Best Education Ever: Rich Dad Poor Dad by Robert Kiyosaki

[Siegfried von Walheim]

Recommended to me by @Dylan Lawrence Moore, I found Rich Dad, Poor Dad (not sure if the comma is part of the actual title since I don't think it is but I put it there anyway) as an audiobook on YouTube. And by GOD ABOVE was it the most productive and empowering red pill I've ever swallowed!

Not only did it "reveal" (I put quotes because if you've been following Stefpai some of the stuff should already be known to you--however if you're a fresh face to the real world then it's as good as any a first step!) a lot of truths and facts about society, money, and etc. but it fundamentally encapsulates the core distinctions between the Rich, the Poor, and the Middle Class.

 The audiobook for the book proper is only 3 hours long--I won't attempt to boil it down to a couple paragraphs because every line is worth listening to and frankly I'd do a disservice if I tried. You can find a way to break down 3 hours into diggestable bits as needed and you'll be well-rewarded for it.

As a "spoiler" though I'll point out what Robert Kiyosaki claims (and I think rationally and reasonably) to be the primary distinction between the Rich and the Middle Class/Poor: Financial Literacy. 

Financial Literacy is essentially knowing what wealth is, knowing how to separate assets from liabilities and the wisdom to tell the difference before sealing the deal. 

Public School education isn't much and College Education is becoming increasingly worthless (worse than worthless actually; about a few hundred thousand dollars of bad debt + anywhere from 2-10 years of your life, potentially!) and I have to say this book as an introduction to financial literacy was worth far more than anything I've ever learned from the government schools. Even more than my ability to read and do basic math, I'd dare say.

I don't care how old you are or how busy you are: you will be helped by this book and the younger and fresher you are the more empowered you'll be in the long run by this information. Don't be the Poor Dad and embody the Poor Dad's ways of thinking and being; become the Rich Dad and invest in yourself. And this free audiobook is definitely an infinitely profitable return on investment!

[barn]

Hi @Siegfried von Walheim

I'm glad you enjoyed it. Kiyosaki certainly knows how to write good anecdotes. Take what he says/implies with a ton of salt, in my opinion.

For the benefit of you and others, I recommend reading about some of the controversies for a fuller picture. Certainly MLM is not a clean business (link) to be involved with (past, seminars).

In his own words:

"Kiyosaki's books and teachings have been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work.[127] Kiyosaki responds that his material is meant to be a motivational tool to get readers thinking about money rather than a guide to wealth. He also says the books are supposed to be "interesting" to people, which does not involve a lot of technical material.[128]"

-sources for more-

Just be careful with his advice, do proper risk assessment first.

Barnsley

 

Edited April 18, 2018 by barn
added link to a case study

[barn]

Almost forgot...

This is also an "interesting" read about why I lean strongly to see him as a scam artist. (Besides his highly enjoyable reading material, ideas)

long breakdown

[Dylan Lawrence Moore]

Just for the record:

I started with Kiyosaki. I'm now running two businesses, one of which is investing in real estate.

The "guru" model that the seminars are based on aren't bad information, it's that you can't simply learn that much stuff in a weekend. Developing a wealthy mindset can take years for some people. It's also annoying that you get upsold the whole time on the next seminar.

[Siegfried von Walheim]

7 hours ago, barn said:

Almost forgot...

This is also an "interesting" read about why I lean strongly to see him as a scam artist. (Besides his highly enjoyable reading material, ideas)

long breakdown

The article doesn't have much substance. It just smears his early life and says a seminar he took inspiration from is cult-like and a lot of the same insults directed against Stefan Molyneux when he talks to people. Then there is a series if anecdotes saying Kiyosaki gives bad/illegal/vague advice.

Well, I don't know about you, but I am inclined to ask: who is the millionaire here? And by extension who is following their own rule books? Well I know Kiyosaki is a millionaire and I know nothing about his jilted critics. I didn't bother to see if they were totally honest in accordance to their values but I do think it's worth applying that to Kiyosaki.

I learned a hell of a lot in Rich Dad, Poor Dad. It wasn't vague or insubstantial. Sometimes he "said something without saying something" but I think his word choice is very deliberate because his implied saying something isn't always true.

For example: Assets versus Liabilities.

A house? Why that's a liability (unless you're renting it out to reliable tenants). A car? Also a liability (unless it's a cab you're renting out). What is a Corporation? A bunch of paper work that fundamentally shifts how the order of money works from personal expenses first to tax last. Therefore a corporation can be a tax haven to reinvest money into itself and potentially pay nothing in taxes.

He also talked about the Socialistic mindset of the Poor and the government and a lot of stuff Stefpai talks about that I won't bother repeating. I don't discount this explanation of how the Capitalist versus the Socialist thinks because it's quite valuable. He also talks about the "rat race" of how most people increase their spending to match their income, and the result is not being any wealthier than previously. He defined wealth as "how many days I can live without working" and got that from Buckminster Fuller (if I'm spelling his name right).

He taught me how simple an income/outcome and assets/liabilities sheet is and how to manage it and how to read it quickly. He used anecdotes to describe creative thinking in seemingly hopeless or poor situations. Like buy expensive houses while they're cheap from an economic crash in order to re-sell them for a significant profit. 

I plan to re-read it simply because there's a lot packed into it. Anyone who claims Kiyosaki is sweet words without substance is, empirically from what I can tell, full of shit like those claiming Donald Trump was a failed businessman or a warmonger or a "nazi" or a "nasty". 

