Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $500K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Amy Desiree Irish is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Amy Desiree Irish is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
In my view, staying invested is not just a financial strategy; it's a philosophy that aligns with long-term wealth-building. Markets have their ups and downs, but history has shown that, over time, they tend to appreciate. By weathering the short-term fluctuations and remaining invested, one has the opportunity to benefit from the compounding effect, capitalize on market recoveries, and achieve financial growth. Staying invested requires patience, discipline, and a focus on the bigger picture - a strategy that, in the journey towards wealth, has proven to be consistently rewarding.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market
I have set aside $30k since the start of the year, but I've been hesitant to go into the market by myself because of fear of a crash. How about you recommend your financial advisor, please? I could really use some help.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amy Desiree Irish” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
if the idea is to build an income stream to use as complement for retirement, or at any given point if needed, then building a dividend growth portfolio always buying adding to it could be a good and peaceful path. On the long run consistency and perseverance could guaranty the desired income stream goal with little worries
the idea is to Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
Well said, with the help of the an investment advisor, I diversified my 62K portfolio across many markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you dont mind me asking? in dire need of asset allocation
I find this informative, curiously explored Vivian on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online , including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market
Wow! This is just mind-blowing. I have set aside $80k since the start of the year, but I've been hesitant to go into the market by myself because of fear of a crash. How about you recommend your financial advisor, please? I could really use some help.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
TLDR Rich Dad: Emphasizes the importance of financial education. Advocates for assets that generate passive income (investments, businesses). Believes in taking calculated risks to achieve wealth. Poor Dad: Focuses on traditional education and job security. Encourages working for a stable paycheck and saving money. Believes in avoiding risks and sticking to the conventional path. Key lessons: Invest in Assets: Acquire income-generating assets rather than liabilities. Mindset Shift: Develop a mindset geared toward financial independence and entrepreneurship. Financial Education: Continuously educate yourself about money and investing. Ultimately, the book encourages readers to challenge conventional beliefs about money, work towards financial literacy, and strive for financial independence.
The more knowledge you have about money, the more you make it work for you. You can have two people that make the same income but one be a saver and one be a spender.@HubertoMadalena-rz4xs
@@HubertoMadalena-rz4xs It's meant to give you a #mindset that will make you start investing so as to not work for money , but to make money work for you...
I read this book about 15 years ago. Many of the lessons are sound. I was living paycheck to paycheck. I now own a home with over half a million in equity. Do not constantly budget to make sure bills are going to be paid. I am an active stock trader. While the market was going red my account was running greener then ever. Take the time to learn as much as you can about money and how it works. I will not happen over night. Also some background, I am native american and grew up very poor. I did not have running water and had electricity via generator. you can do it, just one step at a time and belief in yourself.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.
I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.
Listening to this audio summary should go a long way for you to make your informed yet independent decision. Why don't you re-invest in properties so as to earn a periodic, consistent rental income? Robert Kiyosaki's company still trains. Thach Nguyen also does on real estate.
So I was watching this with my 8-year-old son beside me, suddenly at 5:15 he asked me, "Why do we have to live long? What's the point of living on this earth?"
You should live long to help others - many, many people, for a long, long time. To be able to help others, you need to get rich. To be able to get rich, you need to get educated.
Tell him We don't live long actually, if you compare any one moment to the rest of your life time, it seems long sure. Though should you compare the time of one's life to all the rest of time out side of that life.. that humans life happens faster than a moment
Earning money isn't a science , it's an objective... like going into a shop to get some shoes. Science tells you how to improve, like everything, and the right name for such science is Finance, which study exactly that. So finance it's a science that study all the possible ways of obtaining, managing and using money.
I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.
Most people either do not understand the power of compound interest, or are just impatient. For the average Joe, however, I think it is just best to invest in the S&P 500, and just wait, which is reliable, albeit extremely long-- lots of years. Or just use a professional analyst and speed up wealth creation. Most people underestimate the power of the latter.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
I'm actually interested in this idea of investing through an analyst. Sounds like the most sensible thing to do in the market right now. Could you give me a pointer to who you work with, please?
“Melissa Rose Francks’' 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.
*Good investment ideas will hold their value or increase in value for long time. This will allow you to exit at a good price. Short time investment's should have a high level of proper guide. Thanks to Mylah Evander the lady you recommended*
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to Alexandra marie
The advice in the video is excellent and true for an ambitious person. It was easier for me to get rich when i learnt the method of diversification for my investment portfolio. Like spread my investments across different asset classes to manage risk. I focused on capital appreciation through high-risk, high-reward assets. Income-oriented strategies target regular income from dividend stocks and bonds. Used the value strategy to seek out undervalued assets for potential long-term gains. Worked magic!
The crypto market has been unfavorable for months and i keep losing my money selling off during dips, i'm very scared of holding right now. how do you guys still make so much?
As a beginner investor, it's essential for you to have a mentor to keep you accountable . Myself I'm guided by Mrs Olivia Brown, a widely known crypto consultant
Crypto is a whole different ball park. I would only invest funds in it that you are willing to lose or don't need. In terms of day trading crypto I don't keep a eye on anything at the moment except XRP. Wouldn't be right guy for day trading crypto
Any RUclips video involving money/investing will be flooded with bot comments advertising "advisers" who scam people out of their life savings via "pig butchering" scams.
Where are u getting these $numbers? Or when is it suposrd to take place, in the 1920s??! 25cents an hour pay??! 10 cents to rent a comic?? 1 dollar a week to be be a librarian
I read halfway through this book, looked into Robert, saw a clip where he said "I don't like to write books, I write them because they create income" Immediately put RDPD back in the little free library I found it. I believe there is knowledge to be had in this book, but none of it is useful if your expenses outweigh your income, which is true for most Americans. I'm sure if you had a friend to lend you $2200 dollars, you wouldn't be poor. I'm sure it your rent wasn't $1600, you wouldn't be poor. I'm sure if you weren't homeless, you'd know that house is a liability. His works just seem very out of touch to how most people lead their lives. This is a book I'd recommend to a teenager to get a grasp of finance, but definitely not a guidelines to becoming rich. Thank you for uploading this, I was interested to know the rest of the book, but could not being myself to finish it.
Very very good point. Apparently this author didn't actually learn anything from rich dad, because the author hasn't created a successful business. His only business is peddling his book. That makes him no different than a fake youtube guru who only profits from peddling ideas that he didn't follow himself.
@@1lifeonearth your reply is my exact thoughts on the book, and why it has been promptly returned to the little free library near me! Sometimes, there's a reason a book ends up free.
I would also like to add to the content creator a thanks for doing this summary and creating this video. While my criticism of the book was overall negative, I wouldn't have been able to develop a matured opinion, of a half read book, without this video. The hard work on the summary and editing shows, I'm glad for that effort to be accessible for educational use.
The fact robert is a grifter doesnt change the fact this really is the steps for someone to be rich. But they do need a high enough paying job and the drive for more. Someone making barely enough to survive wont thrive on these ideas but someone making say $150k a year isn't rich and is still in the rat race especially if they let lifestyle creep catch them but could use these principals to go from being a $150k a year wage slave rat to rich and retired young
Rich people need poor people to do things for them. Rich people care less about humanity. Most people want enough money, but don’t want to be a rich person
Poor people don’t accept responsibility to own their own company. So this opinion of yours is invalid. Take out loans and start your own company to be rich.
For anyone who is confused with the math of the home purchase example: The video forgets to mention that the house is “worth 75k” but his actual purchase price was 20k with a 10% down payment (2k). This was because the economy was collapsing at the time. The new home buyer paid in cash for a ridiculous price of 60k thinking they got a nice discount from the original 75k evaluation, when Robert had an even bigger discount. He pays off the old loan of 20k from the 60k of the new buyer and keeps the 40k for himself.
