ฝัง
- เผยแพร่เมื่อ 21 ธ.ค. 2024
- Buy my book to learn the secrets of becoming wealthy by selling courses on selling books...
I think that's what Warren Buffet meant by the circular economy!
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#finance #richdadpoordad #personalfinance
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Even people who know nothing about personal finance or self-development will have heard of Rich Dad Poor Dad and its author Robert Kiyosaki.
The enigmatic businessman was THE original financial influencer building a huge and loyal audience decades before the internet made it possible for anybody with a webcam and a Robin Hood account to grow a following.
There are just two problems…
His advice was never that good to begin with… and it’s only gotten worse over time…
The fact that he made it big in this industry just goes to show how even if you're a failure people will believe whatever you say as long as you're selling them hope.
Which actually a brilliant business model. That way you'd put their "failure" on them not following your "system" exactly. To the consumer it's unhealthy.
Which actually a brilliant business model. That way you'd put their "failure" on them not following your "system" exactly. To the consumer it's unhealthy.
it absolutely works. Gold, silver, crypto. Any time you ask Kyosaki that is the answer. 50 mil ppl fall for it and it works. So he cashes out
To be fair, he made basic personal finance concepts engaging and easy to understand. Read his book changed my financial life. Read it when I was 19, I am now 40. I am debt free, own multiple rental properties and have been financially responsible all my life.
@FelonMusk2021 that's one of the things that these fake gurus often do. They do include some level of real financial knowledge or if not that then they atleast motivate people to find out what the deal is. And that part is indeed good. The problem comes when that builds credibility and then these people scam people :/
You made it successfully to where you are and that's great. But the problem I have is that people who are successful like you can break out of the circle of fake gurus, but others who unfortunately could not make it stay stuck there and keep getting squeezed for money.
My wife and I read his books and what we got from them was to know the difference between assets and liabilities, using debt to your advantage, and starting your own business. Yeah....most of his stuff is fluff with no details, but he does say you need to improve your financial education and there's some truth to this. We were able to buy properties after the 2008 crash, start a business, and buy other assets.....we started with nothing and saved a lump sum in order to buy our first property. Do I believe everything he says? Oh...hell no. Like anything you read, you must do your own due diligence, but it got us to take action and I think that's the most important part. The best education is to actually learn from trial and error instead of doing nothing at all.
When 2008 hit, we moved out of our small house and rented it out. My parents bought a 2005 four year old bank owned house for $375,000. Every single house in the neighborhood sold for more than $520,000 and some reached $635,000 at the time of sale. The bank was desperate looking for a buyer. I'm from a family of 6, even so this is generational wealth. I'm 20, but when I was younger I would help my dad maintain the rental property (caulking, painting, going appliance shopping, learning why deck screws are important...). I am now managing two fully-owned, paid-off properties, and living in one with a renter in the basement. I work for USPS, I don't have to worry about retirement (Pension, TSP, and social security) or a house payment. Literally living the American dream.
Agreed. Poor Dad Rich Dad changed my life in so many positive ways.
Love this, encapsulates the perpetual state of accountability we require for growth.
You can’t “expect” but by doing so you “neglect” yourself by not doing your due diligence.
The truth is to be sought and even within books that don’t have much or are written for the sole benefit of the author, there is always a key takeaway, even if it’s in the business nature of it all and nothing else.
@@emiliaganchorre Yeah....my wife and I live in S Korea. When we got married, I saved about 15K in US dollars in 2005. We were both working and then the crash happened in 2008. We realized we had to take action and that's when we read Rich Dad Poor Dad. We ended up buying an apartment and then we rented it out and downsized into a small old red-brick villa. We were only paying $200 a month, but we had a lot of cash flow. Every weekend we looked at small apartments and we bought several on auction and some outright. I remember we were so happy to get $80 of passive income in our first apartment after expenses. Then, we got a $200 one, $150, $320, and eventually we got one for $1,100 a month. I also bought a property in Las Vegas in 2010 for $150K and I rented it out, making $280 passive income. As time went on, all our properties went up in value and we sold and upgraded to better properties. I also sold the one in Las Vegas and I bought 4 properties in the US, 3 in Ohio and one in Michigan, making almost 1,700 in passive income. I bought precious metals and stocks and continued to pay into my low-index fund. The point is.....that book got us to take action and I took what Robert said with a grain of salt. I don't trust anyone, but I knew from reading other books, that some of his points were true. The name of the game is who owes who. You want to be the guy others have to pay for your asset.
@@edbrewington3 I hear you. The book was easy to read, it got me into the idea of investing while young in highschool. I found Charlie Munger, Peter Lynch, and others. I started doing my own research and took the Accounting series in college and I actually understood everything better. Like what FV vs PV and discount rate actually mean because the other investing books explained the concepts better than accounting. Rich Dad Poor Dad got me started.
Remember, if someone has an easy way of actually making money they would never tell you about it. Why would they create their own competition?
Yep if you think about it like this you are unlikely to go wrong
Some people are generous with their knowledge because they genuinely want to help. The real issue is that once an easy way to make money becomes well known, it becomes saturated and the profit from doing it goes down.
@@pendlera2959exactly. Once it’s popular, it stops being easy
More than that, you don't have TIME to make pennies selling courses.
That's what I think when I get those "tech catch phrase of the moment -> $1,000s in passive income crypto per day" ads.
I read his book 25y ago and it was golden; I took the leap of faith but success is still elusive. What the book does is to wake you up. Success on your choices is another chapter and journey.
He's the epitome of taking one small (factually) true statement and really taking it too far.
Lol that is exactly what I thought, he just took it WAY too far, and taking advantage of debt seems to be the ONLY thing he thinks about.
Meanwhile, the person that I consider my "rich dad" is extremely boring. He flies coach, drives a crap car, and the book he gave to me was "The Millionaire Next Door". But you know, I did get out of debt once (my husband has bipolar disorder, so he messed that up quick during a manic episode), and what my "rich dad" taught me has helped me protect and grow my investments.
@@teresahegerich8835 ^ this
I ll have to be frank, his book did teach me something about finance. That is a fact.
