Rich Dad, Poor Dad Is Completely Unhinged

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We're excited to bring you a very special 4-part series to close out 2024! Chelsea is joined by @celebritymemoirbookclub to discuss Rich Dad, Poor Dad.
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[@LottyDotty05]

This book confused the heck out of me in my 20s. My ex-boyfriend loved it. When I pointed out certain scamish things or stuff I couldn't make sense of, he just said i had a poor dad mindset. We broke up. 😅 A couple of years later, i started dating a guy, and we talked about finances as any fresh couple would. This book came up, and I asked if he had read it. "I did, but it seemed weird, and I could never really finish it." At that moment, i knew he was the one 😂 happily married and our finances are a ok 👌🏾

[@giuliatrantonelli]

Oh, so maybe we have to read it and use it as a determining factor when choosing a partner!!!

[@seskain]

So I was confused too--but I think it's that my mom gave it to me as a Christmas present in college. I was always told I had to go to college and become "gainfully employed"--her words. Also both my parents were public school teachers...So I think I read the first few chapters and that's as far as I got. Basically the point where he starts talking about the difference between Rich Dad and Poor Dad. She died a few years after so I can't ask, why did you want me to read this, but it is something in the years since I've wondered about

[@baconmeido7037]

Love that ❤️

[@INAVACL]

Good! That ex didn’t even respect your opinion. Happy ending ❤

[@uniquenewyork3325]

@seskain likely she saw that it was in a list of reccomended books for young adults and students. I saw this book in many young adult book recommendations.

[@allen7585]

40 million copies of a book of a man berating his father who valued friendships and enjoying his job over hustle culture and grifting and people wonder why America is the way it is today.

[@dweebcentric]

It’s like dude, do you have any ambition other than money? Of course he became chummy with the crypto bros.

[@Amanda.DelRae]

His entire success hinged on him attaching his books to an MLM that pushed his book out to their recruits. Without that MLM no one would know about this incredibly stupid book

[@philliptemple9841]

I'm not sure it's a true story... Phillip.

[@Amanda.DelRae]

@@philliptemple9841 it’s definitely not lmao

[@valerieproctor517]

This is it. Right here.

[@Veggiesandvodka]

If nobody has asked you to read this book in a thinly veiled attempt to recruit you into an MLM, are you even in your 30s??

[@nerdmommy7114]

😂😂😂😂😂😂 omgggg i feel so attacked because it’s true!!!!!!

[@gretagrigaityte]

Oh yes!!!🙌

[@latishatomlinso3303]

Happened to my husband and me in our early 20’s (and yes, we are in our early 30’s.

[@tammy9000_.]

OMGGGG THIS COMMENT TOOK ME OUT🤣🤣🤣

[@ajmontpetit01]

Happened to me with an Amway pitch to follow!

[@jackiex2480]

If you consider that this guy, as a kid, was exposed to a ton of lead in childhood (from the toothpaste tubes), the whole book makes a lot more sense.

[@doomedwit1010]

I just saw a study that people born before 1986 had a lot of lead exposure from leaded gas fumes.

[@wen6519]

This was an iconic comment and I love you for it

[@erikajasminnn]

LMFAOOOOOO I’m dead

[@priscillaayine9614]

😂😂😂😂

[@kitefan1]

@@doomedwit1010 True. From the 1922 through 1986.

[@ayidas]

“He literally drives 90% down Karl Marx Boulevard and then takes a hard right at Ayn Rand Express.” Epic quote, Chelsea 👏 ❤ @20:00

[@Sabiqoon-w8y]

As a far right winger I second that

[@Emma-kf2kj]

I snort-laughed! Iconique Chelsea Fagan strikes again

[@AWildBard]

That was brilliant for sure.

[@jackieOAT]

OMG 😂 I was growing up in communist country, literally we had shops on Lenin Street...for a moment I thought it was legit name 😅

[@doomedwit1010]

"We can't tax rich people, because some day I want to be rich and not taxed." Poll after poll says this is why people are against returning to 1950s taxes. Which is hilarious given that these folks will often claim the 1950s were ideal America. Except Strong Unions, American Global Leadership, Government for the people, support for American Institutions, progressive income tax, gun control. Caring about the moral character of leaders regardless of party. Et cetera.

