WEBVTT 00:00:00.000 --> 00:00:02.540 Have you ever felt like you're just sort of stuck 00:00:02.540 --> 00:00:05.080 in a loop, you know, working really hard, you're 00:00:05.080 --> 00:00:07.799 busy all the time, but somehow you always seem 00:00:07.799 --> 00:00:10.019 to end up in the same place financially? Oh, 00:00:10.080 --> 00:00:12.380 absolutely. That feeling of running on a treadmill, 00:00:13.060 --> 00:00:15.259 just chasing the next paycheck only to watch 00:00:15.259 --> 00:00:18.960 it vanish. It's, uh... incredibly common. It's 00:00:18.960 --> 00:00:20.899 so frustrating, isn't it? And that's pretty much 00:00:20.899 --> 00:00:24.320 the core idea, the rat race, that Robert T. Kiyosaki 00:00:24.320 --> 00:00:27.440 talks about in his book, Rich Dad Poor Dad. Exactly. 00:00:27.879 --> 00:00:30.100 He really tapped into something deep there, didn't 00:00:30.100 --> 00:00:32.979 he? A kind of unconscious conditioning we all 00:00:32.979 --> 00:00:35.320 have about work and money. Things most people 00:00:35.320 --> 00:00:37.880 just accept without even thinking about it. Which 00:00:37.880 --> 00:00:40.479 is precisely what we're diving into today, because 00:00:40.479 --> 00:00:42.579 Rich Dad Poor Dad isn't, you know, just another 00:00:42.579 --> 00:00:44.719 finance book. It's huge. We're talking, what, 00:00:44.740 --> 00:00:47.609 over 15 million copies sold. At least. It's discussed 00:00:47.609 --> 00:00:49.270 in business schools. It's everywhere. And it 00:00:49.270 --> 00:00:51.509 really throws down the gauntlet to conventional 00:00:51.509 --> 00:00:54.210 financial thinking, especially that whole idea 00:00:54.210 --> 00:00:56.250 of how you actually get out of the rat race. 00:00:56.350 --> 00:00:58.469 Yeah. It forces you to really question the money 00:00:58.469 --> 00:01:00.630 lessons you grew up with. Yeah. And what makes 00:01:00.630 --> 00:01:04.230 Kiyosaki's work so, well, compelling is that 00:01:04.230 --> 00:01:07.049 he doesn't just point out the problem. he offers 00:01:07.049 --> 00:01:08.810 a whole different way of thinking. He suggests 00:01:08.810 --> 00:01:11.650 that financial independence isn't about working 00:01:11.650 --> 00:01:14.310 harder within the same old system. It's about 00:01:14.310 --> 00:01:16.629 understanding a different set of rules, financial 00:01:16.629 --> 00:01:18.790 principles that honestly you just don't learn 00:01:18.790 --> 00:01:22.150 in school or even from most families. It's a 00:01:22.150 --> 00:01:24.409 call to fundamentally rethink how you approach 00:01:24.409 --> 00:01:27.489 money, investment, everything, moving away from 00:01:27.489 --> 00:01:30.310 the usual path toward something more strategic 00:01:30.310 --> 00:01:33.489 focused on assets. Okay, so here's our mission 00:01:33.489 --> 00:01:35.750 for you listening. We're going to break down 00:01:35.750 --> 00:01:38.810 Kiyosaki's main ideas, get into some of the more, 00:01:38.810 --> 00:01:41.510 let's say, controversial bits. There are definitely 00:01:41.510 --> 00:01:43.310 a few of those. And we'll look at the criticisms 00:01:43.310 --> 00:01:45.450 people have made against his approach. Then we'll 00:01:45.450 --> 00:01:47.609 step back and see where his book fits in the 00:01:47.609 --> 00:01:49.530 bigger picture of personal development writing. 00:01:50.090 --> 00:01:52.950 The goal is to give you a really solid understanding 00:01:52.950 --> 00:01:56.310 of why this book resonated with so many, what 00:01:56.310 --> 00:01:58.530 it actually offers, and maybe where you need 00:01:58.530 --> 00:02:01.010 to be a bit critical. Yeah, we want to equip 00:02:01.010 --> 00:02:03.329 you with the insights he presents so you can 00:02:03.329 --> 00:02:06.530 evaluate his philosophy for yourself and perhaps 00:02:06.530 --> 00:02:09.069 see if parts of it make sense for your own financial 00:02:09.069 --> 00:02:12.189 life. It's really a deep dive into maybe breaking 00:02:12.189 --> 00:02:14.289 free from how you've always thought about money. 00:02:14.610 --> 00:02:17.110 Let's start with the man himself, Robert Kiyosaki, 00:02:17.750 --> 00:02:21.030 because his own story is so central to his perspective. 00:02:21.289 --> 00:02:24.710 born in Hawaii in 1947. And what really stands 00:02:24.710 --> 00:02:26.770 out something he mentions a lot is this almost 00:02:26.770 --> 00:02:29.590 obsessive drive he had right from a young age 00:02:29.590 --> 00:02:32.710 to figure out how wealth works. That's right. 00:02:33.110 --> 00:02:35.129 He talks about growing up in Hilo in a neighborhood 00:02:35.129 --> 00:02:37.770 with what he called notable families, doctors, 00:02:38.030 --> 00:02:40.409 lawyers, bankers, people whose families had made 00:02:40.409 --> 00:02:42.780 fortunes and things like sugarcane. And he felt 00:02:42.780 --> 00:02:45.560 like an outsider. He did. He and his best friend 00:02:45.560 --> 00:02:48.360 Mike felt excluded, especially from the social 00:02:48.360 --> 00:02:50.240 events, the parties, the wealthier kids had. 00:02:50.439 --> 00:02:52.180 And this wasn't just about wanting what they 00:02:52.180 --> 00:02:55.039 had. It sparked this intense curiosity in him. 00:02:55.319 --> 00:02:57.860 Why were some people rich? How did they get there? 00:02:57.860 --> 00:03:00.240 What was the difference? That early experience 00:03:00.240 --> 00:03:02.580 seems absolutely critical to everything that 00:03:02.580 --> 00:03:05.280 followed. It really was pivotal. Even as a kid, 00:03:05.599 --> 00:03:07.840 seeing those big wealth gaps wasn't just about, 00:03:07.840 --> 00:03:11.300 you know, wanting more toys. It lit a fire under 00:03:11.300 --> 00:03:13.680 him. an intellectual drive to understand the 00:03:13.680 --> 00:03:15.800 fundamental differences. How do these families 00:03:15.800 --> 00:03:18.000 think about money? How do they manage it? How 00:03:18.000 --> 00:03:19.860 is it different from his own family's approach? 