Do you want to gain financial independence as a college or university student? Is it difficult to manage your academic expenditures with typical pocket money from your elder siblings or parents? Has economic uncertainty and inflation made it impossible for you to get a quality education, and you don’t know how to become financially independent? You must read Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter.
According to Samuel Thomas Davies, this book is a must-read for everyone who wants to succeed in life because it provides timeless wisdom on how to gain financial independence and motivates you. As a student, this book can be a perfect companion for the next months if you are feeling down due to a lack of motivation or financial burden. It will give your thoughts a new direction.
In this detailed guide, we will share key insights from this book so that you can read it carefully and motivate yourself for the upcoming challenges. Let’s glance at these insights quickly and start a successful journey.
5 Key Financial Tips and Lessons from Rich Dad Poor Dad for Students
Do you wonder why we are recommending this book to every student? Why is it famous among students and professionals? CNBC states that more than 32 million copies of this book have been sold so far in forty countries and languages. Its unique and effective ideas and outline make it a famous choice for every ambitious person. However, students complain that they can’t read this book because they are always tight on deadlines for academic tasks.
Many students worry they won’t have enough time to complete their academic projects, especially their thesis, if they spend an hour or two reading a book. But this doesn’t have to hold you back. With dissertation writing services in the UK are ready to handle your projects, you can enjoy your reading time without falling behind. These services craft each section of your project with care, helping you earn higher grades and impress your instructors.
Now, we will discuss key tips and lessons from Rich Dad Poor Dad for students who want to break the barriers and achieve truly exceptional results. Learn from these lessons and bring discipline to your life!
1. Focus on Financial Education Instead of Grades
Let’s say there are two students. One is solely focusing on earning higher grades, and the other is learning financial management skills with their academic tasks. What do you think will be successful? According to Carnegie Mellon University, students learn individual skills, but they can’t apply them in complex situations because they have not practised skill integration. This is exactly what this book teaches you.
The Lesson: The poor dad believes that ordinary education and a secure job are essential for success. On the other hand, the rich dad argues that financial literacy is far more important for every individual to understand how money works. In an era where the present and future belong to AI and the latest technologies, everyone needs to know how to grow money.
Its Importance for Students: Traditional education prepares you for a job. You always work for someone else’s business. Without financial knowledge, you will not be able to start your business, and you can’t secure a high-paying job. Contrarily, financial education will empower students to invest, budget, and avoid debt. Professionals and students can easily learn this unique skill by reading the Rich Dad Poor Dad story.
This is how you can apply it:
- You will dedicate thirty minutes every day to learn about personal finance. You can utilise online platforms, such as YouTube, to listen to podcasts.
- You can also take free courses from Coursera and edX. These courses will teach you about investing, taxes, and budgeting.
- You can follow financial influencers on social media platforms for real-time tips on markets and money management.
As student debt is increasing day by day in the USA and the UK, understanding money has become important. Learning this new skill will make sure that inflation does not erode your purchasing power.
2. Assets and Liabilities Are Different
Learning about the difference between assets and liabilities is a must for students. Without this knowledge, they can’t overcome problems related to finance. There is a fundamental difference between these two concepts, and this book teaches you perfect lessons in this regard.
The Lesson: The rich dad has a golden rule: “Assets put money in your pocket; liabilities take it out”. Successful entrepreneurs and professionals buy assets, such as stocks, real estate, and businesses. On the other hand, some prefer to buy liabilities, which is a completely wrong approach. The liability can include cars, consumer goods, and expensive bikes.
Why It Is Important for Students: Usually, students earn money in smaller amounts than professionals. However, their spending habits can shape their future. Please remember that buying a luxury watch or mobile phone might feel good, but it can drain your wallet quickly. Therefore, you must invest in assets to build wealth over time.
Here is how you can follow the Rich Dad Poor Dad investment strategy:
- Save at least 10-20% of your monthly income. Download an app for any trusted crypto or stock exchange. Create an account and buy coins or shares.
- College or university students must avoid consumer debt. Let’s say you need a laptop to write case studies. Instead of spending $5,000 on a new model, you can buy a refurbished one.
- You will need to learn how to read a balance sheet. A simple Google search can teach you this. This learning will empower you to track your assets and liabilities.
Many apps make money investment easy and accessible for students. You can use them even when you save $5 every week. Always start small and let compound interest work its magic.
3. Work for Wealth, Not a Paycheck
Working for a company for a monthly paycheck should not be your basic purpose. As per Business Insider, you must do a job that serves a purpose beyond a paycheck. This purpose can be savings for investing in real estate or any other business. Doing a job just for a paycheck will not help you achieve a big destination.
The Lesson: The poor dad always works tirelessly for a salary. Their only focus is to chase the next raise. Conversely, the rich dad builds a system through their paychecks. This habit allows them to generate a passive source of income. Every student must remember that wealth comes from owning, not just earning.
