If you have visited my site for even a short time, you know that one of my favorite books is Rich Dad Poor Dad by Robert Kiyosaki. I gave it a 5-star- review, it has inspired cartoon strips, and I talk about it in many articles. Why do I like Rich Dad Poor Dad so much. It is not because it gives you a step by step plan to get rich (because it does not). Nope. Instead, it is filled with small nuggets of wisdom that you can use on your road to riches.
Rich Dad Poor Dad Advice
Let’s get to it. What is my favorite Rich Dad Poor Dad Advice? There are two pieces of advice.
- Don’t say “I can’t afford it”. Ask, “How can I afford it?” This is one of the most powerful vocabulary changes you can make in your life and in your kid’s lives. Let’s think about it for a second. If your 16 year old asks you, “Dad, can you buy me a car?” and your answer is “I can’t afford it,”, what does that teach your 16-year-old? First, that is the lazy answer. By answering this way, you mentally did a bank account assessment and then said no. Your brain barely did any work – it just shut down. Second, you missed an opportunity to help build problem solving skills with you kid. In, Rich Dad’s Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!, Kiyosaki tells a story about a kid like the one mentioned above. The dad gives his son $1,000 and an subscription to the Wall Street Journal and tells him that he needs to make enough money for the car. After a few missteps, the kid is successful and has put in more time studying investing than that Dad could have ever bought with $1,000. If you tell your kids, “We can’t afford it,” then you missed the opportunity to help your kid:
- Understand what something costs
- Learn how to budget
- Learn how to save and sacrifice
- Learn how to make money (not earn it)
There are many pieces of wisdom in Rich Dad Poor Dad and I will continue to write about them because they will help make you rich. Sign up for my mailing list and you will get notified when I write each of the articles.
What is your favorite Rich Dad Poor Dad advice? Share it with us in your comments section below.