00:03:20.500 --> 00:03:23.219 So the seeds of the two fathers idea were planted 00:03:23.219 --> 00:03:26.419 really early on. Exactly. It wasn't just about 00:03:26.419 --> 00:03:28.520 who had money, but how they thought about it, 00:03:28.539 --> 00:03:31.439 how they behaved around it. And that stark contrast 00:03:31.439 --> 00:03:34.219 he saw set the stage for his whole philosophy, 00:03:34.879 --> 00:03:37.400 framing financial life as a choice between two 00:03:37.400 --> 00:03:39.860 very different paths. It's amazing how those 00:03:39.860 --> 00:03:42.580 early experiences shaped things. So after school, 00:03:42.580 --> 00:03:44.460 he didn't go straight into business, did he? 00:03:44.740 --> 00:03:47.039 What was his journey then? No, his path was, 00:03:47.039 --> 00:03:49.419 well, unconventional. He went to the U .S. Merchant 00:03:49.419 --> 00:03:51.840 Marine Academy, then became a helicopter combat 00:03:51.840 --> 00:03:54.500 pilot in Vietnam, actually got a Medal of Honor 00:03:54.500 --> 00:03:58.080 in 72. Yeah. Then after leaving the military, 00:03:58.139 --> 00:04:00.680 he completely switched gears and went into sales 00:04:00.680 --> 00:04:03.479 for Xerox. And apparently he was very good at 00:04:03.479 --> 00:04:06.219 it, consistently one of their top salespeople. 00:04:06.580 --> 00:04:10.780 So. You have this interesting mix, military discipline, 00:04:11.080 --> 00:04:12.979 then corporate sales success. So you've got the 00:04:12.979 --> 00:04:15.560 discipline and maybe strategic thinking from 00:04:15.560 --> 00:04:18.220 the military side. Exactly. But then success 00:04:18.220 --> 00:04:20.980 at Xerox, maybe that also showed him the limits 00:04:20.980 --> 00:04:22.939 of working for someone else, even if you're good 00:04:22.939 --> 00:04:25.879 at it. I think that's precisely it. The military 00:04:25.879 --> 00:04:28.319 background likely gave him invaluable skills 00:04:28.319 --> 00:04:30.939 for entrepreneurship discipline, risk assessment, 00:04:31.379 --> 00:04:34.360 planning. And his success at Xerox showed he 00:04:34.360 --> 00:04:38.540 had a knack for sales, for persuasion. But ultimately, 00:04:38.759 --> 00:04:40.660 even as a top performer, he was making money 00:04:40.660 --> 00:04:43.180 for Xerox. Right. Not primarily for himself. 00:04:43.339 --> 00:04:45.860 Exactly. And that realization, that disconnect 00:04:45.860 --> 00:04:48.939 between his effort and his own wealth accumulation 00:04:48.939 --> 00:04:51.220 seems to have been a major push towards finding 00:04:51.220 --> 00:04:53.439 a different way. The limits of working for money 00:04:53.439 --> 00:04:55.300 even successfully became really clear to him. 00:04:55.439 --> 00:04:57.300 And his first step wasn't exactly smooth sailing 00:04:57.300 --> 00:04:59.860 after Xerox, was it? He tried selling textile 00:04:59.860 --> 00:05:02.879 products. Right. His first venture into entrepreneurship. 00:05:03.240 --> 00:05:05.579 T -shirts, wallets, that kind of thing. Yeah. 00:05:05.759 --> 00:05:08.639 And by his own account, it was a complete disaster. 00:05:08.839 --> 00:05:11.019 Really? Yeah. He and his wife had to leave Hawaii, 00:05:11.420 --> 00:05:13.500 faced real hardship. He talks about spending 00:05:13.500 --> 00:05:15.360 about a year living out of their car because 00:05:15.360 --> 00:05:18.079 they had nothing. It's a stark story. But it 00:05:18.079 --> 00:05:19.980 shows resilience, doesn't it? That he didn't 00:05:19.980 --> 00:05:23.339 just give up. Absolutely. It shows his path wasn't 00:05:23.339 --> 00:05:25.759 some easy straight line. He hit rock bottom. 00:05:26.360 --> 00:05:28.899 But crucially, he learned from it and pivoted. 00:05:29.040 --> 00:05:31.740 After that failure, he shifted into real estate 00:05:31.740 --> 00:05:33.939 investing. And that worked out better. Much better. 00:05:34.060 --> 00:05:36.139 That proved to be very lucrative for him. And 00:05:36.139 --> 00:05:38.420 the success there allowed him to diversify pretty 00:05:38.420 --> 00:05:42.620 broadly into mining, insurance, solar energy 00:05:42.620 --> 00:05:45.079 construction, even the financial markets. And 00:05:45.079 --> 00:05:47.939 then in 1987, he founded Cash Flow Technologies. 00:05:48.300 --> 00:05:50.079 That seems like a key moment for the brand we 00:05:50.079 --> 00:05:53.339 know today. What was the idea behind that? Yeah, 00:05:53.519 --> 00:05:55.420 Cash Flow Technologies was set up specifically 00:05:55.420 --> 00:05:57.420 to publish his books, starting with Rich Dad, 00:05:57.600 --> 00:05:59.959 Poor Dad, and to market the whole Rich Dad and 00:05:59.959 --> 00:06:03.019 Cash Flow brand, which was taking off. But Kiyosaki 00:06:03.019 --> 00:06:05.699 framed it as more than just business. What was 00:06:05.699 --> 00:06:08.240 the stated purpose? His stated mission was to 00:06:08.240 --> 00:06:11.480 promote financial education using tools that 00:06:11.480 --> 00:06:14.050 were simple and accessible. So not just books, 00:06:14.290 --> 00:06:17.089 but also educational games, potentially TV shows, 00:06:17.350 --> 00:06:19.910 websites. The idea was to demystify finance, 00:06:20.050 --> 00:06:22.470 make it practical for everyday people, fill that 00:06:22.470 --> 00:06:25.149 gap he saw in traditional schooling. Speaking 00:06:25.149 --> 00:06:27.569 of educational tools, the cash flow game is pretty 00:06:27.569 --> 00:06:30.410 famous. How does it actually work? Is it just 00:06:30.410 --> 00:06:32.490 Monopoly with a different theme? Well, it looks 00:06:32.490 --> 00:06:34.889 a bit like Monopoly, the board game. But the 00:06:34.889 --> 00:06:37.269 educational goal is much more direct, much deeper. 00:06:38.089 --> 00:06:41.220 The board has two tracks. an inner lane, that's 00:06:41.220 --> 00:06:43.600 the rat race, and an outer lane, which he calls 00:06:43.600 --> 00:06:46.540 the path to rapid progress. OK. The whole point 00:06:46.540 --> 00:06:48.759 for players is to get out of that inner rat race 00:06:48.759 --> 00:06:51.540 lane and onto the outer track. You do that by 00:06:51.540 --> 00:06:54.459 making smart investment decisions, applying financial 00:06:54.459 --> 00:06:57.860 intelligence in the game scenarios. You win when 00:06:57.860 --> 00:07:00.240 your passive income money coming in from your 00:07:00.240 --> 00:07:02.639 assets is greater than your expenses. So it's 00:07:02.639 --> 00:07:04.300 not just about getting rich in the game. It's 00:07:04.300 --> 00:07:06.259 about reaching financial independence where your 00:07:06.259 --> 00:07:09.560 assets pay your bills. Precisely. The real value 00:07:09.560 --> 00:07:12.300 is that it's experiential. It forces you to think 00:07:12.300 --> 00:07:14.879 like an investor. You learn to find resources. 