It's called scalping, flipping or whatever they may call it now. Cars is a cheaper form that can get a foot in the door. Buy cheap sell high, but what you need is to be a peaple person type or natural sales ability . That and drive. Which all leads to a early death 🤔 from worry an stress otherwise you are just worked to death ...
uh sooo i still dont understand robert bought a house that cost 20k? but was worth 75k? wouldnt the seller know that and sell it at 75k or more? did he bargain it down to just 20k? how the hell did he sell it at the price of 60k when it was worth 20k cuz a house worth 75k wouldnt at all be sold at 20k
@@reaper_ballz buyers and sellers are not always well informed, but the main way to get a cheap deal is to find someone in distress. Maybe they cannot afford the payments and the house is losing them money because they cannot fix it up or whatever. Usually the flipper will buy it cheap from someone who needs the money now, put anything from a paint job to a renovation on it, and then sell it. A few thousand dollars in cleaning and fixits can turn a poor looking home into a nice looking home worth a lot more to buyers who just want something nice to move into.
#1. True, the rich get money from their parents, passed over the generations. House, property etc. which makes life easier instantaneously for the kids, since they don't have to pay rent, furniture, etc. when they are grown up. You can't turn into a millionaire just by working hard. It's impossible, without insane luck. It's still better to be able to work hard, even if the outcome might be low. Being wealthy from your heritage increases the risk to feel entitled but being lazy and a despicable person.
it's impossible to become a millionaire with hard work and discipline alone. you need something else to amass such a huge amount of wealth. usually it involves bendable work ethics, mastery of how to manipulate people and light connivery to get the right people on your side and some lack of empathy.
@@HubertoMadalena-rz4xs there's a channel called Hard Knocks something... Guy going around asking wealthy people how they got that way, you might find that you are not entirely right in your comment. One last became a millionaire by age 20 because she used a business credit to start an Airbnb business when she lost her job as a nanny during c0vid. There's other videos that show people who grew up rich learning lessons from impoverished people and they were actually kind, sympathetic and humbled. They were also hard workers themselves. We shouldn't assume the rich are mean and/or lazy - mean people are mean and lazy people are lazy no matter how much money they've got. And wealthy people didn't get that way by being lazy so they certainly didn't allow their children to be. The just don't "work" the same way we do but they are still human just like us❤
Not allowed to ask question before choosing becaude decisiveness. Good decision is based on information. Acting like taking a moment to ask questions is wrong just encourages people to rush into decisions without consideration.
The irony is that Kiyosaki made money selling courses about making money, his other businesses failed and he got his leg up by selling courses to people in a pyramid scheme!
Most of the book is heavy larping and stories that never happened. Also investing in real estate is boomer advice at this point, in these dystopian times is just too expensive to acquire one single house to live in. I find the real lesson of the book is writing a best seller with a catchy controversial title and live off the royalties, you don't even have to write a great book, write trash like The power of now and people will flock to buy it
A lot of other people that are rich receive a significant inheritance at some point. That’s actually a big factor that separates many middle class from rich.
Kyosaki is rich not because he's a good businessman, but he wrote a book that succeeded, that's all! Self-help book industry is a great business, but what those books tell isn't great. The truth is: except financial literacy (there's a lot of great material about those topics), all other things related to business one has to learn by oneself, from his successful parents or successful friends. No stranger will ever teach you how to do business, because it's like sawing off the branch they sit on! Business is a very competitive area, and sadly for someone to be rich, many others have to be poor and work for him or overconsume his products.
In 2010, the Canadian Broadcasting Corporation did an exposé on scams that were being perpetuated by Kiyosaki's company in Canada in the guise of seminars.[23] Upon tracking the success claims of "Rich Dad" seminar organizers, they discovered that these claims were not true. Investments in trailers and trailer parks, which were being propagated as "successful" by seminar teachers, were found to actually be barren pieces of land that no one was using. Kiyosaki's advice has been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work.[24] In 2006 and 2007, Kiyosaki's Rich Dad seminars continued to promote real estate as a sound investment, just before their prices came crashing down.[25]
@@davidbolton6691 Yeah we usually call it the CBC, they're a very reputable news source, and they're absolutely correct that Kiyosaki's business is pyramid schemes dressed up as seminars that are essentially drawn out versions of this video. Don't join Amway
I have alsways wanted to read this book for years, and i finally get a whole simple narration in 30min pinpointing the lessons in the book. Thank you very much for helping us broaden our knowledge through this video.
Usually books, ads and seminars “teach” (or tell) without showing. This video compresses the knowledge to succeed in a way that’s understandable (and for free). Thanks for this valuable life lesson! 😎💯
Did you actually “want” to read the book, though? Or was it an idea? Because usually when we really want something we just go out and do it. I wish courage and best of luck for you my friend to get the great things in life. Check out The Richest Man in Babylon when you get a chance.
A great lesson was learned by my father-in-law. He gave each of his kids an "allowance" of $50k when they married. House, marriage, or both: your choice. Two kids spent it all on the wedding. We spent $10k on the destination wedding and placed a down payment on our home which we still live in 10 years later. We now have 60+ rental keys and multiple businesses. I still have my day job which helped accelerate things. The others are still renting. Edit: those businesses operate on "the McDonalds' model". We own the real estate. The businesses make a little money AND pay us rent--also they employ family and friends. The latter is something that many of us could only dream of when growing up.
Never married, no kids, and inherited $30K when my Dad died. Every dime - and then some - went into my mortgage, which I paid off in 12 years. No idea what my sister did with her $30K. AFAIK, she's still flat broke and living with her boyfriend.
im pretty sure a 40k down payment on a house (in an economy where the average/median is mentioned as being upwards of 400k), isnt gonna make you able to afford all that in 10 years, thats more related to you making bank of your job or business, not because you saved 300/month on mortgage. sure enough spending it all on a wedding is stupid, but they wouldnt be anywhere near your situation simply due to putting 40k on a down payment to reduce the monthly payment lol
I bought a really nice home for the area that was far too big for my family at the time. It was $215k. In 2013, that was larger than I needed but I still live in it, so it obviously worked according to my family plan. I got rid of the PMI about 1 year later as values increased and I eclipsed the 20% threshold for PMI. I live in a pretty rural area. Things are cheaper. And things were cheaper 10 years ago. At the time, I was making $52k at my 9-5. That same company now pays me a salary of $78k. Obviously good money, but it also wasn't "big city money". The missing factors, looking back at my comment, were two things: #1 I averaged at least another 40+ hours of work every week starting those businesses/fixing rentals. As one job finished, I rented it, took it to the bank to leverage it, and then bought the next one. #2 I worked so much, I rarely had any time to spend any money.@@Exata1337
@@Exata1337 you are a doubter...but you are BROKE.....learn how to take over other peoples properties by solving their problems...it is done every day.....I HAVE ONLY 6 PROPERTIES...but leveraging those to buy one more house is relatively simple...I procrastinate too much,but I will get around to doing more in the new year....you never will.......that I KNOW.......
if you make smart decisions and invest in the right places, you can reduce the risk factor, increase the reward factor, and generate meaningful returns. The majority of stocks will be at or near one extreme or the other several times a year. Stocks have a 52-week low and a 52-week high. equities fluctuate up and down; even rising equities will retrace and test previous supports. It's what they do, and I tend to buy much more frequently at or within 15% of 52-week lows. Although the market is out of my control, I can control when I buy
I'm a student in Nigeria I'm working on a project Marine debris evacuator My course mates and I we are 8 in number We need a push and help from anyone out there who cares about the aquatic life and Marin environment to take this project out to the world to help preserve the marin ecosystem.
Appreciate the summary, the important thing for people is to open your mind and listen to all the different ways to make money. Best way is to invest your money that will start paying you back over time
thanks a lot, perfect narration. i havent checked your library yet, but nice books are: the greatest salesman in the world, the richest man in babylon, and your money or your life. in case you wish to make one for them.