True
Bro most these people aren't entrepreneurs. That's why they hate entrepreneurs. I personally learn alot from these books and I make around $5k every month with my own business. My dad was pretty broke most his life (in case you think I had a rich dad who did everything) and I started businesses with literally less than $200. It's totally possible.
Which are?
@@jimhalpert0selling "how to" doesn't make you an entrepreneur.
@@fotuneTechGlobalthe difference between an asset and a liability, the difference between good debt and bad debt. The importance of financial education, learning about money, what it is and how it works. Learning about how important the right mindset is. He doesn’t really sell a “how to,” and I see people complaining about that. “He didn’t tell me what to sell or what to do.” He literally gave you everything you need to start. Doesn’t mean it’s easy and it will take time and sacrifice. No different than going to college and getting a 4+ year degree. It takes time and sacrifice. Nobody goes to one class and says “well I went to college, where’s my piece of paper at, 4 years is too long.”
I can't speak for things outside of the first book, but when I read the book, i didn't see it as him trying to tell me HOW to get rich in a specific way. The main idea i pulled from it is to increase your financial literacy & way of thinking. How you do it is left up to you.
He's even described it as like playing sports. You play the sport you like. There are different types of sports & rules to each game. Same with ways to make money.
Just keep debt low whenever necessary. Using debt for investing can become a double edge sword.
As someone who’s read the book and taken his advice to heart, specifically aiming to obtain assets and keeping liability’s low, has worked wonders. I’m doing well with my day job and also minding my business which is another good chapter. Also going into real estate, which has been very fun and adventurous, and his book also lead me to learn about precious metals which has also been very fun to get into. I can’t find any real problems with his advice in the book especially when you apply the knowledge, but I can agree with some of the comments that he can sound harsh, but the reality of money is harsh in general.
Ditto. Life changing for the better.
hold on, what? all you got from the book was the idea that you should increase financial literacy and way of thinking (idk what you mean by increasing way of thinking unless you meant to add something else), seems like something literally anyone could tell you...
@@nisamvise1724 if anyone can really tell you that its either their all talk or you got lucky and met someone who really knows what the hell they are doing "something literally anyone could tell you" is the stupidest thing I've ever heard in my entire life specially in finance, that's why his book has a lot of holes in it, some information can get someone in a bad accident.
Education on scams is part of financial education. A university lecturer once told me that no one will ever share their secret sauce. But the recipe they share will have some of the ingredients. Pick out the good stuff and discard the rest.
"no one would ever share their secret sauce but they would share their ingredients" woww
@@romelynmarapao8835 Not what I said. But whatever floats your boat.
@@romelynmarapao8835Why are you repeating the sentence? Is there any different interpretation or a detailed interpretation which you want to offer?
@@DonkiDonkeyhe's illiterate. Let him live in delusion.
Love how one quick scroll down, TH-cam recommends me 4 Rich Dad, Poor Dad videos. These TH-cam really welcomes scammers with open arms.
As long as scammers can sell courses scammers are good. As long as TH-cam gets videos so they can sell views they're good 😅
Haha same here. Watching videos that aim to critically evaluate scams and scammers seem to make TH-cam think I like scams and scammers. I watch one video about how Joseph Rogan is constantly fooled by internet rage-bait turns into a torrent of recommendations to watch unironic clips of his show and clips from adjacent grifters like Jordy Peterson as well as random conservative culture war B.S. It's frustrating, but also very telling.
taking away the dislike button helps scammers too
To be fair, he made basic personal finance concepts engaging and easy to understand. Read his book changed my financial life. Read it when I was 19, I am now 40. I am debt free, own multiple rental properties and have been financially responsible all my life.
Start by cleaning your room. Itll help with the crying, @EricWBurton
Every family has that one person who will break the family financial struggle, I hope you become the one
Thank you
Thanks and you too
If I never have gotten married I would have been retired at the age of 50.
That's quite ironic that other grifters are referencing that particular book like it is the Bible.
Bro it even gets mentioned by every fucking hack marketing expert ever. It legitimately makes me lose any respect I've got for someone's advice when they bring it up.
Bible is fucking scam that's why they do it because they have prime example to follow
@@frankmckenneth9254 can we toss Dave Ramsey and Suze Orman in as well to create a bit of a magic triangle of financial grifters?
In the contemporary era, "capitalism" is a misnomer. It should be called "creditism" because the entire system is based entirely on debt. It's all about OPM - Other Peoples' Money! What a pathetic scam! TH-cam has only made it worse...
To be fair, he made basic personal finance concepts engaging and easy to understand. Read his book changed my financial life. Read it when I was 19, I am now 40. I am debt free, own multiple rental properties and have been financially responsible all my life.
What's Ironic about it?
Thankfully I majored in accounting in my college days, and prior to that I’d never come across rich dad poor dad, so when I actually read that book I already have some basic understanding of asset and liability. I understands that leverage comes with both high return and risk, and his suggestions, without context, can be wrong. Knowledge doesn’t make you rich, but at least it helps you think about things more thoroughly.
That's why he keeps saying in the book to get consultants and learn accounting, because investing in big assets is hard.
The reason personal finance is complicated is because
1. What you can do depends heavily on your personal situation, so you can help yourself best, or have to pay up front for a financial advisor to do that for you (usually too expensive for a normal person)
2. If someone has something going for them, it makes no sense for them to recommend it to everyone and split the profits.
Though if you hang around on personal investing channels/forums enough and spend some dedicated time thinking about it and take decisions and watch them play out, you can manage your own money and become better at finance over time. What no one will tell you is it may take a long time upto years. That's because telling people discipline takes years to build isn't a good way to sell anything. But nothing, especially financial success comes easy.
And also generic financial advice that applies to many people at once is very standard and boring. Not exactly the kind of thing that will make you a celebrity on TH-cam.
@@metriq8268 Genuinely good financial and investing advice also doesn't promise huge returns. Telling people they can double their money every year and can get rich really quickly is going to get a lot more clicks and recommendations than telling them that 15-20% return per year on average is actually pretty good going and that investing needs to be done for 5-10 years as a minimum.
