Rich Dad Poor Dad.pdf

Rich Dad, Poor Dad

By Robert T. Kiyosaki

V1.0 (9-9-2002)

INTRODUCTION

There is a Need

Does school prepare children for the real world? “Study hard and get good grades and you will

find a high-paying job with great benefits,” my parents used to say. Their goal in life was to provide a

college education for my older sister and me, so that we would have the greatest chance for success

in life. When I finally earned my diploma in 1976-graduating with honors, and near the top of my

class, in accounting from Florida State University-my parents had realized their goal. It was the

crowning achievement of their lives. In accordance with the “Master Plan,” I was hired by a “Big 8”

accounting firm, and I looked forward to a long career and retirement at an early age.

My husband, Michael, followed a similar path. We both came from hard-working families, of

modest means but with strong work ethics. Michael also graduated with honors, but he did it twice:

first as an engineer and then from law school. He was quickly recruited by a prestigious Washington,

D.C., law firm that specialized in patent law, and his future seemed bright, career path well-defined

and early retirement guaranteed.

Although we have been successful in our careers, they have not turned out quite as we

expected. We both have changed positions several times-for all the right reasons-but there are no

pension plans vesting on our behalf. Our retirement funds are growing only through our individual

contributions.

Michael and I have a wonderful marriage with three great children. As I write this, two are in

college and one is just beginning high school. We have spent a fortune making sure our children

have received the best education available.

One day in 1996, one of my children came home disillusioned with school. He was bored and

tired of studying. “Why should I put time into studying subjects I will never use in real life?” he

protested.

Without thinking, I responded, “Because if you don’t get good grades, you won’t get into college.”

“Regardless of whether I go to college,” he replied, “I’m going to be rich.”

“If you don’t graduate from college, you won’t get a good job,” I responded with a tinge of panic

and motherly concern. “And if you don’t have a good job, how do you plan to get rich?”

My son smirked and slowly shook his head with mild boredom. We have had this talk many times

before. He lowered his head and rolled his eyes. My words of motherly wisdom were falling on deaf

ears once again.

Though smart and strong-willed, he has always been a polite and respectful young man.

“Mom,” he began. It was my turn to be lectured. “Get with the times! Look around; the richest

people didn’t get rich because of their educations. Look at Michael Jordan and Madonna. Even Bill

Gates, who dropped out of Harvard, founded Microsoft; he is now the richest man in America, and

he’s still in his 30s. There is a baseball pitcher who makes more than $4 million a year even though

he has been labeled `mentally challenged.’ “

There was a long silence between us. It was dawning on me that I was giving my son the same

advice my parents had given me. The world around us has changed, but the advice hasn’t.

Getting a good education and making good grades no longer ensures success, and nobody

seems to have noticed, except our children.

“Mom,” he continued, “I don’t want to work as hard as you and dad do. You make a lot of money,

and we live in a huge house with lots of toys. If I follow your advice, I’ll wind up like you, working

harder and harder only to pay more taxes and wind up in debt. There is no job security anymore; I

know all about downsizing and rightsizing. I also know that college graduates today earn less than

you did when you graduated. Look at doctors. They don’t make nearly as much money as they used

to. I know I can’t rely on Social Security or company pensions for retirement. I need new answers.”

He was right. He needed new answers, and so did I. My parents’ advice may have worked for

people born before 1945, but it may be disastrous for those of us born into a rapidly changing world.

No longer can I simply say to my children, “Go to school, get good grades, and look for a safe,

secure job.”

I knew I had to look for new ways to guide my children’s education.

As a mother as well as an accountant, I have been concerned by the lack of financial education

our children receive in school. Many of today’s youth have credit cards before they leave high

school, yet they have never had a course in money or how to invest it, let alone understand how

compound interest works on credit cards. Simply put, without financial literacy and the knowledge of

how money works, they are not prepared to face the world that awaits them, a world in which

spending is emphasized over savings.

When my oldest son became hopelessly in debt with his credit cards as a freshman in college, I

not only helped him destroy the credit cards, but I also went in search of a program that would help

me educate my children on financial matters.

One day last year, my husband called me from his office. “I have someone I think you should

meet,” he said. “His name is Robert Kiyosaki. He’s a businessman and investor, and he is here

applying for a patent on an educational product. I think it’s what you have been looking for.”

Just What I Was Looking For

My husband, Mike, was so impressed with CASHFLOW, the new educational product that Robert

Kiyosaki was developing, that he arranged for both of us to participate in a test of the prototype.

Because it was an educational game, I also asked my 19-year-old daughter, who was a freshman at

a local university, if she would like to take part, and she agreed.

About fifteen people, broken into three groups, participated in the test.