Making £84k/yr and working from home is awesome. If you're looking for quick investment options, consider exploring cryptocurrencies. They offer potential growth and diversification. Just make sure to do your research and consult with an advisor
@@danielwright4931 I totally get you! Finding the right pro can be challenging. I partner with Olivia charlotte Oswald on various projects, I found her on the CBNC interview, looked her up and we began our awesome partnership. Her services are exceptional.
@@oORiseAboveOo They made an agreement with the supplier of comics for the store to take the periodically replaced comics (which were going to be destroyed) off hand but not sell them to anyone else. So they started a comic library charging admission.
I'm your new fan here from Philippines 🇵🇭 I like your content which is discussing about financial books 📚 I hope you will also have a summary for "Atomic Habits" 🙂 Thank you and God bless.
"The Rich Don't Work For Money” 😂 12:55 lmao what a joke. So the kids stopped working and instead they opened a comic library, where kids could read all the comics they wanted. So all the sudden the kids had enough money in savings to buy a complete stock of comics, rent a commercial building, pay for a business license, etc. No, the rich dad gave them a hand out to jump start their business. Those kids would've still had to work for a decade or more to save that kind of money. This is why "self made millionaires" are much more rare, yet the term is over glorified and everyone claims to be one. When in reality their were born with wealth or valued connections. For regular people best bet is to obtain a well paying job, be frugal and save your money, then start your business or invest in others. This "get rich book" is a cheap gimmick. Also Ray Crock, the McDonald's property owner... Didn't "mind his own business" he literally stole another families business... Right out from under them. They say greed like it's a bad thing that keeps people poor. Yet it's the single largest factor in people's gross wealth. Oh, and "the rich lie and cheat their way out of taxes" 😂 can't make this up. 23:50 here's another gold nugget. Find homes for sale 80% under their actual value and flip them.... 😂😂😂 What the actual fck lmao
Book doesn't tell you that many ppl invest and only small amount of ppl suceed. Some things are stupid in this video, increase in cash increases consumption of money, but we all earn money to use it, not to watch it or invest it at all cost, life goes on, somebody wants good watch, nice car, etc.
The year is almost over and very glad about the decisions I have made so far. Investing in the market earlier this year regardless of the market conditions has saved my life. I made over 70k USD with a start of 25k in the last 7 months. I know it's nothing compared to what others make but I'm glad I'm changing my finances.
Is it possible for everyone to be rich in this system? Without employees, or renters to take value from could ‘rich’ people exist? The working class makes value. ‘Rich’ people who do not work are taking more than they deserve and cause suffering for the workers who actually produce value.
That's a very narrow view. People rent for a number of reasons. They may have a temporary assignment for work in an area. They may also be interested in buying but want to make sure they like the area before committing to buying a house. This system is not for everyone, so don't expect everyone to want the risks and responsibilities of being a landlord.
There is wealth in other things. In an egalitarian society that abolished The need for money influence and popularity would become just as powerful an asset.
The Rich do what the government wants people to do which is create jobs or bring value to the economy. The middle class do what they think they should do. Anyone can do what the rich do, but it's all up to you to make your dreams into reality.
Your explanations of his books are great and very easy to understand. I can also say that I have personally experienced many of the things he talks about. My husband and I had absolutely nothing when we met. When I was about 26 we ended up buying a multiplex because we did the math and the only way we would ever be able to afford to pay a mortgage was if we had some income coming in. It was run down and needed a lot of work. We did it all ourselves because we couldn’t afford to hire anyone… but those rentals paid mortgage and it snowballed. We ended up with several properties and we now live a life that neither of us even imagined, by the grace of God and willingness to do what no one else wanted to do
I have started to employ the teachings of Rich Dad Poor Dad. I always ask myself if whatever I am buying is an asset or a liability. I prioritize assets over liabilities. Inthe process, I invested in some startups got some money then lost it again. However, I have seen that there is more money in an investment than whatever you earn from a salary. Obviously, I would invest again. I have also managed to sucure an asset that soon is going to save me about a third of my salary. So, maybe, I should count myself a rich dad now. However, I am nowhere near any riches right now. It's a process to get there but the beautiful thing is to start the process early enough and to have a clear idea of what to do to reach where you intend to. I'm loving the process. Thank God.
Can you elaborate more? What exactly did you invest in at which price and which date? What is this asset, you're talking about? My problem with all the self help in finance bs is, that it NEVER gets tangible, always stays vague and within concepts and mind sets, builds motivation and hype for the reader/listener but when it comes to actually acting in the real world (what execrably are the next small steps within the next 48 hours? What is the milestone for the next two weeks and the EXACT steps towards that milestone? What are the milestones for the next few months etc.) it NEVER goes into any detail at all, it NEVER gets tangible, always stays somewhere in a meta-realm, that has no real life application, that can be acted upon right now. I have yet to find a book, that actually made someone money.
Summary: obtain money by convincing others into working for little or no money. when you have [their] money, sell it for real estate to further exploit people by allowing them to live there while you use that exact income to pay your mortgage, charge them as much as possible so that it can also include tax and repairs, then leverage it further by buying using that equity for another house, only to rent out again. Do this while living with your parents, and by 35 years old you'll easily have several properties and enough equity to comfortably retire. Wealth doesn't get made. One cannot exactly print money, or assets. Wealth is "given", usually by means of exploitation. I say exploitation because for the renter in my example above, they do not have an option to rent a house or not. They NEED accommodation, and if they do not have enough money for a 10% downpayment, they are FORCED to give their money away and unable to obtain equity. As a landlord, you can exploit that. By forcing poor people to live in your property so you can buy another is exploitation, you are using their work for your equity. I grew up renting, my mom did too. I'm 3/4 saved up for my down payment, and should have the rest in a few years. I won't have a comfortable retirement, but my kid will. The world of finance is aggressive and scary, but the sooner you understand this, the sooner you stop being a giver but a taker. This video, while entertaining, fails to properly illustrate that.
Wealth is not given, it is made. I, for once planed, delayed gratification, worked 2 jobs, saved money, spent less, used money to invest & buy a rental property. Is it exploitation to charge market rate? Do you know risk of landlord? Your thinking tells me you are poor or terribly brain washed.
Making my first 100k has been a marathon although I started my goal months ago, I am 26 and at 75k now, I spend but consciously just work, Invest and mostly day trading, thanks to my fiduciary Benjamin ravies, I am blessed and I believe I will keep growing
Nice, great path to make and retain capital but what does your fiduciary do for you? I want to give this it a try if you don't mind sharing, but 75k at 26 years is quite a milestone so cheers
True, but that's how any economic system will work once it gets large enough. Maybe this advice would've worked in the 1980's downwards but such advice no longer works in todays economy. Only skilled day jobs allow for the potential buying of worthy assets. The rich do have a tendency to screw over the people making them their money, and the corporate/stock system is nothing more than a corrupt and broken system that allows for ease of use in corruption.
I remember reading this for the first time and thinking it really resonated with me and felt right. The message is great and i hope to acheive being financially free at some point.
How the f*ck do I make money? As a young teen, I don't have much if any money so all of these comments about people with financial investors and tens of thousands of dollars to invest don't help at all. I just want to ask anyone out there for any advice you have for me to help me to at least get started acquiring assets with the little money that I have. I just don't see how I can start anything like the example of the comic book library that the kids in the video had done. It's not like I can sell stuff at school because that's forbidden and it seems like I'm too young to be able to actually DO an financial stuff online. So if anyone out there has any advice, I'd love to hear it! Also, thanks for reading this entire paragraph I really do appreciate it :).
As a beginner who don't understand how Bitcoin trade really works and you really want to make profit from it. I will advise you to first start working with a professional broker.
