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November 26, 2024 12 mins

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Can you really break free from the financial constraints of the 9-5 grind? Discover the transformative power of financial literacy as we channel the wisdom of Robert Kiyosaki's "Rich Dad, Poor Dad." This episode promises to reshape your understanding of wealth and work by challenging conventional financial wisdom. We dissect the differing philosophies of Kiyosaki's two father figures, where the rich dad teaches us to distinguish true assets—those that generate income—from mere liabilities. By embracing continuous learning and developing passive income streams, you can make money work for you and not the other way around.

Together, we'll embark on a journey from financial literacy to financial freedom. Learn how to seek education beyond traditional means and gain insights from mentors who encourage smart risk-taking. Overcoming fear becomes a pivotal theme, as we explore how questioning the status quo and reflecting on personal experiences can lead to lasting wealth. Whether you're thinking of starting a side hustle or making wise investments, this episode urges you to think creatively and pursue financial education as an essential step toward achieving your goals. Tune in and let the insights from Kiyosaki's rich dad guide you to financial empowerment.

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Speaker 1 (00:00):
All right, let's dive in.
We're taking on Rich Dad, PoorDad today.
That classic by Robert Kiyosaki.
You sent over a YouTube summaryof it, so we'll be using that
to you know.
Help us pull out the good stuff.

Speaker 2 (00:11):
Yeah, it's a classic for a reason, right, it really
changes how you think aboutmoney.

Speaker 1 (00:15):
Oh for sure.
One of the first things thatjumped out at me in the summary
was this whole escaping theordinary idea, and I'm curious,
when you hear that, what popsinto your head?
Is it like financial freedom,ditching the nine to five grind,
or something, something totallydifferent?

Speaker 2 (00:31):
You know, it's interesting how Kiyosaki goes
against what everyone usuallysays about money.
He's like it's not just aboutworking your tail off, it's
about what he calls financialliteracy.
So basically, getting how moneyworks and making it work for
you, not the other way around.

Speaker 1 (00:46):
Okay, so it's more than just like balancing your
checkbook, right?
Tell me more about thisfinancial literacy thing.
I'm all ears.

Speaker 2 (00:52):
It's all about thinking differently about money
.
Kiyosaki compares what helearned from his rich dad who
was his friend's dad, asuccessful entrepreneur to what
his own dad, his poor dad, whoworked for the government, you
know told him.

Speaker 1 (01:08):
Oh yeah, that classic rich dad versus poor dad setup
right.
What were some of the bigdifferences in, like how they
thought about things?

Speaker 2 (01:15):
Well, rich dad was all about.
You know, it's not about howmuch you make, but how you
handle it.
He taught Kiyosaki to seeassets and liabilities in a
whole new way, Like the YouTubesummary mentioned how Rich Dad
saw a house as a liability, notan asset, which is crazy.

Speaker 1 (01:29):
Whoa wait really.
But isn't owning a home likethe dream?
Why would he see it like that?

Speaker 2 (01:34):
Because for Rich Dad, an asset is something that puts
money in your pocket, a house,a lot of times taking money out,
you've got mortgage payments,property tax, all that stuff.
He was saying that those costscan, like drain you and keep you
from building wealth.

Speaker 1 (01:48):
Okay, I see.
I see it's not about justowning stuff.
It's about owning things thatactually like make you money.
So if a house isn't always anasset, what are some examples of
assets that a rich dad wouldrecommend?

Speaker 2 (02:02):
He was really big on things like businesses.
You know that generate incomeor investments that grow in
value, things that work for youeven when you're sleeping.

Speaker 1 (02:10):
Ah, that sounds a lot like the whole passive income
idea, which is another bigtakeaway from the book, right?

Speaker 2 (02:14):
Exactly, rich Dad was all about building income
streams that don't depend on youtrading time for money Stuff
like rental income, dividendsfrom stocks, royalties from a
book, all that.