Your number #2 is SOO wrong is insane😂
But then again I live a life most won't ever experience 😂
Then again I was willing to so what MOST wont!!
Is Robert kyosaky businesses bullshit.
Yes...
However, he DID provide valuable information that I IMPLEMENTED and it changed my life!!
It all comes down to you street knowledge and ambition and HOW you apply it.
Personal finance isn't complicated. The channel simply is for the "average" person out there and the "average/mediocre" are not suited from mindset to become rich. A financial advisor will most probably give you average advice. Note that those people usually aren't self-made-rich. This is a JOB they do. It's like the pope advising you on how to threat your children, but he doesn't have children on his own. Pure theoretical knowledge.
I don't feel like 2 really applies to personal finance. personal finance is complicated because of number 1. it's complicated for the same reason personal health is complicated.
I feel like you could replace 2 with, because people are not comfortable discussing personal finance. So maybe instead of comparing it to personal health, we could compare it to personal sexual health or similar.
I think one reason people go wrong is that they confuse personal finance with getting rich quick. Like someone going to the doctor, and rather than expecting the doctor to advise them on how to get on a healthy diet etc, they expect to lose 100 lbs and start modeling.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth, investing remains a priority . I learnt from my last year's experience, I am able to build a suitable life because I invested early ahead this time.
In fact, I had no prior experience or understanding when I began investing in 2018, but by the end of 2019, I had made a profit of almost $750k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
bravo! | appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
C❍❍PER LEO JAXON is the licensed advisor I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I copied his whole name and pasted it on face book; and his page appeared immediately, and his qualifications are excellent; thank you for sharing.
Good watch. I bought the original book on audiobook and swiftly returned it after listening to about 10 percent and seeing that it had no value (or values). But then I was in my early 30s and financially literate. I can see how he appeals to people on a surface glance.
Yeah I was about a third I and closed it and never opened it again.
I bought it from the discount table. Spent 6 bucks on it and read 15 minutes in and tossed it. Fools and their money will soon part😂
entertainment value.
Yeah I never read the book but the general advice stated in the video makes sense. That was the only take away I needed from what I've heard people say about him.
Uhhhh that's what it was supposed to be.😂
BASIC SHIT!!!
While I disagree with his disdain for higher education, I found some value in his book Cashflow Quadrant and Rich Dad Poor Dad. He certainly is an eye-opener for the uninitiated. His perspectives are not taught in the traditional academe because we mostly learn technical stuff there. All of us are students in life and we should learn as much as possible from wherever. A wise man learns more from his foes than a fool from his friends.
Yes young people should read it
It's crazy how this guy is trying to slander his name when his books are actually golden
@@Dare2Dream.Official SOME of his books. I think he pimped his 15 minutes of deserved fame into a Nikki Minaj career in finance.
I almost got recruited into this MLM. But when I read his book he sounded like such an a**hole I thought I’d rather “stay poor” than talk about my father the way he talked about his.
What an absolute sociopath.
To say Kiyosaki takes liberties with the truth is quite the understatement. One could make a half hour or longer YT video on the accuracy of his stories alone. I read his book because someone purchased it for me and found it highly overrated. Basically, it's the finance version of bro stories with 5 pages of financial advice. I don't understand the hype surrounding it.
I figured he was being an ass on purpose to make his point. What bothered me about his book when I first read it years ago, was that he didn't describe how to do anything. The whole book can be summed up in a few phrases: avoid debt, have more income than expenses, get assets not liabilities.
Okay, but...tell me HOW? How did YOU do it, how should a new person start, what are the real risks involved--it just felt like an exercise book that said "Get off the couch, MOVE," but then doesn't tell how to do anything else.
@@jamjox9922 at the end you will have to figure it out yourself. None of these books are gonna teach you in great detail just the basics.
It gets worse when you look at his youtube/seminars/other books, the more you look, the less substance you find in his content.
@@jamjox9922 This is an issue I have with a lot of financial advice made for the general market, but I didn't really find it to the case with Rich Dad Poor Dad, especially since Kiyosaki provides multiple real-world examples of how he was able to generate wealth, mainly to illustrate the points of each chapter (which might mean they're inaccurate or outright false, but still good theoretical examples).
I keep telling people who come to me for financial advice to (at least) read ch.3 of the book, since it has a clear listing of all the wealth-generating assets (available at the time of the book being written, on p.93), with tons of disclaimers to help you choose which option is best for you.
The book also heavily encourages the reader to investigate the inner workings and viability of each asset on their own, since they vary wildly between different countries and time periods.
I was able to apply the teachings of the book in my own financial life less than a week after reading it, with practically 0 prior financial literacy, so I struggle to see the argument of the book being void of actionable steps. Can you help me understand why your experience is so different?
I went to one of his seminars about 20 years ago, it was the biggest scam going. Spent most of the time talking about how you must grab opportunities when they arise, then low and behold he offered this amazing opportunity. Seeing old ladies go to the back of the room to pay thousands to attend the next seminar was heart breaking.
Self taught psychologist and non official shrink, well.. half of the Old people are gullible because of their lack of intelligence and huge ego when they they were young. And obviously, the old age reduced their responsibility = ego power boost to them alongside with their common sense. And if they're not wealthy at old age, they wanted to find a way to boost their ego again that's why online celeb impostor and these kind of seminar with big word allure them greatly
Me and my friend when also to one of his seminars in Holland like 6 years ago. It is was for free, so why not. Robert's associate was speaking. The experience was odd for us. He doesn't spoke much about accounting numbers, only how to borrow, opportunity, use debt, making profit with few examples and often neglecting the cost and downside of having the property. At the end of the seminar, he spoke about take course. We looked to each other and we finally understand this was a scam. And yet, nearly 60% ~ 70% of the entire room (roughly 100 to 140 people) took the course.
As someone who did Amway for a year, Kiyosaki's books and philosophy permeate every level of the business. It was cult-like.
MLM is considered a category of cult by those who study the subject. So, it's not "cult-like." It's the real thing, all the way.
how did you do with Amway? did you make any money?
you did it for a year so I'm guessing you actually lost money..and a lot of time
All in all, I came out about $50 in profit after accounting for all the costs. But yeah, all the time was lost.