00:07:15.149 --> 00:07:18.189 develop those investor reflexes, and maybe, just 00:07:18.189 --> 00:07:20.670 maybe, recognize some of the bad habits or missed 00:07:20.670 --> 00:07:23.649 opportunities from your own financial life. Ah, 00:07:23.769 --> 00:07:26.069 so it mirrors real -life decision -making, but 00:07:26.069 --> 00:07:29.069 in a safe space. Exactly. It's a very tangible 00:07:29.069 --> 00:07:31.709 example of his teaching style, going beyond just 00:07:31.709 --> 00:07:33.990 theory. He admits he made bad investments himself, 00:07:34.189 --> 00:07:36.730 and the game lets you learn from simulated mistakes 00:07:36.730 --> 00:07:40.230 without losing real money. It's low -stakes learning 00:07:40.230 --> 00:07:42.850 for high -stakes skills. And central to the book, 00:07:42.870 --> 00:07:45.730 of course, is the two fathers concept. His biological 00:07:45.730 --> 00:07:48.290 dad, the poor dad, highly educated, a senior 00:07:48.290 --> 00:07:50.610 official but ended up broke. And then the rich 00:07:50.610 --> 00:07:53.029 dad, his friend's father, a school dropout who 00:07:53.029 --> 00:07:55.709 became super wealthy. That contrast is really 00:07:55.709 --> 00:07:57.930 the core narrative, isn't it? It's absolutely 00:07:57.930 --> 00:08:00.050 the core. And it's more than just a story hook. 00:08:00.350 --> 00:08:02.370 It represents two totally different ways of thinking 00:08:02.370 --> 00:08:06.069 about money, work, education, life itself. The 00:08:06.069 --> 00:08:08.230 poor dad followed the script we all know. Get 00:08:08.230 --> 00:08:10.790 good grades, get a secure job, work hard for 00:08:10.790 --> 00:08:12.829 your paycheck, save diligently. The conventional 00:08:12.829 --> 00:08:16.269 path. The conventional path. But the tragic part 00:08:16.269 --> 00:08:19.430 for Kiyosaki was seeing that despite following 00:08:19.430 --> 00:08:22.290 all the rules, his dad ended up penniless and 00:08:22.290 --> 00:08:25.689 in debt. That outcome powerfully challenged the 00:08:25.689 --> 00:08:28.990 very wisdom he lived by. It was a stark lesson 00:08:28.990 --> 00:08:31.769 for Kiyosaki about the limits of that approach. 00:08:31.949 --> 00:08:34.570 And the Rich Dad offered the complete opposite 00:08:34.570 --> 00:08:37.809 view. Completely. Rich Dad's philosophy was all 00:08:37.809 --> 00:08:40.129 about learning the practical nuts and bolts of 00:08:40.129 --> 00:08:42.470 business, making money work for you, and most 00:08:42.470 --> 00:08:44.990 importantly, acquiring assets, things that generate 00:08:44.990 --> 00:08:48.179 income. His approach was hands -on. based on 00:08:48.179 --> 00:08:50.559 real world experience, focused on building wealth 00:08:50.559 --> 00:08:53.379 from nothing without relying on academic credentials. 00:08:53.659 --> 00:08:56.340 And this mentorship started really young. Amazingly 00:08:56.340 --> 00:08:58.580 young. He tells the story being nine years old, 00:08:58.740 --> 00:09:00.539 him and his friend Mike asking the rich dad how 00:09:00.539 --> 00:09:02.799 to make money. First, they worked for him for 00:09:02.799 --> 00:09:05.320 a tiny wage, then for free. For free. For free. 00:09:05.620 --> 00:09:07.559 But it wasn't about exploitation. It was a lesson 00:09:07.559 --> 00:09:09.799 one from Rich Dad. Some people work just for 00:09:09.799 --> 00:09:12.480 a paycheck. Others work to learn. By making them 00:09:12.480 --> 00:09:14.860 work for nothing, he forced them to get creative, 00:09:14.940 --> 00:09:17.409 to find their own ways to generate income. Ah, 00:09:17.429 --> 00:09:20.350 the work to learn, not just to earn idea, right 00:09:20.350 --> 00:09:23.509 from the start. Forcing resourcefulness. Exactly. 00:09:23.870 --> 00:09:25.649 And that was just the beginning of what became 00:09:25.649 --> 00:09:28.210 apparently a 30 -year mentorship. Throughout 00:09:28.210 --> 00:09:31.049 his teens, Kiyosaki learned financial management, 00:09:31.389 --> 00:09:33.950 supposedly becoming pretty proficient by 16. 00:09:34.450 --> 00:09:37.769 Not in school, but by listening to his rich dad's 00:09:37.769 --> 00:09:40.929 advisors, the tax guys, the lawyers, the bankers, 00:09:41.070 --> 00:09:43.730 the brokers. Shoking it all in. Right. And then 00:09:43.730 --> 00:09:45.629 his time at Xerox just hammered the point home. 00:09:45.649 --> 00:09:48.590 Yeah. Even being a top salesperson, he realized 00:09:48.590 --> 00:09:51.009 he was making his boss far richer than he was 00:09:51.009 --> 00:09:53.929 making himself. That was the catalyst. He started 00:09:53.929 --> 00:09:56.590 his own company, managing real estate portfolios, 00:09:56.590 --> 00:09:59.250 and in just a few years, that small business 00:09:59.250 --> 00:10:01.350 was apparently generating more income than his 00:10:01.350 --> 00:10:04.029 Xerox salary ever did. He reached financial independence 00:10:04.029 --> 00:10:07.350 by 47. He'd made his money work for him. So that 00:10:07.350 --> 00:10:10.029 personal journey directly feeds into his definition 00:10:10.029 --> 00:10:12.889 of the rat race, this societal pressure cooker 00:10:12.889 --> 00:10:15.490 pushing us towards degrees, job security, climbing 00:10:15.490 --> 00:10:18.149 the ladder, saving conventionally, and yeah, 00:10:18.210 --> 00:10:19.990 often taking on a lot of debt. And it's interesting 00:10:19.990 --> 00:10:22.169 to think about the time Rich Dad Poor Dad came 00:10:22.169 --> 00:10:25.690 out. Late 90s cusp of the new millennium, the 00:10:25.690 --> 00:10:28.769 dot com boom was starting. Globalization was 00:10:28.769 --> 00:10:31.409 accelerating. Yeah, that context is really important. 00:10:31.929 --> 00:10:34.470 Economic borders were blurring. The net economy 00:10:34.470 --> 00:10:37.970 was exploding. There was this almost collective 00:10:37.970 --> 00:10:41.409 unconscious drive to get rich, to build capital, 00:10:41.710 --> 00:10:44.340 sometimes seemingly at any cost. a real focus 00:10:44.340 --> 00:10:47.960 on accumulation. Definitely. And while that drove 00:10:47.960 --> 00:10:51.860 innovation, it also arguably fueled a more intense 00:10:51.860 --> 00:10:54.500 consumerism, maybe sometimes losing sight of 00:10:54.500 --> 00:10:56.279 personal well -being in the race for capital. 