Speaker 1 (02:26):
That sounds like the dream right Making money without
, like, constantly working.
But I'm guessing it takes a tonof work, UPF RONT, to get those
passive income things going.

Speaker 2 (02:35):
Oh, absolutely.
It's not some get rich quickscheme.
It's about putting in the timeto learn to build and to manage
those assets the right way.
And that's where, you guessedit, financial literacy comes
back in.
Rich Dad believed that anyonecould be financially free if
they had the right knowledge andthe right mindset.

Speaker 1 (02:52):
So it's not about luck or like inheriting a bunch
of money.
It's about giving yourself thetools and knowledge to create
your own wealth.
What kind of asset could yousee yourself building if you
were following Rich Dad's advice?

Speaker 2 (03:05):
Oh man, there are so many possibilities.
Maybe, like you, have a hobbyyou're passionate about, that
could be a business.
Or maybe you're into realestate or the stock market.

Speaker 1 (03:14):
I know someone who started a little side hustle
selling handmade jewelry onlineand now it's their full-time gig
.

Speaker 2 (03:22):
See, that's a great example.
Rich Dad, Poor Dad is all aboutthinking outside the box and
finding opportunities that fityour interests and what you're
good at.

Speaker 1 (03:30):
It really makes you want to take control, you know,
and create a life where money isworking for you, not the other
way around.

Speaker 2 (03:36):
Yeah, it's about going from being a consumer to
being a creator of wealth.
That's a powerful idea.

Speaker 1 (03:41):
It really is.
But even if someone's like,yeah, I want to build assets, it
can be scary, right.
Knowing where to even start,what would you say is like the
first step someone should takeon their path to becoming more
financially literate.

Speaker 2 (03:54):
I think Rich Dad would say investing in your
financial education is key.
That could be reading books,taking courses or even finding
mentors who, can you know, showyou the ropes?

Speaker 1 (04:05):
So it's like learning any new skill right.
You've got to put in the timeand effort to get the basics
down.

Speaker 2 (04:09):
Exactly, and it's about always learning, because
the world of money is alwayschanging, so you've got to stay
curious and be able to adapt.

Speaker 1 (04:17):
I love that it's not just about memorizing facts.
It's about, like, having agrowth mindset when it comes to
money.
Ok, so we've talked aboutescaping the ordinary financial
literacy and this whole passiveincome thing.
These are some pretty big ideasand I bet they've got our
listener thinking.

Speaker 2 (04:32):
Oh, I'm sure Rich Dad , poor Dad, is packed with stuff
that makes you rethink how yousee money.

Speaker 1 (04:37):
And speaking of going against the grain Rich Dad,
poor Dad also makes you rethinkhow you see work.
The YouTube summary talkedabout this idea of working to
learn, not just to earn.
What are your thoughts on that?

Speaker 2 (04:49):
It's like changing how you look at things, you know
.

Speaker 1 (04:52):
Yeah, instead of just chasing a paycheck, rich Dad
wanted Kiyosaki to go afterthings that would teach him
stuff, skills that would like,build up his financial knowledge
and open doors down the road.

Speaker 2 (05:03):
Exactly.
He saw those experiences aslike investing in his future,
even if he wasn't making bankright away.

Speaker 1 (05:09):
Yeah, the YouTube summary even said he worked for
free at one point to getexperience in real estate.

Speaker 2 (05:14):
That's right.

Speaker 1 (05:19):
He was willing to put in the time, even if it meant,
you know, not getting paid rightthen and there that's pretty
bold, especially when you'rejust starting out it shows he
was thinking long term.

Speaker 2 (05:25):
It does and it shows how important it is to have that
long term vision when you'retrying to build wealth.

Speaker 1 (05:31):
It makes you think about your own career right,
like are you learning andgrowing enough?
Maybe?
Instead of just going for thenext promotion, we should be
asking what can I learn fromthis that'll help me reach my
money goals?

Speaker 2 (05:43):
That's a great question.
It changes things from justmaking a living to actually
building a foundation for youknow financial freedom.