Importance for Students: The gig economy culture provides students with unprecedented opportunities to build several income streams. If students want to become billionaires like Elon Musk or Bill Gates, they will have to think like an owner, not an employee. This is how they will set up financial freedom.
This is the best way to apply this approach:
- Students can start a side hustle that leverages their skills. Start offering services on Upwork or Fiverr if you have good writing skills. If you love gaming, you can stream on YouTube to earn money without leaving your home.
- Let’s say you earn $300 from writing or gaming. You will reinvest a small portion of your earnings into assets, such as stocks or crypto.
- Along with going through the Rich Dad Poor Dad summary, you can read books like “The Millionaire Next Door” to reinforce your mindset to build wealth.
Facebook, YouTube, and TikTok allow students to monetise their content and earn money passively. Even a smaller audience can help you generate $100-$500 monthly. This amount will be enough for you to start investing.
4. Take Calculated Risks
You must be aware of this quote, that “only those succeed who are brave enough to take risks”. From Steve Jobs to Jeff Bezos, every innovative and successful person was good at taking risks. Rich Dad Poor Dad prepares you for it, empowering you to take risks in your next academic or professional life.
The key lesson from this book is that a person with a weak mindset will always see risks; however, a strong person considers these risks opportunities. Students need to realise that wealth-building always requires them to step out of their comfort zone. You can invest in stocks or start a digital business. Again, the associated risks must be informed.
Students often fear failure; however, the 20s or 30s is the best age to experiment with different things. With no responsibilities, such as a mortgage or kids, you can afford to take smart risks that will eventually pay off.
This is how to follow this approach:
- First, learn about how markets work and invest $50-$100. This will make you take calculated risks.
- You can also pitch a business idea to a campus entrepreneurship program. Students also have the option to enter a startup competition. Even if you fail, you will gain significant experience.
- Research before an action is a recommended approach. You can utilise tools, such as Yahoo Finance or Morningstar, to analyse investments and avoid Ponzi schemes.
In 2025, the concept of DeFi and NFTS is gaining momentum. Undoubtedly, they include high-risk, but they also bring high-reward opportunities. If you proceed with caution, the chances are high that you will gain knowledge and increase your real assets.
5. Escape the Rat Race
The rat race is the real enemy of students and professionals. It is a vicious cycle where a person is concerned with paying bills, taxes, and debts. They leave only a little wealth to build assets. According to Justin Welsh, people feel burned out and work tirelessly to earn money, this is a classic definition of the rat race.
However, Rich Dad Poor Dad by Robert T. Kiyosaki perfectly teaches you how to avoid it. Upgrading mobile phones after some months and renovating your house without any apparent reason will keep you trapped. You need to focus on building assets instead of purchasing new items to showcase your social status.
Here is a perfect way that you can follow to escape the rat race:
- You can download an app that will keep a record of every penny you spend for any purpose. It will help you cut unnecessary expenses.
- We know it will be difficult for you, but you can try to save 50% of any windfall for investments.
- Always focus on setting an achievable goal. It will enable you to avoid procrastination.
Housing and hostels have been increasing since 2020. You will have to live frugally to save cash for investments.
What Is the Advice in Rich Dad Poor Dad?
This book advises the reader to prioritise financial education. It urges students and professionals to buy assets instead of liabilities. Rich Dad Poor Dad makes you think like entrepreneurs, not employees. The author asks you again and again to escape the rat race by building passive income streams.
For students, it means that they need to learn money management and start side hustles. It empowers you to avoid consumer debt and surround yourself with financial mentors. This book is a must-read for students who want to build long-term wealth.
What Is the Lesson Learned from Rich Dad Poor Dad?
The core lesson from this book is that everyone must gain financial independence. You need to get a quality education to achieve this level of mindset. The authors repetitively encourage the reader to focus on buying assets instead of liabilities.
Rich Dad Poor Dad can prepare students for the upcoming professional journey because they will be able to manage their expenses and invest in the stock market or cryptocurrencies. This book will teach you discipline and how to take risks.
Final Thoughts
We understand every student wants to gain financial independence and set realistic goals for their future. However, this will be only possible if you read books and attend lectures on finance and management. Worried that these activities might delay your thesis submission? Don’t worry when London-based dissertation writing agencies make it possible for students to dedicate an hour each day to learning, whether through reading or listening to podcasts on
These firms have writers who know how to collect data from trusted sources to back arguments in assignments, which means that you submit a piece of writing that will be error-free. So, gain financial independence and submit your homework simultaneously!
Author Bio
Michael Alex is an expert dissertation writer who has been in academia for over a decade. After completing his PhD in psychology, he started offering academic writing services, and so far, he has written 1000+ dissertations. Michael is always a call away from students!
