Rich Dad Poor Dad
A Study of “Rich Dad, Poor Dad”, by Robert Kiyosaki
Summary of Rich Dad, Poor Dad
Rich Dad, Poor Dad written by Robert Kiyosaki is a story of Robert as a youth learning about monetary lifestyles. Kiyosaki had two fathers, his biological and his best friends, each taught him different things as far as how important money is and what he should do with money when he gets it. This book teaches about wealth, which does not necessarily mean rich; you can be wealthy with assets and investments not just money. Kiyosakis rich dad said, let money work for you, dont work for money.
The book Rich Dad, Poor Dad began with Robert Kiyosaki describing his youth with his two fathers. Kiyosaki had one rich dad and one poor dad, one was highly educated and one dropped out of high school, one was his real father and one was his best friends father. Kiyosakis real dad was the one that was highly educated with a Ph.D., he was the poor one also, and his other dad (his best friends father) had dropped out of high school, became one of the richest men in Hawaii. Both wanted their sons to receive a good education and get a profitable job after college. But, the poor dad saw a profitable job as one his son could work for and have good benefits to be stable in the future. His rich dad saw a profitable job as one Kiyosaki could own, to invest his profits and have assets, not liabilities.
Kiyosakis poor dad wanted the best for his son but his way was the traditional go to school, get a good job to pay bills, and rely on social security for retirement. This way resulted in the poor dad staying poor, paying bills constantly and dying with debt. Kiyosaki realized the track he was on at a young age, so he and his best friend went to his best friends dad (his rich dad) to learn six lessons (below are the six lessons, with major quotes from rich dad) to becoming financially wealthy. The first lesson was The Rich Dont Work for Money this focuses on how he was taught to spend money. If schools taught people about money, there should be more money and lower prices, but schools focus only on teaching people to work for money, not how to harness moneys power. The second Why Teach Financial Literacy, teaches : The rich buy assets. The poor only have expenses. The middle class busy liabilities they think are assets. The third Mind Your Own Business, focuses on business. Keep your daytime job, be a great hard-working employee, but keep building that asset column. The fourth The History of Taxes and the Power of Corporations, emphasizes the reason the middle class is so heavily taxed is because of the Robin Hood ideal. The real reality is that the rich are not taxed. Its the middle class that pays for the poor. The fifth The Rich Invest Money, states, Most people work hard and save money, but people need to invest in assets instead of letting money sit and only gain little interest. The sixth Work to Learn- Dont Work for Money reveals in order to have money you need to give money. To be truly rich, we need to be able to give as well as to receive. In cases of financial or professional struggle, there is often a lack of giving and receiving.
When it comes down to it his rich dad taught Kiyosaki how to be financially literate, how to have assets not liabilities, and that money would not solve financial problems. Financial problems are caused by poor cash flow management, which poor dad had but he felt that money was the answer to all problems. More money leads to higher taxes, greater liabilities and lavish spending, which could lead to debt if not properly invested or spent wisely on assets.
This book pertains to class because it teaches about wealth and financial literacy, which are Issues of Life. If these are not learned a child entering adulthood will have a greater chance of entering debt and struggling through life. Money makes the world go round, if you dont invest or gain assets your ignorant.
Review of St. Luke Themes As Portrayed By Ben Younger in His Film, Boiler Room
Well this is it. The final project for our little reader’s circle is here. And wow is the topic wide open. Basically anything is fair game. It took me a while to think of something interesting and it finally came to me during finals week. I decided to write a paper on how Lucan themes can really be seen anywhere. Not just the confines of religious texts and mass, but in the everyday events we go through. I was one of those students who, in the beginning of the year, stated that I truly saw no religious connection in the books I had recently read. At that point I remember the latest book I had read was Rich Dad, Poor Dad, by Robert T. Kiyosaki. It is a great book, but where was the religion in it? I had thought. But one thing this course taught me is that even where you would least expect it (what do you know a Lucan theme), we can see religious concepts and references. I started reading another book by Kiyosaki, Retire Young, Retire Rich, and in that book he made a reference to the first one. In that he recalls a story that his rich dad once told him as a boy. The story so closely resembled that of the parable of the dishonest steward. I was amazed. Before taking this course I had never had any real knowledge of the gospel according to Luke. As I read that parable I quickly made the connection and was stunned. It was hard to believe that even a financial book had made almost a direct relation with the gospel. After that, I started noticing in movies, other books I had read, and just everyday occurrences, that religion honestly could permeate all facets of my life, as I knew it. And I was amazed, because just a few short months ago I had a totally different opinion on the relation of religion to my life. Like I said before, I thought that was something left for mass or religious scripts. So one thing I am taking away from this course is a changed outlook upon religion in my life.
