How Rich Dad, Poor Dad Became The Ultimate MLM

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We're excited to bring you a very special 4-part series to close out 2024! This is part 2 of Chelsea's discussion of Rich Dad, Poor Dad with our friends from @celebritymemoirbookclub!
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[@InnerWorkWithEvan]

"Being an employee is a scam" remains a greatest hit here on countless hustle culture 'success' channels.

[@francookie9353]

I mean ... even from an anti-capitalist perspective, it's kinda true. Just not in the way econ dudebros think.

[@ElliBeenie]

I once listened to an interview with the author and got extremely angry because of this message. Like, there are tons of jobs that just need doing. If everybody strived to become an investor or landlord or whatever he is suggesting, the economy would collapse. Doctors, teachers, garbage collectors, delivery workers, retail workers, etc. are needed. Investors are optional. The arrogance of people like him is a slap in the face of any hardworking employee. We should adjust wages so that work allows people to build good lives, rather than telling people to try to live off of their investments.

[@BewareTheLilyOfTheValley]

​@ElliBeenie Exactly. This lie is hilariously ridiculous. You go to the store and there's food on shelves that robots cannot (yet) do. Your car needs to be repaired and there's someone to do that, who very well likely isn't the owner of that business. The very clothes these people wear were made by a regular worker, the food they eat was made by workers on farms. As you said, if everyone owned their own business, the entire world would cease to exist, but the answer isn't to look down on those people, but to recognize the important contributions they bring.

[@InnerWorkWithEvan]

I've also had conversations with young people graduating high school deeply concerned that college is a scam but so is employment, and they should somehow try to be entrepreneurs at 18 otherwise they will be slaves to the matrix. It's quite destructive.

[@Lonovavir]

Regardless of what economic/political system a nation has a large percentage of the population, say 80% has to work boring practical jobs. Even if we all had PhDs from Cambridge, we'd still need people to manually fix cars, mow lawns, etc.

[@supernova622]

Man, learning about the content of this book has brought so much into focus about ppl who talk about it like it's gospel

[@littlegeo1]

So incredibly true. Someone close to me is like this and this mindset has only led to them making what I would consider poor decisions in business development and investing. 🤦🏼‍♀️

[@cokedust]

I had a coworker into this book and yea it explains everything, 😂😂

[@FrznFury27]

I think the heart of the issue, for me, as someone who was abandoned in their early teens and has spent my whole life getting bombarded with this crap by people who were born on second base thinking they hit a home run because they discovered the arcane secrets of house flipping, is that NONE of them are watching this. They're not curious or open-minded or interested in whether the first thing they read on a subject is true.

[@colleenemal5182]

I was young and dumb. Went to one of his “free” shows. I spent over $200 on his books there. Still regret it to this day

[@ApolloSuns]

Oh no! I know a couple people who got duped. Sorry to hear it

[@racingrachel]

I feel that so hard. I bought the real estate classes. Thousands. Right before the recession 😶‍🌫️🫠

[@colleenemal5182]

@ honestly it was likely more than $200. I blocked it out. I signed up for the first real estate course with the book set. Sorry you got scammed of so much money

[@janewaysmom]

I feel for you. I didn't get RDPD or go to a show of Robert's, but I did genuinely think that RDPD was a good finance book, and joined an mlm and wanted to read it when I was young and dumb. I ended up reading part of a different book (Prosumer Power), and buying two books about making a million dollars in network marketing and reading part of one of those instead. Even though I was in the mlm and really thought I could make money on it, I still couldn't read these awful books.

[@justcommenting4981]

At least you figured it out. Better than many. Hope you're doing well.

[@Iamso4u]

Watching y’all talk about this book has made me realize I am 100% content NOT playing the game if it means stepping on others to garner wealth.

[@richelles1756]

I love this series so much. My parents were both in Amway, and my dad never stopped talking about this book and basically any and all of the teachings of Zig Ziglar. It's been hard watching my parents jump from MLM to MLM trying to chase "independent wealth," but hearing intelligent take downs on this type of content is what my soul needed.