00:10:57.199 --> 00:10:58.899 Kiyosaki's book landed right in the middle of 00:10:58.899 --> 00:11:01.320 that. It spoke to the desire to escape economic 00:11:01.320 --> 00:11:03.519 pressures, but it also brought back a focus on 00:11:03.519 --> 00:11:06.080 the individual, on confidence, on mindset. It 00:11:06.080 --> 00:11:08.179 fit perfectly into that growing wave of personal 00:11:08.179 --> 00:11:09.840 development literature. Right. Let's talk about 00:11:09.840 --> 00:11:12.600 that genre. Rich Dad Poor Dad hit its peak popularity 00:11:12.600 --> 00:11:14.879 around 2000, but you're saying personal development 00:11:14.879 --> 00:11:16.840 books were already gaining ground back in the 00:11:16.840 --> 00:11:19.679 late 70s, especially in the U .S. What was driving 00:11:19.679 --> 00:11:21.639 that? Well, it seems there's this underlying 00:11:21.639 --> 00:11:23.679 sense, particularly in developed nations post 00:11:23.679 --> 00:11:26.159 -World War II, that people felt a bit adrift, 00:11:26.220 --> 00:11:28.820 like they'd lost their bearings. Society was 00:11:28.820 --> 00:11:31.580 changing fast. Traditional communities perhaps 00:11:31.580 --> 00:11:34.220 weren't as strong. And even prosperity brought 00:11:34.220 --> 00:11:36.960 new anxieties, a kind of individualism. So people 00:11:36.960 --> 00:11:39.720 needed new maps. Kind of, yeah. They were looking 00:11:39.720 --> 00:11:42.460 for ways to regain confidence, to refocus inward, 00:11:42.899 --> 00:11:45.879 find meaning. You also had psychoanalysis becoming 00:11:45.879 --> 00:11:48.399 more mainstream, the rise of new age, thinking, 00:11:48.960 --> 00:11:51.200 all... turning attention towards the mind, towards 00:11:51.200 --> 00:11:53.740 creating a positive future. These books weren't 00:11:53.740 --> 00:11:56.379 just for entertainment. They were seen as practical 00:11:56.379 --> 00:11:58.740 tools. Tools for what, exactly? Tools to unlock 00:11:58.740 --> 00:12:01.500 your untapped personal resources as the thinking 00:12:01.500 --> 00:12:04.080 went. They offered a response to what some called 00:12:04.080 --> 00:12:07.200 the identity loss crisis of the modern world. 00:12:08.039 --> 00:12:10.279 Rich Dad Poor Dad slipped right into that current, 00:12:10.620 --> 00:12:13.100 offering a specific financial pass to empowerment 00:12:13.100 --> 00:12:16.149 and self mastery. And Kiyosaki boils his path 00:12:16.149 --> 00:12:19.529 down into six core lessons, practical steps he 00:12:19.529 --> 00:12:21.509 says you need to take to get financially free 00:12:21.509 --> 00:12:23.789 and break that debt cycle. Let's walk through 00:12:23.789 --> 00:12:27.070 them. Lesson one, controlling your emotions, 00:12:27.470 --> 00:12:30.669 fear and greed. That sounds pretty fundamental. 00:12:30.789 --> 00:12:32.730 It absolutely is. It's the foundation, really, 00:12:32.830 --> 00:12:35.610 because Kiyosaki argues that life throws opportunities 00:12:35.610 --> 00:12:38.460 at us constantly. But it's usually our emotions, 00:12:38.639 --> 00:12:41.259 not clear thinking, that dictate how we react. 00:12:41.559 --> 00:12:43.379 Fear and greed being the main culprit. Exactly. 00:12:43.580 --> 00:12:45.840 The fear of being broke, of losing everything 00:12:45.840 --> 00:12:48.139 that drives people to cling to jobs, maybe work 00:12:48.139 --> 00:12:50.779 harder than they need to, and then greed, the 00:12:50.779 --> 00:12:53.120 desire for more money, more stuff, symbolized 00:12:53.120 --> 00:12:55.139 by that steady paycheck that convinces people 00:12:55.139 --> 00:12:57.159 they can just buy whatever they want, often on 00:12:57.159 --> 00:12:59.559 credit. And that leads to the commute -work -sleep 00:12:59.559 --> 00:13:03.620 cycle he talks about. Right. That cycle, driven 00:13:03.620 --> 00:13:07.679 by fear and greed. He argues this fear blocks 00:13:07.679 --> 00:13:10.100 people from taking calculated risks, keeps them 00:13:10.100 --> 00:13:12.580 stuck, reinforces the idea that a stable job 00:13:12.580 --> 00:13:15.720 is the ultimate goal. But for him, a job is just 00:13:15.720 --> 00:13:17.700 a short -term fix for the long -term problem 00:13:17.700 --> 00:13:20.799 of dependency. He even says the rich can be trapped 00:13:20.799 --> 00:13:23.820 too, like highly paid slaves, if they haven't 00:13:23.820 --> 00:13:26.240 mastered those emotions, always needing more 00:13:26.240 --> 00:13:28.919 or terrified of losing what they have. So it's 00:13:28.919 --> 00:13:30.879 less about how much money you have and more about 00:13:30.879 --> 00:13:33.259 your psychological relationship with money. Precisely. 00:13:33.370 --> 00:13:35.690 which flows right into lesson two, knowing the 00:13:35.690 --> 00:13:37.509 difference between active and passive income, 00:13:38.330 --> 00:13:40.330 or maybe more accurately, assets and liabilities. 00:13:40.990 --> 00:13:43.470 Kiyosaki's famous line here is, it is not the 00:13:43.470 --> 00:13:45.549 money we earn that counts, but the money that 00:13:45.549 --> 00:13:48.110 we manage to keep. And not understanding this 00:13:48.110 --> 00:13:50.309 difference is where people go wrong. He believes 00:13:50.309 --> 00:13:53.070 it's a major reason for financial struggle. The 00:13:53.070 --> 00:13:55.730 rich, he says, focus on acquiring assets, things 00:13:55.730 --> 00:13:58.169 that put money into your pocket. Think businesses 00:13:58.169 --> 00:14:00.889 you own but don't have to run day to day, dividend 00:14:00.889 --> 00:14:02.970 stocks, rental properties. Things that generate 00:14:02.970 --> 00:14:05.370 income. Exactly. Whereas the poor and middle 00:14:05.370 --> 00:14:07.789 class tend to accumulate liabilities, things 00:14:07.789 --> 00:14:10.710 that take money out of your pocket, cars, consumer 00:14:10.710 --> 00:14:13.330 goods, things that depreciate and cost money 00:14:13.330 --> 00:14:16.610 to maintain. He sees these as expenses masquerading 00:14:16.610 --> 00:14:18.830 as assets. Which brings us to one of his most 00:14:18.830 --> 00:14:22.129 talked about points. His take on your own home. 00:14:22.450 --> 00:14:25.610 He argues it's often a liability, not an asset. 00:14:25.820 --> 00:14:28.179 Yeah, that one definitely raises eyebrows because 00:14:28.179 --> 00:14:30.799 owning a home is seen as such a cornerstone of 00:14:30.799 --> 00:14:32.799 wealth building and conventional thinking. Right, 00:14:32.879 --> 00:14:35.340 the American dream and all that. But Kiyosaki 00:14:35.340 --> 00:14:38.220 flips that. He argues, if your house constantly 00:14:38.220 --> 00:14:41.139 takes money out, mortgage, taxes, insurance, 00:14:41.379 --> 00:14:43.860 repairs, utilities, and doesn't generate income 00:14:43.860 --> 00:14:46.519 or appreciate enough to truly offset those costs, 00:14:46.860 --> 00:14:48.799 it's functioning as a liability. It's an expense. 