To move along, what my paper is actually all about is a correlation between something in my life that I would not ordinarily associate with religion, and how it ties into a religious context. Kind of like a before and after. Before this course I would have never made the connection, but now afterwards, I can, and in a place I would have never expected. I am going to take one of my favorite movies, Boiler Room, and associate it with some of the Lucan themes from class. I’m not sure if you have ever seen this movie so I’m going to include it for you to see at your leisure, or if you have seen it then oh well. Now I know that to relate this two things is pretty far-fetched, but it was interesting and I believe there actually are some good links between the two.
The first and best resemblance is that between Seth and his father, and the prodigal son story. Throughout the whole movie basically, we see Seth squandering his youth on actions that will most likely get him in trouble. Now his dad is a judge and therefore cannot tolerate this behavior. He tells Seth to leave. However he gets the new job at J.T. Marlin and his dad is waiting right there to take him back. But this turns out to be another scam and his dad is really angry and never wants to see Seth again. And just when you think he will never speak to Seth again, he does. When Seth is in the most trouble and truly needs his dad to help him fund the I.P.O. for Harry, his dad shows unconditional faith and love in Seth. That is one of the Lucan themes as well, that forgiveness is never too late and available all the time.
The next Lucan theme I noticed was salvation for all. Now this one might be a stretch but I feel this applies to Seth. The movie paints a pretty bleak future for those working at J.T. Marlin, but for Seth it does not. Even though he has screwed up many times, he dropped out of college, ran an illegal casino, and was taking people’s life savings from them at the brokerage firm, in the end you just feel like he’s going to be alright. And at the very end as he states, “I gotta get a job,” I felt like this kid has realized he’s made some mistakes and he’s now ready to live differently. Not out to make a quick buck off of someone else, but ready to make an honest living and work hard and just overall be a better person.
The third theme that is visible is that there is a journey that Seth goes through which changes him and at the end he will be judged. Obviously Seth has gone through a journey here. He was in college, ran his own casino, then joined J.T. Marlin, and in the middle had many family struggles and various different incidents with the guys. In the beginning he was easily persuaded, essentially by the dollar. But by the end I think that he shied away from that and wanted to become more of a family man. Now that he had his dad’s acceptance he realizes that is more important to him than anything else. And in the end he will be judged. He is judged by the F.B.I. after the sting operation, he’s judged by his dad, and he judges himself. In the end, he is changed and I think for the better. Also, with that I can include the theme that the past shapes the persons present and future. Including the above, also when we see things like Seth’s interaction with his dad recalling the biking accident, all the times Seth had felt inferior due to his father, we see that that is one of the main factors in his pursuit of everything in life; his fathers praise and acceptance.
Another theme I think can be tackled is you find things where you’d least expect them. We see Jews, Italians, and even the Irish, all getting along and working towards a common goal; making money. Another event is, just when his father loses faith in him, out of the clear blue sky, Greg shows up at his casino and makes Seth an offer to a respectable and lucrative job. Another thing that comes without being suspected is Abbie and Seth’s relationship. They have a good thing going here and it is surprising she never tells him that the Fed’s are onto him. As close as they’ve gotten I would have expected her to. And lastly, once again, how his father takes him back and helps him when you thought he never would again. I know this one is also a stretch.
The last theme I will attempt to relate it to is the experience of Jesus is accessible. In one way that I can see a Jesus parallel is in the end. It seems as though Seth is being crucified for others sins. Yes he has sinned but in the end, it was the wrong doing of Michael’s company, J.T. Marlin, which he is going down for. When he truly got into this job thinking it was legitimate. Also, as they try to bring down his father, he will not stand for it and sacrifices himself, saying it’s worth it to have him go to jail than to have anything happen to his father. That was a noble act that would be something Jesus would have done. Add to this the forgiveness, and the salvation aspects I tried to bring up earlier and I can see a slight resemblance to Jesus.
Now also, with this movie, I not only saw its ties to the Lucan themes, but also I saw similarities with Boiler Room and the books we’ve read in class. One is the overtone of violence. We see the guys in the bar brawling needlessly and actually enjoying it. That can be seen in The Lord of the Flies. Next is how in the end the father is almost searching for Seth as he calls him up and says he will do the deal. This reminded me a little bit of Atticus, and the father’s search for his son.
This just goes to show a few of the things I have picked up in this course. Before I couldn’t see one religious theme in hardly anything. Now I can spot them everywhere and anywhere. Even in this movie, which, before this class, if you told me had any likeness to a religious theme, I would have never believed it. Also, let me say that at some points yes it is a little far-fetched and tough to make these comparisons between the two works. I think that this was a difficult movie to match up to the religious framework or our class but it was an interesting experiment to see how I could apply these themes to something I felt honestly had no direct correlation. So while my analysis may not be outstanding, I feel that it did work and with that I was somewhat pleasantly surprised.