Its all well and good to say that most people earn money because we're afraid of being poor. But why then would you bother to try and be rich? What's their goal?
I`m 20 jobless and broke, but I`m glad that I have read this book, because I plan to became rich! I gonna find a job the next year and I gonna spend most of my money to start some buisness!
Kiyosaki is a scammer himself and has declared bankruptcy multiple times. He is the 90s version of Tai Lopez & Dan Lok. When his system fails, he blames the reader instead. Google John T Reed's analysis of Kiyosaki.
The problem I have with this video, it's the fact he doesn't speak about the cost of being rich, the consequences, and that some people don't want to have such money, but just enough to have a confortable life. And this lead about a topic I think it's crucial, is it a good thing to be rich ? Today with the capitalism, being rich means to exploit, stole and concentrate the wealth value produced by other people, because as a single person, what you will be able to produce will always come with a LIMIT.
And the first thing you should invest in if you have it is : your debt. Pay it off (God willing before you die) and then you can invest it like all the guys who got free rides to school or had their pops set them up go on and on about. If you need a more concrete explanation: compare the interest rate on your debt to the average you would make on an investment of choice. Often you will find the cost of your debt exceeds the profits of your investment (if left unpaid).
Love your channel! Listened to so many intriguing videos every day for the last 3 weeks. Love the fact that you quote professionals work not try and be an expert, but still include your own stories of success and failures. Please keep them coming. Sooooo much more to learn!!
There's a loop to these success... Boys created a library.... Where the money comes from to create this library.. Capital to start a business is the missing factor here not everyone has it
The average stock in my portfolio has been cut in half, and the only way to make money this year has been to either short or to trade long in very short time frames. I'm still at a crossroads deciding if to liquidate my dipping $117k stock portfolio, what’s the best way to take advantage of this market?
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advisor.
I agree, having a financial - advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
Thank you Lesson 1. Rich don't work for money Have money work for you instead lesson 2 Why teach financial Literacy People don't know the to keep a balance between their money. If you want to get rich all you need to do is to buy more assets and keep your liabilities and expenses low. Lesson 3. Mind your own business This means that you should keep your assets and income up while trying to spend the least of your liabilities. Lesson 4. The history of taxes and the power of corporations the rich don't pay taxes or pay little taxes because the rich find a way to minimize their income taxes. Lesson 5. The rich invent money You must find a smart way to earn money Lesson 6. Work to learn don't work for money You should work for the skills that you will get from that work since sometimes you are just one or few skills away from success. Lesson 7. Overcoming Obstacles There are 4 things that you should overcome: Fear Cynicism Laziness Bad Habits
Helped me when I was young. Don't make it a bible, but look under your own nose and apply, where you can, safely. :) Sadly the whole equation is broken. Due to it's original design. Do the best you can, learn how to be happy with what you have. Money buys you? For you to learn. Learn how to sell? Not a reflection on Robert, but more to do with the Fiat Currency System.
Check out 2nd book from Robert Kiyosaki called INCREASING YOUR FINANCIAL IQ - ruclips.net/p/PLlbl0lCipVeM3Ci3pG5GaiVcL01UMw9Z4&si=WTciMOspeBEQuvcp
Q
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Vyyyvyvyvbq
He'll soon write a similar book called, "Gay Dad Transgender Dad"
30:58 31:00
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor, Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $500K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Amy Desiree Irish is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I just checked her out on google and I have sent her an email. I hope she gets back to me
"Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
Amy Desiree Irish is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this amazing tip. I just looked the name up and wrote her.
In my view, staying invested is not just a financial strategy; it's a philosophy that aligns with long-term wealth-building. Markets have their ups and downs, but history has shown that, over time, they tend to appreciate. By weathering the short-term fluctuations and remaining invested, one has the opportunity to benefit from the compounding effect, capitalize on market recoveries, and achieve financial growth. Staying invested requires patience, discipline, and a focus on the bigger picture - a strategy that, in the journey towards wealth, has proven to be consistently rewarding.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market
I have set aside $30k since the start of the year, but I've been hesitant to go into the market by myself because of fear of a crash. How about you recommend your financial advisor, please? I could really use some help.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amy Desiree Irish” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
if the idea is to build an income stream to use as complement for retirement, or at any given point if needed, then building a dividend growth portfolio always buying adding to it could be a good and peaceful path. On the long run consistency and perseverance could guaranty the desired income stream goal with little worries
the idea is to Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
Well said, with the help of the an investment advisor, I diversified my 62K portfolio across many markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you dont mind me asking? in dire need of asset allocation
“Vivian Carol Gioia’’ You can easily look her up, she has years of financiaI market experience.
I find this informative, curiously explored Vivian on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online , including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market
Wow! This is just mind-blowing. I have set aside $80k since the start of the year, but I've been hesitant to go into the market by myself because of fear of a crash. How about you recommend your financial advisor, please? I could really use some help.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Good news
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
TLDR
Rich Dad:
Emphasizes the importance of financial education.
Advocates for assets that generate passive income (investments, businesses).
Believes in taking calculated risks to achieve wealth.
Poor Dad:
Focuses on traditional education and job security.
Encourages working for a stable paycheck and saving money.
Believes in avoiding risks and sticking to the conventional path.
Key lessons:
Invest in Assets: Acquire income-generating assets rather than liabilities.
Mindset Shift: Develop a mindset geared toward financial independence and entrepreneurship.
Financial Education: Continuously educate yourself about money and investing.
Ultimately, the book encourages readers to challenge conventional beliefs about money, work towards financial literacy, and strive for financial independence.
Hedge funds will fuck up your mid to small caps with naked shorting.
financial education means nothing if you have to work to feed yourself and your family
❤
The more knowledge you have about money, the more you make it work for you. You can have two people that make the same income but one be a saver and one be a spender.@HubertoMadalena-rz4xs
@@HubertoMadalena-rz4xs It's meant to give you a #mindset that will make you start investing so as to not work for money , but to make money work for you...
I read this book about 15 years ago. Many of the lessons are sound. I was living paycheck to paycheck. I now own a home with over half a million in equity. Do not constantly budget to make sure bills are going to be paid. I am an active stock trader. While the market was going red my account was running greener then ever. Take the time to learn as much as you can about money and how it works. I will not happen over night. Also some background, I am native american and grew up very poor. I did not have running water and had electricity via generator. you can do it, just one step at a time and belief in yourself.
I read it this month few days ago
Would love to connect with you someday and learn, even if for free. Seriously. Inspiration.
What happens when all your investments go down the toilet
@@techarch8851try again
I would love to hear from you . Because I also really want to change the course of my life, to have millions . But I don't know where to start .
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.
I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.
No
Listening to this audio summary should go a long way for you to make your informed yet independent decision.
Why don't you re-invest in properties so as to earn a periodic, consistent rental income? Robert Kiyosaki's company still trains. Thach Nguyen also does on real estate.
read the book “money master the game” by tony robbins. it helped me shift my mindset
Do proper study or take advice from stock expert
it's kinda crazy how nobody's talking about the forbidden ebook called success secrets of the elite
Where do I get it
@@Ghost_3209_A You can find it on Borlest
@@Ghost_3209_A Borlest
Bot booooo GET OUT
@@capp5102 Can't even help people
So I was watching this with my 8-year-old son beside me, suddenly at 5:15 he asked me, "Why do we have to live long? What's the point of living on this earth?"
You should live long to help others - many, many people, for a long, long time.
To be able to help others, you need to get rich.
To be able to get rich, you need to get educated.
Tell him We don't live long actually, if you compare any one moment to the rest of your life time, it seems long sure. Though should you compare the time of one's life to all the rest of time out side of that life.. that humans life happens faster than a moment
Life is about much more than money.
Make good ethical decisions and live a full life.
