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Thoughts From "Rich Dad Poor Dad" Part 3

Updated: Jan 19, 2023

This is part one of a series of notes and commentary based on insights from Rich Dad Poor Dad by Robert T, Kiyosaki.

#1: Working for Someone All of Your Life

Financial struggle is often a result of working for someone else all of their lives

This statement could come off as a negative one. It almost appears that he is saying, working a job to make your ends meet is a reason for financial struggles in your life. However, there is great truth to it. Some occupations, wages and the locations can cause financial struggle.

In my experience, my downfall, had be poor money management regardless of my employer. Then, there's those of the entrepreneurial spirit that love to point this statement out, to evoke an emotion and convince you, that you should be your own boss. At times that sounds good, but it's not ideal for everyone.

I think what he really wants people to take away from this statement is a simple cliché, don't put all of your eggs in one basket. If you were like me during the COVID shutdowns, you might have lost your only source of income. That mostly certain caused a financial struggle. As a result, many people started side-jobs or educating themselves about investing.

There are many ways to earn additional income. Should you quit your 9-5? It depends. You can if your alternate income streams permit you to. If not, you should keep your job, learn about investing and buying assets. Remember, an asset "puts" money in your pocket, while a liability "takes" money out of your pocket. We talked about Thoughts From Rich Dad Poor Dad Part 2.

What are your thoughts about this statement? Do you thing a main cause of financial problems is working for someone else?

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