I Found The Highly Misused Phrase From The Book!

So what instigated me to write this? Last week I was discussing with a friend (let’s give him an arbitrary name DANIAL) about how he was thinking about transitioning to business from his current job just because he read 🤷‍♂️ “The Rich Dad & Poor Dad” – by Robert Kiyosaki.

Before starting this writeup, I would highly encourage you to buy the book📘 here or wherever you can get it easily – as this book can build a foundation for you to understand the science behind personal finance.

There were a lot of things in our discussion (with Danial) which made me realized how easy it is to interpret anything in today’s world 🌍 as per your likings! This friend of mine who “read” this book recently had so many misconceptions derived from it – one lesson he “learnt” from the book is to quit his day job as “business is the only way to become rich.”

The thing which astonished me the most, and made me write this Substack when he mentioned the famous of all quote from the book:

– When my poor dad wanted something that wasn’t part of the budget, he would deny himself that item, saying, “We can’t afford that.”

– Rich dad would not rather say, “I can’t afford that,” I encourage you to begin thinking with a new money mindset and ask, “How can I afford it?”

These wordings became one of many famous quotes from the book, however, I realized that even after having such a powerful book, one still require guidance or a teacher for the specific subject or else he can grasp the wrong understandings the way Danial gathered as well.

This is the reason you must subscribe to my YouTube channel and watch the videos regularly :) 

So, as per my friend – if you have thoughts about buying anything then there is a way to buy it in all cases [even if you don’t have money for it], and the examples he gave just baffled 🤯 my mind! He said, and I quote “We can easily buy anything on installment plan or on Buy Now Pay Later model in such scenarios and hence we can afford it.”

Anyone with slightest of common sense will not have such an interpretation like this – that too for a book which is known for the guidance it provides in the domain of personal finance.

On the other hand it proves what is written in the book – the formal education 👨‍🏫 has inherent flaw of not addressing the personal finance aspect of life even if a person has graduated with a degree in finance (let aside professionals like Doctors and Engineers.)

Now that we are talking about “Buy Now Pay Later” & “Installment Plan” options (even without any additional fees or interest) – my 2 cents here are that these are as bad as taking interest based loans for any consumer good! Reason being, that these marketing tactics lure you further into the trap – And oh yes, I wrote a Substack on how companies deceive the consumers 🛍 with marketing, you can visit here to read it.

Similarly, his decision to leave the day job and go for a business adventure comes from reading the book too – while it is clearly mentioned by Robert in the book that even with a day job, your target should be acquiring assets that can make you money and eventually if the assets can cover your monthly expenses, you are liberated to do whatever you want.

So much so, Kiyosaki says “he owns business that do not require his presence. “If I have to work there, it’s not a business. It becomes my job.”

With wrong interpretations from such a book from a person who I know myself is surprising as to how misinformation can propagate even more so in today’s world where there is no dearth of unregulated media to be consumed. You can remain well informed only through the right mentors, right company, reading & analyzing yourself – slowly and gradually.

Don’t forget to subscribe the YouTube channel to get educated yourself against such misconceptions☺️

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