Rich Dad Poor Dad // Love It or Hate It?
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- čas přidán 2. 07. 2024
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Timecodes:
0:00 - Intro
0:45 - Don’t Work For Money. Have Money Work For You.
1:54 - Importance of Financial Literacy
2:57 - Four Pillars of Financial IQ
4:39 - Shortform
5:52 - Importance of Communication Skills
7:14 - Assets Make Money, Liabilities Drain Money
8:23 - Cash Flow
9:49 - Pay Yourself First
11:05 - Pay For Good Advice
11:48 - Find Your Investment Vehicle
13:03 - Overcome Obstacles
► Rich Dad Poor Dad (amzn.to/3PfFpYw)
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
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Hi Tae. How do I get to do the one on one session with you?
@@andrecharles1360 Hi! Please check out www.financialtortoise.com/money-coaching.
Talking to some womsn on a video call I saw this book on her table. She said she hadn't read the book yet. I told her that one dad was an employee and the other dad had a business and that was just about all there was to the book, because that's about all there is to this book.
Read that book 15 years ago as i was going into my 1st semester Ph.D. program while i was also working at a prestigious university. Because of that book, i left school in the 1st semester and have been progressing personally and financially beyond my wildest dreams. That book saved my life in terms of not wasting time, energy and money trying to keep up with my colleagues and friends educationally. Now they have their doctorate degrees, they still work at the university and a few have come to work for me in my business as an employee or contractor although I never had or never will go back to get my Ph.D. That RK!
Some people want to contribute to the overall knowledge of mankind, there's nothing wrong with that too. Esp those born in first world nations, you can get by doing anything, might as well do something you enjoy
I see op said a whole bunch of nothing.
Glad I read it after buying it at Goodwill for a $1.50, it has some decent concepts for how to think about money. But RK himself, and his whole Cashflow Corp, are grade A grifters.
Yes sir they are!
Rich Dad Poor Dad is an excellent book.
Read it over 25 years ago.
The problem is : RK realized that he could make future millions selling all sorts of "ideas", conspiracy theories, etc.
He is and has been for many years now, much more of a salesman that anything else.
He did say it in his book that it's about sales. Think about his illustration with McDonald's. You could get much better at making cheeseburgers than McDonald's can, but McDonald's would still make much more money because they are very skilled with sales. At the same time he said that many skilled people are still poor because they are still just one more skill away from success, and that is the skill of sales. So how well can you sell something, whether or not that something is a skill? Robert emphasized that he was a best SELLING author, suggesting that he could have written poorly but still had sold well.
That isn't a defence of Kiyosaki. If he's now peddling garbage that sells well, you shouldn't consume it. Because it's garbage.
Also the deal with Amway absolutely helped his sales. Book at least had some decent ideas in there.
Another great video. I think I first read Rich Dad Poor Dad when I was in college. At first I though it was amazing. As I got older, wiser, and read a lot of other books, I realized it was a good book but definitely had weaknesses. I put Kiyosaki in the same category as Dave Ramsey. I still recommend their books, but it is not the first book I tell people they need to read on personal finance.
What's the first book you'd recommend?
@@dustinreynolds1552 In most all cases, The Simple Path to Wealth by Collins is my go to recommendation for personal finance. The other one I sometimes recommend is The Index Card. I guess it depends on how old the person is and what I think they are trying to get a handle on.
Like how both use random examples that aren't realistic. I am waiting to find that mutual fund that returns 12% annually. Or waiting to find those easy house flips Robert is talking about. Or those easy tax lien certificates that offer save high returns like bonds.
@@dustinreynolds1552I think “Quit Like A Millionaire” is an excellent starting place and one I’ve reread over and over again because the writing is engaging
@@dustinreynolds1552richest man in Babylon
This was the first “real” book on I read in financial education and I’d be lying if I said I don’t recommend as a starting book for anyone who doesn’t have a clue about financial literacy. If you have a little bit of knowledge on how to better your personal finances this book is not for you.
Looking back my biggest issue with the book is the fact all of Roberts points could of been included in one single chapter. All his points are repetitive and each point is dragged throughout the whole book. But again I will say this book helped me get involved with bettering my financial independence so can’t hate on it to much.