[@amandadube156]

when I wanted to start investing in my 20s, the internet recommended this book over and over again. I read it, and remember really enjoying it as a biting satire of capitalist politics. It's basically a grimdark dystopia being told from the perspective of the villain. I had trouble believing anyone with half a brain could take him seriously. Then Trump became a prominent politician and it suddenly wasn't so funny anymore. They didn't have time to cover it in their book review, but if you really want to be horrified you should read the throwaway chapter on charitable giving at the end of the book. It's basically prosperity gospel without the words for it. Basically, in a nut shell, "poor people deserve their fate for being so bad at money. Rich people who exploit the poor get that way by giving more than they get. So if you think about it being a business owner is the ultimate form of charity."

[@coneil72]

"There is no room for human life outside of the context of generating money." WHEW!!! Preach. This is the American way.

[@josephsager9425]

The $45k class price sounds like an intelligence filter. People who are smart enough to know their $45,000 is best invested elsewhere will nope-out when they see that price tag. That way, he's left with people who are either stupid or desperate enough to give him all their money. When they realize the class is worthless, and they've wasted a massive amount of money, and "sunk cost fallacy" themselves into thinking they need to give him more money.

[@Lonovavir]

Yes, just sinking $45,000 into say, the NASDAQ is a much better idea.

[@brendashope1558]

Intelligence and wisdom or savvy are not necessarily the same thing. I know someone who is above average in intelligence (as it is measured) but they are book smart, not “life smart”. They fall for many emotional manipulation scams

[@racingrachel]

Speaking as one of the people that WASN'T smart enough 😂 there were options that were "far more reasonable" than 45k. Like merely 5k or 10k! 😂 You ever go to a fancy restaurant and they have something on the menu like a $100 burger with gold leaf? Obviously you're not going to buy the $100 burger, but that's not the point. Suddenly, by comparison, the $30 burger looks like a steal. If they can sell you the $100 Burger, great, but the POINT is to sell many MANY $30 burgers, even tho most of us would say that is STILL a ridiculous amount to pay for a burger, anywhere. Humans are not as logical as we like to believe. And psychology + desperation can have powerful effects 🫠

[@mariayo4284]

so well said!

[@SusanaXpeace2u]

I like being an employee. 37bhours per week. Security. Benefits. Stress free weekends

[@classicsciencefictionhorro1665]

Kiyosaki says you are a failure.

[@nenena]

I hate the idea that there is no value to anything that you own beyond its resale value. I also hate the idea that there is no value to anything that you DO beyond whether it can make you more money or not. What a sad, miserable existence. And I think that this worldview relates directly to social media stardom and influencer culture. Especially from what I’ve heard from ex-influencers: Getting trapped in the mindset that everything you say and do can (and must!) be monetized drains all the joy from your life.

[@susanstephan7689]

As a spouse of a recent military retiree thank you for mentioning military spouses in your discussion of MLM targets. It's really pervasive in that community. I also listen to Life After MLM podcast, so if you're interested in diving into this topic more with someone who specializes and has personal experience with MLMs, I'd recommend having Roberta on your show to discuss.

[@timmoerman2694]

Man, I couldn't sleep last night so I got up to watch the one-hour predecessor to this video (not because I thought it would put me to sleep, just 'cause it was pretty clear I would be up for at least that long.) I always enjoy Chelsea's videos, but this clearly long-overdue takedown is just gold. Can't tell you how much I enjoyed watching three really clever women just destroy this dude's BS. I am here for this and will continue to be. You guys rock!

[@mayaimani7679]

I read it when I was 12. I thought it was problematic then. But It’s hard to find books that explain “what the rich do” at a 3rd grade reading level.

[@Tnya099]

The UK version is basically Harry Potter. Posh boarding schools, magicking up unlimited food, huge sports stadiums on school grounds. (jk I totally get what you're saying) (urgh JK)

[@autismworldtravel]

Lmao 😂

[@PhinClio]

There's an excellent episode of the If Books Could Kill podcast about RICH DAD, POOR DAD.

[@emilyau8023]

Should a man be the head of finances in a household? Gender should never be the factor. My dad almost sunk the family in debt, and my mom saved everyone.

[@SusanaXpeace2u]

not an uncommon story

[@valolafson6035]

Same.

[@JordaniRoss]

@@SusanaXpeace2unot all men a smart😱

[@solidstate9451]

The book made me wanting to stay poor. If I had the choice between the bully and being bullied I chose being bullied. Fun thing: My husband loves me for being philantropic. And we are better off than many people I know who prefer being the bully.

[@emilyau8023]

I love this alternative view. Do Dave Ramsey next.