00:14:48.919 --> 00:14:51.120 It's an expense. And the money tied up in it 00:14:51.120 --> 00:14:52.960 is money you could have invested in something 00:14:52.960 --> 00:14:55.539 that actually generates income. His advice is 00:14:55.539 --> 00:14:58.200 basically, only buy a house if it can somehow 00:14:58.200 --> 00:15:00.480 pay for itself, maybe through renting out rooms, 00:15:00.860 --> 00:15:03.059 or if it doesn't require so much debt that it 00:15:03.059 --> 00:15:05.159 cripples your ability to invest elsewhere. He 00:15:05.159 --> 00:15:07.279 uses diagrams in the book to show this, right? 00:15:07.539 --> 00:15:10.559 Yeah, very simple but effective diagrams. They 00:15:10.559 --> 00:15:12.559 show the cash flow of the rich income flowing 00:15:12.559 --> 00:15:16.080 from assets, covering expenses, leaving a surplus 00:15:16.080 --> 00:15:18.840 to reinvest in more assets. Then the poor and 00:15:18.840 --> 00:15:21.080 middle -class income comes in, goes straight 00:15:21.080 --> 00:15:23.179 out to expenses and liabilities like mortgages 00:15:23.179 --> 00:15:25.480 and credit cards, leaving little or nothing to 00:15:25.480 --> 00:15:28.779 invest. It visually hammers home why the rich 00:15:28.779 --> 00:15:31.779 get richer, they buy assets that buy more assets. 00:15:32.019 --> 00:15:34.580 That's a really clear illustration. Managing 00:15:34.580 --> 00:15:37.899 the flow is key, not just the income level, which 00:15:37.899 --> 00:15:40.840 connects well to lesson three. Mind your own 00:15:40.840 --> 00:15:43.159 business. What does he mean by that? He means 00:15:43.159 --> 00:15:45.500 stop spending your life building someone else's 00:15:45.500 --> 00:15:48.379 business, someone else's assets. True financial 00:15:48.379 --> 00:15:50.240 freedom, he argues, comes from building your 00:15:50.240 --> 00:15:52.860 own column of assets. So quit your job. Not necessarily. 00:15:52.940 --> 00:15:55.139 Not right away. His advice is often to keep your 00:15:55.139 --> 00:15:57.440 day job initially for stability, but use your 00:15:57.440 --> 00:15:59.700 free time and any spare income to start buying 00:15:59.700 --> 00:16:02.379 what he calls real active elements. Which are? 00:16:02.460 --> 00:16:04.360 Things like businesses that don't need you there 00:16:04.360 --> 00:16:07.799 all the time. Managed businesses. Stocks, bonds, 00:16:08.019 --> 00:16:11.039 mutual funds. Income generating real estate. 00:16:11.899 --> 00:16:14.460 Royalties from intellectual property. Anything 00:16:14.460 --> 00:16:17.000 that produces income. appreciates, and has a 00:16:17.000 --> 00:16:19.419 ready market. He suggests investing in things 00:16:19.419 --> 00:16:21.620 you're actually interested in, so you'll understand 00:16:21.620 --> 00:16:23.620 the risks better and stick with it. Makes sense. 00:16:24.159 --> 00:16:26.779 But he also warns against just jumping into starting 00:16:26.779 --> 00:16:28.860 your own company, unless you're really prepared. 00:16:29.259 --> 00:16:31.840 Because statistically, most new businesses fail 00:16:31.840 --> 00:16:34.860 quickly. The goal is for your assets to generate 00:16:34.860 --> 00:16:37.460 enough cash flow to cover your expenses and fund 00:16:37.460 --> 00:16:40.340 your lifestyle. Your bonuses, as he calls them. 00:16:40.779 --> 00:16:42.320 Your money should be working hard enough so you 00:16:42.320 --> 00:16:45.159 don't have to. OK, moving on to lesson four. 00:16:45.340 --> 00:16:48.500 The history of taxes and corporate power. He 00:16:48.500 --> 00:16:51.000 challenges the tax -the -rich idea here, doesn't 00:16:51.000 --> 00:16:53.379 he? He does. Quite directly. He tackles what 00:16:53.379 --> 00:16:55.940 he calls the Robin Hood myth. He argues that, 00:16:56.019 --> 00:16:58.240 counterintuitively, the middle class often ends 00:16:58.240 --> 00:17:00.059 up paying a higher percentage of their income 00:17:00.059 --> 00:17:02.700 and taxes than the truly wealthy. How does he 00:17:02.700 --> 00:17:04.940 figure that? Because the wealthy have access 00:17:04.940 --> 00:17:08.019 to and knowledge of legal structures and strategies 00:17:08.019 --> 00:17:10.789 for tax optimization. things like corporations, 00:17:11.490 --> 00:17:14.049 trusts, sophisticated real estate structures, 00:17:14.470 --> 00:17:17.309 loopholes. He gives a brief history lesson pointing 00:17:17.309 --> 00:17:19.809 out how income tax was often introduced with 00:17:19.809 --> 00:17:22.569 the promise it would only hit the rich. But then 00:17:22.569 --> 00:17:25.029 government spending grows and the need for revenue 00:17:25.029 --> 00:17:28.069 grows and taxes inevitably expand to cover the 00:17:28.069 --> 00:17:29.730 middle class and eventually almost everyone. 00:17:29.920 --> 00:17:32.440 For Kiyosaki, this history lesson isn't just 00:17:32.440 --> 00:17:35.039 trivia. It highlights why financial literacy, 00:17:35.579 --> 00:17:37.559 especially around tax law and how corporations 00:17:37.559 --> 00:17:40.839 work, is absolutely critical. The rich use the 00:17:40.839 --> 00:17:43.279 law to their advantage legally through things 00:17:43.279 --> 00:17:45.519 like incorporating specific types of investments, 00:17:45.920 --> 00:17:48.359 insurance strategies, foundations. Understanding 00:17:48.359 --> 00:17:50.559 these rules is key to protecting and growing 00:17:50.559 --> 00:17:53.079 wealth. It's about playing the game smartly. 00:17:53.480 --> 00:17:55.880 So knowing the rules is crucial, which fits with 00:17:55.880 --> 00:17:58.890 Lesson 5. The rich generate money. He has that 00:17:58.890 --> 00:18:01.349 pretty blunt quote about having a job. Ah, yes. 00:18:01.769 --> 00:18:03.630 Having a job is only a little more than being 00:18:03.630 --> 00:18:05.769 completely broke. It's deliberately provocative. 00:18:05.809 --> 00:18:07.849 Definitely gets your attention. His point is 00:18:07.849 --> 00:18:11.369 that clinging to old ways of thinking, like just 00:18:11.369 --> 00:18:14.349 relying on a paycheck, limits your options drastically. 