Why Robert Kiyosaki can’t make you rich!
Robert Kiyosaki can’t make you rich with real estate or any other investment. This is disappointing but true. I explain why in the video. However, there are some key things that he can teach you. What are they? Read on!
This is the third of a series of videos in which I tackle the difficult question of where to invest during a crisis. In the first video I laid out the basic strategy for when you need to keep money on hand in case of emergencies. In the second video I explained which investments you might want to avoid in your “on-hand” portfolio or “emergency fund”.
This video builds on the first two by explaining that in fact, a crisis is a great time to invest. A crisis should not change your fundamental strategy. But you must take care when it comes to following financial gurus like Robert Kiyosaki or Dave Ramsey. Robert Kiyosaki can’t make you rich with real estate or any other investment.
Rich Dad Poor Dad is a helpful book but it can’t make you rich!
The Rich Dad Poor Dad book (and the follow up “Cashflow Quadrant”) are great books. I found useful concepts in both of them. In particular, I like the concepts of financial literacy or financial intelligence. I think having these attributes are crucial if you want to succeed in property investment or in fact any kind of investment.
Now in my Rich Dad Poor Dad review I suggest that leaping into rental properties for beginners is very dangerous! I have seen so many things go wrong in my career. Rental property requires good property management. But how do you know a good property manager from a bad one? In the video I talk about what can happen if you pick a bad one!
Before you get involved in property investment you need to have a firm financial education. You can’t get this from reading books alone I’m afraid. However, you don’t necessarily have to get into real estate to generate a passive income.
The mindset shift is the key!
For me, the key to the Rich Dad Poor Dad book is the mindset shift. The shift from an employee mindset to a business mindset. I explain how you can do this without real estate investment in the video. And in my next video I will talk about the investment framework that can help you!
So watch this video and remember to subscribe so you don’t miss any of my videos:
Disclaimer: The opinions expressed in this video are for information purposes only and should not be construed as a recommendation or advice that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person
Image of Robert Kiyosaki is by Gage Skidmore from Peoria, AZ, United States of America
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