@@ri28ch28Exaclty what I told him but not only people but the animals too.
You have a smart kid.. His point was... is this what life is all about?.. or we've a purpose here...
One of the books that brought change to my perception towards life
Earning money isn't a science , it's an objective... like going into a shop to get some shoes. Science tells you how to improve, like everything, and the right name for such science is Finance, which study exactly that. So finance it's a science that study all the possible ways of obtaining, managing and using money.
Wow
I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.
Most people either do not understand the power of compound interest, or are just impatient. For the average Joe, however, I think it is just best to invest in the S&P 500, and just wait, which is reliable, albeit extremely long-- lots of years. Or just use a professional analyst and speed up wealth creation. Most people underestimate the power of the latter.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
I'm actually interested in this idea of investing through an analyst. Sounds like the most sensible thing to do in the market right now. Could you give me a pointer to who you work with, please?
“Melissa Rose Francks’' 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 just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
This is so good. I love the book but I love the visuals of this video more. Thank you!!
*Good investment ideas will hold their value or increase in value for long time. This will allow you to exit at a good price. Short time investment's should have a high level of proper guide. Thanks to Mylah Evander the lady you recommended*
That woman totally changed my life for good. I have come across individuals but none is as honest as Mylah. So surprised you know her too.
SHE'S MOSTLY ON TELEGAMS WITH THE BELOW NAME!!!
MYLAH EVAN1
This seems like the worst period.
Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to Alexandra marie
Please educate me, i'm willing to make consultations to improve my situation,
She's recognized as 'Mrs marie. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I even thought I'm the only one she has helped walk through the fears and falls of forex trading.....
Please how do I find this financial counselor?
The advice in the video is excellent and true for an ambitious person. It was easier for me to get rich when i learnt the method of diversification for my investment portfolio. Like spread my investments across different asset classes to manage risk. I focused on capital appreciation through high-risk, high-reward assets.
Income-oriented strategies target regular income from dividend stocks and bonds.
Used the value strategy to seek out undervalued assets for potential long-term gains. Worked magic!
Not because of ignorance, It's because of the high rate of unprofessionalism in the crypto market.
The crypto market has been unfavorable for months and i keep losing my money selling off during dips, i'm very scared of holding right now. how do you guys still make so much?
As a beginner investor, it's essential for you to have a mentor to keep you accountable . Myself I'm guided by Mrs Olivia Brown, a widely known crypto consultant
Crypto is a whole different ball park.
I would only invest funds in it that you are willing to lose or don't need.
In terms of day trading crypto I don't keep a eye on anything at the moment except XRP. Wouldn't be right guy for day trading crypto
That's right, you need an experienced trader to make good profits trading cryptocurrencies
Beware of scammers, always trust but verify and verify some more before investing a penny… Too many scammers in our 🌎….
this comment section is full of scammers
Any RUclips video involving money/investing will be flooded with bot comments advertising "advisers" who scam people out of their life savings via "pig butchering" scams.
This was my 2nd fav. book. My fav. book was The Millionaire Next Door.
Hey am asking for book
Where are u getting these $numbers? Or when is it suposrd to take place, in the 1920s??! 25cents an hour pay??! 10 cents to rent a comic?? 1 dollar a week to be be a librarian
Probably just numbers used for an example lol
Robert is like 75 now. This is supposed to be about his childhood
I read halfway through this book, looked into Robert, saw a clip where he said "I don't like to write books, I write them because they create income"
Immediately put RDPD back in the little free library I found it. I believe there is knowledge to be had in this book, but none of it is useful if your expenses outweigh your income, which is true for most Americans.
I'm sure if you had a friend to lend you $2200 dollars, you wouldn't be poor. I'm sure it your rent wasn't $1600, you wouldn't be poor. I'm sure if you weren't homeless, you'd know that house is a liability. His works just seem very out of touch to how most people lead their lives.
This is a book I'd recommend to a teenager to get a grasp of finance, but definitely not a guidelines to becoming rich.
Thank you for uploading this, I was interested to know the rest of the book, but could not being myself to finish it.
Very very good point. Apparently this author didn't actually learn anything from rich dad, because the author hasn't created a successful business. His only business is peddling his book. That makes him no different than a fake youtube guru who only profits from peddling ideas that he didn't follow himself.
@@1lifeonearth your reply is my exact thoughts on the book, and why it has been promptly returned to the little free library near me! Sometimes, there's a reason a book ends up free.
I would also like to add to the content creator a thanks for doing this summary and creating this video. While my criticism of the book was overall negative, I wouldn't have been able to develop a matured opinion, of a half read book, without this video. The hard work on the summary and editing shows, I'm glad for that effort to be accessible for educational use.
The fact robert is a grifter doesnt change the fact this really is the steps for someone to be rich. But they do need a high enough paying job and the drive for more. Someone making barely enough to survive wont thrive on these ideas but someone making say $150k a year isn't rich and is still in the rat race especially if they let lifestyle creep catch them but could use these principals to go from being a $150k a year wage slave rat to rich and retired young
Rich people need poor people to do things for them. Rich people care less about humanity. Most people want enough money, but don’t want to be a rich person
There is a desire to be rich if you want the capability of helping people.
True that. If everyone's rich, no one will be.
exactly
Poor people don’t accept responsibility to own their own company. So this opinion of yours is invalid. Take out loans and start your own company to be rich.
For anyone who is confused with the math of the home purchase example:
The video forgets to mention that the house is “worth 75k” but his actual purchase price was 20k with a 10% down payment (2k). This was because the economy was collapsing at the time. The new home buyer paid in cash for a ridiculous price of 60k thinking they got a nice discount from the original 75k evaluation, when Robert had an even bigger discount. He pays off the old loan of 20k from the 60k of the new buyer and keeps the 40k for himself.
Thanks! I had to rewind that part!
It's called scalping, flipping or whatever they may call it now. Cars is a cheaper form that can get a foot in the door. Buy cheap sell high, but what you need is to be a peaple person type or natural sales ability . That and drive. Which all leads to a early death 🤔 from worry an stress otherwise you are just worked to death ...
@@georgejones4071
So either way you lose. Die early from the stress of wealth or live long as a paid slave?
uh sooo i still dont understand
robert bought a house that cost 20k? but was worth 75k?
wouldnt the seller know that and sell it at 75k or more?
did he bargain it down to just 20k?
how the hell did he sell it at the price of 60k when it was worth 20k cuz a house worth 75k wouldnt at all be sold at 20k
@@reaper_ballz buyers and sellers are not always well informed, but the main way to get a cheap deal is to find someone in distress. Maybe they cannot afford the payments and the house is losing them money because they cannot fix it up or whatever. Usually the flipper will buy it cheap from someone who needs the money now, put anything from a paint job to a renovation on it, and then sell it. A few thousand dollars in cleaning and fixits can turn a poor looking home into a nice looking home worth a lot more to buyers who just want something nice to move into.
#1. True, the rich get money from their parents, passed over the generations. House, property etc. which makes life easier instantaneously for the kids, since they don't have to pay rent, furniture, etc. when they are grown up.
You can't turn into a millionaire just by working hard.
It's impossible, without insane luck.
It's still better to be able to work hard, even if the outcome might be low.
Being wealthy from your heritage increases the risk to feel entitled but being lazy and a despicable person.
You can definitely become a millionaire with hard work, I’m only 18 and I’ve already touched a quarter mil. You need to take risks and work hard.
it's impossible to become a millionaire with hard work and discipline alone. you need something else to amass such a huge amount of wealth. usually it involves bendable work ethics, mastery of how to manipulate people and light connivery to get the right people on your side and some lack of empathy.
Prove it😊
@@HubertoMadalena-rz4xs there's a channel called Hard Knocks something... Guy going around asking wealthy people how they got that way, you might find that you are not entirely right in your comment. One last became a millionaire by age 20 because she used a business credit to start an Airbnb business when she lost her job as a nanny during c0vid.