00:18:14.549 --> 00:18:17.410 He stresses adaptability, being proactive, even 00:18:17.410 --> 00:18:20.609 forcing luck. He draws a big distinction between 00:18:20.609 --> 00:18:23.490 two types of investors. OK. There are passive 00:18:23.490 --> 00:18:26.380 investors, people who buy prepackaged things 00:18:26.380 --> 00:18:28.819 like mutual funds. And then there are active 00:18:28.819 --> 00:18:30.900 investors, people who actually create the deals, 00:18:31.180 --> 00:18:33.940 find the opportunities. It's higher risk, requires 00:18:33.940 --> 00:18:36.220 more knowledge and effort, but the potential 00:18:36.220 --> 00:18:38.799 returns are much, much higher. Can you give an 00:18:38.799 --> 00:18:41.039 example? He uses examples like finding a distressed 00:18:41.039 --> 00:18:43.480 property, maybe a foreclosure, buying it below 00:18:43.480 --> 00:18:46.039 market value, maybe doing some minor fixes, and 00:18:46.039 --> 00:18:48.160 then reselling it quickly for a significant profit. 00:18:48.339 --> 00:18:50.980 If you know what you're doing, he argues, that 00:18:50.980 --> 00:18:53.059 can be relatively low risk for a high return. 00:18:53.240 --> 00:18:55.220 It's about being creative, doing your homework, 00:18:55.720 --> 00:18:58.119 and seizing opportunities others miss. Proactive, 00:18:58.200 --> 00:19:00.660 not reactive. Got it. And the final lesson, number 00:19:00.660 --> 00:19:04.519 six. Work to learn, not to earn money. This sounds 00:19:04.519 --> 00:19:06.900 like it's about skills over salary. Exactly. 00:19:07.079 --> 00:19:09.200 It's a really important one. He urges people 00:19:09.200 --> 00:19:12.200 to prioritize jobs that offer the best learning 00:19:12.200 --> 00:19:14.839 opportunities, the chance to acquire valuable 00:19:14.839 --> 00:19:17.539 skills, even if the pay isn't the highest or 00:19:17.539 --> 00:19:20.660 the security isn't guaranteed. He quotes Da Vinci, 00:19:20.759 --> 00:19:23.759 saying, it is better to know a little of everything 00:19:23.759 --> 00:19:27.640 rather than all about one thing. So broaden your 00:19:27.640 --> 00:19:30.480 skill set. Absolutely. He believes people often 00:19:30.480 --> 00:19:33.339 fail financially, not because of what they know, 00:19:33.700 --> 00:19:35.680 but because of crucial gaps in what they don't 00:19:35.680 --> 00:19:39.019 know, particularly in areas like sales, communication, 00:19:39.599 --> 00:19:42.000 marketing, negotiation, understanding financial 00:19:42.000 --> 00:19:44.819 statements. He sees people getting stuck because 00:19:44.819 --> 00:19:47.059 they specialize too narrowly and then resist 00:19:47.059 --> 00:19:48.700 learning new things, maybe saying they don't 00:19:48.700 --> 00:19:51.190 have time or money. But he sees that learning 00:19:51.190 --> 00:19:53.769 as the best investment. The ultimate investment, 00:19:53.930 --> 00:19:55.549 investing in your own financial intelligence, 00:19:55.809 --> 00:19:57.390 diversifying your skills that pays dividends 00:19:57.390 --> 00:20:00.589 far beyond any single paycheck. Your mind, your 00:20:00.589 --> 00:20:03.150 knowledge becomes your greatest asset, much more 00:20:03.150 --> 00:20:05.569 powerful than just your labor. Okay, so if we 00:20:05.569 --> 00:20:08.289 pull all that together, the core message is really 00:20:08.289 --> 00:20:11.470 about breaking free from that rat race, that 00:20:11.470 --> 00:20:16.000 whole societal script. School, job, career ladder, 00:20:16.480 --> 00:20:19.539 conventional saving, maybe lots of debt. And 00:20:19.539 --> 00:20:21.700 he's adamant that you can't just wait for things 00:20:21.700 --> 00:20:24.079 to change. You have to act. That's absolutely 00:20:24.079 --> 00:20:26.259 central. He rails against what he calls the wait 00:20:26.259 --> 00:20:29.299 and see mind frame. Action is imperative. And 00:20:29.299 --> 00:20:31.980 that action involves several things. First, really 00:20:31.980 --> 00:20:34.519 taking a hard, honest look at your own financial 00:20:34.519 --> 00:20:36.579 situation, your habits, your beliefs about money. 00:20:36.619 --> 00:20:39.759 A self -assessment. Critical. Then getting creative, 00:20:40.140 --> 00:20:42.500 actively looking for investment ideas. Buckling 00:20:42.500 --> 00:20:44.839 down and learning the basics of finance, economics, 00:20:45.259 --> 00:20:47.500 investing, self -education is key. And managing 00:20:47.500 --> 00:20:50.160 those emotions again. Crucial. Getting control 00:20:50.160 --> 00:20:52.079 over the fear of losing money so you can dare 00:20:52.079 --> 00:20:54.599 to take calculated risks. And really importantly, 00:20:54.859 --> 00:20:57.380 surrounding yourself with the right people. Mentors, 00:20:57.700 --> 00:20:59.779 other investors, people who think differently 00:20:59.779 --> 00:21:02.900 about money, he strongly advises against trying 00:21:02.900 --> 00:21:05.700 to go it alone. So build a network. Build a network, 00:21:06.259 --> 00:21:09.200 find mentors, and consciously step away from 00:21:09.200 --> 00:21:11.779 social pressures that push you towards constant 00:21:11.779 --> 00:21:14.359 spending and borrowing just to keep up appearances. 00:21:15.180 --> 00:21:17.759 It's about trusting your own informed financial 00:21:17.759 --> 00:21:20.920 judgment over what society expects. It's a really 00:21:20.920 --> 00:21:23.000 compelling package, and you can see why millions 00:21:23.000 --> 00:21:25.460 have responded to it. But we have to talk about 00:21:25.460 --> 00:21:28.559 the other side. Rich Dad Poor Dad has faced some 00:21:28.559 --> 00:21:32.000 pretty strong criticism about its accuracy, its 00:21:32.000 --> 00:21:35.119 realism, even about Kiyosaki himself. Yes, and 00:21:35.119 --> 00:21:36.839 it's really important to look at those criticisms. 00:21:37.240 --> 00:21:40.440 They provide crucial context. For instance, Rob 00:21:40.440 --> 00:21:43.000 Walker, writing for Slate, basically argued that 00:21:43.000 --> 00:21:45.940 Kiyosaki is just too vague, too fuzzy for any 00:21:45.940 --> 00:21:48.279 serious economic discussion. What was his take? 00:21:48.660 --> 00:21:51.339 He called the book condensed nonsense, full of 00:21:51.339 --> 00:21:54.059 cliches, and felt Kiyosaki's claim to hold the 00:21:54.059 --> 00:21:56.900 secret key to wealth was way overblown. Walker 00:21:56.900 --> 00:21:59.359 also dismissed Kiyosaki's social commentary about 00:21:59.359 --> 00:22:01.839 Americans losing faith in society, finding it 00:22:01.839 --> 00:22:04.160 didn't match reality. Okay, so vain cliched. 