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#1 Rich Dad Poor Dad – 5 Books that Changed My Life


To grab a copy of Robert Kiyosaki’s book, head to this amazon link –… Welcome to a new mini series here on Elite Investor TV – five books that changed my life! And we kick off with maybe the most important investment book of the post war era, Robert Kiyosaki’s Rich Dad, Poor Dad… Books are such a precious resource. The local library is the most undervalued building in every town and city. As my old mentor Jim Rohn used to say ‘with all the wisdom of the world available free of charge, why do only three per cent of the population have a library ticket?’ He just called it one of the mysteries of life. In these prosperous times people can afford to buy books on Amazon and get them delivered the next day. If you haven’t come across Rich Dad, Poor Dad I’d urge you to go straight from Youtube to the Everything Store as soon as I finish speaking. No, not now you ADHD gadfly – I need another three minutes of your life to explain why you need to read this book. The book was written twenty years ago and has gone on to sell twenty six million copies. So, at best, that means point nought nought three per cent of the population have read it. I swear that even after two decades not one person in a thousand understands Kiyosaki’s life changing definition of the difference between an asset and a liability. An asset puts money in your pocket, a liability takes money out of your pocket. So the house you live in is – that’s right, a liability. Try telling that to the morons who say ‘my home is my pension’ when you ask them about their financial plan. But Robert went a lot further than that in explaining the cash flow quadrant and the side of it you need to be on. He showed how most middle class people are wage slaves, using their earnings to pay loads of money to the bank to finance the liability they live in. The rich invest in income producing assets that cover their living costs and any excess is re-invested in more assets that produce yet more income. Business owners receive far more beneficial tax treatment and can offset expenses against income before arriving at their taxable amount. Governments the world over respect this formula with one exception, our former chancellor, the financially illiterate George Osborne. His vendetta against private landlords even extends to ignoring this fundamental of business and suggesting that mortgage payments are somehow revenue rather than an expense. Err, you’ve been smoking that stuff again, haven’t you George! He gives specific examples of how money can be created from nothing and how taxes on the profits can be minimised within a corporate structure. But he also puts himself into the shoes of the reader, wondering how to learn the skills needed for success. Long before internships became fashionable, he suggested working for knowledge, not for money. Find a mentor and offer to work for free. He boils business success down to managing three key areas – cashflow, systems and people. Having worked closely with scores of business owners myself in the last decade, I couldn’t put it more succinctly myself. Why has this book been so successful? Because Kiyosaki takes a potentially dry subject like accounting and tells it in the form of a story. He refers to his friend’s highly successful father as his Rich Dad, while his own socialist father fills the role of Poor Dad. Both are good people who faithfully live by their very different philosophies. And each experiences a very different outcome. The Rich Dad Poor Dad philosophy is at the core of what we do here at Elite Investor Club. Invest in assets that throw off passive income AND grow businesses that can also provide passive income while you own them and a great big liquidity event when you sell them. I find that what we do really seems to resonate with business owners so, if you’re already implementing the Rich Dad Poor Dad approach and would like to join a global network of likeminded people, just go to the Elite Investor Website and click the join page. It won’t even cost you the seven pounds ninety eight that Robert Kiyosaki’s life changing classic will set you back on Amazon. Next time, we go back to the 1930s for one of the all time masterpieces. Thanks for watching and I’ll see you then.