[@fortablet2933]

Definitely

[@TheRobstargames]

What is the general feeling about Dave Ramsey over here? I find his advice to be extreme, but also feel like it would be perfectly good if it had a cup of tea and calmed down? Like, the fundamentals are correct, he’s just a bit hardline.

[@amyholland6924]

@@TheRobstargamesIME Ramsey is just really hardline on certain things that don’t necessarily work for everyone (or even *most* people in some cases e.g. using 15 year mortgages only).

[@TheRobstargames]

@@amyholland6924 I can see that. Also, I should add that when I the fundamentals are correct, I mean his financial advice, not his politics…

[@funsize5441]

​@@TheRobstargames DR baby steps works for me 🤷‍♀️

[@saeedhossain6099]

12:16 rich dad-poor dad, demonstrated, in an unvarnished manner, that America is a 3rd world culture with first a world economy.

[@carpediem44]

We won't have a first world economy for much longer.

[@JaySmith-pv2mw]

The only consistent method of getting rich quick in America is to convince others that YOU have the secret to getting rich quick.

[@justcommenting4981]

The key generally to making money is having as little shame as possible.

[@briannickel5131]

For a minute I thought, "People still listen to this forgotten clown from the '90s?" And then I remember that this is the country that elected Trump twice.

[@Lonovavir]

Kiyoskai's books have great sales numbers to this day. There are too many drifters who cite him as their role model or at least mention his book.

[@shadowninja6689]

No we only elected him once, he's a two time popular vote loser.

[@bmay282]

..this mentality helped get him elected, cuz according to the logic of this book... it's "smart" not to pay taxes and exploit other people.

[@charis6311]

I think the common denominator is people who like to fancy themselves als 'predators' who are successful because they prey on other (productive) people.

[@dennispeterson3691]

If the top levels of a major MLM like your self-help book, it is guaranteed to become a best seller. The leaders at the top will mandate it as required reading and force all new recruits to buy it. (Note, they will never lend their book copies to the new recruits since the leaders get a cut on the book sales).

[@aj2thamaxx742]

18:58 I love mention of the MLM wife to rich dad, poor dad husband pipeline. It needs to be talked about more 🤭.

[@prinny04]

Damn. She asked "What is Amway?" and now I know I've passed the threshold. 😭

[@alyssasketchd]

I played Cash Flow with my family as a pre-teen and read the book after at my own father’s recommendation. I’m almost envious of people who got anything positive out of the book because I just felt a deep rooted hopelessness. The only lesson that stuck with me was that the key to wealth was real estate and no one in my family had the means for a real estate empire so wealth felt inherently impossible after reading.

[@Lonovavir]

I attended one of the free seminars when I was 20 and thought it was amazing until they told us the real seminar costs $500. Then I realized it was a scam and walked away with 18 other people.

[@racingrachel]

Oh no, the $500 seminar isn't actually the real seminar. It's the filter for the REAL real product: the packaged classes. Ask me how I know 🫠

[@CinziaDuBois]

I was WAITING for this episode

[@Will140f]

Can I just say, I always really appreciate this channel but this video in particular and the previous one about Rich Good Poor Bad (that's what I'm calling it from now on you can't stop me) have had me laughing aloud to myself. More of these type of videos please :)

[@bafflemint8442]

Someone tried to recruit me to Amway with a Kiyosaki book and I just thought, "Amway isn't an asset and it's not a business you own so by his own logic I shouldn't join"

[@gafee2001]

The people running MLM groups often run it as their own business - not even using "Amway" in the name. It will be like "New Experiences LLC" and then they sell/recruit Amway.

[@gangliaghost8720]

A guy just recommended this to me lol, said no one has the "right mindset" when i said "no dude, I heard that book is bad."

[@cupcake5003]

Can you please make a video on self help books written by Mormon priests? I just did a quick search and noticed that there's a shocking number of bestsellers and the writers are all Mormons. Plus those books never acknowledge systemic issues, and do a ton of victim-shaming.

[@TheMisternyan]

MLMs and Mormonism go hand-in-hand. There's a reason a bunch of them are based out of salt Lake city.

