Sunday, 8 January 2017

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

More than 20 years ago, an accountant recommended me to read "Rich Dad, Poor Dad by Robert Kiyosaki" and my first thought was, "Oh my God, all he can think of is money!"

Well, that accountant is having the last laugh now because he is travelling around the world, enjoying a good life, eating good food and I think exercising on a regular basis to keep his paunch in check.

If anyone gave you "Rich Dad, Poor Dad by Robert Kiyosaki" for Christmas, you should read it and read it with an open mind!

Here's an excerpt:
If they used the power of the mirror, they would have asked themselves, “Does this make sense?
All too often, instead of trusting their inner wisdom, that genius inside, most people follow the crowd.

They do things because everybody else does them. They conform, rather than ask questions.

Often, they mindlessly repeat what they have been told: 
“Your home is an asset.” 
“Your home is your biggest investment.” 
“You get a tax break for going into greater debt.” 
“Get a safe job.” 
“Don’t make mistakes.” 
“Don’t take risks.” 

It is that same fear, the fear of ostracism, that causes people to conform to, and not question, commonly accepted opinions or popular trends: “Your home is an asset.” 
“Get a bill-consolidation loan, and get out of debt.” 
“Work harder.” 
“It’s a promotion.” 
“Someday I’ll be a vice president.” 
“Save money.” 
“When I get a raise, I’ll buy us a bigger house.” 
“Mutual funds are safe.” 

I am still halfway through the book but the thing that hit me is what he said about the middle class - we work so hard all of our lives and yet we may not have enough in our EPF for our retirement or even medical expenses!

You must have read these articles about EPF investments:
- "Only 22 per cent EPF contributors have sufficient savings for retirement"
EPF members can now invest in funds that are invested 100% overseas

Thank you, Robert, for continuing with your important message of financial education despite all the backlash you have experienced since the launch of your book.

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