Robert Kiyosaki – Robert T. Kiyosaki, best-selling author of the “Rich Dad” series, and former Marine gunship pilot during the Vietnam War, is an investor, entrepreneur, educator and New York Times best-selling author. His financial education book series Rich Dad Poor Dad has been translated to over 100 languages and sold more than 26 million copies world wide. He also created the educational board game Cashflow 101 to teach individuals the financial and investment strategies that his rich dad spent years teaching him. Robert Kiyosaki’s perspectives on money and investing are different from traditional teaching. The old beliefs of getting a good job, working hard, saving money, getting out of debt, and investing for the long term are obsolete in today’s world. Robert Kiyosaki’s teachings focus on generating passive income through investment opportunities, such as real estate and businesses, with the ultimate goal of being able to support oneself by such investments alone.
Rich Dad’s 60 Minutes to Getting Rich! is an hour long and it’s broken into 6 brief segments that I will outline in the review below. The setting of the “personal seminar” DVD is in a rather small indoor room, with an audience of maybe 50 to 100 people. Robert Kiyosaki starts the program by giving a brief overview of Rich Dad Poor Dad, and what both his dads taught him, as well as their philosophies on money. Here are some of Robert Kiyosaki’s key points taken from Rich Dad’s 60 Minutes to Getting Rich!
Part One Money Is an Idea
Of course, if you know Robert Kiyosaki he usually talks about his poor dad’s idea that his house is an asset, and that his rich dad contests that that is one reason he is poor.
One of the interesting things he says is that his rich dad told him to never say quote, “I can’t afford that.” Instead ask yourself, “How can I afford that?”
Kiyosaki says there are three main points that he feels made a real big difference in his life. They were:
1. Money is an idea. The first way to get more money to change what you think.
2. Money Does not make you rich. Case in point, Robert’s poor dad made more money than his rich dad.
3. There are two kinds of money problems – not enough and too much money. And every person, company, and government has money problems. You need to ask yourself which of these two problems do you want?
Money comes down to a choice:
Every day he has to make a choice: Do I want to be rich or do I want to be poor?
Part Two Your House Is Not an Asset
He covers the cash flow quadrant (E, S, B, and I) — Employee, Self-employed or Specialist, Big business person and Investor.
Employees want security and are mostly controlled by fear. Specialists don’t trust others, and their income is generally maxed out around $500,000 per year, because “time is money.” Big business and investors have essentially unlimited income potential.
The way to get rich is via the B (big business) and I (investor) means.
Part three Earn More… Work Less
Kiyosaki talks about the importance of being able to read a financial statement, and the fact that tax laws are written for the rich, by the rich.
Don’t work for money. Work for acquiring assets.
Part Four Mind Your Own Business
His Rich Dad told him that when he is an employee he’s minding somebody else’s business, but you want to be a business owner and “mind your own business.”
Part Five Retire Early and Rich
Most people try to retire on equity, but Robert Kiyosaki advises that you retire on debt as he did.
He shares a story when his Rich dad told him to put his money into a piggy bank to learn finance. He has three piggy banks: one for savings, investing, and charity. Using these piggy banks every day trains your mind to think like a rich person. (Sounds a lot like the Richest Man in Babylon!)
Part Six So What’s Stopping You?
Interact, don’t react. With some people, even if they find a deal they talk themselves out of it. His Rich dad also said, people who avoid failure also avoid success. Fail early and fail responsibly.
“The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.”
“The only difference between a rich person and poor person is how they use their time.”
“Your future is created by what you do today, not tomorrow.”
Collected by Adam Nguyen