[@AprilFriday-de6vm]

“Priest” isn’t a vocational title for Mormons. It’s a rank which all young men obtain in their teens. All participating males “hold the priesthood,” starting as deacons at age 12, then teacher, then priest, and if they go on a mission, elder. There is a great video by Alyssa Grunfeld on the world-building fantasy novels, such as Twilight, written by Mormons. Her premise is that world-building is baked into the Mormon experience, so fantasy writing is more natural in a sense. The culture is also a natural breeding ground for prosperity gospel scams, MLMs (the curse of Amway), and basically all kinds of trading on the implicit trust between members to take advantage of others.

[@arytheloser]

Well, I just went down a rabbit hole researching "Poor Dad" a.k.a. Robert Kiyosaki's actual father. Not to be stereotypical, but as an Asian-American..... who talks about their own father this way IN PUBLIC, much less publishing a whole-ass book shaming him IN THE TITLE??? As you mentioned, 'Poor Dad' was indeed not just a teacher but a highly educated, highly influential superintendant for the state of Hawaii and even head of the teacher's union at one point. But he didn't spend all his time doing real estate scams so I guess none of that matters lol. I am admittedly a little obsessed with Robert Kiyosaki at this point. He's a third generation Japanese-American just like my mom and a lot of my family. I knooooow that Asian-Americans are the most likely minority group to identify as conservative, but it is still buckwild to me that a Japanese-American can be a Trump supporter. Like, we are literally THE cautionary tale for "so what would it look like if America did concentration camps?", and yet this man happily supports the "so what would it look like if America did concentration camps?" candidate. Please sir...... have some Asian shame.....

[@soapygirl83]

Unfortunately, there are a lot of people who voted for Trump despite having undocumented partners or relatives. The mental gymnastics behind their belief that somehow Trump wouldn't deport a person they loved is insane. See also Caitlyn Jenner being a conservative

[@LawlessChemistry]

The most glaring thing about many of these financial self-help gurus is that they almost all made their initial riches from selling the self-help advice instead of the business ideas that they advise on.

[@faithcrisis2138]

Oh my god, I haven't heard of Amway since my mom and grandmother made me take their gross vitamins and use their cleaning products when I was a kid. They also did Avon and Mary Kay and now my mom sells Young Living products. They've always had a individualistic 'grind until you make it' mentality. I'd rather have a job that just pays me well for my skills. (I make one hell of a lemon drop martini.)

[@LorenaAbreu]

Literally got giddy when I saw this upload haha. You guys are just fantastic

[@coneil72]

Is this series going to continue forever? Yes please!!

[@RedNailsRedDress]

Your video was so timely!!! Rich dad poor dad just had a HUGE news article yesterday down south and was talking up bitcoin like it will be the fix all money maker. I had no idea cryptocurrency could also be an mlm 😮

[@tinabean713]

it totally is

[@fanboy50]

Not only can crypto be an mlm, in the form it currently exists and has existed in since it appeared (I know, its proponents argue it will one day be a legitimate currency, but until it sees actual widespread use as something other than a speculative asset, a speculative asset is what cryptocurrency fundamentally *is*) it shares the 'bigger fool scam' characteristic that most if not all MLMs have, where a participant's ability to profit from it is dependent on getting other people to join/buy in. Like that is what crypto is, at a fundamental level. Anyone telling you it's something else is making a marketing pitch. The mechanical reason is slightly different (MLMs require unrealistic sales goals to make a profit within for the dupes; crypto is basically just worthless unless you can convince someone to pay you its alleged 'value'), but the end result is the same: there's no money to be made there without passing the hot potato to someone else and hoping that when the music stops you're not the one holding it. Crypto's true nature is pretty painfully obvious when you consider that crypto shills are basically trying to get Congress to pass a bill that will make the entirety of America's taxpayers their bag-holders.

[@bmay282]

So excited for this convo.. totally loathe rich dad poor dad!!

[@simplytelling7638]

I can't remember those kind of advice discussed in the podcast but I must have filtered it when I was 12-13 at the time I read it. It was helpful to me at that age because it made me focus on cashflow, budgeting. Which severly paid off in my adult life. I guess I'm lucky I filtered out what discussed and looked at it as just focused on the cashflow part of the book I was interested in. I guess a good rule in life is to take everything with a grain of salt.

[@christineg3261]

loving this series! had not heard of the other 2 hosts but they brought a great perspective!

