It’s often debated whether Kiyosaki truly had a “rich” and “poor” dad and whether the whole story was made up. Well for me, it’s a true story. I have a prime case study in my own family – specifically, in the example of my father-in-law and my own father.
These two father figures in my life are similar in many ways: 1. Both are physicians that finished their training in the late 1970’s. 2. Both have an extremely hard work ethic. 3. Both work in well-paid specialties.
For our purposes, the title of “Poor Dad” falls to my own father for a couple different reasons: 1. He truly trades time for money – Time In = Money Out. 2. He’s endured some level of financial stress throughout the last decade or so as he’s changed practices a few times.
By contrast, consider my Rich Dad: He receives passive income from multiple rental properties—income that far exceeds his physician’s salary. Because of this, he works for the pure enjoyment of it and has been doing it this way for years, really decades.