Whoever is familiar with words like Rat-Race, Asset or Liability has probably also read the book “Rich Dad, Poor Dad”. For me personally, this book was the introduction to a whole new world. But not only for me, this book opened a lot of doors for a lot of people around the world. As great of a book this is, I want to talk about the author: Robert Kiyosaki. Since I read his book I was very interested in this persona and the more books I read and the more interviews I saw from him I got more and more opposed to him. Therefore, in this article I want to discuss his methods and talk about the things that truly annoy me.
What I Learned
Let’s start off with some positive things. There is no doubt that some of his books are really valuable to educate yourself about personal finance. In my opinion, getting financial literate should be the first step towards your personal freedom and this probably something that everyone is looking for. For this purpose “Rich Dad, Poor Dad” is an excellent introduction. It showed me how to start investing and not being afraid of losses, that believing in yourself and constantly evolving is something very important. Furthermore, it showed the different assets you could invest in and how they would lead you to the path of making your money work for you. It is all about the last statement and build a system that will generate you cashflow. This is what I constantly see other investors talk about as well. For example, Kevin O’Leary, recently said that he does not invest in companies and businesses which do not generate cash flow as this is the most important indicator.
Not only that, the book also showed me that opportunities are endless and that you have to be brave enough to take them. Additionally, it is important to have some money to take those opportunities which is why it is recommended to have some money on the side lines to not miss out on those opportunities. One such opportunity is without a doubt crypto. Being involved in this pace definitely is an investment in the future but it also shows some returns in the present. It is truly a good time full of opportunities. Furthermore, it also taught me that Real Estate and Businesses could be the true money makers out there and that getting into these asset classes is important. With this being said this brings me already to some negative things.
What I Question And Dislike
Speaking about Real Estate, it seems like back in the times the real estate market was much more affordable. I do believe that it is still possible to be profitable with Real Estate in this time around but it was definitely easier back when Robert started his journey. This is one of my first negatives about the book, most of the time you need already some starting capital to get something going and by having this money due to lucrative real estate deals he was able to create his empire. Out of this position it is much easier to create businesses and become an investor or entrepreneur. In current times it is much harder to create such a starting capital in my opinion.
Another thing that I start to dislike are the advisors and mentors that are involved in the “Rich Dad, Poor Dad” imperium. They are constantly advertising themselves and trying to sell courses like every other influencer with some money. Now, I do not want to take anything away from them, as they probably have more expertise than other course sellers. Furthermore, they also advocate that it is not a getting rich quick course. Nevertheless, I do not think that these courses will help many people and is only another way of milking the audience of the “Rich Dad, Poor Dad” book.
Conclusion
To conclude this article I want to say that there are certainly more negative points to tell but it would go beyond a simple article. With this article I want to trigger a discussion and want to know what other negative or positive points you are able to take away from this persona. I certainly think that as an entry point to personal finance, his book is a great key. Saying that, I also think that everything else that he produced is really only a repeating of lessons and milking his audience which leaves me with a really negative taste. I would really love to know what your thoughts are! 😊
Published by ga38jem on
LeoFinance
On 17th April 2022