[@DocsGreetingCards]

He checks all the grifter boxes. self-help financial guru, "free" seminars looking to rip you off, "passive income" strategies, MLM advocate, gold / silver bug, and now crypto. I've been following him for about 25 years. He frequently predicts crashes that never happen. This guy is a major creep and a pathological liar to boot.

[@SlowSpeedChase13]

Daddy didn’t love him as much as the kids he taught, did he?

[@YoYo-gt5iq]

I was 19 when I read this. I had not read many books before this. Because it was so easy to read it made me feel pretty darn smart. I read it, underlined it, then outlined it, treating it like it really could help me. It took about two decades to undo.

[@sandrad801]

Loving this conversation.

[@unamesitif457]

I am loving this series, thank you so much for putting this together! 👏👏

[@danielintheantipodes6741]

The reason why Amway is not illegal is because they don't have compulsory sales levels. So they can't come after you if you don't sell the 'right' amount of soap (their product). But I find it an ugly company because it is all hard sell and based on signing on new people underneath you from whom you receive a percentage. Ghastly model, unless it has changed over the years. (My information is from many years ago.) I despise this book. I bought and read a couple of them. I ended up throwing them out. Thank you for the video. Appreciated. PS: USD$45,000?!!! And by now, probably far, far more! Shocking!

[@CassieDavis613]

30 years ago it felt cultish

[@phactress891]

I believe mlms being mostly women is a more modern phenomenon. Early mlms I think were more dominated by men. Prior to the internet being used by the public, the mlm catered to the door-to-door salesman type. Oldschool mlms like Amway, Koscot, etc., were definitely more men. But I think the ability to access the internet has made it easier to target stay at home moms. Also, Amway is unique in that up until recently, they were extremely determined to recruit mostly couples, and actually incorporate the couple into the business model itself.

[@fearsomefawkes6724]

I don't know about the origins of mlms and who they targeted, but the practice of targeting women pre-dates the world wide web (1989). Here's some examples off the top of my head: Tupperware, Mary Kay, Alouette, Pampered Chef, Avon, and Herbalife.

[@laltrametadimarco]

My dad has recommended this book to me a few years ago, I read a few pages and DNFed it. Watching this really made me understand a lot of things lol

[@squish7073]

…he also did a pbs special. I think that helped vet him as an authority on the financial literacy instead of the con he really is.

[@racingrachel]

Absolutely

[@YoYo-gt5iq]

100%. I was a fan and my GF (now wife) saw him there so bought Cashflow for us.

[@RestrepoStyle]

I guess the question becomes, what books are good financial books?

[@andersonisowo9603]

None that don't include math, or sound like a cfa wrote it. Anything else should be categorised as entrepreneurship mythology and ignored.

[@lisgridcarranza1008]

Ramit Sethi

[@TheMetalGaia]

​@@lisgridcarranza1008Ramit is awesome! I love his empathy and compassion.

[@ktburger659]

There’s a great book called “the Psychology of Money,” a lot of people loved “Your Money or Your Life,” and John Bogle’s books are good for those interested in the “get rich slowly” mindset :)

[@lexichantel96]

I really enjoyed Money Out Loud by Berna Anat! She gave genuinely good and insightful advice that I hadn’t heard elsewhere in a way that does not emphasize exploitation.

[@markkinz7913]

I remember reading this book as a kid and just kept asking, "yeah, but where does the seed money come from?"

[@_hunnybe]

17:02 maybe random but I am a woman who read this book because I knew a much older woman who I knew owned it ~17 years ago and I saw it. to this day neither she or I have seen significant financial success or been fully financially independent. I've also been part of multiple MLMs.

[@shawnpatton3795]

I loved this two part series! Thanks 😊

[@ApolloSuns]

I think if im in conversation with people and they praise this book and its "ideals" i will most likely end the conversation haha

[@sistermadrigalmorning233]

Wow, never this early. Glad to hear the rest of this topic.

[@Melissa0774]

It's not that the idea of an MLMs is necessarily bad in their own right. They're just completely obsolete. A hundred years ago, before there were big box stores on every corner, or internet, or TV, and most women weren't working normal jobs, it made sense for companies to sell certain products by distributing them to teams of independent sales reps who would sell them to their families and friends, or door to door. Products like makeup or Tupperware, or cleaning products needed to be demonstrated in person in order to get people to want to buy them and they were more likely to trust friends. And I bet they were actually profitable enough for it to make sense to do the whole pyramid thing without it being a scam, because people actually wanted the products. And they couldn't get them any other way. But now that people are more savvy and educated and we have TV and the internet, there's no need for this type of selling anymore. It blows my mind that there are still so many people who don't realize that, who still think an MLM is the way to go, to become financially independent. I mean, can you think of any product that you might want badly enough, (except for maybe Mary Kay cosmetics,) to go track down one of their reps and probably pay more money, instead of just buying something else that's just as good and cheaper, at Amazon or Walmart, (or whatever other store.)

