A good education is the most important thing in the information age. The current education system may not be providing all the valuable information a child needs. Robert T. Kiyosaki wrote this book to fill in the gaps to help your child giving the same inspiring and practical financial knowledge that his Rich Dad gave him. Rich Dad’s Rich Kid will guide you to awaken your child’s love for learning the same methods that Robert’s smart dad used to give him to help Robert stay in school. Robert had really bad grades and often wanted to drop out.
Rich Dad's Rich Kid will open the door of knowledge that you never knew existed, enabling you to pass down the skills. And also understanding your child will who will use these for the rest of his or her life.
Hey, What's up, everybody! Dick Polipnick here with Online Growth Systems.
And in today's article, we are going to share another book summary where we give you one or two gold nuggets in the world's best books. We read hundreds of books throughout the year and filter them to give you what we think are the best ones.
Today's article, we're going to talk about Rich Kid Smart Kid by Robert Kiyosaki. So, let's dive right into it!
As you know Robert Kiyosaki is also the author of Rich Dad Poor Dad and we’ve done a book review on that book too. Click here to check that book review!
I have a vintage copy of this book because this was my mom and dad's book that they bought. And I was curious to read the book. Robert Kiyosaki takes the principles from Rich Dad Poor Dad and he applies it in a way so this book can be still geared for parents. He writes books such as Rich Dad Poor Dad for teens that are geared for young readers. Rich Dad Poor Dad teaches you how to get rich and Rich Kids Smart Kid teaches you how to teach your kids to get rich.
So, what are a few takeaways from Rich Kids Smart Kid,
I will tell you a story. I've read this book three times in my life and I remember this book for the first time I read it. Robert Kiyosaki talks about a perfect example of his student who read Rich Kids Smart Kid it applied it to his life. This was an amazing pre-written book. It was about a 13 years old kid who wanted to buy a bike. And he asked his dad, “dad, I really want to buy a bicycle.”
Because he was really into biking and he had a crappy one and he wanted to get a new one like all of his friends were getting. His dad said, “Son, I'm going to give you the money for that bike but you have to use the money to invest in something that will make the money back and then you can use the profit to buy your bike. The kid said ‘” deal! I will do that.” So he gave the kid $200. The kid was looking around and around. The kid said to his dad, “I can’t!” Because his dad gave him a couple of rules to follow. The first rule was, it can’t be something that you have to be there to make the money.
So, it can't be like a job or lemonade stand. He had a lot of restrictions and he looks for two months couldn't find anything. The kid was getting pissed. The kid said to his dad, “summer’s almost over and I need this bike.” Dad said,” Sorry! the rules are still applying you need to find an investment.” The kid looked around and finally, he found a business where he can invest. It's pretty common and convenient. It was one of Warren Buffett's first businesses also known as vending machines business. He found on Craigslist gumball machines that were selling for like 100 bucks a piece.
So, he bought two of them with his own cash and also bought some gumballs He started his business on golf courses and shared a percentage of the sales with the golf courses. They agreed to this proposal. These are busy golf courses and there are nice country clubs too. From this kid had made not only the $200 back but like well beyond that. So, he regrouped his money very quickly and filling up gumballs all the time. And he was making all his money. and then dad confronted the kid,” Alright son! you did all requirements, you found a business that fit a B and C and you've made not only the investment back but well beyond that. Now, I allow you to take the money and buy a bike. But the kid said, No, I don’t want the bike anymore, I want to buy two more gumball machines.
The story goes on and they follow him throughout his life. By the time he was like 18 and graduating high school he had purchased out a vending business worth tens of thousands of dollars. He purchased pop machines, snack Luc's dispensers for the chips at workplaces, schools. He bought all the suppliers for places that sell chips. He was making tons of money by the time he graduated high school. All these are automatic. All he did was go and fill up the gumballs. While he was sleeping or playing golf or attending the school he was making money.
So, this book talks about what dad did to teach his son those rules and requirements. Example: how instead of getting allowance you can do an investment with a small loan. Million dollars came from there!
This is a really good book for parents who want to teach kids how to grow well at this age. It also teaches you how to take the concepts from this book and relay it to your children. I really got a lot of tips out of it because when I read the book I was 13. I had previously read Rich Dad Poor Dad. Because I've been in reading business in my whole life. So, I was able to consume it as a kid and learn which maybe my parents were supposed to be teaching me. So, highly recommend it!
Click here to buy the book from Amazon! Don’t forget to subscribe to our YouTube channel. Because why would you spend freaking hours learning it when you could just watch this show and learn it in ten minutes. And you can actually see which books are worth the buy.
I will see you guys in the next article. Take care!
- Dick Polipnick & Joyeta Banerjee
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