Of course, if you have some advice for me I can use, I'd be happy to hear it. I don't want to rely on only one man's advice because I'd be liable to follow his weaknesses as well. And since there is no perfect man, it is unreliable to only rely on one man's advice. I'd be very happy to hear a reasoned argument from a detractor on what I ought to do versus what Kiyosaki is saying I ought to do.

[barn]

Hi @Siegfried von Walheim

I'm happy with how and what I have provided for you (and maybe others).

All my arguments and essential information is there, I'm sure you are well-equipped to make up your own mind regarding what to make of it.

I felt, I had to share it and glad I did...even if seemingly it bounced off/you don't consider it of value.

Have a good one,

Barnsley

p.s. (risk assessment over anecdotes)

[Dylan Lawrence Moore]

On 3/11/2018 at 10:40 AM, Siegfried von Walheim said:

The article doesn't have much substance. It just smears his early life and says a seminar he took inspiration from is cult-like and a lot of the same insults directed against Stefan Molyneux when he talks to people. Then there is a series if anecdotes saying Kiyosaki gives bad/illegal/vague advice.

Well, I don't know about you, but I am inclined to ask: who is the millionaire here? And by extension who is following their own rule books? Well I know Kiyosaki is a millionaire and I know nothing about his jilted critics. I didn't bother to see if they were totally honest in accordance to their values but I do think it's worth applying that to Kiyosaki.

I learned a hell of a lot in Rich Dad, Poor Dad. It wasn't vague or insubstantial. Sometimes he "said something without saying something" but I think his word choice is very deliberate because his implied saying something isn't always true.

For example: Assets versus Liabilities.

A house? Why that's a liability (unless you're renting it out to reliable tenants). A car? Also a liability (unless it's a cab you're renting out). What is a Corporation? A bunch of paper work that fundamentally shifts how the order of money works from personal expenses first to tax last. Therefore a corporation can be a tax haven to reinvest money into itself and potentially pay nothing in taxes.

He also talked about the Socialistic mindset of the Poor and the government and a lot of stuff Stefpai talks about that I won't bother repeating. I don't discount this explanation of how the Capitalist versus the Socialist thinks because it's quite valuable. He also talks about the "rat race" of how most people increase their spending to match their income, and the result is not being any wealthier than previously. He defined wealth as "how many days I can live without working" and got that from Buckminster Fuller (if I'm spelling his name right).

He taught me how simple an income/outcome and assets/liabilities sheet is and how to manage it and how to read it quickly. He used anecdotes to describe creative thinking in seemingly hopeless or poor situations. Like buy expensive houses while they're cheap from an economic crash in order to re-sell them for a significant profit. 

I plan to re-read it simply because there's a lot packed into it. Anyone who claims Kiyosaki is sweet words without substance is, empirically from what I can tell, full of shit like those claiming Donald Trump was a failed businessman or a warmonger or a "nazi" or a "nasty". 

Of course, if you have some advice for me I can use, I'd be happy to hear it. I don't want to rely on only one man's advice because I'd be liable to follow his weaknesses as well. And since there is no perfect man, it is unreliable to only rely on one man's advice. I'd be very happy to hear a reasoned argument from a detractor on what I ought to do versus what Kiyosaki is saying I ought to do.

That was awesome.

For the record, I actually don't like Kiyosaki's teaching method. I do, however, love the material he teaches.

[Frederik]

I can only concur with how powerful Rich Dad Poor Dad can be. It certainly was for me when I was introduced to it by a friend back in 2014.

Through Kiyosaki's book I also discovered Mike Maloney, who's wisdom and education through The Hidden Secrets of Money series has helped to create my financial literacy.

To me, the most essential message of the book is to understand that Poor Dads work for money, while Rich Dads let money work for them. Everybody has only 24 hours in the day, thus there is practically no chance of getting rich while working for money on an hourly basis. Investments and businesses, on the other hand, make money while you sleep...

 

On 3/11/2018 at 10:34 AM, barn said:

"Kiyosaki's books and teachings have been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work.[127] Kiyosaki responds that his material is meant to be a motivational tool to get readers thinking about money rather than a guide to wealth. He also says the books are supposed to be "interesting" to people, which does not involve a lot of technical material.[128]"

Just be careful with his advice, do proper risk assessment first.

So you post a criticism saying the book contains no concrete advice, then warn to be careful with his advice. This doesn't make any sense.

[barn]

Hi @Frederik

 

On 03/14/2018 at 2:55 PM, Frederik said:

So you post a criticism saying the book contains no concrete advice, then warn to be careful with his advice. This doesn't make any sense.

I'm happy to answer your question.

Have you got any?

Barnsley

p. s. (Nice, I also follow Mike Maloney's work. He seems legitimate.)

[Frederik]

The burden is on you to make a coherent argument, my friend, not on me to ask you questions.

[barn]

Hi @Frederik

 

2 hours ago, Frederik said:

The burden is on you to make a coherent argument, my friend, not on me to ask you questions.

Well, my two first posts contains that... (argument, proof for my argument)

Would you like to ask any questions to see if your interpretation is accurate?

14 hours ago, barn said:

I'm happy to answer your question.

Have you got any?

Feel free to do so.

p. s. (I don't remember being friends. Otherwise, please don't imply that. I'm not sure if it's genuine or condescending. Thanks.)

[AMR]

Thank for convincing me to read it, I already had the ebook checked out.