Hey there and welcome to the deep dive.
You know, money, it's something we all deal with, right?
Yeah, definitely.
It's not just about the money itself,
but that, how do we say it, financial smarts
that can make all the difference.
For sure.
You guys sent in excerpts from Rich Dad Poor Dad,
Robert Kiyosaki's book.
Oh yeah, I've heard of that one.
Yeah, it's gotten a lot of buzz.
It has.
And it's about, well, it's got some pretty
unconventional ideas about building wealth,
even some controversial stuff.
Right.
So we're gonna dig into those main ideas,
the things that can really help your own financial journey.
Sounds good.
Yeah, we wanna see what we can find
and what you can actually do with this information.
That's what matters, right?
Turning information into action.
Exactly, it's about those aha moments.
Okay, so the book starts with Kiyosaki talking about
growing up with two, like, father figures.
Okay.
His own dad, who he calls Poor Dad,
and his friend's dad, the Rich Dad.
And they had totally different views on money and success.
And Kiyosaki uses their different philosophies
to challenge the usual advice, you know?
Yeah, like go to school, get a good job,
and you'll be set, that kind of thing.
Yeah, exactly, he thinks that often leads to struggle,
not security.
Yeah, he thinks he can trap people.
And he's got this story about the richest guys in America
back in 1923.
Oh wow.
Like the Vanderbilts, Rockefellers,
those big names, right?
But here's the thing,
in just a few decades, a lot of them ended up bankrupt.
It's wild.
Wow, that's a big fall.
Right, so even if you're at the top.
It doesn't mean you're safe.
Exactly, you need more than just making money.
He says you need financial intelligence.
Right, it's about managing it, investing it, growing it.
Yeah, like you could win the lottery, but.
But if you don't know what you're doing.
It could be gone just like that.
Yeah, Kiyosaki's all about changing your mindset
about money.
Not just budgeting or whatever.
Right, it's a whole new way of thinking.
Okay, so let's get to a big idea from the book.
Assets versus liabilities.
Okay, I'm listening.
This is where things get interesting.
He kind of flips the script
on what most of us think is an asset.
He says an asset puts money in your pocket
while liability takes money out.
Okay.
So that house, we're all told, is our biggest asset.
Yeah, what about that?
Well, he says for a lot of people,
it's actually a liability.
Really?
Now, he's not saying owning a home is bad,
but if it's eating up your cash flow.
With the mortgage and all that?
Yeah, mortgage, taxes, repairs, all of that.
Then it's acting like a liability, not helping you.
It's all about the cash flow then.
Exactly.
And he has this image he calls the rat race to show this.
Exactly.
It's this cycle where you're working to pay your bills,
but then as you make more money, your expenses also go up.
So you're stuck on this treadmill, never getting ahead.
Always running, never going anywhere.
Exactly.
So how do we escape this rat race?
Is that where minding your own business comes in?
It is.
Kiyosaki says you need to focus on building
a strong foundation by getting assets
that generate passive income.
So what does minding your own business actually mean?
It's not just starting a company, is it?
No, no, it's bigger than that.
It's about building your assets, not just making more money
from your job.
It's about having your money work for you.
So give us an example.
How can someone actually mind their own business
and build assets?
So Kiyosaki uses this great example of McDonald's.
He says, they're not just in the burger business,
they're in the real estate business.
They own all those prime locations, right?
Yeah.
That's a huge asset base, making them money even
beyond just selling burgers.
That's pretty mind blowing when you think about it like that.
Right, but thinking outside the box.
Yeah, finding assets that make you money even
when you're not working.
Exactly.
Passive income streams, you know?
OK, but not everyone's going to build a McDonald's empire,
right?
Yeah.
So for someone just starting, what
should they be looking at for their asset column,
especially if they don't have tons of money to invest?
There are a lot of choices, depending
on how much risk you're comfortable with
and what you want to achieve.
OK.