Mike was right. It was the educational product I had been looking for. But it had a twist: It looked

like a colorful Monopoly board with a giant well-dressed rat in the middle. Unlike Monopoly, however,

there were two tracks: one inside and one outside. The object of the game was to get out of the

inside track-what Robert called the “Rat Race” and reach the outer track, or the “Fast Track.” As

Robert put it, the Fast Track simulates how rich people play in real life.

Robert then defined the “Rat Race” for us.

“If you look at the life of the average-educated, hard-working person, there is a similar path. The

child is born and goes to school. The proud parents are excited because the child excels, gets fair to

good grades, and is accepted into a college. The child graduates, maybe goes on to graduate school

and then does exactly as programmed: looks for a safe, secure job or career. The child finds that

job, maybe as a doctor or a lawyer, or joins the Army or works for the government. Generally, the

child begins to make money, credit cards start to arrive in mass, and the shopping begins, if it

already hasn’t.

“Having money to burn, the child goes to places where other young people just like them hang

out, and they meet people, they date, and sometimes they get married. Life is wonderful now,

because today, both men and women work. Two incomes are bliss. They feel successful, their future

is bright, and they decide to buy a house, a car, a television, take vacations and have children. The

happy bundle arrives. The demand for cash is enormous. The happy couple decides that their

careers are vitally important and begin to work harder, seeking promotions and raises. The raises

come, and so does another child and the need for a bigger house. They work harder, become better

employees, even more dedicated. They go back to school to get more specialized skills so they can

earn more money. Maybe they take a second job. Their incomes go up, but so does the tax bracket

they’re in and the real estate taxes on their new large home, and their Social Security taxes, and all

the other taxes. They get their large paycheck and wonder where all the money went. They buy

some mutual funds and buy groceries with their credit card. The children reach 5 or 6 years of age,

and the need to save for college increases as well as the need to save for their retirement. .

“That happy couple, born 35 years ago, is now trapped in the Rat Race for the rest of their

working days. They work for the owners of their company, for the government paying taxes, and for

the bank paying off a mortgage and credit cards.

“Then, they advise their own children to `study hard, get good grades, and find a safe job or

career.’ They learn nothing about money, except from those who profit from their naïveté, and work

hard all their lives. The process repeats into another hard-working generation. This is the `Rat

Race’.”

The only way to get out of the “Rat Race” is to prove your proficiency at both accounting and

investing, arguably two of the most difficult subjects to master. As a trained CPA who once worked

for a Big 8 accounting firm, I was surprised that Robert had made the learning of these two subjects

both fun and exciting. The process was so well disguised that while we were diligently working to get

out of the “Rat Race,” we quickly forgot we were learning.

Soon a product test turned into a fun afternoon with my daughter, talking about things we had

never discussed before. As an accountant, playing a game that required an Income Statement and

Balance Sheet was easy. So I had the time to help my daughter and the other players at my table

with concepts they did not understand. I was the first person-and the only person in the entire test

group-to get out of the “Rat Race” that day. I was out within 50 minutes, although the game went on

for nearly three hours.

At my table was a banker, a business owner and a computer programmer. What greatly disturbed

me was how little these people knew about either accounting or investing, subjects so important in

their lives. I wondered how they managed their own financial affairs in real life. I could understand

why my 19-year-old daughter would not understand, but these were grown adults, at least twice her

age.

After I was out of the “Rat Race,” for the next two hours I watched my daughter and these

educated, affluent adults roll the dice and move their markers. Although I was glad they were all

learning so much, I was disturbed by how much the adults did not know about the basics of simple

accounting and investing. They had difficulty grasping the relationship between their Income

Statement and their Balance Sheet. As they bought and sold assets, they had trouble remembering

that each transaction could impact their monthly cash flow. I thought, how many millions of people

are out there in the real world struggling financially, only because they have never been taught these

subjects?

Thank goodness they’re having fun and are distracted by the desire to win the game, I said to

myself. After Robert ended the contest, he allowed us fifteen minutes to discuss and critique

CASHFLOW among ourselves.

The business owner at my table was not happy. He did not like the game. “I don’t need to know

this,” he said out loud. “I hire accountants, bankers and attorneys to tell me about this stuff.”

To which Robert replied, “Have you ever noticed that there are a lot of accountants who aren’t

rich? And bankers, and attorneys, and stockbrokers and real estate brokers. They know a lot, and for

the most part are smart people, but most of them are not rich. Since our schools do not teach people

what the rich know, we take advice from these people. But one day, you’re driving down the highway,

stuck in traffic, struggling to get to work, and you look over to your right and you see your accountant

stuck in the same traffic jam. You look to your left and you see your banker. That should tell you

something.”

