Robert Kiyosaki 2019 - The Speech That Broke The Internet!!! KEEP THEM POOR! | Summary and Q&A

TL;DR

Traditional education neglects money management, leading to financial ignorance.

Key Insights

• 🧑‍🎓 The education system prioritizes preparing students for employment over teaching financial management skills critical for wealth creation.
• 🤑 Learning from real-life experiences and mentors can provide invaluable insights into money management that formal education often lacks.
• 🥺 The traditional mindset surrounding work often leads to a fear of financial risks, which limits growth and opportunities for many individuals.
• 🤑 Engaging with practical financial activities can instill a deeper understanding of money management, exemplified by the lessons learned through games like Monopoly.
• 🙈 The speaker sees financial challenges not as failures but as vital learning moments that contribute to one’s growth and understanding of the financial landscape.
• 🤗 A proactive approach to questions about finances can expand one's perspective and open up new avenues for acquiring resources and wealth.
• 🤑 The attitudes and beliefs around money often stem from upbringing and societal influences, reinforcing the need for better financial education at a younger age.

Transcript

do the rich people cringe and say don't tell them that yes yes yes don't tell people what they what you know keep them poor my father was the head of education phd all that stuff i go home and ask him i said why don't we learn about money in school and he looked at me he says because the government doesn't let us teach that subject the government t... Read More

Questions & Answers

Q: Why doesn’t the school system teach about money management?

The school system is structured to produce employees rather than financially literate individuals. Government regulations influence curriculum decisions, so critical subjects like money management are often overlooked, leading to financial ignorance among graduates who are prepared only for job acquisition rather than wealth creation.

Q: What was the relationship between the speaker and his "rich dad"?

The speaker's "rich dad" was the father of his best friend, who taught him valuable lessons about money and entrepreneurship. Unlike the speaker's own father, who held traditional educational views, "rich dad" encouraged practical learning and working without a paycheck to inspire an entrepreneurial mindset.

Q: How did the speaker learn about money management?

The speaker learned about money management through hands-on experiences with his "rich dad." Starting as a child, he participated in tasks while observing money principles in practice, such as playing Monopoly, which reinforced concepts of acquiring assets and understanding financial strategy.

Q: What distinction does the speaker make between employees and entrepreneurs?

The speaker highlights that employees, particularly those in stable jobs, often lack financial literacy because they rely on their employers. In contrast, entrepreneurs must understand how to manage money to succeed; they cannot afford to be ignorant of financial principles, as their livelihood depends on savvy financial decisions.

Q: What key mindset shift does the speaker suggest?

The speaker advocates shifting from a mentality of scarcity—often exemplified by phrases like "I can’t afford that"—to a mindset of abundance. By asking how one can afford something instead, individuals can foster creativity, resourcefulness, and open-mindedness, leading to more opportunities for financial growth.

Q: How does the speaker view financial failures or setbacks?

The speaker perceives financial failures and setbacks as essential learning experiences. He believes that overcoming challenges leads to personal growth and greater resilience. Embracing risk and learning from mistakes is part of developing a robust understanding of money and business, contrasting with a fear-driven attitude.

Summary & Key Takeaways

• The speaker recounts childhood experiences questioning why money management isn't taught in schools, highlighting a distinction between employees and entrepreneurs.

• He emphasizes the importance of learning about finances from practical experiences instead of formal education, often critiquing the traditional school system.

• The speaker shares lessons learned from his "rich dad," advocating for a proactive mindset in financial matters rather than a limiting one.