Kiyosaki talks about real estate, of course,
but also things like stocks, bonds, even
intellectual property.
He's big on investing in yourself, your education.
So instead of that new car or gadget,
maybe invest in a course or learn a skill.
Exactly.
Shift your mindset from spending to investing,
even in your own development.
That's powerful.
So it's not just about how much money you have,
but how you think about it, where you put it.
Totally.
And that leads to another big Kiyosaki idea, corporations.
He sees them as really powerful for building wealth.
Interesting.
Because of legal stuff, tax advantages, all that.
But that can be tricky for the average person.
Right.
Yeah, corporations seem like for big businesses.
Right, not just something you do on your own.
Kiyosaki's very into corporations,
but he's honest about how complex they are.
Yeah, you'd need help to figure it out.
Definitely, you need experts for the legal and tax stuff.
Makes sense.
He even says corporations are like a big secret
of the wealthy.
How so?
Because they can reduce their taxes legally
and protect their assets.
Interesting.
But he's clear, this isn't about being shady.
It's about knowing the rules and using them to your advantage.
Right, playing smart.
Exactly.
Like knowing the tax laws can help
you keep more of your money, which you can then reinvest.
Yeah, making your money work harder.
But is it realistic for the average person
to use corporations to build wealth?
You'd probably need a lot of money and expertise, right?
It's a good question.
And yeah, starting a corporation is not
something to jump into lightly.
Right.
But Kiyosaki's point is we shouldn't
be afraid to learn about these tools,
to see how they might work for us.
So maybe not starting with a huge corporation,
but just understanding how they work.
Exactly, maybe using those principles later on.
Expanding our financial knowledge, right?
Yes.
Don't limit yourself to just the traditional ways
of thinking about money.
I like that, not limiting ourselves.
So we've talked about assets, minding your own business,
and corporations.
A lot to think about already.
Right.
But Kiyosaki also talks about what's inside us,
the things that get in the way of building wealth.
What does he mean?
He calls them roadblocks.
OK.
There are five of them.
Fear, cynicism, laziness, bad habits, and arrogance.
Wow, that covers a lot.
And those can be tough to overcome.
They really can.
Yeah, they can sneak up on you.
Let's start with fear.
We all get scared of losing money,
especially when it comes to investing.
Oh, yeah, for sure.
Kiyosaki says we should use that fear.
Use it?
Yeah, as motivation.
Don't let it stop you.
Ask yourself, how can I minimize the risk?
Or what can I learn if this doesn't work out?
Turn it around, huh?
Yeah.
He even talks about this Texan mindset of go big or go home,
which doesn't mean be reckless, but be
willing to take risks.
Calculated risks.
Right, and know that failure is part of learning.
That's true.
So it's not about avoiding fear.
It's about understanding it and not letting it stop you.
So knowledge is key, like you were saying earlier.
Exactly.
The more you know about money, the less you'll be afraid.
OK, next roadblock, cynicism.
We've all heard those voices, right?
It'll never work, or too good to be true.
Yeah, exactly.
So how do we deal with that negativity?
Kiyosaki says be analytical, not cynical.
OK.
Look at the facts, but don't let negativity
make the decision for you.
He talks about people who hear about real estate and say,
I don't want to fix toilets.
They're so focused on that one thing,
they miss the big picture of building passive income.
It's like whatever you focus on, that's what you'll see.
Right, if you focus on the negative,
that's all you'll find.
So challenge those cynical thoughts.
Ask yourself, is this really true,
or is it just fear talking?
Good advice.
Yeah.
OK, what about laziness?
We all have lazy days, but I think Kiyosaki means something
more here, right?
Yeah, he means mental laziness, like not wanting
to think about money or manage it.
He says his rich dad always pushed him to find solutions,
to be proactive.
So don't just sit there and do some.
Yeah.
He says instead of saying, I can't afford it,
ask, how can I afford it?
That's a good one, yeah.
It forces you to think, to be creative,
to find ways you might not have seen before.