00:22:04.200 --> 00:22:06.279 What about Damon Darlin from the New York Times? 00:22:06.319 --> 00:22:08.779 He had a different angle, right? More about Kiyosaki's 00:22:08.779 --> 00:22:11.500 business practices. Yeah, Darlin focused on what 00:22:11.500 --> 00:22:14.660 he called Kiyosaki's excessive financial character. 00:22:15.200 --> 00:22:17.980 He criticized the way Kiyosaki seemed to monetize 00:22:17.980 --> 00:22:20.359 absolutely everything. The expensive coaching, 00:22:20.839 --> 00:22:24.759 the game, the endless stream of books, many just 00:22:24.759 --> 00:22:27.650 rehashing the same ideas. So the commercialization 00:22:27.650 --> 00:22:30.329 undercut the message. That was Darlin's argument. 00:22:30.750 --> 00:22:33.509 He felt it damaged Kiyosaki's credibility. He 00:22:33.509 --> 00:22:36.250 even quipped, rather cuttingly, that the real 00:22:36.250 --> 00:22:38.450 lesson from the book might just be, if you want 00:22:38.450 --> 00:22:40.490 to get rich, write a book telling people how 00:22:40.490 --> 00:22:44.130 to get rich. Ouch. Yeah. He found that counterproductive 00:22:44.130 --> 00:22:46.369 and suggested you learn more solid economics 00:22:46.369 --> 00:22:48.529 from reading the business section of a newspaper. 00:22:49.180 --> 00:22:51.220 Some critics have even floated the idea that 00:22:51.220 --> 00:22:53.180 Kiyosaki made most of his fortune from selling 00:22:53.180 --> 00:22:55.539 the idea of getting rich through books and seminars 00:22:55.539 --> 00:22:58.039 rather than purely from the investments he describes. 00:22:58.420 --> 00:23:00.279 And then there's John T. Reed. He seems to be 00:23:00.279 --> 00:23:02.579 one of the most forceful critics. He basically 00:23:02.579 --> 00:23:05.259 calls the book fraudulent. Reed is definitely 00:23:05.259 --> 00:23:07.819 the most scathing. He's an American businessman 00:23:07.819 --> 00:23:09.980 known for his detailed critiques of investment 00:23:09.980 --> 00:23:12.640 advice he finds questionable, and he holds nothing 00:23:12.640 --> 00:23:15.380 back with Kiyosaki. What are Reed's main points? 00:23:15.630 --> 00:23:18.730 He alleges the book just rehashes old money cliches. 00:23:19.170 --> 00:23:21.670 He points out specific things he claims are factual 00:23:21.670 --> 00:23:24.309 errors, particularly around taxes and deductions. 00:23:24.789 --> 00:23:27.029 He strongly criticizes the promotion of what 00:23:27.029 --> 00:23:29.630 he sees as overly risky investment strategies, 00:23:30.069 --> 00:23:32.470 especially for beginners, calling it dangerous 00:23:32.470 --> 00:23:35.509 advice. Any questions Kiyosaki's own story? Yes, 00:23:35.869 --> 00:23:38.380 significantly. Reid expresses disbelief about 00:23:38.380 --> 00:23:40.720 the size of the profits Kiyosaki claims from 00:23:40.720 --> 00:23:42.920 real estate deals, finding them unrealistic. 00:23:43.480 --> 00:23:45.940 And perhaps most seriously, he alleges recurring 00:23:45.940 --> 00:23:48.950 lies about Kiyosaki's personal life. that are 00:23:48.950 --> 00:23:51.430 hard, if not impossible, to verify independently. 00:23:51.609 --> 00:23:53.869 Such as? Reed questions whether the rich dad 00:23:53.869 --> 00:23:56.329 actually existed or was a composite or fictional 00:23:56.329 --> 00:23:59.150 character. He questions the stated income levels. 00:23:59.430 --> 00:24:01.269 He brings up an alleged company bankruptcy in 00:24:01.269 --> 00:24:04.069 the 80s that he says Kiyosaki downplays or denies. 00:24:04.430 --> 00:24:07.049 And he even questions the accuracy of Kiyosaki's 00:24:07.049 --> 00:24:08.710 description of his role in the Merchant Marines. 00:24:09.150 --> 00:24:11.430 Wow, those are really serious charges. They paint 00:24:11.430 --> 00:24:14.410 a very different picture. So for you listening, 00:24:14.750 --> 00:24:17.190 faced with this inspiring message on one hand 00:24:17.190 --> 00:24:19.859 and these very pointed criticisms on the other. 00:24:20.519 --> 00:24:23.160 How do you navigate that? How do you sort the 00:24:23.160 --> 00:24:26.119 valuable advice from the, well, hype? That's 00:24:26.119 --> 00:24:27.920 the million dollar question, isn't it? How do 00:24:27.920 --> 00:24:30.579 you tell the difference between genuine financial 00:24:30.579 --> 00:24:33.720 wisdom and slick motivational marketing, especially 00:24:33.720 --> 00:24:35.779 when there's so much advice out there? It really 00:24:35.779 --> 00:24:38.140 forces you, the listener, to be critical. Ask, 00:24:38.440 --> 00:24:41.420 who is this person? What's their potential bias? 00:24:41.720 --> 00:24:44.819 Is the advice specific and actionable, or just 00:24:44.819 --> 00:24:47.119 vague inspiration? Can the claims be verified? 00:24:47.220 --> 00:24:49.859 So separating the motivation from the mechanics. 00:24:50.420 --> 00:24:53.339 Exactly. Kiyosaki is undoubtedly a master motivator. 00:24:53.380 --> 00:24:55.819 He inspires people to think differently, to aim 00:24:55.819 --> 00:24:58.339 higher. But you have to weigh that inspiration 00:24:58.339 --> 00:25:00.599 against the practical concerns and ethical questions 00:25:00.599 --> 00:25:03.259 raised by critics. Critical thinking is absolutely 00:25:03.259 --> 00:25:05.359 essential. Don't just swallow any advice whole. 00:25:05.519 --> 00:25:07.359 And it's also true that Kiyosaki isn't the only 00:25:07.359 --> 00:25:09.359 voice in the space. He's part of a whole genre 00:25:09.359 --> 00:25:12.240 of financial and personal growth gurus. Who else 00:25:12.240 --> 00:25:15.539 fits into that landscape? Oh, quite a few. Timothy 00:25:15.539 --> 00:25:17.660 Ferris, for example, author of The Four Hour 00:25:17.660 --> 00:25:20.579 Workweek. His focus is maybe more on lifestyle 00:25:20.579 --> 00:25:23.180 design, building efficient systems—corporate 00:25:23.180 --> 00:25:25.559 self -creation, he calls it—to free up time and 00:25:25.559 --> 00:25:28.359 gain control over income, moving away from the 00:25:28.359 --> 00:25:31.000 traditional nine -to -five. That resonates with 00:25:31.000 --> 00:25:33.500 Kiyosaki's make -money -work -for -you idea. 00:25:33.779 --> 00:25:36.599 Okay, who else? T. Harviker, who wrote Secrets 00:25:36.599 --> 00:25:39.259 of the Millionaire Mind. His big focus is on 00:25:39.259 --> 00:25:42.039 mindset. He argues we all have an unconscious 00:25:42.039 --> 00:25:45.039 money blueprint, and changing that internal script 00:25:45.039 --> 00:25:48.380 is key to building wealth. Like Kiyosaki, he 00:25:48.380 --> 00:25:50.660 contrasts how the rich think focusing on opportunities 00:25:50.660 --> 00:25:53.079 versus how the poor think focusing on obstacles. 