The computer programmer was also unimpressed by the game: “I can buy software to teach me

this.”

The banker, however, was moved. “I studied this in school-the accounting part, that is-but I never

knew how to apply it to real life. Now I know. I need to get myself out of the `Rat Race.’ “

But it was my daughter’s comments that most touched me. “I had fun learning,” she said. “I

learned a lot about how money really works and how to invest.”

Then she added: “Now I know I can choose a profession for the work I want to perform and not

because of job security, benefits or how much I get paid. If I learn what this game teaches, I’m free

to do and study what my heart wants to study. . .rather than study something because businesses

are looking for certain job skills. If I learn this, I won’t have to worry about job security and Social

Security the way most of my classmates already do.”

I was not able to stay and talk with Robert after we had played the game, but we agreed to meet

later to further discuss his project. I knew he wanted to use the game to help others become more

financially savvy, and I was eager to hear more about his plans.

My husband and I set up a dinner meeting with Robert and his wife within the next week.

Although it was our first social get-together, we felt as if we had known each other for years.

We found out we had a lot in common. We covered the gamut, from sports and plays to

restaurants and socio-economic issues. We talked about the changing world. We spent a lot of time

discussing how most Americans have little or nothing saved for retirement, as well as the almost

bankrupt state of Social Security and Medicare. Would my children be required to pay for the

retirement of 75 million baby boomers? We wondered if people realize how risky it is to depend on a

pension plan.

Robert’s primary concern was the growing gap between the haves and have nots, in America and

around the world. A self-taught, self-made entrepreneur who traveled the world putting investments

together, Robert was able to retire at the age of 47. He came out of retirement because he shares

the same concern I have for my own children. He knows that the world has changed, but education

has not changed with it. According to Robert, children spend years in an antiquated educational

system, studying subjects they will never use, preparing for a world that no longer exists.

“Today, the most dangerous advice you can give a child is `Go to school, get good grades and

look for a safe secure job,’ “ he likes to say. “That is old advice, and it’s bad advice. If you could see

what is happening in Asia, Europe, South America, you would be as concerned as I am.”

It’s bad advice, he believes, “because if you want your child to have a financially secure future,

they can’t play by the old set of rules. It’s just too risky.”

I asked him what he meant by “old rules?”

“People like me play by a different set of rules from what you play by,” he said. “What happens

when a corporation announces a downsizing?”

“People get laid off,” I said. “Families are hurt. Unemployment goes up.”

“Yes, but what happens to the company, in particular a public company on the stock exchange?”

“The price of the stock usually goes up when the downsizing is announced,” I said. “The market

likes it when a company reduces its labor costs, either through automation or just consolidating the

labor force in general.”

“That’s right,” he said. “And when stock prices go up, people like me, the shareholders, get richer.

That is what I mean by a different set of rules. Employees lose; owners and investors win.”

Robert was describing not only the difference between an employee and employer, but also the

difference between controlling your own destiny and giving up that control to someone else.

“But it’s hard for most people to understand why that happens,” I said. “They just think it’s not

fair.”

“That’s why it is foolish to simply say to a child, `Get a good education,’ “ he said. “It is foolish to

assume that the education the school system provides will prepare your children for the world they

will face upon graduation. Each child needs more education. Different education. And they need to

know the rules. The different sets of rules.”

“There are rules of money that the rich play by, and there are the rules that the other 95 percent

of the population plays by,” he said. “And the 95 percent learns those rules at home and in school.

That is why it’s risky today to simply say to a child, ‘Study hard and look for a job.’ A child today

needs a more sophisticated education, and the current system is not delivering the goods. I don’t

care how many computers they put in the classroom or how much money schools spend. How can

the education system teach a subject that it does not know?”

So how does a parent teach their children, what the school does not? How do you teach

accounting to a child? Won’t they get bored? And how do you teach investing when as a parent you

yourself are risk averse? Instead of teaching my children to simply play it safe, I decided it was best

to teach them to play it smart.

“So how would you teach a child about money and all the things we’ve talked about?” I asked

Robert. “How can we make it easy for parents especially when they don’t understand it themselves?”

“I wrote a book on the subject, “ he said.

“Where is it?”

“In my computer. It’s been there for years in random pieces. I add to it occasionally but I’ve never

gotten around to put it all together. I began writing it after my other book became a best seller, but I

never finished the new one. It’s in pieces.”

And in pieces it was. After reading the scattered sections, I decided the book had merit and

needed to be shared, especially in these changing times. We agreed to co-author Robert’s book.

I asked him how much financial information he thought a child needed. He said it would depend

on the child. He knew at a young age that he wanted to be rich and was fortunate enough to have a

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