It's like working out your brain, making it stronger.
Exactly.
All right, we've got fear, cynicism, laziness.
How about bad habits?
What are some of the financial ones that Kiyosaki talks about?
He says one of the biggest ones is paying yourself last.
What does he mean?
Most people, they pay bills, taxes, all that.
Then whatever's left goes to savings or investments,
if there's anything left at all.
So we should flip that around, pay ourselves first.
Exactly.
Put money into your asset column before anything else.
Wow, that's a different way to think about it.
It's about making your financial well-being a priority.
Not an afterthought.
Right.
Treat it like a bill you have to pay.
Like that powerful stuff, even if it's just
a small amount to start.
Exactly.
It's about building that habit.
OK, last roadblock arrogance.
This one's tricky because it can look like confidence, right?
How do you tell the difference?
So Kiyosaki says arrogance is like, what you don't know
doesn't matter.
Yeah, I've met people like that.
He's talking about being closed off to new information,
especially in finance, where things are always changing.
You have to be willing to learn.
Right.
He says arrogant people don't ask for advice or listen
to experts, and that can be a recipe for disaster.
Especially with money.
Yeah.
So it's about being humble, knowing
you don't know everything, and being open to learning.
Always be a student.
That's it.
And that brings us back to what Kiyosaki
says about financial intelligence being
a journey, not a destination.
Keep learning.
Keep growing.
Exactly.
It's ongoing.
All right, we've covered so much, from the two dads
to those roadblocks.
It's a lot to take in.
It is.
But Kiyosaki doesn't just leave us with these ideas.
He gives us things we can actually do to get started.
OK, like what?
Finding mentors, taking classes,
and he's big on always making offers, negotiating,
looking for deals.
Saying active.
Yes.
And one of his best pieces of advice, which we touched on,
is to pay yourself first.
Ah, right.
Making it a priority.
It's such a simple idea, but it can change everything.
It's a reminder that we're in charge
of our own financial well-being.
We can't rely on someone else to take care of us.
We have to be proactive.
Exactly.
And he has this great line, if you want to be rich,
you must know what kind of income to work hard for,
how to keep it, and how to protect it from loss.
That's it, right there.
The heart of it.
Right.
It's not just making money.
It's understanding how it works, making it work for you,
and keeping it safe.
It's a journey anyone can start, no matter where they are now.
Absolutely.
It starts with education, discipline,
and being willing to change how you think about money.
And finding those heroes, like Kiyosaki talks about.
Oh, yeah.
People you admire who are successful with money,
learning from them.
Not copying them, exactly.
Right, but seeing what they did and adapting it
to your own situation.
Finding your own path.
Yeah.
Before we move on, there's one more thing from Kiyosaki
I want to bring up, giving back.
Oh, that's important.
He says true wealth isn't just about money.
It's about using what you have to make a positive impact.
Making a difference.
He talks about tithing, giving a portion of your income
to a good cause, and how that can actually
create a positive cycle in your life.
Like what you give out comes back to you.
Exactly.
So as we wrap up this first part,
I'm curious, what's resonating with you?
What's standing out so far?
And what questions are coming up for you?
What are you interested in learning more about?
Let's take a quick pause to think about all this,
and we'll be back soon to continue our exploration
of rich dad, poor dad.
Welcome back.
Glad to hear those ideas are resonating.
Yeah, it's been eye-opening so far.
Definitely.
Like that McDonald's example, whoa.
Yeah, it makes you think.
Totally changes how you see things.
For sure.
But let's get into some of Kiyosaki's more
practical advice.
OK, sounds good.
He talks a lot about mentors, finding the right people.
Yeah, he really believes in that.
He says it can make a huge difference in your journey.
It makes sense, learning from people who've already done it.
Instead of figuring it all out yourself.
Exactly.
But finding a good mentor, that's not always easy.
Yeah, where do you even start?
Kiyosaki says, look around you first.
