Rich Dad Poor Dad by Robert T. Kiyosaki

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LukeLewis

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I recently got my hands on a book called Rich Dad Poor Dad by Robert Kiyosaki. I've already read this book about 10 or 15 years ago, but it's time for a refresher. I remember enjoying this book immensely when I was younger. Back then, I was much more wide eyed and gullible. Not that what's shared in this book shouldn't be believed, it's just that it should be looked upon with skepticism. As with everything else in life, there are good parts and bad parts. Well, I shouldn't say bad parts. What I mean to say is that at times the premise is off. I'll explain what I mean down below.

In this post, I'll cover the introduction, which was written by Sharon Lechter. I'm assuming this is or was a friend of Robert's. In subsequent posts, I'll discuss each and every topic of the book. I'll give you an overview of what's included in the book and then I'll offer some of my own opinion of what I just shared. From what I remember, I pretty much agree with everything Roberts says. It's just a few points at which I'm at odds.

Introduction

The introduction begins with a story written by Sharon. She describes how both she and her husband graduated from college with incredible degrees and both work high paying jobs. They followed their parents' advice and did as they were told. And because of their training from their parents, both Sharon and her husband are putting two of their three children through school. Their youngest isn't old enough for college yet.

A conversation ensued between Sharon and one of her children. Her son claimed that he was bored with school and that what he was learning wasn't applicable to the real world. "Look at Michael Jordan, Madonna, Bill Gates," he said. "They have minimal educations and they're filthy rich." This was the basis for her son claiming that there were more important things out there than schooling. More important things that could better prepare him for real life. Surprisingly, Sharon seemed to agree with her son. She reflected upon how one of her sons had already accumulated debt while in college and was now in trouble with credit cards. She lamented upon the lack of financial education offered in schools today.

And that pretty much summarizes the first part of the intro. And to me, there are so many things wrong with it. It's the premise that bothers me. I've heard the same thing so many times from such idiots that it makes my blood boil. Let me start from the beginning. When I'm finished here, I'll continue on with the remainder of the introduction.

First off, let's remember where we came from. It wasn't so long ago that most people on earth were starving to death every single day. It also wasn't long ago that major economies globally were tiny compared to the sizes they are today. For a parent to encourage a child to remain in high school and go to college wasn't a bad thing. It's still not a bad thing. I've got an advanced degree in business and it was one of the best things I've ever done. Yes, I could have quit like famous Bill Gates did, but compared to Bill Gates, I'm stupid. The man is so much more intelligent than I am. There's an implied cause and effect already going on in this book that needs to be dispelled. It goes like this: because Bill Gates quit college, he became a billionaire. Oh wait, let's not stop there. Let's talk about all the sports stars who never went to college or the uneducated pop stars who are now rich and famous. Yes, if you're seven feet tall and can play basketball like it's nobody's business, by all means, join the NBA and make your millions. But if you're 5'7" and can't even dribble, I suggest you stay in college. If you've got a voice that can make the young girls cry, yes, by all means, set off on tour. But if you sound like a dying chicken like the rest of us do, ummm, go hit the books.

Let's not fool ourselves. College has saved so many lives it's incomprehensible. There's only so much room out there for the truly talented and clever. Most of us are neither. To suggest that high school and higher education is a waste of time because they don't teach how to use a credit card is one of the stupidest things I've ever heard or read. Just to let you know, a 15 minute YouTube video can teach you pretty much all you'd like to know about credit cards. There's no need to take a class on it. Or quit college because of it, for that matter. And furthermore, the responsibility for educating your children about finances is up to you, the parent. Don't try to lay this on the school systems or colleges. After all, if parents don't teach their kids things, what in the world do they do? I love the implication that somehow schools are responsible for teaching all the gray areas of life. Think social studies, math, band. That's what school is for.

There's also another implication I've already noticed. It has something to do with how corporations and businesses for which we work are not worthy of us. They no longer give pensions and there's no job security. Do you realize how many families live off the earnings from these corporations? If it weren't for these big businesses, we as a society would be sitting in mud huts wondering why we're so cold. So it's disingenuous to apply today's standard of living and litany of complaints to the world that brought us all this cushion.

To lighten the mood, I'll approach the rest of the book as if only extraordinary and outstanding people are reading it. Sure, most of us are nine to fivers, but there may be a few of us out there who are ambitious and outgoing. Even entrepreneurial. It's for these people this book was written. I just wish it didn't start off with implying that somehow the system that was built for us by those extraordinary and outgoing individuals is somehow not good enough. It doesn't teach us how to use credit cards? Good lord.

Sections​

What's the Rat Race?
How to Escape the Rat Race
The Answer to the Rat Race
The Tale of Two Dads
A Partnership is Formed
The Lessons Begin
Waiting in Line on Saturday
The Poor & Middle Class Work for Money - The Rich Have Money Work for Them
Lesson #1: The Rich Don't Work for Money
Avoiding One of Life's Biggest Traps
Seeing What Others Miss
Why Teach Financial Literacy?
The Richest Businessmen
Rule 1 (To Becoming Wealthy)
This is the Cash Flow Pattern of an Asset
This is the Cash Flow Pattern of a Liability
The Story of How the Quest for a Financial Dream Turns into a Financial Nightmare
Truths of Owning a House
Why Investing Early is Better Than Buying a Home Early
Financial Statements of Rich Dad & Educated Dad
Goals for Making Money
Mind Your Own Business
 
Rich Dad Poor Dad by Robert T. Kiyosaki was posted on 01-28-2021 by LukeLewis in the Finance Forum forum.

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