Glad I found your channel! Not that it can help me now at 66, but your voice is so comforting and your wisdom so welcome! Working my way through your videos...love that you mentioned in one of them to prepare for unexpected medical issues...we never think anything will happen to us and then whoops! You slip and fall off the kitchen counter and brake your vertebrae and wrist!
I’ve been learning from Robert and Chris for years now… And I have made so much learning and working with Chris.
@@OwenFlexmaybe he meant “Christ”
I wonder where he gets his analysis from. Just looked him up on Google and I'm impressed with how many people he manages
@@OwenFlexI think you interrupted a spam thread of discussing how much xyz helped them invest (so you should, too! But don't be shocked if they ask for all your money first and then stop answering...😅😅)
@Jacob_theman Strange, because Chris made me lose $500k. Not recommended.
0:05: 📚 Rich Dad Poor Dad by Robert Kiyosaki is a popular book with mixed reviews, offering both life-changing lessons and questionable advice.
3:04: 💰 Building financial knowledge by focusing on accounting, investing, and understanding markets.
6:19: 💰 The importance of sales and marketing as essential skills to building wealth and the fear of developing communication skills.
9:21: 💰 The cash flow pattern of a rich person involves spending money on assets that provide cash flow, while the poor spend their money on liabilities that increase their expenses.
12:21: 💡 Invest in something you understand and feel comfortable with, not what someone tells you because that's what they're doing.
Recap by Tammy AI
You are the only youtuber who gives genuine advice.
The more I read of RDPD, the less impressed I was with the book and the more I saw Kiyosaki as a good storyteller and marketer (for himself). I thought the book was big on broad ideas and short on explicit actionable information. If you take a look at the CZcams videos he has posted, several have been a sequence of doomsday prophesies. Sooner or later, one will probably come true. To the contrary, my advice for the young adult wanting to build wealth is to look elsewhere. Go for the more mundane but also more useful, something like Personal Finance for Dummies. Seriously.
Robert ONLY become well known because he was placed onto the Amway book list. He changed his message and promoted the Amway Corporation.
I like the book as it’s an eye opener to certain aspects of wealth building. Yes, it’s not a set recipe we all can follow but it does make a lot of basic points that are useful to be mindful of.
His concepts led me to my tailored education and career. I'm still in the process of financial freedom. 🤑
Hate it for reasons mentioned in podcast If Books Could Kill
Core competencies is the key. Real Estate is not liquid and cost 6% to sell. Would anyone buy a stock and happily sell at 6% commission.
Great Wisdom at 12:52
Wow, Mr Kim, love the title and the impression on your face in the thumbnail, cool.
Hate it. I only considered it a good book back then because I was stupid enough to believe the shit he was selling me. He basically appealed to people like me when I was younger. Someone who was terrible in school, had poor work ethic, assumed that the path less taken was automatically better, and that I couldn't be happy working for someone else. How stupid and wrong I was to believe it.
You want to be financially independent, then you need that first job and it has to pay well. You want that good first paycheck, do well and school and study something worthwhile. Make more than you spend and invest. Done.
Also, yes, I wasn't happy working for my bosses at the time but eventually I found better and better people to work for and now I am happier than I've ever been in my career.
Rich dad poor dad changed my outlook in life a lot when it comes to earning money. Regardless if rich dad in the story is fictional or not, the lessons in this book are gold.
Different people have different experiences. For me, this book was eerily relatable and changed my life! For the better!
I grew up with a poor dad and rich dad. But the lessons in the book were not spelled out to me. It put it all together in a package understanding that I could apply. Thanks RK!
