Why cutting up your credit cards won't make you rich A popular TV personality often says, "Take out your credit cards and cut them into pieces." While that is sound advice for people who are not financially responsible, it is inadequate advice for anyone who wants to become rich or financially free. In other words, just cutting up your credit cards will not make you rich. What does make you rich is financial education...unfortunately a type of education we do not receive in school. If a person has a solid financial education, they would know that there are two kinds of debt...good debt and bad debt. A person with a sound financial education would know how to use good debt to make them richer faster...much faster than a person who only saves money and has no debt. Rich Dad's Guide to Becoming Rich * Are you in credit card debt? * Is job security dead? * Is your financial security threatened? * Is a high-paying job the answer? * Is your money working for you? * Do you have good debt or bad debt? We all need more financial education. We need to know how to have our money work hard for us so we don't have to spend our lives working for money. That is why we need more sophisticated financial education...not oversimplified and childish financial tips such as cut up your credit cards or save more money. If you are ready to increase your financial education and enjoy your credit cards, then this book is for you.
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Book Description
Editorial Reviews
About the Author
Robert Kiyosaki founded an international financial education company and invented the board game Cashflow. Sharon Lechter is an accountant who now focuses her efforts on creating educational tools for anyone wishing to better their financial education.
From AudioFile
This installment of an enormously popular series delivers a hefty compendium of ideas, anecdotes, and money management policies that the author claims will change the fortunes of all who are disciplined enough to implement them. The affable Jim Ward guides listeners though the corridors of thrift, wise investment, and reinvestment, occasionally providing case histories and testimonials to validate and motivate. His delivery is sincere but never overbearing, perhaps reflective of the comfortable state of mind one reaches when rich. While some of the content boils down to common sense, the remainder offers listeners credible methods for gaining financial freedom. D.J.B. © AudioFile 2004, Portland, Maine-- Copyright © AudioFile, Portland, Maine
--This text refers to an out of print or unavailable edition of this title.
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Questions from Readers for Robert T. Kiyosaki
Q
It is an honor to have the opportunity to pose a question to you. I am an American attorney based permanently in Bangkok. I have a reasonable income but continue to occupy the wrong quadrant. My question: Foreigners (who are not married to Thai...
Mari-O
asked
Nov 20, 2011
Hello and thank you for the question, I want to start off by saying that this is your life, your money and your decision. Asking for advice is good, but you must do your own research and ultimately make the decision. While one great advantage for real estate in the US is the 1031 exchange, it is certainly not the only advantage. Real estate generally has many tax and legal advantages. It also has the ability for one to take on great debt, have someone else (your tenants) pay off your debt while you keep the asset. I do not know the taxes or laws in Bangkok, but I would take the time to get educated about them to know if investing there is good for you. The idea of your turning over your hard earned money and giving it to someone else is the mindset that has eroded our society. It is a lazy mindset and one that refuses to take responsibility. If you do not know what to due with your money, then find out! Look at the four assets (commodities, paper, real estate and business) find out what interest you, get educated, build a team and take control of your future. It sounds like you have the start to a good real estate team in Austin. Leading a great team is the way to wealth. From what you've written, it sounds like you are missing a good broker to bring you the deals. Ask your existing team members for recommendations. Interview until you find a broker who has access to deal flow, understands the cash flow investing mindset and who invests him/herself. Once your team is solid, you will get the deals you need and have the ability to take advantage of the laws and tax benefits to real estate. You are off to a good start. Keep getting educated and build up your team.
Robert T. Kiyosaki answered
Dec 6, 2011
Customer Reviews
Most Helpful Customer Reviews
63 of 70 people found the following review helpful
Format:Paperback
Kiyosaki wrote this book as the eighth installment of his Rich Dad Series. The book serves to constantly remind us that the key to increasing our chances of becoming wealthy requires the willingness to the pay the price. Discussing all the get rich schemes, such as game shows or playing the lottery, Kiyosaki writes, "There are better ways to become rich, with much better odds, but most people are not willing to pay the price" (x). The price to pay is the time and money you spend investing in your financial intelligence.
Kiyosaki recalls a truism once observed by Rich Dad, "The only people who think life should be easy are lazy people" (3). Kiyosaki rejects frugality as the best way toward becoming rich. Instead he recommends paying the price for higher financial intelligence, "...another way to become a millionaire is to improve your financial literacy, your financial intelligence, and be willing to be accountable to yourself, your results, your continuing education, and your personal development in becoming a better human being...that was a price I was willing to pay to become a millionaire" (81). Adopting such a mindset becomes tantamount to swimming against the current. Possessing faith and the fortitude to dedicate your life to accumulating wealth in this manner is crucial to overcome such naysayers as friends and family.
Rich Dad also observed, "One difference between a successful person and an average person is how much criticism they can take...Most people feel safer in the herd of the average" (150). Criticism tests one's resolve. You must be willing to make mistakes and to learn from them. Kiyosaki writes, "...the price of becoming rich is the willingness to make mistakes, to admit you made a mistake without blaming or justifying, and to learn" (18). A person who has risked little in life has also gained little.
The book states clearly that the path to wealth is not to cut up your credit cards and decrease your means, but to work to increase your financial intelligence so that you can increase your means by acquiring income-generating assets. This strategy holds the greatest potential for accumulating wealth, but it also requires the heaviest investment in yourself.