[@jenhesse22]

Love the second part ❤!

[@mallisaunders4565]

My husband and I bought this book several years ago (pre-Trump times) because we were interested in ways to generate passive income. Fortunately, we realized it was a scam. It also just sounded exhausting. The constant hustle to generate "passive" income sounds like too much work. Your Money or Your Life is more our speed. Thanks for covering this ladies!

[@coneil72]

"and the trick is crime" hahaha Yes!

[@Jessica-n2y7j]

I actually know a woman in a pretty wealthy family (her husband owns multiple legitimate businesses - a trucking company, a construction company, and also owns multiple properties that they rent out) who quit her teaching job to do MLMs full time. At first it was Arbonne, then It Works! and now she sells Lifewave and calls herself a "Doctor of Regenerative Medicine." She has a phony PhD in Quantum Integrative Medicine. She was my 8th grade English teacher and I really liked her. When I looked her up as an adult, I was horrified to see what she was up to. I lost every bit of respect I ever had for her.

[@ItWasSaucerShaped]

...i'm kind of relieved that someone had to ask 'what is amway?', as that suggests the business is finally fading from cultural memory amway was the first big, 'mainstream' MLM. the initial hook is getting you to warehouse a bunch of overpriced stuff in your garage which you are then supposed to somehow sell at a mark-up to people. this of course will not work very well, but now they've got their fangs in you with a sunk cost fallacy and also your garage is full of their crap, and so they convince you that what you need to do is 'recruit' people (scam people) into becoming your sales team - which involves said people buying into amway products and, more critically, amway cassette tapes i presume the cassettes went away long ago and were replaced with something more technologically appropriate? but they were the heart of the 'business' at its height amway sold you a set of extremely overpriced cassettes supposedly containing sales magic that would transform you into a super sales person so you could finally get your garage rescued from the stuff amway filled it with. this of course would not work, so amway then told you, 'aha, what you REALLY need to do is resell those cassettes, and keep yourself updated on our latest, cutting edge sales technology by continually getting new tapes for yourself' some people argue that this functioned like a cult, and while that may have been true for some folks, what i saw was somehow even sadder than a cult. people who knew full well that what they had bought into was crap, that they would never sell a single amway thing other than maybe a cassette tape, and so they just kept going in hopes that somehow they could get their money 'back' by becoming a grifter and stealing from other victims. which is exactly the situation amway wanted to engineer every dollar that amway made came at the cost of turning good people into thieves :|

[@TeaEmess]

My own Dad got suckered into the Rich Dad Poor Dad cult of business. It's fucked up our whole life. He just destroyed his retirement savings trying some business scheme and blowing through so much money. 😢 I'm so sad.

[@MrAlligator3]

Loving this collab. ❤

[@darleneatkinson6730]

The Financial Diet, About landlords, a man next to the house I bought back in 1985 he was working on the house next to my house so I ask him about being a Landlord, his advice was never become a Landlord he told me it is very hard work and you got to be very mentally tough to deal with collecting rent from the people who rents from you. He said once he got the house fix up he is selling the rental house and getting out of Real estate he said it is away to hard I was in my 60's he probably around 40 years of age super friendly young man and sure enough he sold that house next to where I live at I do not see him no more but that as real as I can be about Landlord or real estate it just not for everyone. thanks for these videos.

[@RubyOnixx]

To this day, I'm like, damn, my Dad was right when I joined Beachbody 😂 He immediately compared it to the mailing envelopes of money pyramid scemes. To my defense I was 22- my brain wasn't fully developed. 😂

[@twweety9]

36:00 😂😂😂 I swear “must be nice to have $6”

[@clszabo1s]

I just realized it's been almost a decade since I read this book and all I really remember learning from this book (that was actually helpful with my life) is the difference between an asset and a liability and how to read a balance sheet. Guess all I have to do is replace that with a couple charts I found on the Internet and ditch the book lol

[@saeedhossain6099]

7:03 sorry to nitpik but yes, there are people who own banks, the ownership structure of financial institutions is quite varied, shareholder owned, memeber owned, individual owners. Joseph Kennedy, JFK's father famously owned a bank.