I read it 3 years ago, it was among my first books about wealth. I didn't get much from it in terms of literal and applicable takeaways, but it changed my life nonetheless. It was as if Kiyosaki had put his spirit in the book. It somehow got hold of me, I became inspired by his story and was able to reflect on and let go of my poverty mindset. Over the next 1.5 year I raised my income by 35%
So after reading, think and grow rich. I ended up having really nothing to show for it. After reading RDPD I've heard all the classics lines my mom put in my ear. "Money doesn't grow on trees etc etc" finally a new way to think about money. That like any tool I needed to master. Will one book make you rich? No. But it's a better start than most will ever get. I've spent countless hours playing the video game verison of cashflow 101 and 202. Do the best you can to buy real assets. Has some solid principles. Like other comments I'd stay away from his advisors or seminars. Take care and God Bless
I'm reading the book right now and I'm not sure yet how I feel about it. The personal stories seem incredibly fake and some lessons are repeated ad nauseam. But on the other hand the part about cash flow patterns really made me rethink my spending patterns and focus more on buying assets. In general I don't think there's one finance book that will teach you everything you need to know to get rich. If there's one good lesson in it that has a sustained positive impact on your finances that should be good enough for the small amount of time and money invested. And even the shittiest finance book can be helpful if it motivates you to deal with your fiances at all.
Regardless if the content is repackaging of overused content, I am grateful that the messages were communicated so effectively that it reached me and got me started on my financial independence journey. I wholeheartedly agree with you that technicality and communications needs to go together. I would like to see you expand on this more as a subject. Great video as usual.
Lost me on the “Charlie Wonka’s chocolate factory” at 2:40
Haha big fan of your videos. Thanks for the good advice!
The four quadrants is a great way to understand finance. I am not sure living in your car until you figure out how to become an entrepreneur and anyone that is not failed. It is clear investing is on the rich side. Being an employee and invest is a fine life. Just know you will never have a yacht if you go that route.
Sounds like Cash Flow Quadrant
Good stuff im watching your vids like a mad tortoise. lol. SUBBED
Classic.
I was a fan of Kiyosaki early on. but he became a weird grifter / conspiracy theorist / gold bug. I would not recommend him in his current state.
He also went bankrupt and only made his money back by writing these books
My story similar to mine. I share the same opinion of him. 🎉
As the video says one should read many books/articles. Each have some good points. When you read a lot then you get an idea of on which point the book is right and why some ideas presented are wrong. But to reach that level of competence one should educate himself/herself. Fortunately learning has never been this easy.
Good content, but I would never do real estate investment. HIGH RISK, Low Return. And, it's a hassle to maintain tenants and manage a home.
I feel like it’s either you go hard into stocks or focus solely on real estate ownership. They have different strategies and challenges.
If you want to focus on real estate you kinda have to be all in; and it’s not as hands off as stocks. The potential rewards are there (I’ve known a few who crushed it), but the challenge is just the time investment to a manage and hunt properties.
Real estate done right is actually low risk since the margin of safety is high.
I love real estate. Its all doing the right deal and getting a property manager. Wait for the next recession.
You forgot to talk about "Rich Dad" being a character he made up, and that all of his childhood stories are lies
The author came to my school to speak when I was getting my mba, guy was a total narcissist and flat out rude to students who asked questions. Not a fan.
I remember my dad paid me and my brother to read this at like 8 and 10. This book is decent if you literally know nothing about money and don't fall into getting upsaled and scammed by pyramid schemes😂. It talks about general concepts that are good, but it really just seems like it gives a little bit of financial literacy to build trust, but it leaves you vulnerable to get rich quick schemes,but he can't really hold your hand or dive deeply into your personal life. I'm not sure if it was by design or not. I'd say it's a 5/10. This isn't my review as a kid, lol. I barely remember anything about reading it as a kid, other than the dad next door. I do not remember that part about letting your pressure, and the last parts all seem like it's trying to walk you into a pyramid scheme to me. It goes from good advice to saying live on the edge with debt and pay for good advice. You can easily justify giving your money up to a schemer after that if you follow those steps. It's like it goes from solid foundation to risky. Like you can't tell me that live on the edge, pay money for advice. Invest in these risky things, and stop procrastinating just do it can't easily be warped into join my MLM.
I don’t like his liability explanation because he records a mortgage as a liability but does not record a capital lease obligation as a liability, and therefore makes it seem like renting is better than owning a home.
Great content 👌 👏 👍
I really learn from this book and now have all my money working hard for me even when I am sleeping. I managed to reached my financial freedom in 3 years time
Robert also doesn't believe in the stock market.
It's only good because one hasn't read other books
It's sad we had neighbors of the Blue Man group. Their kid had to get a book called Blue Dad, White Dad when the mother divorced then got remarried.
