Rich Dad Poor Dad book chapter 3rd detailed summary

 Chapter 3 of "Rich Dad Poor Dad" by Robert Kiyosaki is titled "Why Teach Financial Literacy?" In this chapter, the author discusses the importance of financial literacy and the consequences of not learning it.

Kiyosaki starts the chapter by talking about how schools teach students to become employees instead of teaching them how to become financially independent. He argues that schools focus on teaching students to work for money instead of teaching them how to make money work for them.

The author then shares a story about a friend who was highly educated, had a good job, and earned a high income, but was still struggling financially. Kiyosaki says that financial struggles are not necessarily caused by a lack of money but rather a lack of financial education.

The chapter also discusses how most people work hard and try to save money, but end up losing it due to inflation and taxes. Kiyosaki emphasizes the importance of learning how to make money work for you through investing in assets that generate passive income.

Moreover, the author talks about the difference between assets and liabilities. He defines an asset as something that puts money in your pocket and a liability as something that takes money out of your pocket. He encourages readers to focus on acquiring assets that generate passive income, rather than accumulating liabilities such as a house, a car, or credit card debt.

The chapter concludes with Kiyosaki highlighting the importance of financial education and how it can help individuals achieve financial freedom. He encourages readers to take charge of their financial education and to learn from those who have already achieved financial success.

Overall, Chapter 3 of "Rich Dad Poor Dad" is a call to action for readers to take control of their financial education and to focus on acquiring assets that generate passive income, rather than accumulating liabilities. The chapter serves as a reminder that financial literacy is essential for achieving financial freedom and building wealth.

Please stay tuned chapter 4 is coming soon. 😊