@dgeata what I have heard many times is that virtually nobody comes out ahead with MLM, except those at the tip top of the pyramid. The whole thing is a gigantic head game.
@@dgeata I appreciate your honesty and I am happy you are out. My aunt is 20 years in and still losing money.
Rich dad poor dad worked for me, regardless. I had about 25k cash maybe, and maybe 40-50k in my home when I first read it…Bought an income producing asset, got an a a loan for 350k, my net worth is closer 4-5M now maybe 10 years later.
any advice?
@@WakeRunSleep read the book
Don't deal with interest, it ruins peoples lives. It is exploitation of the poor which makes the poor poorer and rich richer.
@@differentparadigminteresting can you elaborate please ?
I work in sales and as much as I try to be an honest salesperson people just love to hear bullshit. I had a guy tell me “you are not trying very hard to sell me on this just lie to me”. I lied to him and he bought it just to come in six months later saying I lied to and ripped him off. My boss simply to him “ no way he always sells on the ugly “. I went up and told him I told him the truth but insisted I lie so I lied. People only hear what they want to hear even though it’s total nonsense. 😂
I started sales about 6 months ago and was shocked when I noticed the scammy sales guys made the most money while I was being honest. It’s either play or lose
Your honesty caused a Divine blessing to come your way
lol poverty has nothing to do with that. in many places in america you can make a good salary and still only being able to afford living in a rat infested studio apartment. if you make less than the cost of living for your city then you are poor.
His "poor dad" was a successful educator, a very successful one at that. He had a good paying job, had a house, they lived in Hawaii which is considered rich for most of us. If you want to see poor, go to South Sudan, Burundi, Congo. People there don't just have enough to eat, they don't even have clean water to drink. Everyday they have to walk for miles just go get enough water for the day and tomorrow rinse and repeat. That's poor. If I was Robert enjoying my high life in Hilo, Hawaii with a father who's head of the Hawaii Teachers Union, I wouldn't in a million years call myself poor.
I think it was his dad’s attitude not his paycheck.
This. It's not how it started, but how the ideology that would lead them there (that's what I got at least)@@joecliffordson
@@joecliffordson it’s both. Kiyosaki is one of those people obsessed with money and respects and envies monied people above all else. His books, which I read all the “poor-rich” series, was all about mindset but he could have said everything he needed to in one chapter. He’s a slime-ball.
You missed context
You realize that his entire autobiography is fake and completely made up
I rented my one rental property (mortgage free) to a former coworker who started following the "Rich Dad" method of leveraging rental real estate around 2004. He was living the high life, and sadly everything came crashing down in 2009 when he wasn't able to lease some of his rentals. Bankruptcy and divorce quickly followed. Fortunately, the bankruptcy cleared the way for his developing an internet marketing strategy business that he built into a steady low 6 figure business by 2012. He definitely had hustle!
THATS KEY!!!!
he had the same thing I had HUSTLE!!! I did the same thing!! 😂 im 36 though, read his book and I hit the streets!!
My life now at my age is AMAZING!!!
I’m happy that finally someone is speaking about this scam
I wish I could tell Robert how good it feels to be a sucker with a stable job
THIS PART. Also, for all of those MLM products you need suckers with stabe jobs to buy that stuff.
I'd rather be an entrepreneur than be an employee in an economy where debt to gdp is over 100% and that stable job won't be stable for much longer 😉
@@Micfri300 you can also go broke as an entrepreneur(if economy goes wrong, then clients don't want to buy from you, so you stop getting earnings) , the big difference is that if you go broke as an entrepreneur you loose your own business, and if your employer go broke, then you keep your stuff and just look for another employer.
@@luisoncppentrepreneurs don't keep all their wealth on one business 😂.
@@neddiego2570 When uncle sam and papa IRS comes knocking at your door, you best believe they won't leave unturned stones seaking for their cut, buddy boy
Hey his advice about what is asset and what is liability is pretty good, I read his book when I was 15 and it helped me not spend money on useless shits. Don't really care about what he does because I only care about the teaching and not the person, I'll never be a fan of any 'guru', I'll just take what's good and leave what's bad, remember the teaching and forget the person. Also I read his book for free in the library.
Brilliant. People want to he’s either became wealthy by moral ethical means or he’s a scam artist but both can be true. He’s human so I don’t view him as perfect deity needless to say I find value in much of what he says. At the end eveyone has to use their brain to decipher the truth from the bs
Agree, same with you. I learn about asset and liability from him. I realize his pov about money is to agresif for me
That educational content about assets and liabilities and such was written by his coauthor Sharon L Lechter, CPA. She sued him in 2008 for misusing business assets. He privately settled with her, and since then her name's not on the books anymore.
You needed a book to teach you not to spend money on useless shits great
Thats the whole point bro. His advice are so basic it is only a cool book for young ppl.
With no disrespect didnt ur dad taught u to "not buy useless shit"? If he did then this books gives u no benefit bcs u dont need to wait for the book to tell u that
I remember this guy. The first time I saw him, he was featured on the Oprah Winfrey Show. Surprise, surprise! She endorsed him without a moment's hesitation.
She and Forbes magazine seem to have a knack for promoting grifters.
She and Forbes magazine seem to have a knack for promoting grifters.
@@TheQueenRulesAll because she’s a grifter herself
Quacks like Dr Oz and Dr Phil have also come courtesy of Oprah.
She's a fraud herself. All rich people are fraud.
I recall 20 years ago, when I was job hunting, I attended a Herbalife presentation. They were heavily promoting his book, “Rich Dad, Poor Dad.” That’s how I first discovered Kiyosaki’s existence.
I am a finance student in my country best University . I didn't become a millionaire or a finance genius or a trader. But at least right now i can recognize these lier's who claim to be a financial couches for your success whom in fact are some dumb package sellers that know nothing about the market, btw this was a very good video , hope you success
Bob Kiyosaki’s book Rich Dad Poor Dad is still an excellent concept that helped me change my mindset on investing. From there, I went on to read some financial classics and self help books which has turned my life around for the better.
can you recomend a few books which you really deem are really worth it
@@agentblack3694I would suggest "I Will Teach You to be Rich".