I have yet to find investors. So I'm not fan.
No a single advice is good advice for everyone. "Good" financial advisers will soon become fake guru. In future, not long from now, you become one.
Good one. Great lessons. The
Big one for me is to pay myself first
Good book, but the author has gone off the deep end
1st!🎉
Not a fan. I read it years ago but it strikes me as kind of a cheerleading book… long on motivation, short on specifics. Some good concepts but mostly a lot of words without action.
I think almost every kid knows adults who work traditional jobs and adults who are entrepreneurs.
Anyone saying “his stories are made up”
Well no kidding. It’s a book lol.
This book and cash flow quadrant should be standard reading for 15 year olds. At least open the minds of the people receptive to it.
With just 8 properties (18 rental units) I made 203k profit last year and never have to have a regular job again.
And pay almost nothing in income tax.
Thanks for sharing, this is good stuff
There is a rumor that there was never a "Rich Dad", is this true?
You should have started by telling everyone that Robert has admitted that his stories are fiction. He made up the "rich dad." I find he doesn't teach much of anything; he gives some tropes that come from others.
Don’t be sore
@@artemkalinchuk Don't be triggered; respond with an argument. Robert's a liar and publishes others material and from what I've seen nearly never gives credit.
@@adidabax6809Chew the meat and spit out the bones. Every book has nonsense. Take the good stuff, leave the rest. Stop complaining.
@@artemkalinchukNotice that I'm not complaining, I'm stating :) Keep supporting and taking advice from liars and thieves. Nice moral compass. It's no wonder you lied about my statement :)
Alot of self help books are repackaging of old content. Mark manson himself stated this since his book is similar to kiyosakis in that it's packaged and the messages are communicated really well. I think the OP is right in that no matter how technical you are, communication and marketing is the key to reaching ppl that should take from those mainstream self help books.
step dad no dad feels more realistic
I read this last year in 2022… literally life altering
Is the story made up ??We will never truly know but it really doesn’t matter to be honest, so many values in this book
It is made up, there are no two dads. It's simply a story.
I really like that greed is a good counter for laziness comment. Never thought of it that way. But it makes sense, technically anytime you want something new or better you are being greedy. This makes you go out there and do something to get it.
Thank you tae you re so cute ❤😊
I think the video should have included some of the potential issues With Rich Dad Poor Dads Author. He has moved away from his own teaching and off into very weird ideas. Not including these hurts the value of the video and it is very one sided
Wasn’t a review of the author,
Rather the book.
This video had a lot of good stuff.
Looking forward to your video on the author.
That's not the way you review books, I have no love for Kiyosaki, or the book for that matter, but he does give some decent concepts. Credit where it's due. I think he's tried to turn one book into a media/influencer career... kind of like some other well known gurus.
Kiyosaki also suddenly claims he predicted the collapse of Lehman brothers. He must be shy that it took him over a decade to begin bragging about it 😜 as if that doesn't hint that he's more a storyteller than anything he says being easily fact-checked as accurate
Why? That has nothing to do with the books lessons.
The main lessons from the book are fine indeed. However it is some of the details where he messes up. Things like having his pet as a partner deciding on a contract, or deducting expensive items from profit for tax-purposes. Also his bragging about his training and service as a US-marine is irritating. He has a very liberal interpretation of the truth, and it serves no purpose in a financial book. Also his bragging about how his wealth fluctuates (50% of the total in 1 day!!) is the opposite of what a financial book should teach or project.
5 minutes into one Kiyosaki's presentations, I was out of there. His tone, word choice, overt political stance, and smugness, put me right off.
2nd
I used to respect him, but I saw that video of him being interviewed in Romania. The way he was talking down to the interviewer, disgusting.
Kiosaki is a kook !!!
"If it's on your ass, it's not an asset..."
Con artist
scam
Are you seriously using football athletes as an example? Like the demographic that suffers CTE from their career? When you spout these anecdotal examples cite your sources.
Not a fan. If he had the benefit of ‘Rich Dads’ advice, why was Kiyosaki broke and living in his car?
I could not read this book. The lessons were good but the story seemed fictional, and completely made up. I saw an interview where he sold it as a true story, so I went in expecting an entirely different type of read.