Poor dad fears financial risk from "summary" of Rich Dad Poor Dad by Robert T. Kiyosaki
The poor dad in my life was a well-educated man with a good job and a steady income. He believed that the key to financial security was to work hard, save money, and avoid taking any unnecessary risks. He was always afraid of losing what he had worked so hard to earn, so he played it safe in every aspect of his financial life. When it came to investing, my poor dad would only consider options that were low-risk and guaranteed a steady return. He was wary of the stock market, real estate, and any other investment that had the potential to fluctuate in value. He believed that it was better to earn a modest return on a safe investment than to risk losing everything on a risky one. My poor dad's fear of financial risk extended beyond investing. He was also afraid to start his own business or pursue any entrepreneurial endeavors. He believed that the security of a steady paycheck was more important than the potential rewards of owning a successful business. He was content to work for someone else and collect a regular salary, even if it meant sacrificing his dreams of financial independence. In contrast, my rich dad had a completely different attitude towards financial risk. He believed that in order to achieve true wealth, one must be willing to take calculated risks and step outside of their comfort zone. He saw the potential for great reward in investments that carried a higher level of risk, such as starting a business or investing in the stock market. Rich dad understood that there was no reward without risk, and he was willing to take chances in order to achieve his financial goals. He was not afraid to fail, because he saw failure as an opportunity to learn and grow. He knew that the path to wealth was not a straight line, and that setbacks were just a natural part of the journey.- The difference between my poor dad and my rich dad came down to their attitudes towards financial risk. While my poor dad played it safe and avoided taking any chances, my rich dad embraced risk and saw it as a necessary part of the wealth-building process. This fundamental difference in mindset ultimately led to very different financial outcomes for each of them.
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