I once saw a video of him telling someone, with pride, excitement, and happiness, on his podcast, that he evicted one of his tenants, a day before christmas, and threw out the tenants possessions on the streets, rendering the tenant homeless a day before christmas.
A link to that video?
I would too. In fact I didn't during the month of Thanksgiving.
Wtf.. I run a business, if you rather spend your money in celebrating the holiday thats o.k just make sure my rent is on time, if not you'll be evicted simple as that!
It's called being a responsible adult!!
Banks don't care....
Yeah so? If my tenant was in arrears, it would make a dent in my account. You dont know my financial situation
Whats wrong with that? Pay your rent
People under this comments are missing the point. It’s not that he evicted the tenant, it’s that he talked about in a way that shows that he has no empathy at all and even talks about it proudly
I've known a lot of people who fell for a lot of MLM schemes and there's one thing in common with these people. They kept telling me to to read Rich Dad Poor Dad. For them this is the bible, the gospel of MLM scammers.
Well thats the thing if you know nothing about investing, when you read the book you get some sort of adrenaline rush thats telling you to get rich with one year 😂.
And just end up joing cults like rich dad poor dad or buy courses like the real world(The business of exploiting the lonely man)
0:47 No I don't.
I remember buying his book, but not from an infomercial, from a discount bookstore, like Half Priced Books, and I read it. But I can't for the life of me remember what financial advice it gave me.
Your house is a liability. If you move out and rent it to somebody, it is an asset.
Pay yourself first.
Pay your bills with other peoples money(rent, debt).
When you have extra cash, buy assets, not doodads.
Discover how to avoid taxes.
I read it, the change of perspective when his family moved off the plantation was most interesting.
Well, sh*t. This explains why the time where "Rich dad, poor dad" was becoming a hit in my country, it also the time where Herbalife was also introduced.
And Amway too, right?
It’s an actual good book. You should read it.
I'll always respect Robert Kiyosaki. He re-engineered my mind on money and many other aspects of life. He started me on a really great money journey and I'll always give him a shoutout.
Yes, he's made money from books and seminars. Yes, some of his advice is shyt. But he's my personal finance God... and I'll always always appreciate him 👏🏽👏🏽👏🏽
Another sucker found.
Dick riding level = Legendary
and he clearly states if i recall that he makes his money from being a sales person. personally this is what led me to look into other avenues apart from my 9- 3 (i teach) and although I am not rich, I earned enough extra cash to pay off certain things that most ppl take loans for, upfront. including furthering my education which will eventually increase my take home pay. i still have a lot to learn in changing my habits and increasing my financial/business savvy but i remember where i was financially before him and dave ramsey.
Your personal finance god is a scammer.
Read that book but didn't leave an impression on me, and read others of its kind from other authors, which were equally as useless but may have felt insightful at the time. These grifters sell a feeling of hope / progress / success, a bunch of full of feel good nonsense, while simultaneously making you more insecure and helpless.
They work for most unintelligent people, but people with a lot of drive and stubbornness, and that's ok. Only the stronger and smarter will make it.
Me personally I liked the book and implemented into my life and I’m doing well 🤷🏾♂️
Same bro and I'm close to being a millionaire.
I'm still implementing it, so far so good.
Yeah because you have a brain. Others want an excuse to enjoy being locked into their 9-5.
Same 😂
@@zachgunderman2120 I mean i still work a 9-5. aircraft maintenance to be exact because I enjoy it. But I invest in other endeavors
Honestly I don't remember how I found this channel but I subscribed after watching first video. And now more good stuff is coming out. Please keep this channel going 🙏
The problem of most people is, they dont even understand the most basic concepts of finance and do not know how to manage their money. This book does help people look at money with a different mindset
Yes it's does, but they end up worshiping the writer and just stick to his books instead of looking at mony from different point of views.
He isn't the only man who writes financial advice books there are many more and better.
I instinctively knew this guy was a fraud the first time I saw him talk. I feel sorry for those that he took advantage of
A lot of people forget the if it sounds too good to be true it is.
There is no quick or easy way to get rich. If there was, everyone would already be rich.
Well... im glad he was a fraud because he literally started my journey of success.
He's a good example of DOING as the teacher says but DON'T live as the teacher lives.
Try Nick Lau. Now that guy actually tells you more how the world profits and how you can get yourself a piece.
Edit; sorry I meant KC Lau
His insights changed my life so my wife and I can spend our days doing what we want to do without having to work jobs. If I go to work it is usually to help out a friend. So don’t feel bad for me drinking the cool aid. We will be fine.
I read through some of his books on a deployment. Best way to build wealth is playing the long game. Create a part time business like landscaping, tutoring, coaching, personal training or whatever your hobby is. It could be selling on ebay, sewing, barber, painter, mechanic work on the side and invest.. look for 5%-8% fixed annuities and make sure they tax deffered. Also get some long term bonds, and pay off your mortgage.. 15-20k at 5% ovwr 20yrs, with annual contributions of at least 5k-10k is a nice chunk of change
Buy my book to learn the secrets of becoming wealthy by selling courses on selling books...
I think that's what Warren Buffet meant by the circular economy!
Aight fam 🫡 Where do i Buy it?
Can’t Wait to Get rich 🤡
pls pin 📌 your comments so that they're on top
He should know. He made himself rich with *circular debt* (compound interest).
@@glidershower He made his money through value investing based on the work of Benjamin Graham - read his book "The Intelligent Investor" and it'll tell you all about Buffet's strategy. It's not complicated and it actually works pretty well for small investors. People don't follow it because it doesn't promise huge annual returns like a lot of high risk or outright fraudulent get-rich-quick strategies.
Warren doesn’t realize that the advice he gave decades ago at commencement speeches, and still gives today of “Make your boss or employer look good” spawned a generation of psychos who ran around yelling at subordinates: “It’s your job to make me look good!”
