This handbook for parents explains how to teach children the fundamental principles of finance, introducing problem-solving skills that help youngsters understand the importance of a good education and financial planning in their lives.
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Book Description
Editorial Reviews
About the Author
Born and raised in Hawaii, Robert Kiyosaki co- founded an international education company that operated in seven countries, teaching business to tens of thousands of graduates, and is the creator of the phenomenal Rich Dad series of books.
--This text refers to an out of print or unavailable edition of this title.
From AudioFile
The authors are famous for articulating the difference between saving, investing, owning a business, and being someone's employee. In this audio, they offer the rationale and techniques for passing these distinctions on to children. Their bias is toward being independently wealthy, and they do a marvelous job describing how to introduce young people to that way of thinking: It's all about ownership and accountability for the way one earns, borrows, spends, and invests money. Though their ideas are far from revolutionary, they're fresh and inviting in this production. A must hear for anyone wanting their children to have the habits and attitudes necessary for financial freedom. T.W. 2002 Audie Finalist © AudioFile 2002, 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
141 of 144 people found the following review helpful
Format:Paperback
Rich Dad's Rich Kid, Smart Kid may be the most helpful book ever for guiding adults on how to assist children and teenagers in learning about how to organize their lives to be more successful. I highly recommend this book to every parent, god parent, grandparent, aunt, uncle, and caring older sibling.
I think this is the best of the Rich Dad, Poor Dad series, and clearly deserves more than five stars.
Think of this book as the instructor's guide to teaching Rich Dad, Poor Dad combined with a basic guide to helping young people identify their strengths and learning styles. The book also provides a sound foundation for helping young people build their self-confidence in a healthy way.
Unlike the other books in the series, this one draws on the positive lessons of both Mr. Kiyosaki's Rich Dad and his Poor Dad rather than just the Rich Dad. To overcome Mr. Kiyosaki's lack of experience as a parent (he has no children), the book relies on important academic and professional research to add context for Mr. Kiyosaki's observations about his own childhood.
The book begins by citing a recent HEW study that showed that 56 out of 100 people who are 65 need either government or family financial assistance to make ends meet. The book is aimed at providing children with the learning experiences to allow them to avoid that dismal financial result.
Then the perspective shifts to pointing out that the change from an industrial to an information economy has shifted the rules of success in our society. The old rules were to get a good education, get a good job, and have financial security from one employer. The new rules are quite different and feature being in an environment in which one will be a free agent, work in a virtual company, get paid for results, work in many professions, retire early, work only when you are interested in working, learn in seminars rather than classes, focus on your core talents, emphasize developing and implementing new ideas, self-direct your own investments for retirement, and work at home rather than in an office.
To succeed, your child will need at least three basic strategies: one for lifelong learning, one for developing a career, and one for creating financial success.
The book points out that most people will have to relearn the most important areas they work in about every 2-4 years, shift professions as they reach the age at which they become obsolete, and make their money work hard for them.
In the second part of the book, you will learn many basic ways to help your child learn these lessons. He points out the work of Howard Gardner in emphasizing that each of us has different dimensions to the ways our intelligence expresses itself. Find out what your child's is, praise that, and provide your guiding experiences in terms of that way of learning. In almost all cases, children like to learn through play, playing in the ways they like to play and focusing on subjects that interest them.
In Mr. Kiyosaki's case, he likes things to be kinesthetic ( touching things and experiencing emotions about them), and he wants to experience them as directly as possible. His Rich Dad appreciated this and put him into situations where his learning style would work. This was the basis of the famous job in the grocery store for ten cents an hour, where he then paid the ten cents an hour to have the privilege of learning. After a while he realized the opportunity to rent and sell the returned comic books for a profit. This allowed him to understand that money is about ideas.
The book then builds up the game of Monopoly as a teaching tool. Through playing the game, Mr. Kiyosaki learned that he needed to buy real estate and develop it to generate an income from investments. His Rich Dad took him along to buy a house that he later rented so he could see what was involved. Then, Mr. Kiyosaki "got it" and was able to follow that lesson to become a millionaire real estate investor on his own.
The appendix by Ms. Lechter has some very good scripts that you can use for taking your children through financial field trips to bring home the message.
The book also offers lots of good advice for supporting your children while they may be having trouble in school. This includes a suggestion for a test they can take to determine their learning style (the Kolbe index). You are also encouraged to find a school that emphasizes the style of learning that your child uses.
On the financial side, the key concepts of Cash Flow Quadrant are greatly simplified so that they can be applied for your child. The book has many exercises you can use to give your child experience in managing her or his money. One of my favorite stories is about a boy who wanted to buy some expensive golf clubs. Be sure to read that one.
Help your child obtain the spiritual, mental, physical, and emotional experiences to prosper in the new world of opportunities!
55 of 57 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
I don't normally buy follow-up books because I find them to be quite repetitive, however, this one is a true exception.
"Rich Dad" made such an impact with me that I have shared it with many others over the past two years. That said, my wife and I have struggled with how to take what we've learned and pass it on to our children.
