Rich Dad, Poor Dad…Real Deal or Rip Off?

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Rich Dad, Poor Dad…Real Deal or Rip Off?

Financial Education

Much has been written about the Rich Dad, Poor Dad book written by Robert Kiyosaki, some good and some quite negative.  As with most books like this that tend to polarize people, there are arguments for and against the author’s point of view.  Indeed, based on comments by Robert himself, the book wasn’t intended as a manifesto but more as a guide or learning tool, a wake-up call to those who were being lulled to sleep through complacency. He foresaw, and quite correctly, that quietly socking money away in a 401K or a ROTH (RRSP for my Canadian friends) was not going to provide the long-term big gains that people were counting on for their ‘golden years’.

 

College Dropout?

He advised that instead of following the usual go to school, go to college, get a good paying secure job and hang on for a pension life plan, it might be prudent to obtain a financial education along the way and look at other opportunities to accumulate wealth.  The old argument I’ve often heard is that there is a corresponding increase in wages for each increment in education. Now on the surface that makes sense. In fact, it bloody well better considering that you have to spend a correspondingly greater amount of money for the advanced education.  My son just spent almost 35k for a bachelor’s degree so I know all too well what the cost of education is.

 

Vanishing Point

I think that the point that Robert was making is that your level of income has very little to do with your financial situation.  Having a higher income without a financial education is like having a wheelbarrow full of ice cream in the summer with no refrigeration.  It’s gonna disappear. And fast. The exact same thing can be said about lottery winners, sports stars and anyone who is suddenly flush with cash without the necessary financial education to go with it. A ‘fool’ and his money are soon parted.  And anyone who is leaving his or her financial future up to others qualifies for that designation.

 

Teacher, Teacher, Can You Teach Me?

The essential message that Robert is conveying in his book is that we need to have financial literacy taught in our schools. High school grads should know how to read a balance sheet and a profit and loss statement. They should have the acumen to be able to make rudimentary decisions that will affect them long term while they are still young rather than having a financial ‘advisor’ telling them what the best investment for them at any given point. I’m not suggesting that they should avoid ever purchasing mutual funds,  but they should know how they work and how to calculate their true ROI.

 

Just ‘Do It’

As with all other forms of education there is a corresponding need for action. Education without action is merely entertainment. Kiyosaki clearly makes this distinction in his teachings and while he does not give detailed specifics on exactly how to invest and what to buy into he is very clear that doing nothing is a mug’s game.  And that relying upon the advice of family and friends who are well intentioned but struggling financially is the most costly ‘free’ advice you will ever get. I do strongly recommend joining chat forums and business groups online in a field that is of interest to you so that you can learn more about the business aspects of that niche.

 

Using Your Niche

If your interests lay in the field of bee keeping,  you need to know as much as possible about not only raising the bees and where to put them to get the best honey,  but also how to market bee products.  If you create a business plan for yourself then you can determine beforehand what you would require for a specific market and whether it is feasible or not. If you think in the style of Robert Kiyosaki,  you will have an eye towards how you can get your business to run without your presence and how to make it scalable. If you can’t do that then you are going to have to limit the size of your business and your potential to match.

Till Next Time…

 

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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11 Responses to “Rich Dad, Poor Dad…Real Deal or Rip Off?”

  1. Robert David Strong Says:

    Hi Sigrid,

    This is a very powerful book and you are so right, creating more value in yourself, not only educates you as a person, but allows you to share your knowledge. As you become more knowledgeable and start sharing the info, it is amazing how many people you start to attract and followers start multiplying very quickly.

    Great post, keep it up!
    Robert David Strong recently posted…Mass Article Marketing Service For LinksMy Profile

    [Reply]

    sigrid Reply:

    Thank you very much Robert. Helping others is a surefire way to become a magnet.

    [Reply]

    Reply

  2. Bill Solano Says:

    Hi Sigrid,

    Very nice review of “Rich Dad, Poor Dad’, Robert puts well in the fact that we should be teaching our high school students a heck of lot more about financial education. Most high school graduates don’t even know how to write a check and even less how to balance checkbook. We should start with the basics and work from there. Thanks for the review. Bill
    Bill Solano recently posted…Facebook PPC – Your advantage over your competition using Facebook PPCMy Profile

    [Reply]

    sigrid Reply:

    Thanks Bill, you are exactly right. Financial literacy should be a core required subject.

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    Reply

  3. Dallas R. Piana Says:

    Good review….Thanks

    [Reply]

    Sigrid McNab Reply:

    Thanks Dallas…

    [Reply]

    sigrid Reply:

    You are so welcome Dallas!

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    Reply

  4. Dallas Says:

    Good review….and analogy….Kids need to learn financial education as early at 12 years old or earier…..
    Dallas recently posted…8 Blog Essentials For Our 9 Seconds Attention SpanMy Profile

    [Reply]

    sigrid Reply:

    Thanks so much Dallas. Yes they do. In fact, I tried to get Robert’s (Kiyosaki, that is) program into our school system FOR FREE and they rejected it, saying it would be too much trouble and take too much time, even though it was all set up!

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  5. Michelle DeMarco Says:

    I think that Robert Kiyosaki makes a lot of sense with Rich Dad Poor Dad because in reality, we are starting our younger generation out in tremendous debt without real skills to create a future for themselves. I know that unless I have a child who wants to be a doctor or engineer, I would much rather teach them to make money through being an entrepreneur, rather than spending four years learning things that won’t bring them financial freedom.
    Michelle DeMarco recently posted…Competition | Do you have what it takes?My Profile

    [Reply]

    sigrid Reply:

    Excellent point Michelle, I couldn’t agree more. We all share the responsibility for educating our children.

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