[@Ikaros23]

The shareholders own’s the banks. The bond owners owns the schools, roads, public buildings and so on. The capitalists are the people who own the system. The « sallary class», is the people who work for the system for sallary. Roberts point is that if you don’t own the assets. Then you work for the people who do. The world is a brutal class struggle. Not just for money, but also class ( how you make your money). The middle class and higher middle class is for the most part delusional in their ideology og thinking that academic education alone will bring them to economic freedom.

[@peterwstacey]

I had a look since a friend works at a private bank (Pictet), and yes they do exist but they are VERY rare. There's a list on Wikipedia of maybe 30 in the world, mainly in Switzerland and the UK. Since they are private it's impossible to know if 1 person owns it, or a group of individuals.

[@the.masked.one.studio4899]

The SoFi ad during the video was 😂

[@VanessaChats]

I feel for my mid 20s years of life self who had no financial literacy and had to go learn it real quick because she was doing something where she was making damn good money and knew her time in the industry she was in wouldn't last forever. This is who I fell for the RDPD rabbit hole. I got his RDPD book. I got The Cashflow Quadrant and Sales Dogs. I got The Cashflow Board Game (I still have it as I feel like it's memorabilia now hahaha). I feel hard for all of this in my mid - late 20s. This is why we must teach financial literacy to our kids because as soon as I started making some damn good money I made a *lot* of mistakes and never benefited from that time sadly.

[@racingrachel]

Girl, same. All of this 😢 And hugs 🙏

[@FelixDedrick]

I just have to applaud your content man, well done. Long term investor's know that the market and economy will recover eventually, and investors should be positioned for such a rebound, I gained $180k from bitcoin of 2021. Before the market crash and now am buying again, adding more at a time. Having a good financial advisor like Angie Chen Owens, it will add to your success in the crypto market.

[@FranklinFranklin_]

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...

[@JohnnyClinton-wx9eu]

Angie Owens strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started

[@ValentinePotter]

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading

[@PedriSergio]

I was skeptical at first until I decided to try. It’s huge returns is awesome! I can’t say much.

[@FelixDedrick]

she's mostly on Telegrams, using the user name

[@valerienavarro5454]

He became famous from being on the Oprah Winfrey show.

[@soapygirl83]

God that woman has so much to answer for for the number of grifters that she has launched

[@Fabdanc]

I would just like to give kudos to how fast one of the hosts is speaking. She is getting out so many words at the speed of light.

[@the.masked.one.studio4899]

I grew up in a community in Northern Colorado where everyone I knew bought into this harmful mentality. It’s definitely a mix of Evangelicals, MLMs, and Libertarians. I spent some time there during covid after a decade away. It was so utterly shocking how little empathy people had for anyone who didn’t benefit from that system. Such a shame.

[@Comicallycanadian]

BEAUTIFUL SHOW! loved every minute of it and was legit sad it was over. lol if your goal with personal finance isn't to live a humble life free of money stress and instead just trying to earn fast cash so you can get rich you are going to have a bad time. the phrase that crypto is just MLM for men is so god damn true. 10/10 keep up the good work.

[@OlafMetal]

My father-in-law dragged my partner and I to a financial advisor who handed us a free copy of this book and advised I read it. He then did a little exercise "proving" that anyone can be rich by trying to illustrate how even a minimum wage worker can invest and started by saying "By working 80 hours a week at McDonalds." When I asked for a clarification if he meant 80 hours per paycheck, he said no, 80 hours a week. I told him most MdDonald's employees work 20 hours a week and I watched him have a mental blue screen trying to tell me I was wrong and eventually just asked me to pretend along with him. Needless to say I never read the book. He scammed my father in law out of a good chunk of money.

[@mheuman]

Exploiting your friends and family for profit....what a way to sucess. SMDH, thank you for taking this foolish with Grace, humor and truth.

[@FrznFury27]

The trick is indeed crime.

[@VanessaChats]

3:30 OMGOSH! I remember that moment when Amway (aka MLMs) got a hold of his book. I had actually read it (and a few others in the whole series and got his board game) prior to the MLMs getting their hands on it. (I'm showing my age!)