There's other videos that show people who grew up rich learning lessons from impoverished people and they were actually kind, sympathetic and humbled. They were also hard workers themselves. We shouldn't assume the rich are mean and/or lazy - mean people are mean and lazy people are lazy no matter how much money they've got. And wealthy people didn't get that way by being lazy so they certainly didn't allow their children to be. The just don't "work" the same way we do but they are still human just like us❤
As you can see on the example of the rich dad and Robert himself, there is no better business than preaching.
Not allowed to ask question before choosing becaude decisiveness. Good decision is based on information. Acting like taking a moment to ask questions is wrong just encourages people to rush into decisions without consideration.
The irony is that Kiyosaki made money selling courses about making money, his other businesses failed and he got his leg up by selling courses to people in a pyramid scheme!
and before that he scammed friends and family with amway
Most of the book is heavy larping and stories that never happened. Also investing in real estate is boomer advice at this point, in these dystopian times is just too expensive to acquire one single house to live in. I find the real lesson of the book is writing a best seller with a catchy controversial title and live off the royalties, you don't even have to write a great book, write trash like The power of now and people will flock to buy it
A lot of other people that are rich receive a significant inheritance at some point. That’s actually a big factor that separates many middle class from rich.
thank God for at last a non-bot comment
@@markganus1085 I’m gay
Kyosaki is rich not because he's a good businessman, but he wrote a book that succeeded, that's all! Self-help book industry is a great business, but what those books tell isn't great.
The truth is: except financial literacy (there's a lot of great material about those topics), all other things related to business one has to learn by oneself, from his successful parents or successful friends.
No stranger will ever teach you how to do business, because it's like sawing off the branch they sit on! Business is a very competitive area, and sadly for someone to be rich, many others have to be poor and work for him or overconsume his products.
@@iirekm
Not in a team-build compensation plan
Then you succeed the more your team under you succeeds
But most people are allergic to MLMs
@@iamalphalimHa Ha there you have it
Thank you for the lesson. Surely I will be rich someday.
In 2010, the Canadian Broadcasting Corporation did an exposé on scams that were being perpetuated by Kiyosaki's company in Canada in the guise of seminars.[23] Upon tracking the success claims of "Rich Dad" seminar organizers, they discovered that these claims were not true. Investments in trailers and trailer parks, which were being propagated as "successful" by seminar teachers, were found to actually be barren pieces of land that no one was using.
Kiyosaki's advice has been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work.[24]
In 2006 and 2007, Kiyosaki's Rich Dad seminars continued to promote real estate as a sound investment, just before their prices came crashing down.[25]
Your information might be valid, but there is nothing in this video that doesn't ring true. Phenomenology shows us that it is.
"The Canadian Broadcasting Corporation"
@@davidbolton6691 Yeah we usually call it the CBC, they're a very reputable news source, and they're absolutely correct that Kiyosaki's business is pyramid schemes dressed up as seminars that are essentially drawn out versions of this video. Don't join Amway
Cool story bro
What’s your improved way to create wealth?
I have alsways wanted to read this book for years, and i finally get a whole simple narration in 30min pinpointing the lessons in the book. Thank you very much for helping us broaden our knowledge through this video.
Makes me want to buy the book now 😂
Usually books, ads and seminars “teach” (or tell) without showing. This video compresses the knowledge to succeed in a way that’s understandable (and for free). Thanks for this valuable life lesson! 😎💯
Did you actually “want” to read the book, though? Or was it an idea? Because usually when we really want something we just go out and do it. I wish courage and best of luck for you my friend to get the great things in life. Check out The Richest Man in Babylon when you get a chance.
L
@@droman608l
Better to be poor and happy with your family, than rich and miserable without time for anything in life.
I find you have less time the poorer you are. but everyone is different, and chooses different paths.
Rather be rich and miserable than Poor putting on a false sense of happiness dealing with the struggle that comes with it.
A great lesson was learned by my father-in-law. He gave each of his kids an "allowance" of $50k when they married. House, marriage, or both: your choice. Two kids spent it all on the wedding. We spent $10k on the destination wedding and placed a down payment on our home which we still live in 10 years later. We now have 60+ rental keys and multiple businesses. I still have my day job which helped accelerate things.
The others are still renting.
Edit: those businesses operate on "the McDonalds' model". We own the real estate. The businesses make a little money AND pay us rent--also they employ family and friends. The latter is something that many of us could only dream of when growing up.
Never married, no kids, and inherited $30K when my Dad died. Every dime - and then some - went into my mortgage, which I paid off in 12 years.
No idea what my sister did with her $30K. AFAIK, she's still flat broke and living with her boyfriend.
im pretty sure a 40k down payment on a house (in an economy where the average/median is mentioned as being upwards of 400k), isnt gonna make you able to afford all that in 10 years, thats more related to you making bank of your job or business, not because you saved 300/month on mortgage.
sure enough spending it all on a wedding is stupid, but they wouldnt be anywhere near your situation simply due to putting 40k on a down payment to reduce the monthly payment lol
I wonder what crucial details are missing from this story? 🤔
I bought a really nice home for the area that was far too big for my family at the time. It was $215k. In 2013, that was larger than I needed but I still live in it, so it obviously worked according to my family plan. I got rid of the PMI about 1 year later as values increased and I eclipsed the 20% threshold for PMI. I live in a pretty rural area. Things are cheaper. And things were cheaper 10 years ago.
At the time, I was making $52k at my 9-5. That same company now pays me a salary of $78k. Obviously good money, but it also wasn't "big city money".
The missing factors, looking back at my comment, were two things: #1 I averaged at least another 40+ hours of work every week starting those businesses/fixing rentals. As one job finished, I rented it, took it to the bank to leverage it, and then bought the next one. #2 I worked so much, I rarely had any time to spend any money.@@Exata1337
@@Exata1337 you are a doubter...but you are BROKE.....learn how to take over other peoples properties by solving their problems...it is done every day.....I HAVE ONLY 6 PROPERTIES...but leveraging those to buy one more house is relatively simple...I procrastinate too much,but I will get around to doing more in the new year....you never will.......that I KNOW.......
Great summary. Thank you for sharing
Thanks for the video, hopefully I will rich someday.
Thank you for summarize the book in a such easy fun to watch video. Please do more books😊.
if you make smart decisions and invest in the right places, you can reduce the risk factor, increase the reward factor, and generate meaningful returns. The majority of stocks will be at or near one extreme or the other several times a year. Stocks have a 52-week low and a 52-week high. equities fluctuate up and down; even rising equities will retrace and test previous supports. It's what they do, and I tend to buy much more frequently at or within 15% of 52-week lows. Although the market is out of my control, I can control when I buy
I'm a student in Nigeria I'm working on a project Marine debris evacuator
My course mates and I we are 8 in number
We need a push and help from anyone out there who cares about the aquatic life and Marin environment to take this project out to the world to help preserve the marin ecosystem.
Appreciate the summary, the important thing for people is to open your mind and listen to all the different ways to make money. Best way is to invest your money that will start paying you back over time
This is really an amazing channels for people like who don't like to read but still would like to consume the right knowledge
Rich character is priceless and infinite in life creating overall bliss for human beings .See u in heaven.
From Africa Tanzania u are really teacher❤❤❤❤
I read this book when I was 13, but didn’t appreciate nor understood the concept till at a later age 😅😅😅
Is it too late to read the book? I wanted to have my dream Home this year❤
There is a little problem here:
"to be rich you have to buy assets".
With what money exactly, if you are not already rich?
In italy you can't sell a house you just bought.