Kiyosaki recalls a truism once observed by Rich Dad, "The only people who think life should be easy are lazy people" (3). Kiyosaki rejects frugality as the best way toward becoming rich. Instead he recommends paying the price for higher financial intelligence, "...another way to become a millionaire is to improve your financial literacy, your financial intelligence, and be willing to be accountable to yourself, your results, your continuing education, and your personal development in becoming a better human being...that was a price I was willing to pay to become a millionaire" (81). Adopting such a mindset becomes tantamount to swimming against the current. Possessing faith and the fortitude to dedicate your life to accumulating wealth in this manner is crucial to overcome such naysayers as friends and family.
Rich Dad also observed, "One difference between a successful person and an average person is how much criticism they can take...Most people feel safer in the herd of the average" (150). Criticism tests one's resolve. You must be willing to make mistakes and to learn from them. Kiyosaki writes, "...the price of becoming rich is the willingness to make mistakes, to admit you made a mistake without blaming or justifying, and to learn" (18). A person who has risked little in life has also gained little.
The book states clearly that the path to wealth is not to cut up your credit cards and decrease your means, but to work to increase your financial intelligence so that you can increase your means by acquiring income-generating assets. This strategy holds the greatest potential for accumulating wealth, but it also requires the heaviest investment in yourself.
34 of 38 people found the following review helpful
Format:Paperback
This is the second book I've read by Robert Kiyosaki. (Rich Dad, Poor Dad was the other book I've read). The ideas in the book are so valuable that it amazes me when people saw me read the book they would make comments on how the author is scamming people, making money on false hopes. I asked these people, and there were quite a few, if they read any of the author's books. Of course the answer was always a 'no'. I got the book out of the library, in hopes to build ideas. How are you going to learn becoming rich if you blame the rich for several of the world problems? This kind of generalization seems quite popular and creates a stop of the potential growth people have in ever attaining financial education. Am I rich, from reading this book? Not as much as I would like to be; however, the insight I've obtained is invaluable and is worth the price of the book. I also recommend: 'Think and Grow Rich' by Napolean Hill, 'The Secret of the Rich' by Ken Roberts and 'The 7 most Important Areas of Your Life' by Dr. Erwin Jay.
16 of 16 people found the following review helpful
Format:Paperback
...unless you've never read any of his other books. Don't get me wrong, I can't say enough good things about Robert Kiyosaki's books. If you haven't read them (Rich Dad Poor Dad, Cashflow Quadrant, etc.), I highly recomemd that you do. But there's nothing new in this book. It just a retread of ideas already presented in his other books, and not as well. If fact, reading it felt like a advertisment for his other books and products.
Most Recent Customer Reviews
Quick Yet Powerful Read
This was a quick yet powerful read, particularly for those who, like me are trying to increase financial literacy when you come from a background where that it has not really been... Read more
Published 7 months ago by Monica M. Jones
Or not.
The first book was mildly interesting and intriguing. This one? Not so much. I'll tell you right now what it's about:
-It has more (fake) dialogue between the author and... Read more
-It has more (fake) dialogue between the author and... Read more
Published 16 months ago by V. Aldana
Great, as always!
I have a couple of books by Robert Kyosaki and as always, he does a great job. He cuts through all the rhetoric and crap and goes straight to the bottom line. Read more
Published 19 months ago by J. George
Financial Education
If you want to get out of the money trap this is a book you should read.
Very important financial literacy.
Very important financial literacy.
Published on September 12, 2009 by Frank Gallardo
inspirational and down-to-earth
I have read first five of "Rich Dad, Poor Dad" series and liked them all. This one is short and concise summarizing key points of all his previous books, but he shared a few... Read more
Published on August 11, 2009 by X. Li
Debt: Good or Bad?
Rich Dad Poor Dad has become one of the single most successful-best selling financial help books ever---and for a good reason; the advice works. Read more
Published on July 23, 2009 by M. Thorsson
Another Great Book
Another Great book to add to all of his others. I find it a great insperation to those of use on the hard road and looking to turn their lives around. Read more
Published on May 26, 2007 by Thomas C. Manning
Rich Dad's Guide to Becoming Rich...Without Cutting Up Your Credit...
The book is written very well. It is hard to believe that Robert Kiyosaki almost failed his English class. Read more
Published on May 14, 2007 by Fleur Du Soleil
Teaching to be financially smart.
This book teaches you to be financially smart with the use of credit cards and that you don't have to cut up your credit cards, but to be financially smart when using them wisely. Read more
Published on January 9, 2007 by Donna Angell
Great read. Very helpful.
The way the author explains money makes cents! Really. It's simple, and most people should be able to follow his instructions and get out of debt. Read more
Published on June 26, 2006 by Rondamarie B. Smith
Inside This Book
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First Sentence:
There are many books that popularize the idea of frugality and living below your means. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rich dad, financial report card, good debt, portfolio income, passive income, paper assets, financial literacy, financial education, financial intelligence Key Phrases - Capitalized Phrases (CAPs): (learn more)
Industrial Age, Learning Pyramid, Social Security New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
There are many books that popularize the idea of frugality and living below your means. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rich dad, financial report card, good debt, portfolio income, passive income, paper assets, financial literacy, financial education, financial intelligence Key Phrases - Capitalized Phrases (CAPs): (learn more)
Industrial Age, Learning Pyramid, Social Security New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Citations (learn more)
This book cites 4
books:
- The Stock Market (Economics for Today) by Robin R. Young in Front Matter, and Back Matter
- A Christmas Carol (Bantam Classic) by Charles Dickens on page 3
- Intellectual property handbook by Michael A Lechter in Back Matter
- Stock Market by Instructor Books in Front Matter
Books on Related Topics
(learn more)
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