00:25:53.400 --> 00:25:55.220 And didn't Donald Trump co -author books with 00:25:55.220 --> 00:25:57.819 Kiyosaki before his presidency? Yes, they did. 00:25:58.140 --> 00:26:00.500 Books like Midas Touch and Why We Want You to 00:26:00.500 --> 00:26:03.160 Be Rich. Their joint message hammered home the 00:26:03.160 --> 00:26:05.420 need for financial education outside of traditional 00:26:05.420 --> 00:26:07.519 schools. They also shared a critique of what 00:26:07.519 --> 00:26:10.160 they saw as an outdated mentality, relying on 00:26:10.160 --> 00:26:12.279 the government for security, jobs, health care. 00:26:12.400 --> 00:26:14.539 So what are the common threads connecting these 00:26:14.539 --> 00:26:16.759 different figures? Despite their different nuances, 00:26:16.779 --> 00:26:20.019 you see common themes, a huge emphasis on self 00:26:20.019 --> 00:26:22.640 -reliance, a willingness to challenge conventional 00:26:22.640 --> 00:26:25.440 wisdom, particularly around jobs and education, 00:26:25.859 --> 00:26:28.700 and a strong belief in the power of mindset combined 00:26:28.700 --> 00:26:30.839 with practical financial knowledge to achieve 00:26:30.839 --> 00:26:33.819 success. They all encourage taking personal responsibility 00:26:33.819 --> 00:26:36.099 for your financial future. OK, let's try to wrap 00:26:36.099 --> 00:26:38.460 this up. After digging into Rich Dad Poor Dad, 00:26:38.619 --> 00:26:42.119 its ideas, its context, the criticisms, What's 00:26:42.119 --> 00:26:45.140 the big takeaway message for our listeners? I 00:26:45.140 --> 00:26:47.579 think the core message is fundamentally empowering, 00:26:47.880 --> 00:26:50.279 even with the caveats. It's that getting rich 00:26:50.279 --> 00:26:52.619 isn't some secret club only open to the lucky 00:26:52.619 --> 00:26:55.220 few. It's about adopting a different attitude, 00:26:55.480 --> 00:26:57.660 an almost adventurous mindset, and critically 00:26:57.660 --> 00:26:59.819 deeply understanding that difference between 00:26:59.819 --> 00:27:02.220 active spending, acquiring assets that make money, 00:27:02.619 --> 00:27:04.619 and passive spending accumulating liabilities 00:27:04.619 --> 00:27:07.180 that cost money. Financial independence, in his 00:27:07.180 --> 00:27:10.140 view, is simple math. When your income from assets 00:27:10.140 --> 00:27:12.480 is greater than your expenses, that's freedom. 00:27:12.599 --> 00:27:14.960 And the key to actually achieving that freedom, 00:27:15.259 --> 00:27:17.839 escaping the rat race. It comes down to consciously 00:27:17.839 --> 00:27:21.259 breaking away. Breaking away from the usual advice, 00:27:21.599 --> 00:27:23.740 the societal norms that often push us towards 00:27:23.740 --> 00:27:26.660 more spending, more debt. Kiyosaki insists that 00:27:26.660 --> 00:27:28.700 real financial intelligence isn't necessarily 00:27:28.700 --> 00:27:30.680 about having a fancy degree or lots of starting 00:27:30.680 --> 00:27:33.039 capital. It's much more about the knowledge you 00:27:33.039 --> 00:27:35.619 acquire, how you think and your discipline. That 00:27:35.619 --> 00:27:38.039 mantra, don't work for money. make money work 00:27:38.039 --> 00:27:41.099 for you. That really sums it up. It means understanding 00:27:41.099 --> 00:27:43.539 the system, taxes, investing, business, because 00:27:43.539 --> 00:27:45.819 ignorance leaves you vulnerable. And that constant 00:27:45.819 --> 00:27:48.880 emphasis on learning, adapting, broadening your 00:27:48.880 --> 00:27:51.700 knowledge seems vital, regardless of your financial 00:27:51.700 --> 00:27:54.420 goals, right? Especially today. Absolutely vital. 00:27:54.779 --> 00:27:58.380 The world changes so fast. Sticking to old ideas 00:27:58.380 --> 00:28:01.259 or just playing it safe in the conventional sense 00:28:01.259 --> 00:28:03.359 probably won't cut it anymore for long -term 00:28:03.359 --> 00:28:06.680 prosperity. Continuous learning, staying curious, 00:28:07.240 --> 00:28:10.400 diversifying your skills. Kiyosaki argues, what 00:28:10.400 --> 00:28:13.049 you know matters more than what you buy. Building 00:28:13.049 --> 00:28:15.809 that financial knowledge base is often more important 00:28:15.809 --> 00:28:18.069 than having seed money, because knowledge is 00:28:18.069 --> 00:28:20.430 what allows you to generate more money. Surrounding 00:28:20.430 --> 00:28:22.549 yourself with smart people, striving for balance, 00:28:22.950 --> 00:28:25.109 these are the real assets, he'd say, for making 00:28:25.109 --> 00:28:27.690 good decisions, managing your time, and ultimately 00:28:27.690 --> 00:28:30.190 enjoying your life. So despite all the controversy 00:28:30.190 --> 00:28:33.009 and the valid points raised by critics. Despite 00:28:33.009 --> 00:28:35.460 all that, You can't deny that Kiyosaki's work 00:28:35.460 --> 00:28:38.400 has sparked a massive global conversation about 00:28:38.400 --> 00:28:40.480 financial literacy, about taking control, and 00:28:40.480 --> 00:28:43.059 that in itself is significant. So a final thought 00:28:43.059 --> 00:28:46.599 for you to ponder. Considering Kiyosaki's powerful 00:28:46.599 --> 00:28:48.900 arguments and the very sharp criticisms we've 00:28:48.900 --> 00:28:52.059 discussed, how do you personally separate valuable 00:28:52.059 --> 00:28:54.240 financial insights from persuasive marketing 00:28:54.240 --> 00:28:57.240 in this crowded advice landscape? What does your 00:28:57.240 --> 00:29:00.519 rat race look like? And maybe what's one small 00:29:00.519 --> 00:29:02.759 concrete step you could take this week just to 00:29:02.759 --> 00:29:04.799 start thinking differently about your own relationship 00:29:04.799 --> 00:29:07.299 with money? We hope this deep dive has given 00:29:07.299 --> 00:29:10.000 you plenty to think about. If you found it valuable, 00:29:10.180 --> 00:29:12.160 please consider taking a moment to rate and share 00:29:12.160 --> 00:29:15.079 the show. It really does help us bring more conversations 00:29:15.079 --> 00:29:16.579 like this straight to you.