[@abetterlivedlife]

I read it many years ago, before it was big I guess. I didn't find it useful and why so many people raved about it always confused me. That said, as a woman who always worked in male dominated fields, I found "Lean In" to at least be interesting. There was nothing new or ground breaking, but it was reassuring and reminded me of many things I could be doing to work on my career and get around problematic men.

[@EggheadJr1]

I think it's interesting that they make the connection of Kiyosaki, and The Donald without mentioning the books they wrote together.

[@racingrachel]

Right?!

[@danieloduntan1983]

This was so great to watch, couldn't stop laughing

[@racingrachel]

Ugh, I haven't even WATCHED this yet, and I already feel it in my bones. Becoming a Kiyosaki devotée in my early 20s is possibly the most ruinous thing I ever did for my finances 🤦‍♀️

[@Strong-man]

I wonder if this book is more “effective “ to recruiting men is because we lack some of communication and relationship skills that three of you clearly have. I read this book many years ago and didn’t pick up what you easily recognized. I appreciate your insight.

[@jorlowsky469]

It’s a good introduction into personal finance but it’s as basic as basic gets. Just taking the practical advice in this book is good. Everything else is gibberish

[@fisrebel]

Would be cool to have this series continue on other mega advice sellers (with focus on the finance side of it) maybe the two marriage advice sellers (love language, and gottoman) and the gender-roles/marriage work in them

[@MindoverMoney1983]

I love this book. Working on something unique to help everyone. Let’s all connect

[@adriano-moraes]

Here directly from the last video, already a classic.

[@adriano-moraes]

Also, very cute she does not know mway. I think it’s a bless, for sure.

[@0HxB0Y]

The trick is crime 😂

[@thebesteveralina]

I’m glad I didn’t get into that “rich dad poor dad” concept when I saw video suggestions.

[@MitchMitchellStories]

I bought, then read, Rich Dad, Poor Dad in the late 2000s. I was enjoying the book until he got closer to the end... where I totally thought he was crazy and wrong regarding what he was saying. Then a couple of years later he was bankrupt, and it turns out he's been bankrupt multiple times. I'm glad I never followed any of his advice; most of us would have been hurt by his reckless beliefs if we had.

[@carolinaluna2453]

Love this ❤

[@doomedwit1010]

The one guest needs to learn to stop talking over people. Like she says interesting things, but so does everyone else. I say this because she can be a really engaging guest, but it's a skill worth working on. Admittedly I have been trying to for 30 years and I still struggle with it. I'm sure she knows. I'm not saying she's a bad person! In fact it tends to be a bad habit among naturally shy people.

[@alitansill7267]

Great guests

[@neshadee]

Second! Love this channel!

[@rachelhall6287]

Overall a good conversation of a book that is constantly mentioned when talking to newbies about personal finance. The book does seem to cause harm to a lot of people but is still praised (kind of like crypto). It was tiring that the reviewers kept alluding that only uneducated & thoughtless people have differing financial or political opinions from them. It seems totally normal that if a current financial system or political party isn’t working for someone, they are just going to select the other option. That doesn’t mean someone is thoughtless, just that they need a change or have different motives from the reviewers.

[@ArmandoTrades]

They are reading it, but they only want you to read certain parts. I get approached by MLM all the time

[@IshtarNike]

People might think it's good to run a profit as a country but thats because they've never sat and thought about it for more than 5 seconds. As a business you want profit so you can go out and spend it elsewhere. As a country there is no "elsewhere" to spend it. A national surplus does nothing but sit in the treasury doing no one any good. A country should want to break even AT MOST. And deficits aren't even that bad because they represent the government putting money from the public sector into the private sector at large e.g. both businesses and private individuals.

[@racingrachel]

As a long time local gov't employee, I support this 🙌 You do not want the post office, the water company, the roads to be run "like a business". Because their point is to provide a function, not to make money. Just look at the way the energy rates spiked in Austin TX a few years ago when they had a late winter ice storm. Not good for anyone but the shareholders 😬

[@eralonuva]

I graduated in 2001 and paid a total of $68K for a private college (with some scholarships).

[@BlakLotus]

33:29 “The point of a country is not to turn a profit” *stares in African american🤦🏿‍♀️* girl, come ON