Entrepreneurship as Described in Robert Kiyosaki’s, “Rich Dad, Poor Dad”, And Blake Mycoskie’s, Start Something That Matters
What does rich mean? Everyone says that they want to be rich but what does that mean? Does everyone just want lots of money or do they want to have everything they need? The meaning of rich changes with every person because everyone has different values. A person in the city might think rich is a penthouse apartment while someone living in a rural area might think having ten donkeys makes them rich. In Kiyosaki’s book Rich Dad Poor Dad he talks about how if your assets make you enough money to cover your liabilities then you don’t need to worry about a job, so that could be a way someone could feel that they were wealthy. Yet, in Mycoskie’s Start Something That Matters he describes how amazing it is to give back to people so that could be another form of being wealthy. Even though the authors had two very different ways of making money and different ideas about certain aspects of business, they both became prosperous entrepreneurs.
One of the things that Kiyosaki and Mycoskie both mentioned in their books was that you should always give back to others. This directly disagrees with Milton Friedman who says that “the only social responsibility a business has is increasing its profits”. Milton Friedman may have had a different approach then these two men because according to econlib.org he has a strong background in economics with a PHD and a nobel price, but not much experience or education on entrepreneurial ways of making money. Kiyosaki focuses on financial literacy but often mentions the importance of the social responsibilities and how even if you don’t have much, you should still give back. Mycoskie knew the importance of social responsibility from the beginning of his story and in the making of TOMS. I think Kiyosaki and Mycoskie would both disagree with Milton Friedman’s ethics and agree with each other that there needs to be much more than profit in business.
Being rich is what everyone wants to do but they always try to make more money doing there career and not by working in other ways. Learning to do multiple things instead of just your career is one of the things that Kiyosaki suggest to do in his lessons, so if you decide to do this then making money might be easier. If you don’t know how to do things like sell or market then it’s going to be very difficult to sell or branch out a product or idea. Kiyosaki also mentions overcoming obstacles in his book, if you run into an obstacle and you decide to move past it then you will become a much stronger person in business and you won’t regret quitting when things get tough. If you learn to overcome problems that face you in business then it’ll make it easier to be wealthy.
Kiyosaki’s key concept in his book is the idea of financial literacy, or having money work for you. It’s very eye opening to read about this idea that instead of working for your money that it can work for you instead. If you learn to invest in your assets and make them grow in things like investments and stocks, then you can choose to work or not because your assets will be able to cover your liabilities. It’s very interesting to learn about the way Kiyosaki handles money after growing up with surrounded by the lower class who always say go to school and get a good job, whereas Kiyosaki says that the most important education is financial intelligence. Mycoskie’s whole book is about starting something that will give back to others and that you believe in what you’re doing. When Kiyosaki talks about getting started he mentions to find a reason beyond reality to work towards, using your emotions so that you can believe in what you’re doing. Something else in Kiyosaki’s getting started is that you should be an Indian giver which is exactly what Mycoskie does with TOMS, you give without expect to receive anything back in return.
A business with a component of giving is a big part of Mycoskie’s book and in his work with TOMS. There are different reasons to give back and many ways to do it. There are things that I learned from Mycoskie that I would use to have a business that gives back. Things like BOGO where every time someone buys something then the business gives something to someone in need, or when someone buys something and a percentage of the price is given to charity are things that many business already do that are mentioned and that I would do to give back. Something else I would do would be to work in the community and build new things because if you do things for the community, then the community will recognize you as a person worth helping and might even buy your product or tell someone about your product and by word of mouth you will make more sales than you might normally. It will also help you network in your field of business and market your product because people higher up than you or people that can help you do better might see what you are doing and decide you could be an asset to them and their business. Since there are many different ways to give back and it’s fairly simple, I feel like every business should do it because not only will it help them grow socially but also financially.
The most important thing I have learned about success from these two books is that you should always give back. Giving back to others can not only make you and others feel better but make you more successful and wealthy. If you give back to others than others will want to support you and buy your products. It’s easier to be passionate about what you’re doing if there is a good story and reason behind why you are doing what you are doing. If you’re passionate about it than there’s a good chance that other people will be passionate about it also and decide to help you make your product better. Giving back in these books is very important and I fully agree with that and think more people should. As long as you are giving back and helping others then it doesn’t matter what you’re trying to sell or the type business because you and other people will be invested into it and it won’t feel like just a job.