Why "A" Students Work for "C" Students and Why "B" Students Work for the Government. Robert T. Kiyosaki
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to repeat it.”
Studying Subjects “A” Students Don’t Study
In 1973, I informed my dad I was leaving the military service. He was disappointed because he wanted me to stay in the military for the retirement and medical benefits. Counting my time at the military academy, I had 10 years accrued toward retirement. I only had 10 more to go.
When I nixed that idea, my poor dad suggested I fly for the airlines, as many of my fellow Marine pilots were doing. When I told him I was through flying, he finally suggested I go back to school, get my Masters Degree, possibly my PhD, and climb the corporate ladder.
I loved my dad dearly, but he was suggesting I do what he had done, follow in his footsteps… proving, once again, that we repeat mistakes if we do not learn from them.
And while I loved my dad, I did not want to make the same mistakes he had made.
If I had followed my poor dad’s advice, I might be like him today… a highly educated but poor 60+-year-old, hoping my savings, pension, Social Security, and Medicare would take care of me.
In 1973, I decided to follow in my rich dad’s footsteps. I began by studying subjects my poor dad had never studied.
This book is about the subjects I studied and the courses most people do not study, including “A” students. There is a big pay-off for studying subjects “A” students do not study.
In 1997, the book Rich Dad Poor Dad was self-published because every publisher we offered it to turned it down. As you might expect, most publishers are “A” students, like my poor dad. Most publishers sent me rejection letters stating, “We are not interested in your book at this time.” A few more honest publishers stated, “You do not know what you are writing about.” Or, “Your ideas are ridiculous.”
“Your House Is Not an Asset”
Rich Dad Poor Dad was harshly criticized due to statements such as “Your house is not an asset.” Ten years later, in 2007, millions of homeowners all over the world found out the hard way that their home was not an asset. As property values plummeted all over the world, millions were pushed into bankruptcy experiencing firsthand that their home could be a giant liability.
“Savers Are Losers”
I have also been harshly criticized for saying, “Savers are losers.” Today, millions of people are aware that the central banks of the world, banks such as the Federal Reserve Bank in the United States, are printing trillions of dollars contributing to the destruction of the purchasing power of people’s savings.
After the crash of 2007, banks lowered interest rates on savings. Before the crash, many savers lived off the interest on their savings. Today, millions of savers are living on their savings.
In the year 2000, the price of gold was less than $300 an ounce. Today, gold is over $1,500 an ounce, which is yet another reflection of the loss in the purchasing power of the dollar. At the same time, banks are paying less than 2 percent interest on savings while inflation runs at 5 percent… although the government claims there is no inflation. That is why “Savers are losers.” It’s simple math: $1,500 for an ounce of gold is greater than $300 an ounce. Inflation at 5 percent is greater than 2 percent interest on your savings. You do not need algebra or calculus to figure out that “savers are losers.”
“Debt Is Good”
Most financial pundits recommend that people “Get out of debt.” To me, that shows a lack of financial education.
The fact is that there is good debt as well as bad debt. Simply stated, “Good debt can make you richer and bad debt makes you poorer.” Unfortunately, most people only know bad debt, the money they borrow to acquire liabilities versus assets.
“Taxes Make the Rich Richer”
Not only does good debt make you richer, good debt can also reduce what you pay in taxes. Learning to leverage good debt and understanding its ability to lower a person’s taxes makes a good case for the importance of financial education.
Since taxes are the number one expense for most people, doesn’t it seem odd that taxes are not a subject taught in most schools? In this book, you will learn who pays the least in taxes—and why. And this will offer another point of view on why President Obama paid taxes of 20.5 percent on $3 million of income and Mitt Romney paid taxes of 14 percent on $21 million.
Oprah Called
In the year 2000, Rich Dad Poor Dad made the New York Times Best Sellers list, the only self-published book on the list at the time. Then Oprah Winfrey called. I went on her television show and the “Oprah effect” took over.
Rich Dad Poor Dad has become the number one personal finance book of all time. It was on the New York Times Best Sellers list for over six years. To date, it has sold over 30 million copies worldwide, has been published in 53 languages and is available in 109 countries.
The irony is, I failed English twice in high school. I failed because I could not write, could not spell, and because the teacher did not agree with what I was writing.
I mention all this not to brag or toot my own horn. People from around the world have told me that Rich Dad Poor Dad speaks to them, resonates with them. The book has struck a chord with people around the world who know that there are voids in their education—especially related to money. I’ve also been told that one of my gifts is the ability to take complex ideas and concepts and simplify them. That’s what I did in Rich Dad Poor Dad and that’s my goal in writing this book for parents.
An important part of this book is the Action Steps for Parents that you’ll find at the end of every chapter. They were created to give you tips, tools, and resources in taking the first steps to teaching your child about money.
Closing Thoughts
President Obama and former governor Mitt Romney are very smart men. Both appear to be good men. Both men received the very best in formal education, yet one made $3 million and paid 20.5 percent in taxes while the other made $21 million and paid only 14 percent in taxes.
The difference it seems is not what they learned in school, but what they were taught at home. In many ways, the story of Romney versus Obama is similar to the story of rich dad versus poor dad.
This book is written for parents who want their child to have the type of education most people do not receive, not even “A” students.
Action Step for Parents
Turn your home into a place of active learning.
Kids learn most by doing. Unfortunately, in most schools kids are expected to learn by sitting at a desk then coming home to sit (again) and do homework.
Create a WEN, a “Wealth Education Night.” Set aside one night a week or a month to be a time for active learning about money. Make it a family ritual. And make it fun.
Play games like Monopoly® or CASHFLOW® For Kids or CASHFLOW 101® and 202® and use the time playing and having fun. In the process, opportunities will present themselves to discuss age-appropriate, real-life money activities, challenges, and problems as they relate to the game. I encourage you to check out the Rich Dad online financial games and content for mobile devices.
That one night a week or month will serve as a foundation for a better life for your child, better family relationships, and a commitment to be a life-long learner.
Use this book for support and discussion material. Rich Dad also has a workbook and study guide, Awaken Your Child’s Financial Genius, that delivers more focused content as well as games, activities, and exercises. The good thing about money is that there is a lot of information out in the world. All a person or family needs to do is dedicate the time to absorb it. And learn to tell the difference between education and a sales