Get a job first save money as much as you can
use other people's money to start networking
How@@MimiMhair
thanks a lot, perfect narration. i havent checked your library yet, but nice books are: the greatest salesman in the world, the richest man in babylon, and your money or your life. in case you wish to make one for them.
Thanks for this! I currently make £84k/yr. No investment and I work from home. I need to do something quick. What can I do?
Making £84k/yr and working from home is awesome. If you're looking for quick investment options, consider exploring cryptocurrencies. They offer potential growth and diversification. Just make sure to do your research and consult with an advisor
I’m very much aware of the great benefits of working with a pro but I haven't found one for myself.
@@danielwright4931 I totally get you! Finding the right pro can be challenging. I partner with Olivia charlotte Oswald on various projects, I found her on the CBNC interview, looked her up and we began our awesome partnership. Her services are exceptional.
Definitely grabbing this opportunity. Thanks so much, just found her webpage
Taking the first step is always tough, I made over 120k USD with a start of 30k in the last 7 months. Importance of investing cannot be overemphasized
When I was 13 I read this book and it changed my perspective if money
How the hell 2 kids with no money opened a library with tons of comic books?
Same way someone bought a 75K house with 20K from money they borrowed with a friend.
They probably had a lot themselves, and maybe traded some collections off of friends for other stuff.
@@oORiseAboveOo They made an agreement with the supplier of comics for the store to take the periodically replaced comics (which were going to be destroyed) off hand but not sell them to anyone else. So they started a comic library charging admission.
This is a big hole in this story. To make money, you need money. The money needs to come from somewhere first. Work a job and save, then invest.
It's a madeup story they can have thanos help them if they want to
Is the book located across all countries ?
I'm your new fan here from Philippines 🇵🇭 I like your content which is discussing about financial books 📚
I hope you will also have a summary for "Atomic Habits" 🙂 Thank you and God bless.
What was his first book??? This is a 20/80 book. Read once and don't waste any more time.
Best explanation of the book ,I ever seen on RUclips , this is really a book I wish I read 10 years ago ..excellent one!
"The Rich Don't Work For Money” 😂 12:55 lmao what a joke. So the kids stopped working and instead they opened a comic library, where kids could read all the comics they wanted. So all the sudden the kids had enough money in savings to buy a complete stock of comics, rent a commercial building, pay for a business license, etc. No, the rich dad gave them a hand out to jump start their business. Those kids would've still had to work for a decade or more to save that kind of money. This is why "self made millionaires" are much more rare, yet the term is over glorified and everyone claims to be one. When in reality their were born with wealth or valued connections. For regular people best bet is to obtain a well paying job, be frugal and save your money, then start your business or invest in others. This "get rich book" is a cheap gimmick. Also Ray Crock, the McDonald's property owner... Didn't "mind his own business" he literally stole another families business... Right out from under them. They say greed like it's a bad thing that keeps people poor. Yet it's the single largest factor in people's gross wealth. Oh, and "the rich lie and cheat their way out of taxes" 😂 can't make this up. 23:50 here's another gold nugget. Find homes for sale 80% under their actual value and flip them.... 😂😂😂 What the actual fck lmao
Thanks for rich dad & poor dada Summary
Book doesn't tell you that many ppl invest and only small amount of ppl suceed. Some things are stupid in this video, increase in cash increases consumption of money, but we all earn money to use it, not to watch it or invest it at all cost, life goes on, somebody wants good watch, nice car, etc.
I'm reading a book called the cash flow quadrant, it's useful
The year is almost over and very glad about the decisions I have made so far. Investing in the market earlier this year regardless of the market conditions has saved my life. I made over 70k USD with a start of 25k in the last 7 months. I know it's nothing compared to what others make but I'm glad I'm changing my finances.
Spot on. The market presents different opportunities to create passive income, with the right skill and proper understanding you're good to go.
@yung1448How were you able to make that much? Seems like I'm not lucky enough.
I'm very much aware of the great benefits of working with a pro but I haven't found one for myself.
Definitely grabbing this opportunity. Thanks so much, just found her webpage
lnvesting in the crypt0market also changed my financial life. I was able to clear my debt and also created a passive income.
Robert kiyosaki was saying he best investment was canned food a couple years ago … great advice
Is it possible for everyone to be rich in this system? Without employees, or renters to take value from could ‘rich’ people exist?
The working class makes value. ‘Rich’ people who do not work are taking more than they deserve and cause suffering for the workers who actually produce value.
That's a very narrow view. People rent for a number of reasons. They may have a temporary assignment for work in an area. They may also be interested in buying but want to make sure they like the area before committing to buying a house. This system is not for everyone, so don't expect everyone to want the risks and responsibilities of being a landlord.
There is wealth in other things. In an egalitarian society that abolished
The need for money influence and popularity would become just as powerful an asset.
it's a zero sum game. if someone has most of the money, some people will have to make do with little to nothing. possibly starve to death
Not everyone can be rich. Money is like any commodity, and market rules apply. The more money is on the market, the less the worth.
The Rich do what the government wants people to do which is create jobs or bring value to the economy. The middle class do what they think they should do. Anyone can do what the rich do, but it's all up to you to make your dreams into reality.
Your explanations of his books are great and very easy to understand. I can also say that I have personally experienced many of the things he talks about. My husband and I had absolutely nothing when we met. When I was about 26 we ended up buying a multiplex because we did the math and the only way we would ever be able to afford to pay a mortgage was if we had some income coming in. It was run down and needed a lot of work. We did it all ourselves because we couldn’t afford to hire anyone… but those rentals paid mortgage and it snowballed. We ended up with several properties and we now live a life that neither of us even imagined, by the grace of God and willingness to do what no one else wanted to do
❤👍
"We had nothing.. so we bought some real estate." 🤭
@@itoibo4208 we had nothing but we built our credit. You can buy a real estate with nothing but good credit.
@@itoibo4208 reading isn't your thing, we get it.
@@GARDUITO Nor yours, it would seem. Says right there that they had nothing, but bought a multiplex. How do you buy a multiplex with nothing?
I love to much this channel✍️✍️😁😁🤝🤝
I have started to employ the teachings of Rich Dad Poor Dad. I always ask myself if whatever I am buying is an asset or a liability. I prioritize assets over liabilities. Inthe process, I invested in some startups got some money then lost it again. However, I have seen that there is more money in an investment than whatever you earn from a salary. Obviously, I would invest again.
I have also managed to sucure an asset that soon is going to save me about a third of my salary. So, maybe, I should count myself a rich dad now. However, I am nowhere near any riches right now. It's a process to get there but the beautiful thing is to start the process early enough and to have a clear idea of what to do to reach where you intend to. I'm loving the process. Thank God.
Can you elaborate more? What exactly did you invest in at which price and which date? What is this asset, you're talking about? My problem with all the self help in finance bs is, that it NEVER gets tangible, always stays vague and within concepts and mind sets, builds motivation and hype for the reader/listener but when it comes to actually acting in the real world (what execrably are the next small steps within the next 48 hours? What is the milestone for the next two weeks and the EXACT steps towards that milestone? What are the milestones for the next few months etc.) it NEVER goes into any detail at all, it NEVER gets tangible, always stays somewhere in a meta-realm, that has no real life application, that can be acted upon right now. I have yet to find a book, that actually made someone money.
Summary: obtain money by convincing others into working for little or no money. when you have [their] money, sell it for real estate to further exploit people by allowing them to live there while you use that exact income to pay your mortgage, charge them as much as possible so that it can also include tax and repairs, then leverage it further by buying using that equity for another house, only to rent out again. Do this while living with your parents, and by 35 years old you'll easily have several properties and enough equity to comfortably retire.
Wealth doesn't get made. One cannot exactly print money, or assets. Wealth is "given", usually by means of exploitation. I say exploitation because for the renter in my example above, they do not have an option to rent a house or not. They NEED accommodation, and if they do not have enough money for a 10% downpayment, they are FORCED to give their money away and unable to obtain equity. As a landlord, you can exploit that. By forcing poor people to live in your property so you can buy another is exploitation, you are using their work for your equity.