Who do you know who's successful in the areas
you're interested in?
Yeah, that makes sense.
It'd be family, a friend, even someone
you admire from afar.
So don't be shy.
Reach out to people.
Exactly.
And you don't need just one perfect mentor.
You can have several, each with their own strengths.
Like building your own personal team of advisors?
That's a good way to put it.
But what if you're just starting out?
And you don't have a big network yet.
Right, what then?
Kiyosaki suggests going to seminars, workshops.
Those are great places to meet people, maybe find a mentor.
Yeah, those events usually attract people
who are into financial growth.
Exactly, people who are passionate, willing to share.
So we've got finding mentors.
What other advice does Kiyosaki give?
Well, he's a big believer in classes, seminars,
always learning.
Never stop learning.
That's it.
And not just formal education.
It could be reading books, listening to podcasts.
Thought this one.
Exactly.
Or even just talking to people who know about finance.
Key is to always be expanding your knowledge.
Yeah, because the financial world's always changing.
Keeping up with the times.
And Kiyosaki also stresses taking action,
not just learning.
Putting it all into practice.
Yeah, he's all about that.
He says, make offers, negotiate, always look for deals.
Be proactive.
He uses this cool analogy, like a surfer,
always scanning for the perfect wave.
OK.
Good investors like that, always looking for opportunities.
So you have to go out and create those opportunities.
Yes.
He tells this story about a college student
who got $3,000.
OK.
Instead of buying a car, he used it
to learn about real estate.
Wow.
And turn that $3,000 into a successful real estate
portfolio.
Sometimes the best investment is in yourself.
It really is.
It's not always about starting with a lot of money.
It's about having the right mindset.
Being willing to learn, take action.
Exactly.
Financial success isn't just about luck.
So invest in your financial intelligence
like you would in the stocks or real estate.
Which brings us back to that idea,
financial intelligence is a journey.
Not a destination.
Yeah.
Always learning, growing, adapting.
And it's not always easy.
There'll be challenges along the way.
Setbacks, even failures.
But Kiyosaki says those are the best teachers.
You learn and come back stronger.
He even says 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.
Wow, that's powerful.
It is, right?
It's not just about smarts.
It's about resilience.
Being able to bounce back.
So we've talked mentors, classes, being proactive,
embracing the journey.
Oh, and one more thing Kiyosaki talks about.
Having different income streams.
Yeah, that's so important today.
Especially with job security being less certain.
He's basically saying, don't put all your eggs in one basket.
Exactly.
Don't rely on just one job or source of income.
Have multiple streams.
So what are some examples of those different streams?
What does he suggest?
Well, he talks about businesses, of course.
But also passive income through investments,
like real estate, stocks, bonds.
So a mix of active and passive income.
That's it.
It takes time and effort, but it's worth it.
Having that safety net, not depending on one thing.
And it gives you more choices, more flexibility.
You like having the freedom to pursue your passions.
Or spend time with family.
Not being tied to that nine to five grind.
That's the dream.
It is.
And Kiyosaki says, with financial intelligence
and multiple income streams, it's possible.
I like that.
It's possible.
OK, so we've covered a lot.
But one thing I'm still thinking about is how Kiyosaki says,
we need to understand how money works.
To build wealth.
Right.
But for someone who's not from a wealthy family.
It'd be tough to know where to even begin.
The whole system seems built for the rich,
and everyone else is playing catch up.
That's a good point.
And it's true.
The system can feel unfair.
So how do we break through?
Kiyosaki says, learn the rules of the game.
To play effectively.
Yeah, but how?
I think Kiyosaki is all about empowerment.
He's saying, we don't have to be victims of the system.
We can learn and use it to our advantage.
So take charge of our financial education.
Exactly.
Start small, read books, listen to podcasts.
Take courses.
There are tons of resources now.
And don't be afraid to ask questions.
It's not about becoming an expert overnight.
It's about starting and keep learning.
One step at a time.
