HOW DEBT CAN GENERATE INCOME
Best known as the author of Rich Dad Poor Dad—the #1 personal finance book of all time—Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. He is an entrepreneur, educator, and investor who believes that each of us has the power to makes changes in our lives, take control of our financial future, and live the rich life we deserve.
With perspectives on money and investing that often contradict conventional wisdom, Robert has earned an international reputation for straight talk, irreverence, and courage and has become a passionate and outspoken advocate for financial education.
Robert’s most recent books—Why the Rich Are Getting Richer and More Important Than Money—were published in the spring of this year to mark the 20th Anniversary of the 1997 release of Rich Dad Poor Dad. That book and its messages, viewed around the world as a classic in the personal finance arena, have stood the test of time. Why the Rich Are Getting Richer, released two decades after the international blockbuster bestseller Rich Dad Poor Dad, is positioned as Rich Dad Graduate School. Robert has also co-authored two books with Donald Trump, prior to his successful bid for the White House and election as President of the United States.
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I respect Robert for teaching the new generation on how to deal with money and wealth. But regards to real estate investing, its a model that is very difficult to start. You need to have A LOT of money, to start buying houses, and banks just don´t give that kind of money to a regular person. Kiyosaki teaches valuable things, kudos to that, but it is still the "slowlane" approach, getting rich at old age. Too late to really enjoy life, when you are old and sick, if even alive? Not to mention that lots of people start buying houses just for the sake of making money, anyone remembers the housing crash? His strategy is probably one of the culprits for the situation, masses following his ideas. Also its a strategy that wastes lots of earths resources, so not good for our environment. Book I would recommend reading is Millionare Fastlane by MJ De Marco. I found his approach better and leaner, also its a more varied approach, not just real estate. Its to build a business, a system or service that can generate significant income quickly, not in 30 years but possibly in 3 or 5! Best
Wololo!
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You changed my life, sir. Completely changed my view towards money, since I grew up with a “poor dad.” Your books, along a handful of others, built my life and financial philosophies that helped me become financially free by 27.
I was raised to avoid debt, but done correctly “debt” is considered leverage that can be in your favor. A mortgage is a strong example. When I was younger I could have never gotten together $250k for my first income property, thus I incurred debt in the form of a mortgage.
And more on a day-to-day basis, my 2% cash back credit card is used for EVERY possible purchase. I get a 2% discount on the world, keep money in my account for 30 days and build credit.
Avoiding debt is dangerous, borderline impossible, to becoming financially free or wealthy.
However, plan out debt and leverage it for what it is. Be an active participant, never a passive one.
Honestly, thanks so much Mr. Kiyosaki. Don’t think I can express enough how much you’ve helped me. I’m laying in my dream home mortgage free writing this at the moment because your books.