Good investigative journalism. Integrity matters! I shared it. Keep up the great work 👍
Damn the last time I was this early Enron stocks were flying
Thats what she said
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!
@@daruneekutjana5527
Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!
@@doodee2392Things you can invest In
Real estate
Stock Crypto
Bonds
Bitcoin
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@@daruneekutjana5527
Please Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my portfolio and plan my retirement.
Robert is the creation of the Amway Corporation. He only became a best seller because he was placed onto the Amway Book list.
My dad gave me this book after getting it via Amways “book of the month”
Funnily enough, I did have a friend's dad loan us the book Rich Dad Poor Dad, and since we were teenagers, he really did just use it as a way to teach us about the basic ideas of not spending money you don't have, accumulating assets vs liabilities, etc.
That’s the common sense these people don’t wanna see “the book didn’t tell me what to do” what exactly ? It’s about mindset it’s not called real estate dad , at 17 that book changed me
His advice IS better than what most kids will hear in school.
IF you feel the need to become significantly richer than average, that is.
Incredible, he basically said that it's impossible to become rich without exploiting people as if that's not an absolutely reprehensible idea
That much is basically correct but he's just not being honest on realistic ways to get to that position of living off of other peoples labor
Yeah he tell people to get debt and buy property, that idea make property unreacable for gen z now, the price skyrocketed
I'm grateful for him having said it. It allowed me to stop seeking wealth if it required exploitation.
I will say calling the men that build and sustain your nation losers is a bold strategy. Let's see how it works out Cotton.
But that is the only way to be "rich", whether people give you their work 'voluntarily' or through theft, it is impossible to accumulate any serious amount of wealth exclusively with self effort. Do you think Elon Musk or Jeff Bezos got rich by building and selling cars/rockets/merchandise from scratch solo mode? So, yes, you're right, don't make it your life goal to be rich or accumulate wealth as that guarantees entails exploiting of others @@thealkymyst
Not really what he said
I read this book about 20 years ago. No, it doesn’t explain the exact steps to become rich. It gives examples and ideas, and then it is up to the reader to think outside of the box. If you can’t think outside of the box and can only understand exact instructions as they are spelled out for you, then you will probably never become rich. I have been self-employed for over a decade and I don’t consider myself rich, but I have never worried about money and I don’t mind doing my job because it’s something that I enjoy, so it doesn’t even feel like work. I always kept thoughts of this book as I worked in an office for those first 10 years, making decisions to reach my long term goals. This book should help you think of ways to get out of the rut your life is stuck in, but it’s up to the reader to make it happen.
So basically you don't need a book to become rich,you just have to think outside the box
Can't believe it bro. You actually blew up. Congrats bro
Thanks man 😀
I'm surprised the negativity on this book. This book inspired me to start a club with like minded people. From this club we found an investor and started a cafe with none of our own money. I moved abroad to another country but my original partners sold the cafe a few years later and bought houses with cash and then each started their own companies after that.
@@DevineOne Yep. You got educated and then took action. But the pessimists would probably say you got lucky.
Exactly people always want to find things to complain about.
The equivalent example from the video would be you reading the fitness book by Michael Phelps, the book telling you that it's good to drink water, you drinking water, and then you becoming a successful athlete.
You are attributing your own hard work and success to this book when, really, any book teaching basic financial lessons would have gotten you to the same place. Except you also have to sift through the BS in the rich dad poor dad to find the actual advice.
@@skillfulfighter23 I agree there is a lot of BS in the book. However, it was the book that inspired me and taught me about finance. Assets and liabilities. The club I started was by advertising on Rich Dads website of others who would like to meet up. We did discuss other books like Success Principles etc and it started out as sharing lessons from books that we have read Each person would stand up and teach 1 lesson. It started in my house but as it grew we then went to cafe's and said if we bring a large group to your cafe on Sunday would you be willing to give us a percentage of the drinks. We then met another person who read Rich Dad Poor Dad who had opened 2 businesses already. It was him who we put together a plan and asked him for the capital to open our own cafe for a 51/49 split. The 51 percent was between 3 of us and the other the investor.
@skillfulfighter23 What is the BS though? This video claims the advice about taking on debt is bad but the book explains the difference between good debt and bad debt as well as how to use debt.
The first book has one good remark in it: You should spend money on things that actually make you rich, not on things that make you FEEL rich, like a fancy car. Other than that though...
That advice fits in a comment that costed no money to read.
Oh man, fell for this. Then when we went to the paid 3 day funnel that tried to get you to dump $50k into a real estate grift. After a weird interaction at the “event”, we looked up the speaker. She had a linked in account where her career was listed. Shocker, she was not a real estate investor, she was a hypnotherapist. I’m glad my wife is smarter than I am.
It is easy to want to believe promises when we feel anxious about the future and seek relief from the emotional burden.
Read his rubbish book when was in Class 8 and took everything he said by heart. Became some idiot personal finance book nerd and wasted my time in thinking how can I make ₹100 crores (₹ because I'm an Indian). Now I've come out of all the personal finance and self help bullshit.
Welcome back, mate.
Same thing happened to me. Self help books are nonsense
You never actually made any money?
I am also Indian and similar thing happened to me. I wouldn't say his book is complete bullshit but it's really not applicable in most situations
If you can't make any money, the problem is you. Reading his books make me having so many business ideas right now. Btw we can't read a book and then get rich, we need action.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Honestly our government has no idea how people are suffering these days. I much feel sorry for the disabled people who don’t get the help they deserve
I’m looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you thing I should be buying?
Bitcoin/stock investment but you will need a professional help on that
She's active on face book @
Kate Mellon Bruce
From the first time I saw these "authors" i realized that they were making money by selling books about ideas and not actually succeeding in a constructive way.
Kinda like my ex. These people are just con men.
My Grandfather had a grammar school education. Was a junk man, a taxi driver before UBER, and sold sandwiches to the people he drove to work from butcher shop cuttings. He then discovered , from advice from some of the lawyer s he drove to work how to buy houses on tax leans, turned then into apartment houses and made millions starting back in the 1929 depression. By 1970's he started selling off his property to gain more money.
