Question

Write the summary of "The Business of the 21s tCentury Book-1" in 500 words

Answer 1

The author Robert T. Kiyosaki, starts with few excerpts of his early life wherein he talks about his rich dad (his friend’s dad), poor dad (his own dad) and their teachings and impact on his life. He lets us understand the life he has led so far, and how, his adamant take on changing his life made him who he is today, and why we as readers should read this book “The Business of 21st Century”.

Part 1

The first part of the book “Take control of your life” talks about how the present economic situation of the world is creating a perfect “Opportunity” for people to start a business and earn their financial freedom. In doing so, he explains how 20th century Industrial Age has given way to new 21st Century Information Age, and how the stale concepts of job security, pensions, social security are just not valid for this age. Citing examples of Microsoft and Disney, he talks about how in all these economic downtimes, there is a silver lining; a heap of opportunities waiting to be explored. Another takeaway is author’s delineation of four cashflow quadrants. He tries to model the behavior of people in these quadrants and in doing so explains why people are reluctant to change from E/S to B/I. Finally, he talks about the entrepreneurial mindset and how it can help you achieve financial freedom and the key lies in harnessing passive income.

E = Employee
S = Self-employed or Small-business owner
B = Business owner
I = Investor