Speaker 1 (05:53):
It's like that, saying give a man a fish, you
feed him for a day.
Teach a man to fish, you feedhim for life.
But here it's more like teach aperson about money and they can
create wealth for life.

Speaker 2 (06:02):
Perfect analogy.

Speaker 1 (06:03):
Yeah.

Speaker 2 (06:04):
And Kiyosaki really stresses that you don't need
some fancy degree to get thiseducation.
He learned from his rich dadwho was like a real world
teacher.

Speaker 1 (06:12):
So true, we probably all know someone who's good with
money right.
Maybe it's a family memberwho's a great investor, or a
friend who's built a successfulbusiness.

Speaker 2 (06:21):
Totally.
We're surrounded by people whocould be our mentors, who can
help us with our money journey.

Speaker 1 (06:27):
It's about seeing that there's a ton of knowledge
and experience right there inour own circles and being open
to learning from those people.

Speaker 2 (06:33):
Rich Dad, poor Dad, is all about finding those rich
dad figures in your life andgoing after that financial
knowledge, not just waiting forit to come to you.

Speaker 1 (06:43):
So it's not just about books and courses.
It's about actually talking topeople who can share what they
know.

Speaker 2 (06:48):
It's like building a team, a support system and
learning from people who arealready where you want to be.

Speaker 1 (06:53):
I love that Takes the pressure off feeling like you
have to figure it all outyourself.
You know being scared of moneystuff.

Speaker 2 (07:05):
Yeah, that's huge in Kiyosaki's thinking.
He believed that fear is likethe biggest thing holding people
back from being financiallyfree.

Speaker 1 (07:13):
He talked about how Rich Dad was all about taking
smart risks, seeing chanceswhere others saw danger.

Speaker 2 (07:19):
Yep.
Rich Dad knew that taking risksis how you grow and that
messing up is often part of, youknow, getting to success.

Speaker 1 (07:27):
While poor dad, sticking with his safe and
secure job, might have missedout on those chances.

Speaker 2 (07:32):
Exactly, rich dad knew that playing it safe can
keep you from growingfinancially.
He pushed Kiyosaki to get outof his comfort zone and try new
things.

Speaker 1 (07:41):
It's like realizing that, being uncomfortable, not
knowing what's going to happen.
That's part of reaching anygoal worth having, especially
when it comes to money.

Speaker 2 (07:48):
It's about getting the guts to take smart risks and
to see setbacks as lessons, notfailures.

Speaker 1 (07:53):
That's really empowering right Like.
It's not about being reckless,it's about being informed and
strategic about risks.

Speaker 2 (08:00):
It's about knowing how much risk you're comfortable
with and making choices thatmatch your goals and what you
believe in.

Speaker 1 (08:07):
Okay.
So if we want to actually DEDOthis, how do we start getting
over those money fears and bemore brave?

Speaker 2 (08:14):
Starts with knowing what you're scared of.
Like what really scares youabout money?
Is it losing it all, making thewrong choice?
Once you know what those fearsare, you can start dealing with
them.

Speaker 1 (08:24):
So, instead of letting fear freeze us up, we
got to face it head on and comeup with ways to handle it.

Speaker 2 (08:30):
Right, it's about changing your thinking from fear
and scarcity to like abundanceand possibility.

Speaker 1 (08:37):
That's a big shift.
It's about believing you cancreate wealth and that you can
overcome challenges along theway.

Speaker 2 (08:43):
And remembering you don't have to go alone.
Find mentors, financialadvisors, support groups, people
who can guide you and cheer youon.

Speaker 1 (08:50):
Having that support system can make a huge
difference.
Right, Helps you feel moreconfident and keeps you going.

Speaker 2 (08:55):
It's about surrounding yourself with people
who believe in you and who canhelp you through the ups and
downs of money stuff.

Speaker 1 (09:01):
So bringing it back to escaping the ordinary it
sounds like being brave is a bigpart of breaking free from
those financial limits.