In a sense he leveraged the housing market as cheaply as possible. He was an amazing guy. Hard working, shrewd and very clever.
I'm calling this new genre 'Financial Fiction'
I had a little success in my business without much knowledge in Finance. His Rich Dad Poor Dad got me interested into educating myself further into passive income and investments. Apart from that, my biggest takeaway from his book is reassuring my spending habbits and values that I already have. You might say it's just confirmation bias but it served me well.
I'm not trying to defend him because he did say a lot of ridiculous stuff. It's just up to you to pick the ones valueable. I think people are making mistakes for treating his words like the Bible. Everyone's situation is unique and there's certainly no one-fits-all solution to everyone's financial goals.
I’ve had this book recommended to me most of my life. I flipped through it once and I think I put it down for good when it started talking about visualisation and positive thinking. I had no idea about any of this. Feels like I got narrowly missed by a train, damn.
As the video mentions, the book has some good advise mixed with some terrible advise, so even if you would have read it, it doesn't follow that you would have believed all the bs parts. Some people even gets something good from it.
One of my favorite lines of any show is Always Sunny when Mac is painting a chair for Frank and asks him why he's even doing it in a moment of clarity - to which Frank says "I manipulated you" and Mac gets excited and asks him to teach him how to do that, and Frank says "sure, finish painting that chair and I will"
No free lunch people
I remember my uncle recommending this book. I read it and thought how can you be proud of taking peoples money and losing it. Changed my life just not in the way the book suggested
the book is good, it teaches you against boomer mentality of working for others as best scenario.
I read it when I was 7. It took me ages, because I got bored very quickly, but I got through it. My father is very interested in this stuff, though thankfully he never paid to attend a conference or anything. We had Cashflow, Cashflow for Kids and a couple other similar games I don't remember. When I was that little, I was a very avid reader and wanted to read anything and everything I could get my hands on. I do actually remember it being somewhat digestible to my 7yo brain, and that's not a compliment towards me or the book. It was eye-opening to grow up, half forget about it and then see a video like this.
I specifically remember one scene in it where the rich dad is offering them higher and higher wages but the point is that they should refuse no matter what, so they own their own businesses and don't get trapped in the rat race. Now and even at the time, I think that's a kind of silly idea. People need money to start businesses and one job isn't necessarily one's whole life. If you find a high paying temporary job, and it works, go for it.
The assets vs liabilities stuff was very easy to understand and yeah, from what I remember, 4:55 sums it up very well. My point is, it's mostly just stuff a 7yo can understand. Keep green high and red low to make money. It's a very, very individualistic perspective that seeks to sell a single solution to struggling people (damn, that alliteration). It misses the obvious point that not everyone can afford to start a business and there always need to be employees.
Edit: Wow, the MLM stuff is very depressing. Of course. Thankfully my father has never gotten involved with them, he always had a relatively high-paying, stable job, but it was tough. He wanted to get into investing but he did have the foresight as to the risks.
I bought the course on DVD at a yard sale for $5.00. It changed my life. But I wouldn't spend too much more than that because I got what I needed from that course😂😂
Smart. Lol.
There's also a guy lying about the value of gold. Every year he sells a book that simply gives the same argument updated to new lies about the current economic economy
What peter schiff?
Let me guess you believe in the power of bitcoin over gold..
@@Micfri300BTC beats gold. Let me know when gold hits 91k and ounce. Honestly go and make 1 BTC and show us all how easy it is.
@Micfri300 gold is an industrial commodity, bitcoin is a pyramid scheme
@@Micfri300 I don't own any
@@samsonsoturian6013 sure you don't
MBA here. His first good is a decent introduction to the world of personal finance, and the idea of putting your money to work. However, a lot of the advice he gives in that book is morally questionable, and sometimes straight up illegal. He also has an MLM sales pitch baked into the book, which I find both impressive and disgusting…preying on the financially vulnerable is incredibly evil in my opinion.
Really enjoyed your last three videos and clicked on this one excitedly but it justs din't hit the spot as much. Looking forward to the next one :D
It was a little bit different but I will keep it in mind. Thanks for the constructive feedback either way!
@@Micro-Econ-YT Hello creator, I liked this video. I'll go watch your other ones. Thanks for the good work you are doing as our world gets increasingly filled with grifters. Most democratic countries around the world, including mine, are now run by grifters. Love from India.
Robert Kiyosaki's advice is solid 🤷♂️
If the housing market crashes, your tenants will keep paying you the same amount of rent 🤷♂️
Till they stop paying and you need a lawyer to get them out
@familylifetoo9541 Yeah evicting sucks. I've done it once. But it's still worth it to have my 4-plex.
Renting out isn’t always that simple.
I checked out RDPD out of the library and only made it to chapter 3. It was complete rubbish.
He's one of those people who is never rich enough. He could have lived very comfortably off the revenue from Rich Dad, Poor Dad by putting that money into basic investments and lived off that money forever but there is a deep down insecurity that no matter what, it's never enough.
IMO it's 98% the finance version of bro talk with 5 pages of questionable financial advice.
Always run away from rich people who sell books about getting rich. They make their money precisely by selling books and not what they're preaching.
“Don’t Live Below Your Means” at 6:17 bothers me so much
Bacause?
Amazingly well produced video, congrats! Dropping a line here as this channel is still sub 30k followers - I hope you crush it in the future!
Thanks for another considered and well argued video. Really excellent video quality, definitely will gain more attention!
Nice that he considers employees that will be needed to run said businesses suckers
Reminds me of art career youtubers. Funny thing is that some of his basic advice has saved my life and I learned it when a classmate tried to recruit me into Amway. Of course I immediately realised it's something like a pyramid scheme.
His idea that what you do for a living is your job, and what you do with your earnings is your career, is spot on.
I wish I saw this a couple of years before I quit the MLM I was in
Main thing is that you wised up and quit. A lot of people double-down and keep going even when they're losing tons of money.
@@RogerCaplan That's exactly what I did. -.- The thing about being in a cult is that you don't know that you're in it until you get out of it.
