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Rich Dad's Who Took My Money?

Why Slow Investors Lose and Fast Money Wins!

By Robert T. Kiyosaki
12-minute read
Audio available
Rich Dad's Who Took My Money? by Robert T. Kiyosaki

Rich Dad’s Who Took My Money? (2004) explains why the time-honored strategy of saving money, investing in mutual funds, and holding on to paper assets for the long term is all wrong. Instead, if you want to get rich quick, you need to become a power investor who combines different asset types – like real estate, businesses, and stocks – to generate a continuous cash flow. 

  • Anyone worried about their financial future
  • Investors and real estate professionals
  • People looking to escape the daily grind

Robert T. Kiyosaki is an author, businessman, and radio personality from Hawaii. He’s the best-selling author of Rich Dad, Poor Dad. He’s also the creator of the Rich Dad Company, which offers personal finance and business lessons through books and videos.

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Rich Dad's Who Took My Money?

Why Slow Investors Lose and Fast Money Wins!

By Robert T. Kiyosaki
  • Read in 12 minutes
  • Audio & text available
  • Contains 7 key ideas
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Rich Dad's Who Took My Money? by Robert T. Kiyosaki
Synopsis

Rich Dad’s Who Took My Money? (2004) explains why the time-honored strategy of saving money, investing in mutual funds, and holding on to paper assets for the long term is all wrong. Instead, if you want to get rich quick, you need to become a power investor who combines different asset types – like real estate, businesses, and stocks – to generate a continuous cash flow. 

Key idea 1 of 7

To avoid spending your old age in poverty, you need to act now.

Whenever the author gives a talk about personal finance, someone in the audience is bound to ask him, “Why does money matter anyway? Isn’t happiness more important?” In response, he smiles calmly and demonstrates why this attitude is so harmful. 

He’ll begin with some alarming evidence. A survey for USA Today found that the number one fear for Americans is running out of money in old age. More than crime, nuclear war, or anything else, their greatest worry is living a long life with no money. 

After letting this sink in, the author tells his audience that one in three Americans over the age of 65 has no retirement plan at all. In other words, their greatest fear will likely come true. 

The key message here is: To avoid spending your old age in poverty, you need to act now.

Many people want to put off their money worries until they’re older. But we only have a limited time to get our finances in order.

Without a decent pension, many of us will have to keep working long into old age. And with so many living expenses to consider – things like college debt, mortgage payments, car payments, taxes, and care for our elderly parents – retiring might not be an option at all. Sure, working into old age might be good for your physical and mental health, but working forever because you have to is a very different matter.

The painful truth is that our money-earning lives are divided up into four quarters, just like a game of American football. The first quarter stretches roughly from the age of 25 to 35, the second from 35 to 45, the third from 45 to 55, and the last from 55 to the time we’re expected to retire. If we can’t afford to retire at that point, we go into overtime. Then, when we’re too old to work but have no money left, we’re out of time. Game over. 

Nobody wants to reach those final two stages without having their finances in order. So, at some point in those four quarters, we should work toward financial independence. But what exactly should we do?

The standard advice is: save, invest in mutual funds, and hold these for the long term. However, the author argues, this isn’t the way to reach financial independence – it’s too slow and far too unreliable. In the following blinks, we’ll explore what you can do instead.

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