March 10, 2010

Rich Dads 60 Minutes to Getting Rich! Review - Robert Kiyosaki DVD

Rich Dad's - 60 Minutes to Getting Rich

Rich Dad's 60 Minutes to Getting Rich! is an hour long and it's broken into 6 brief segments that I will outline in the review below. The setting of the "personal seminar" DVD is in a rather small indoor room, with an audience of maybe 50 to 100 people. Robert Kiyosaki starts the program by giving a brief overview of Rich Dad Poor Dad, and what both his dads taught him, as well as their philosophies on money. Here are some of Robert Kiyosaki's key points taken from Rich Dad's 60 Minutes to Getting Rich!

Part One Money Is an Idea

Of course, if you know Robert Kiyosaki he usually talks about his poor dad's idea that his house is an asset, and that his rich dad contests that that is one reason he is poor.
One of the interesting things he says is that his rich dad told him to never say quote, "I can't afford that." Instead ask yourself, "How can I afford that?"

Kiyosaki says there are three main points that he feels made a real big difference in his life. They were:
1. Money is an idea. The first way to get more money to change what you think.
2. Money Does not make you rich. Case in point, Robert's poor dad made more money than his rich dad.
3. There are two kinds of money problems - not enough and too much money. And every person, company, and government has money problems. You need to ask yourself which of these two problems do you want?

Money comes down to a choice:
Every day he has to make a choice: Do I want to be rich or do I want to be poor?

Part Two Your House Is Not an Asset

He covers the cash flow quadrant (E, S, B, and I) -- Employee, Self-employed or Specialist, Big business person and Investor.
Employees want security and are mostly controlled by fear. Specialists don't trust others, and their income is generally maxed out around $500,000 per year, because "time is money." Big business and investors have essentially unlimited income potential.
The way to get rich is via the B (big business) and I (investor) means.

Part 3 Earn More... Work Less

Kiyosaki talks about the importance of being able to read a financial statement, and the fact that tax laws are written for the rich, by the rich.
Don't work for money. Work for acquiring assets.

Part Four Mind Your Own Business

His Rich Dad told him that when he is an employee he's minding somebody else's business, but you want to be a business owner and "mind your own business."

Part Five Retire Early and Rich

Most people try to retire on equity, but Robert Kiyosaki advises that you retire on debt as he did.
He shares a story when his Rich dad told him to put his money into a piggy bank to learn finance. He has three piggy banks: one for savings, investing, and charity. Using these piggy banks every day trains your mind to think like a rich person. (Sounds a lot like the Richest Man in Babylon!)

Part Six So What's Stopping You?

Interact, don't react. With some people, even if they find a deal they talk themselves out of it.
His Rich dad also said, people who avoid failure also avoid success.
Fail early and fail responsibly.

Every morning he gets up he still chooses who to listen to - his rich dad or his poor dad.

To sum up Rich Dad's 60 Minutes to Getting Rich! in one line, it would be:
You've got to play by the rules of the rich!

Final Word on Rich Dad's 60 Minutes to Getting Rich!

Overall the way I see it, 60 Minutes to Getting Rich only costs about 20 bucks. But if you watch it 4 times (you'll want to watch it every 30-60 days so the philosphy and message can fully impact you) the thats 5 dollars each time. Now if you watch it with a spouse or friend now its 2.50 a piece! You cant even buy a bag of M&M's at the movie theatre that cheap! As is often said, "Repetition is the mother of all learning." This is a philosophy I firmly buy into, and it can serve you well or keep you in a rut.

More information on Rich Dad's - 60 Minutes to Getting Rich
Product Review of "Robert Kiyosaki Live In New York - Why The Rich Get Richer and You Can, Too!"

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