Speaker 2 (09:09):
Totally.
It takes guts to question whateveryone else is saying, to try
new things and to keep going,even when it's tough.

Speaker 1 (09:17):
It's about having the confidence to create a life
that matches your values andwhat you want, even if it means
stepping outside that comfortzone.

Speaker 2 (09:25):
And breaking free from that fear-based thinking
that keeps so many people fromreaching their money dreams.

Speaker 1 (09:30):
We've covered so much in this deep dive Financial
literacy, passive income,working to learn, conquering
fear it's clear that Rich Dad,poor Dad, is full of practical
advice and stuff that makes youthink.

Speaker 2 (09:42):
It's a book that pushes you to question what you
think you know, to challenge theway things are and to take
control of your financial future.

Speaker 1 (09:49):
I feel like I have a whole new way of looking at my
finances and creating a moreabundant future.

Speaker 2 (09:54):
It's about realizing that financial freedom is
possible for anyone who'swilling to put in the work to
learn, grow and take action.

Speaker 1 (10:02):
And that's a really powerful message.
But before we wrap up, I haveone last question for you and
for our listener out there,something to think about If you
could sit down with Kiyosaki'srich dad for an hour and ask him
just one question aboutbuilding wealth, what would it
be?

Speaker 2 (10:18):
Ooh, that's a tough one, Let me think.
I think I'd ask him what's theone thing you wish you'd known
when you were younger, knowingwhat you know now?

Speaker 1 (10:30):
That's a good one.
I bet his answer would be likefull of wisdom, you know.
Maybe he'd say something abouthow important it is to start
investing early, or maybe he'dshare some like key lesson he
learned from a time when thingswere really rough.

Speaker 2 (10:42):
Yeah, it would be amazing to hear what he'd say
about his journey to you know,becoming successful with money.

Speaker 1 (10:47):
And I think we can all learn from thinking about
our own experiences too andfiguring out what lessons we've
picked up along the way.
It's like we each have our ownrich dad wisdom inside us just
waiting to be discovered Exactly.

Speaker 2 (10:58):
We've all been through stuff that shaped how we
see money and wealth.
It's all about tapping intothat knowledge and using it to
make better decisions goingforward.

Speaker 1 (11:06):
Yeah, and maybe by asking ourselves that same
question, what advice would Igive my younger self?
We can get clearer on our ownpath with money, you know and
maybe avoid making the samemistakes again.

Speaker 2 (11:17):
It's a great way to look back and see how much
you've grown and where you couldstill improve.

Speaker 1 (11:22):
Well, I got to say this deep dive into rich dad
poor dad has really opened myeyes.
We've talked about so much.
Dive into Rich Dad Poor Dad hasreally opened my eyes.
We've talked about so muchFinancial literacy, passive
income, working to learn,getting over fear.
It really makes you rethinkyour whole relationship with
money.

Speaker 2 (11:37):
It's definitely a book that pushes you to take
control of your financial futureand to create a life that's
full of abundance and purpose.

Speaker 1 (11:45):
I feel like I have a whole new set of tools to use
when it comes to managing mymoney and building wealth.
And to our awesome listener whosuggested this topic, I hope
you got a lot out of it too.

Speaker 2 (11:54):
We've just scratched the surface of rich dad, poor
dad, but hopefully this has madeyou curious and inspired you to
learn more about Kiyosaki'sideas.

Speaker 1 (12:03):
It's a book that can really change how you think
about money and give you thepower to take charge of your
financial future.

Speaker 2 (12:10):
And remember, escaping the ordinary isn't just
about money.
It's about building a life thatmatches your values and what
you want to achieve.

Speaker 1 (12:18):
It's about having the freedom to go after your
passions, to make a differencein the world and to live life on
your own terms.
That's a journey worth taking,for sure.

Speaker 2 (12:27):
So keep learning, keep growing and keep pushing
yourself to think differentlyabout money.

Speaker 1 (12:31):
Until next time, keep diving deep everyone.
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