I grew up renting, my mom did too. I'm 3/4 saved up for my down payment, and should have the rest in a few years. I won't have a comfortable retirement, but my kid will.
The world of finance is aggressive and scary, but the sooner you understand this, the sooner you stop being a giver but a taker. This video, while entertaining, fails to properly illustrate that.
Wealth is not given, it is made. I, for once planed, delayed gratification, worked 2 jobs, saved money, spent less, used money to invest & buy a rental property. Is it exploitation to charge market rate? Do you know risk of landlord? Your thinking tells me you are poor or terribly brain washed.
@@theshiningsun7461liberal state of mind
I'm just bought real-estate property to rent out at 60. I guess it's never too late.
Please! wish me luck.
Lifestyle unlimited on RUclips to increase luck
Repeating this video over and over again starting from October 1
Making my first 100k has been a marathon although I started my goal months ago, I am 26 and at 75k now, I spend but consciously just work, Invest and mostly day trading, thanks to my fiduciary Benjamin ravies, I am blessed and I believe I will keep growing
Nice, great path to make and retain capital but what does your fiduciary do for you? I want to give this it a try if you don't mind sharing, but 75k at 26 years is quite a milestone so cheers
You mentioned your fiduciary is the one trading for you, how do I reach him to help me do same
Benjaminravies that’s his mail
@@finny_haha, thanks for your kind words but discipline is the manor key, that's what brought me this far
Thank you, I will get in touch with him now
I swear the amount of value condensed in this video is unreal, i appreciate your knowledge and service. I say this with a full heart. Thank you
I love this paradigm shift 🎉
You are doing a great job 👍
Nice summery.
Great content my friend.
Oh how much i love self awareness
When someone can tell you when to work , what to wear and how to behave you are not wealthy in freedom , financial and mind
True, but that's how any economic system will work once it gets large enough. Maybe this advice would've worked in the 1980's downwards but such advice no longer works in todays economy. Only skilled day jobs allow for the potential buying of worthy assets. The rich do have a tendency to screw over the people making them their money, and the corporate/stock system is nothing more than a corrupt and broken system that allows for ease of use in corruption.
Very interesting. When you get a chance you def gotta listen
Loved. Thank you. Gotta say I read it but seeing in video quickly brings back greatest info.
Very instructive!
Good share.
I remember reading this for the first time and thinking it really resonated with me and felt right. The message is great and i hope to acheive being financially free at some point.
WHICH APP DO YOU USE TO DO THOSE TYPES OF ILLUSTRATIONS ?
How do you Creat these cartoons animated videos, could you please guide me how can I make it (through which software) according to my script ?
How the f*ck do I make money? As a young teen, I don't have much if any money so all of these comments about people with financial investors and tens of thousands of dollars to invest don't help at all. I just want to ask anyone out there for any advice you have for me to help me to at least get started acquiring assets with the little money that I have. I just don't see how I can start anything like the example of the comic book library that the kids in the video had done. It's not like I can sell stuff at school because that's forbidden and it seems like I'm too young to be able to actually DO an financial stuff online. So if anyone out there has any advice, I'd love to hear it! Also, thanks for reading this entire paragraph I really do appreciate it :).
Investing in crypto and stocks is a good idea, a good trading system would put you through many days of success.
As a beginner who don't understand how Bitcoin trade really works and you really want to make profit from it. I will advise you to first
start working with a professional broker.
I highly recommend Mrs Kathleen Susan she is my
current trader and her strategies are Good.
Her info
+191
Its all well and good to say that most people earn money because we're afraid of being poor. But why then would you bother to try and be rich? What's their goal?
I`m 20 jobless and broke, but I`m glad that I have read this book, because I plan to became rich! I gonna find a job the next year and I gonna spend most of my money to start some buisness!
Same with me 😢 all the best to you ✨
I’m with you guys, on the same boat here
Study your business plan , and commit it to God and it will prosper
Am really inspired by Robert Kiyosaki and his writings
Kiyosaki is a scammer himself and has declared bankruptcy multiple times. He is the 90s version of Tai Lopez & Dan Lok. When his system fails, he blames the reader instead. Google John T Reed's analysis of Kiyosaki.
The problem I have with this video, it's the fact he doesn't speak about the cost of being rich, the consequences, and that some people don't want to have such money, but just enough to have a confortable life. And this lead about a topic I think it's crucial, is it a good thing to be rich ?
Today with the capitalism, being rich means to exploit, stole and concentrate the wealth value produced by other people, because as a single person, what you will be able to produce will always come with a LIMIT.
Well then be poor.
@@DIAPERJOE Lol, to no be rich doesn't mean to have to be poor. You should look reality with more opened eyes.
Ok thanx, but what business people don't know is the difference between making money with good karma and making money with negative karma
Such a great reminder as I read this book years ago, that lead me down the personal development route.
Nice, good job there, extremely valuable summery of that masterpiece of Kiyosaki!
And the first thing you should invest in if you have it is : your debt. Pay it off (God willing before you die) and then you can invest it like all the guys who got free rides to school or had their pops set them up go on and on about. If you need a more concrete explanation: compare the interest rate on your debt to the average you would make on an investment of choice. Often you will find the cost of your debt exceeds the profits of your investment (if left unpaid).
Life changing. Thank you for posting.
Love your channel! Listened to so many intriguing videos every day for the last 3 weeks. Love the fact that you quote professionals work not try and be an expert, but still include your own stories of success and failures. Please keep them coming. Sooooo much more to learn!!
There's a loop to these success... Boys created a library.... Where the money comes from to create this library.. Capital to start a business is the missing factor here not everyone has it
You don't need capital, you need ideas
@@DavidAnđelić-v4q and ideas need capital. else they go nowhere
Thank you very much it's like reading the for the second time.
Great summary 😊
I'm glad i watched this. So many lessons learnt 😌
The average stock in my portfolio has been cut in half, and the only way to make money this year has been to either short or to trade long in very short time frames. I'm still at a crossroads deciding if to liquidate my dipping $117k stock portfolio, what’s the best way to take advantage of this market?
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advisor.
I agree, having a financial - advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
Impressive can you share more info?
*Whitney kay Stacy* maintains an online presence. Just make a simple search for her name online.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
Thank you
Lesson 1. Rich don't work for money
Have money work for you instead
lesson 2 Why teach financial Literacy
People don't know the to keep a balance between their money. If you want to get rich all you need to do is to buy more assets and keep your liabilities and expenses low.
Lesson 3. Mind your own business
This means that you should keep your assets and income up while trying to spend the least of your liabilities.
Lesson 4. The history of taxes and the power of corporations
the rich don't pay taxes or pay little taxes because the rich find a way to minimize their income taxes.
Lesson 5. The rich invent money
You must find a smart way to earn money
Lesson 6. Work to learn don't work for money
You should work for the skills that you will get from that work since sometimes you are just one or few skills away from success.
Lesson 7. Overcoming Obstacles
There are 4 things that you should overcome:
Fear
Cynicism
Laziness
Bad Habits
Newer edition has 2 extra chapters
Beautiful description & explanation on asset management and accumulation love. On behalf of the lower an middle classes, we genuinely thank you🙏🏾🙏🏾🙏🏾
Don't, the book is BS. investing is a form of gambling. And money education is another get rich quick scam.
Helped me when I was young. Don't make it a bible, but look under your own nose and apply, where you can, safely. :) Sadly the whole equation is broken. Due to it's original design. Do the best you can, learn how to be happy with what you have. Money buys you? For you to learn. Learn how to sell? Not a reflection on Robert, but more to do with the Fiat Currency System.