Ok so you want to start getting better with money. No shortage of knowledge out there about that, and if you ask 1,000 different people you'd probably get 1,000 different answers. That said there are some popular books out there to help fine tune your mind to be better with money. We decided to take two popular books and run a comparison. Psychology of Money and Rich Dad, Poor Dad. Let's first take a look at the two listings and then see what Chat GPT has to say.
First we have the Psychology of Money. Currently on Amazon for $10.64 for paperback. And it has a 4.7 star score on over 44,000 ratings.
Next we have Rich Dad, Poor Dad. Currently on Amazon for $6.39 for a paperback. And it has a 4.7 star score on over 93,000 ratings.
Ok cool so now that we have that out of the way, let's see what Chat GPT has to say on the matter...
"The Psychology of Money" and "Rich Dad Poor Dad" are two popular books that approach the topic of money from different perspectives. While they share some common themes, they have distinct focuses and messages.
"The Psychology of Money" by Morgan Housel:
Focus:Â This book delves into the behavioral and psychological aspects of money management. It explores how individual attitudes, emotions, and biases impact financial decisions.
Key Themes:
Long-term thinking: Emphasizes the importance of patience and a long-term perspective in building wealth.
Risk and uncertainty: Discusses the role of risk and the unpredictability of financial markets.
Behavioral biases: Explores common psychological biases that can lead to poor financial decisions.
Adaptability: Stresses the importance of adaptability in financial planning and decision-making.
"Rich Dad Poor Dad" by Robert Kiyosaki:
Focus:Â This book focuses on financial education and challenges traditional notions about money and wealth. It tells the story of the author's "rich dad" (a friend's father) and "poor dad" (his biological father) to illustrate different approaches to money.
Key Themes:
Assets vs. liabilities: Highlights the importance of acquiring income-generating assets rather than liabilities.
Entrepreneurship: Encourages entrepreneurship and investing as means to build wealth.
Financial education: Advocates for self-education in finance and investing as a key to financial success.
Mindset: Emphasizes the importance of developing a mindset geared toward financial independence and wealth creation.
While "The Psychology of Money" focuses on understanding the psychological aspects of financial decision-making, "Rich Dad Poor Dad" emphasizes the importance of financial education, entrepreneurship, and adopting a wealth-building mindset. Both books can offer valuable insights, and readers may find it beneficial to incorporate elements from each into their overall approach to money and wealth."
Sounds like a decent assessment. So basically what we are getting from the AI is that both books have something to offer. If you are looking to improve your money knowledge there isn't anything about just reading one book that would cover everything in the other.
NOTE: All price and review info is based on the time of posting. The numbers may have changed since the creation of this article. Don't forget to always research everything yourself before you buy it, don't just take our word for it. All links to Amazon on this page are part of the Associates program which gives us commissions, thanks for your support!