Robert Kiyosaki: Is The ‘Rich Dad’ Giving Good Investing Advice??
What's up Fruitful Investors!
Are you looking for ways to grow your wealth and achieve financial freedom? If so, you'll want to pay attention to the wisdom of Robert Kiyosaki, the author of the bestselling book "Rich Dad, Poor Dad". In this book, Robert shares his personal story of growing up with two dads - his real father who was a highly educated government official, and his best friend's dad who was an entrepreneur and investor. Through his experiences with these two dads, Robert learned valuable lessons about money and investing that have helped him achieve financial freedom.
In this video, we'll be discussing five key takeaways from Robert's book that have helped us achieve our financial goals over the years.
Our first takeaway is to create assets to buy more assets. Robert believes that in order to create wealth, you need to create your own asset, and that you will never achieve financial freedom through a job. Once you have created an asset that provides cashflow, such as real estate, a business, or dividend stocks, you can use that money to reinvest into new assets and grow your wealth.
Our second takeaway is to use debt to grow. Many people think of debt as a bad thing, but Robert distinguishes between bad debt and good debt. Bad debt is consumer debt, like a new car or a fancy boat, that weakens your cashflow and makes you more dependent on your paycheque. Good debt, on the other hand, results in stronger cashflow and can be used to acquire income-generating assets like real estate, a business, or an Airbnb rental property. Robert advises using other people's money, like a bank loan or a partner's investment, to achieve better returns.
Our third takeaway is to maximize expenses and minimize income. This may sound counterintuitive, but Robert believes that you should minimize your personal income and maximize expenses that help excel your business, like hiring employees, learning, or investing in business materials. As Rich Dad puts it, if you are always scared of losing your money, you will eventually go broke. Cutting expenses and trying to max your income without risk will keep you poor and living frugally forever.
Our fourth takeaway is to acquire the 3 E's - education, experience, and excess cash. In order to become a successful investor, you need to have a sound understanding of business, including how your industry operates, the industry dynamics, and financial statements. You also need experience, which means trying things, failing, learning, and getting back up again. Once you have a solid education and experience, excess cash will come. This is where you can use the cashflow of your current business to invest in more assets.
Our fifth and final takeaway is to start today. Robert's Rich Dad made him start his first business as a part-time job, and he encourages others to do the same. Keep your normal job to keep food on the table at home, but put all extra money, energy, and time into your side business or investing. Don't wait until you have money saved up - start today. Remember, you only need to be right once.
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