That's it.
Small steps, consistent effort.
Right.
So we've explored a lot of rich dad, poor dad.
It's been a deep dive for sure.
We've talked about Kiyosaki's big ideas, his advice, even
his more unconventional views.
He definitely has some strong opinions.
He does.
But the biggest takeaway for me is that anyone
can build financial intelligence.
No matter where you start.
It's about knowledge, action, building the future you want.
Couldn't have said it better myself.
Now before we wrap up, I want to mention one more thing
Kiyosaki talks about.
Giving back.
Oh, that's important.
He says true wealth isn't just about money.
It's about making a positive impact.
Using what you have to help others.
He talks about tithing, giving some of your income
to a cause you believe in.
Being generous.
And how that can actually create a positive cycle in your life.
It's about sharing, contributing to something
bigger than yourself.
Abundance isn't just about what you have.
It's about what you give.
That's a good way to put it.
So as we wrap up this part, what are your thoughts?
What are you taking away from all this?
Well, it's standing out to you.
And what are you thinking about doing differently
based on what we've discussed?
Maybe something small, like tracking your spending better.
Or setting up a budget.
Or something bigger, like looking into investments.
Or starting a side hustle.
Whatever it is, remember, every journey
starts with a single step.
That's right.
We hope this deep dive has given you
the knowledge and motivation to take that step and keep going.
It's all about empowering yourself.
Now, before we move to the final part,
I want to leave you with one question inspired
by Rich Dad Poor Dad.
If money were no object and you couldn't work for it,
what would you spend your time doing, learning, or creating?
That's a good one to think about.
It really gets you thinking about what's important.
It might spark some new ideas, help
you see things differently.
Let's take a quick break, and we'll be right back
to wrap up our exploration of Rich Dad Poor Dad.
Welcome back.
It's been a wild ride with Rich Dad Poor Dad.
Yeah, lots to unpack.
We've covered assets, liabilities, those roadblocks,
all that good stuff.
Yeah, Kiyosaki really makes you think differently.
He does.
But before we finish, I want to go back
to something we talked about before, financial literacy.
The foundation, right?
Yeah, without it, even if you're super motivated,
it's hard to make smart decisions.
It's true.
You need that knowledge base.
Like building a house with no blueprints,
you might get something up, but it's not going to be solid.
Right, and I think that's where a lot of people struggle.
They know they want financial security.
But they don't know where to start.
It's overwhelming, right?
Especially with all the conflicting information
out there.
You've got those gurus promising
you'll get rich quick, and then you've
got those scary headlines about the economy crashing.
Yeah, who do you believe?
Exactly.
So that's where Kiyosaki's focus on education comes in.
He's not giving you the answers.
He's teaching you how to find the answers.
Right, it's not about some magic formula.
It's about learning to think for yourself.
Developing that financial intelligence
to make good choices.
Taking control, being in the driver's seat.
I like that.
So as we wrap up Rich Dad Poor Dad,
what are your takeaways?
What are you leaving with today?
What are you feeling inspired to do differently after all this?
Maybe something small, like tracking your spending.
Yeah, or making a budget.
Maybe something big, like looking into investments.
Starting a side hustle.
Remember, every journey starts with that first step.
So true.
And we hope this deep dive has given you
what you need to take that step and keep going.
Keep learning, keep growing.
Before we say goodbye, one last thought from Rich Dad Poor Dad.
If money were no object and you couldn't work for it,
what would you spend your time doing?
Ooh, that's a good one.
Think about that.
What would you learn, create?
It might surprise you what comes up.
That's all for this deep dive into Rich Dad Poor Dad.
Hope you found it insightful.
We sure did.
Remember, financial intelligence is a journey,
not a destination.
Keep learning, keep pushing yourselves.
And create the financial future you want.
If you enjoyed this deep dive, send in your own stuff.
Books, articles, whatever you're curious about.
We'll break it down together.
Until next time, keep diving.