He explained things based on his context but the core of message is learn and educate yourself about money. Take a proactive approach and yes sieve through what doesn't work for you. All in all, the work is up to you, he just sets the fire.
Just found your channel. Excellent production and content. Keep up the great work.
He was a great starting point for me to take my personal finances seriously. One thing lead to another and I have gained good knowledge through multiple connected sources. It’s easy to hate on people but some points he made in rich dad poor dad will definitely motivate you to look at money differently. I’ll thank him for this. Don’t care about the rest.
Micro (this video's creator) is simply piggy backing on fame.
This may all be true, but I have to say - reading Rich Dad, Poor Dad was instrumental in causing me to have a profound change in how I viewed money, and solidified the importance of investing and the power of compound interest.
Where do you get compound interest today????????? Where do you get an interest rate above 2%. OUTDATED!!!
@@rrickarr Ok, 'interest' may not have conveyed my thought accurately. ROI is more accurate. Steady investment when starting early and consistently is something that is not taught enough to our youth.
@@rrickarr Um....US Treasuries pay 4.5%
One decade ago I was graduated from college, took salesman for tech product for 6 month before I quit due toxic of workplace mate. Decided become NEET and cynic for another couple months till I had enough. So my parent own little small cake business and I wanted improved my life with financial future. So I bought his book and get new his surface ideas on how money and investing. The thing is I live in 3rd world country where people around me just live their live paycheck by paycheck or even they just work for a day. Its amazing idea for someone who never learn financial stuff in school nor in college and for me the book helping me to shape my mindset to be careful with money and run the business. Its long story but fast forward, the book is still in my book shelf where I own medium store cake business with do well. No debt, not so much work and still want to improve my self by reading other book.
Rich dad old dad is basically teaching people to borrowing a sht load of money from the bank and try to make money to pay back this debt
I never thought about the details you've mentioned and I don't care.
For someone like me who has no idea of the financial world, his book changed my mind about money.
I think the book is a way to change your perspective about money and I think the target audience of the book is the people like me who has no idea about the financial world.
He did have good points. It might be self explanatory to you, but for others it is something to learn. I enjoyed his content for the most part, until he started posting "the stock market will collapse in 90 days" videos all the time. That got old way too quick.
Just remember one thing folks, if Robert Kiyosaki doesn't make more money selling his investment books and seminars than from his real estate businesses that he claimed he had, he won't do it. It's just common sense 101.
I followed his advice and now own company with 27 poeple working for me. Without him I dont think I would have had the courage to do it.
What kind of company is it? I'd like to learn more because I've also read their book and have started planning my own future. However, since there is no one around me with experience in entrepreneurship, I'm particularly interested in it.
Yup, a recurring theme was leveraging liability to keep growing wealth without risking your existing assets, by saving up a lump sum and leveraging that against a new purchase. Letting the property pay for itself or the bank reclaim it if not profitable. There were also other tips and tricks on how to stay profitable or use the financial mechanisms to float that asset until it broke even. This is actually the basis of why fiat currency exists with the key being to know your risk and know how to ensure it doesn't flop. So you have to know the taxes, the legislation, the government incentives and look at it all as a crowbar to widen that gold stream. It is not in any way a get rich scheme, more like two hunters sitting down " look over there, there's money over there, now what you have to do is ...." but the nature of the hunt always changes so you got to do your due diligence.
You know what??? An experienced man comes out and speaks the truth, people love him for being open about it... They connect with him, follow his advice(cuz they don't know any better, they don't have his experience and his intelligence) he's no 1 until the stuff he talks about doesn't work for his followers... Then they crucify him... Call him a fraud, then try to defraud him calling him a scam artist, Just cuz it worked for him and didn't work for the rest.
Except he's not experienced. Name me one business he ever succeeded in before getting into the seminars/books business. The man is fraud through and through
It's been a long time since I read a Rich Dad book, but 25 years ago when I first read his stuff, it left an impression on me, and I think about it a lot. Specifically, the tax advantages of being a business owner.
I think his simple plan is to sell tons of books and seminars and use the money to buy every piece of Real Estate he can. Rent them out and dominate the housing industry. I heard him claim to own 6500 properties. That's ridiculous.
perfectly said. Up to now there's TONS of ppl who adore this man and have his book on their desk. i just last week talked to a guy who hated on me for calling out Robert and the funny thing is that no one who follows him actually gets anywhere. Look closely and you'll see that.
Actual financial stuff is indeed boring and also can be tough to incorporate into a business (i know all about this) and it's not what any1 really wants to sit down and do. Hell even i dont like doing it. Your video really spoke truth about this matter and Robert up to now is praised all based on half truths. He is 'right' in terms of ppl not being taught financial literacy. I learned the basics AT AGE 40!! lol - But he takes that point to get you into his trap.
Well done on your video sir - thank you for speaking out. I just had to comment I've talked to so many who applaud this man yet as for actual wisdom and actual results or anything to do with real money improvement in their life... there is none.
Fraud? This man changed my life. Gave me hope. Gave me confidence to go out and build a small real estate empire that has made me a millionaire multiple times over. He sold the dream. I executed on it.
They are making those videos because of Robert supports Trump.
Good for you Chuck! Some people don't know how to do anything but complain.
i was a failure in college but after i read some of his books and followed his advice, i became a successful real estate investor to some degree. i now own nine residential and sixteen commercial units of properties and still focusing on growing and expanding my real estate business.
Rich Dad, Poor Dad got me into personal finance. I've read many books after Robert Kiyosaki's book. I didn't read anything else by him, but I always mention him as a fantastic start for learning personal science.
This book and his cashflow game has changed my financial life, my children’s life (which are all financially successful) and the lives of many people around me. He didn’t teach me how to get rich he taught me how to THINK about finance broadly so I could make my own decisions. It’s more of a framework than a blueprint and he was a blessing to me.
Good luck keeping it in the crisis that's coming.
I've read his book a few times over. I have benefited from it. It all depends on how suseptable you are.
He preaches financial freedom tells you how to attain it.
I have also read dozens of other books around phycology, sucess,social studies and finance.
Rich dad poor Dad is a good book to start with.