This book is it! As we all struggle to ensure our children get the best education possible, we're facing an ironic trend in the school systems where teachers are teaching our children how to pass standardized tests instead of focusing on what children need to thrive in this new century (this is not a knock on that practice - if that's what it takes today, that's what it takes, but our children need more and it's our responsiblity as parents to provide the rest - we cannot rely on our school systems to be the sole educators of our children (sorry for the sermon)). This book was designed to fill in the gaps, to give your kids what they're missing from school - inspiring and practical financial knowledge.
It's not about turning little Johnny into a power stock-broker, but rather awakening his love of learning so that doors will open for him - it's a way of empowering our children by giving them the skills they'll need to succeed in every aspect of their lives.
I can't recommend a book more than I do this one!
The best to you and yours!
59 of 63 people found the following review helpful
Format:Paperback
After reading Rich Dad/Poor Dad, Cash Flow Quadrant and Rich Dad's Guide to Investing, I found this one to be repetitive, full of too many cutesy stories and not enough meat. The appendix is the best part of the book and I had hoped the entire book would be more like the info offered in the appendix. If you haven't read the other books, this offers a good starting point.
Overall I like Kiyosaki's style of writing and he makes a boring subject come alive with his storytelling style, but sometimes he just overdoes it.
Finally, I recently purchased his CashFlow 101 game and my two teenagers (son 16, daughter 14) love the game and beg us to play it all the time. They caught on fast to the score card which includes a balance sheet & income statement. I'm learning a lot just teaching and guiding them. It's worth the investment just to hear your 14 year old say "I don't want any more doodads, I'm trying to build my passive income here!".
Most Recent Customer Reviews
A great money book for kids
Very well written and full of really practical and easy to follow advice. My son loved it and he is the best saver in the house. He also won the Rat Race game first time out. Read more
Published 1 month ago by M. J. Quinn
Great beginning book for all teenagers wondering what to be when they...
The idea that school doesn't address all learning styles is relevant for those kids who get measured against those who match up well within the system. Read more
Published 16 months ago by Paul A
Do yourself a favor and buy this book.
Rich Kid Smart Kid expands the 'basics' taught in Rich Dad Poor Dad and focuses on the weaknesses of our fractured education system in America and sheds light on how to evidently... Read more
Published on October 5, 2009 by Robert McRobert
A wonderful start in life for your kids!
Kiyosaki, a bestselling author for adults, has specifically targeted children in his attempt to promote his philosophy. Read more
Published on July 23, 2009 by M. Thorsson
Be Careful Letting your Child read this book.
We listened to the audio version with our son. What a mistake. After listening to this he didn't want to go to school anymore. Read more
Published on September 7, 2008 by Ron
A useful resource, worth the price
If you've read Robert T Kiyosaki's other books such as Rich Dad Poor Dad, the ideas presented in Rich Kid Smart Kid will probably not be new to you. Read more
Published on August 28, 2007 by Amozarte
Best Book My Daughter Has Read!
The title is her words not mine. I bought this book thinking that she might get through the first 3 or 4 chapters before she put it away in favor of her school work. Read more
Published on February 1, 2007 by cougar
where is the information?
This isn't really a 260 page book, it's a 5 page pamphlet that repeats itself over and over.
Really there is nothing new here if you've read Rich Dad Poor Dad, beyond a... Read more
Really there is nothing new here if you've read Rich Dad Poor Dad, beyond a... Read more
Published on November 3, 2006 by J. Lord
Great audio book!
Great audio book. Gives you information to help you teach your kid about money, and ways to keep you from over indulging your kids.
Published on March 20, 2006 by Old Soul
Rich Dad's Rich Kid by Kiyosaki
The author suggests that parents empower children to take control
of their finances early in life. Read more
of their finances early in life. Read more
Published on June 9, 2005 by Dr. Joseph S. Maresca
Inside This Book
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First Sentence:
Both my dads were great teachers. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
Fact Finder, Quick Start, Follow Thru, Rich Dad Poor Dad, Andy the Ant, Kathy Kolbe, Action Mode, Industrial Age, Sharon Lechter, Dave Stephens, Pastor Tom Anderson, Marine Corps, Rudolf Steiner, South America, University of Hawaii New!
Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Both my dads were great teachers. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
Fact Finder, Quick Start, Follow Thru, Rich Dad Poor Dad, Andy the Ant, Kathy Kolbe, Action Mode, Industrial Age, Sharon Lechter, Dave Stephens, Pastor Tom Anderson, Marine Corps, Rudolf Steiner, South America, University of Hawaii New!
Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Citations (learn more)
This book cites 8
books:
See all 8 books this book cites
1
book
cites this book:
- Through the Looking Glass (Classics Illustrated) by Lewis Carroll on page 91
- The Millionaire Mind by Thomas J. Stanley on page 232
- Through the Looking Glass by Lewis Carroll on page 91
- The Millionaire Next Door by Thomas J. Stanley on page 232
- Alice in Wonderland (Random House Pictureback) by Lori Haskins on page 91
See all 8 books this book cites
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