (including time for family and friends)
!)

3. People management

5 obstacles to financial freedom

1. Fear. Don't act solely on what you think is "safest". If you don't commit
and think big, you'll never succeed.

2. Cynicism. Don't listen to people around you who don't want to succeed
and who criticize what you're doing.

3. Laziness. Don't give in to the siren song of the rat race. If you rest on
your laurels, you'll never get out of the daily grind that doesn't satisfy you.
Be proactive and persistent!

4. Bad habits. Your usual spending habits must be transformed into

savings and investments. That's the price of freedom!

5. Arrogance. Don't think you know everything about money. Listen to

what others have to say. Educate yourself!

"The most successful people are non-conformists

who aren't afraid t o ask "why?", especially when
everyone else is asking "why?".
world thinks it's obvious." Robert Kiyosaki
10 steps to awaken your financial genius

1. Find something that goes beyond your reality, your wildest dream.
Imagine the freedom and lifestyle you would have if you could control
your time. Think about what you don't want to be and draw a line under it!
2. Test your free will, every day. You can choose to watch "Wheel of
Fortune" or "Capital". It all depends on how you want to spend your time
and energy. It's up to you!

3. Choose your friends carefully. Don't let yourself be polluted by the strong
opinions of people who have an opinion on everything and never do
anything about it. Surround yourself with creative people who really want
to take control of their lives.

4. Learn a lesson about your finances. Learn another, and learn

fast!

5. Pay yourself first. Self-discipline by keeping your expenses as low as

possible. Your tenants should be used to finance your expenses and your
savings to invest, not to pay your bills!

6. Pay the people who work for your finances generously. If they're efficient,
be grateful. They'll be all the more motivated!

7. Do what venture capitalists do. This is the concept behind ROI (Return
On Investment). Invest and then take your money back once you've made
enough without your initial outlay.

8. Treat yourself. Once you've generated sufficient income from your

investments, don't hesitate to treat yourself to the new Audi TT. Go for it!

9. Find yourself a mentor. And act like him or her every day. The more
extraordinary you feel you are, the more extraordinary you'll become. It's
as simple as that.

10. Give and you will receive. If you give from the heart without expecting
anything in return, you'll receive the equivalent a hundredfold. It's the law
of attraction in action!
In the following video, Robert Kiyosaki explains why it's better to invest your money rather than
save it:

ACTION WILL ALWAYS BE YOUR BEST ALLY, THE HELP PAR EXCELLENCE, NOT CHRONIC
WAIT-AND-SEE.
To conclude, your action plan for achieving financial freedom:

1. Stop what you're doing. Assess your current situation. Stop what's not
working and consider all your options,

2. Always be on the lookout for new ideas,

3. Take action! Find people who have already done what you want to do
and meet them, ask them questions and get tips. Invite them to lunch!

4. Get trained and buy podcasts and/or training videos,

5. Make lots of offers. Negotiate, test the waters and interact with your
future customers if you want to create your own business. Be proactive!

6. Take a look around your neighborhood and keep an eye out for real
estate classifieds. A great deal may be just around t h e corner,

7. Think big. Don't limit yourself to what you think is already good
enough.

Note: you can also read the summary of The magic of thinking big

8. Learn from history. Take inspiration from the biographies of billionaires

around the world to understand what they've been through and how they
think. It's a gold mine of learning!

Conclusion on the book Père riche Père pauvre, by

Robert Kiyosaki
Père Riche Père Pauvre is an extraordinary book, quite literally. I can't fully
express the extent to which this book has transformed my view of money
and, above all, my perception of wealth. This book had a profound effect on
me, and influenced some of the principles I raise in my book Tout le monde
n'a pas eu chance de rater ses études.

Prior to this reading, part of me was convinced that all

The "rich" were born that w a y , that you had to have money to get rich, and that
the only solution was to join the "rat race", which I didn't call that yet.

Readers of this article have also read: Prosperity strategies

I'm now firmly convinced that you can learn to get rich, and that financial
freedom is a realistic goal if you approach it methodically and patiently.
I've become a true investor in the Robert Kiyosaki sense of the word, and
if my assets aren't yet earning me enough to live on, I'm confident that
they will be in the next 5 to 10 years. In any case, I'll do everything I can!

My advice, if you must start your financial education with a book, is to

start with this one, I assure you, you won't regret it. But make no mistake:
the author's aim is to coach and motivate you to take the path to financial
freedom.

Not to give you ready-made answers. So read on,

set your goals and get started! And never lose sight of the fact that
enrichment is above all an extraordinary life experience. Happy trails! �

Note: This guest column was written by Thibaud, author of the Blog
Mes Finances Mode D'emploi.

Book highlights Rich dad, poor dad:

 ● An original idea from the 2 Fathers and an extremely effective and
educational presentation of financial concepts that are not so
simple,
● An incredibly motivating book inspired by the personal experience
of the author, who is a millionaire himself,
● There are countless testimonials on the web from people who
say they got into network marketing, real estate investment or
business creation after reading the book,
● This book is a real guide for budding investors, offering a
pathway to becoming a seasoned investor,
● The author praises the lifestyle of the wealthy and
prosperity in general.

The book's weak point Rich father, poor father:

● There is a certain lack of detail in the areas covered by Robert

Kiyosaki. As he says himself, his books are motivational tools,
not books by financial experts.