Good Dad vs. Bad Dad: My Journey Inspired by Rich Dad Poor Dad

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Introduction to Rich Dad Poor Dad

Reading Rich Dad Poor Dad opened my eyes to the importance of financial education. The book shares the story of two fathers:

1. The “Rich Dad” who teaches his child to save and invest smartly, guiding them towards financial independence.
2. The “Poor Dad” who focuses on saving but doesn’t show the right path to building wealth.

This difference in mindset highlighted for me how vital it is for parents, teachers, and society to teach children financial literacy. Growing up, I often heard in Punjab, “Chota bacha taan kachi mitti aw—jida bano, ban jai ga,” meaning, “A child is like soft clay; they become what they’re molded into.”

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My Financial Journey

1. Early Days of Spending Freely

• Background: At 26, I had a salary of ₹50,000 per month but no savings plan.
• Lifestyle: My mother advised me to invest in recurring or fixed deposits. But I was more interested in enjoying life with friends and family, spending on parties and experiences.
• Outcome: By the month’s end, my bank balance often hit zero, and during the last days, I relied on credit cards—a habit that became a financial trap.

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2. The Turning Point

• Unexpected Advice: One day, my mom suggested we visit Chandigarh for “some work.” Excited to take my new car on a long drive, I agreed.
• Surprise Visit: We reached a construction site in Mohali called Aster City. My mom revealed that she had brought me here to consider buying a flat.
• Realization: She explained, “These flats will double in value over time. This kind of investment will secure your future.”

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3. The First Investment: Buying Real Estate

• Decision: After a tour, we negotiated and finalized a unit at ₹30 lakh.
• Impact: This property purchase meant that half of my monthly salary would go towards repaying the housing loan. This marked my entry into disciplined investing.

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4. Lessons Learned and Growth

• Developing a Mindset for Savings: This experience changed my financial habits. I began exploring policies with compound interest and diversified my investments.
• Building Wealth Step by Step: I transitioned from having no savings to managing multiple accounts, driven by a commitment to secure my future.

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Key Takeaways from Rich Dad Poor Dad

• Choose the Right Investments: The book taught me that simply saving isn’t enough; putting money into assets that grow over time is crucial.
• Start Early: Young people, especially those starting their careers, should invest in policies or assets that yield good returns over time.

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Conclusion

My journey—from a carefree spender to someone committed to building wealth—echoes the lessons of Rich Dad Poor Dad. The book reminds us that financial success isn’t about how much we save but about how and where we invest.

To those just starting a new job or business: take a small step today towards building a secure future.