Another Rich Dad Video
This one is a few years old, but covers the basics. Robert speaking about Rich Dad’s teachings to a “canned” studio audience.
“You chose whether to be rich, poor or middle class.”
Although, I have to say, the audience did look to be all middle class…so maybe only the middle class have the choice? Still good info here though, as always.
If you think your house is an asset, he’ll tell you why it’s not. Catch the 40 20 minute video on Google videos. [the sound it messed up on the second half of the video...too bad].
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Comments ( 9 )
Tyler McKinna added these pithy words on Aug 03 06 at 12:58 pmJon,
Although I agree with a lot of Kiyosaki says, I still believe that my house is an asset. I will say that my mortgage is a liability, but I have to live somewhere.
What if I rented out my house and lived in an apartment? Wouldn’t that just be like taking money out of one pocket and putting it another? Of course this is assuming the amount of both rents are similar after PITI.
Jon added these pithy words on Aug 03 06 at 2:29 pmHi Tyler,
Don’t forget there is some ’shock value’ in Robert’s approach. [In the video he even calls kids 'liabilites' from a strickly financial point of view!]. He has just re-framed the words assets and liabilities to suit his message…so as I see it in the traditional financial circles of course a house is an asset, but in rich dad world an asset is only something that puts money in your pocket and not takes money out.
I think why he has adopted this extreme definition of the house as liability is in response to the so called average middle class person or family that believes that they can pour everything into their house and that is their entire future finanical plan. I know many people taking that approach and it really isn’t a very wise one.
Anything that is a core need: food and shelter, shouldn’t be thought of as investments in general…they just are what they are and if you make money from them, then great and if not, well you needed a place to live anyways. That’s my approach anyways.
I’ve also heard him say that a house is definitely an assest if someone else is paying off the mortgage.
Thanks for the comment…I argue this one with friends and family constantly
Jon
prlinkbiz added these pithy words on Aug 04 06 at 9:37 amKids ARE liabilities, beleieve me I have two. lol (And until they are paying for my nursing home, they will probably continue to be) Jon good stuff here- I’d link to you, but you know- our links are to the ladies! lol
Jon added these pithy words on Aug 04 06 at 11:27 amThanks prlinkbiz…I’ll let you know if I decide to have a sex change…
Peter added these pithy words on Aug 04 06 at 12:34 pmThe video works again in the 28th Minute.
prlinkbiz added these pithy words on Aug 04 06 at 11:48 pmLOL I don’t think your wife would be too happy about that! Thanks for Carnival info… although I’m thinking we should do something new and fun…
Jon added these pithy words on Aug 07 06 at 10:33 pmprlinkbiz…you’re right, the wife will have to get a sex change too!
How about the “Carnival of Passive Income” or “Carvival of Random Acts of Monetary Kindness”?
Jay added these pithy words on Jul 02 08 at 12:26 pmTyler your house is a liability, whether its to you or someone else. Nice try though!
Tyler added these pithy words on Jul 02 08 at 4:24 pmJay,
Do you care to explain how my house is a liability?