[@edheldude]

That was a special time because the whole world was rubble and USA had the greatest economic position ever.

[@brandonsblock]

The US government of the 50s was for the people? I guess we are ignoring Jim Crow lol

[@grege5074]

@@edheldude and they didn't squander it by consolidating wealth at the top. Yes, manufacturing boomed because other countries were rebuilding, but it also boomed because working people had skin in the game knowing that their production would benefit them not just the factory owner

[@grege5074]

@@brandonsblock this is an intersectionality problem. he is not saying "lets just all go back to the 50s" he's saying "let's go back to the tax system of the 50s" surely African Americans would benefit not from such a tax system combined with the civil rights acts that have been passed in the decades since.

[@LiShuBen]

@@brandonsblockthey never include us when they talk about “when America was great” 😅

[@112428]

Sadly in Indiana, I was forced to read this book as part of my required high school "economics" course. Even then I noticed the contradictions and tax fraud at 17 years old.

[@pan2aja]

Like Trump "tax fraud" or Hillary Clinton's donor's "tax fraud" ?

[@JohnStro]

I hope you told your economics teacher they were stupid and should quit their job to go flip homes instead of being a poor teacher.

[@Sabiqoon-w8y]

Oh boy Sweet home Indiana

[@tammiepulley7167]

This is the kind of book that the local parents should get banned from the school.

[@Madamchief]

Damn. Are they requiring Jordan Peterson too?

[@Coreyrob.]

After i read this book i became more Financial aware of myself and I reached $70k Last week. Thank you for all the knowledge and insights you've shared with me over the past few months. I began this journey in November 2024. Financial education is essential for over 70% of the population, as only a few are truly literate in this area. Thanks so much Angie Chen Owens

[@RomanBickel]

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

[@WelfareDepartment-xy2db]

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

[@FengMason]

The first time we had tried, i invested $1400 and after a week we received $4,230. That really helped us a lot to pay our bills.

[@DannyVincent-q7z]

You trade with Angie Owens too? Wow that woman has been a blessing to me and my family

[@NguyenLee-c3x]

I'm new at this, please how can I reach her?

[@actingwithpurpose]

Thank you SO MUCH for unpacking this book. I read this book at 28, just got my masters degree, and didn't have much in the savings. This book triggered me like no other, and still to this day, I'm unlearning a lot of the scarcity mindset that this book activated. Like so many, this book was my first intro to personal finance, and THANK GOODNESS you create the content you create, Chelsea. I love that you take these things off the pedestal, because quite frankly, they don't belong there!

[@edheldude]

You got a lot of benefit from the book but you don't want to praise it?

[@GratiaCountryman]

@@edheldudeHow do you know she benefited?

[@edheldude]

@@GratiaCountryman She's unlearning the scarcity mindset the book revealed to her. That's one of the main teachings in the book.

[@catjwinter]

@@edheldude "activated", not "revealed". Big difference in meaning

[@edheldude]

@@catjwinter No there isn't. It existed in her, and the book was a catalyst that allowed her to see it. Robert is offering a new point of view to money and that reveals our money wound because it challenges our defensive personality structures. Most people live in survival states and you can release the emotions related to those (anxiety, fear etc.). That's also why most people can't succeed in business because they're not ready to do this work.

[@KD-bf9og]

I am SO GLAD YOU MADE THIS VIDEO. I listened to the audiobook a few years back and couldn't stop thinking about how MEAN this man was to his own father. You can tell he worked really hard for his family and to just see your son write an entire book dragging you ... made me so sad for him. I also feel like it's filled with vague motivational statements that have no real substance to them. When I bring this up people (usually men who are terrible with their money) tell me I just "don't get it" and that it's all about "mindset." Everybody acts like it's the best thing ever and I felt so alone with my opinion on it lol.

[@holaleonorch.]

As a person whose household was once hijacked by a MLM that treated this book as a bible, thank you TFD. This whole commentary made my day!

[@alertsquirrel]

I had to read this as a child and then was encouraged to "start my own business." If I thought it would be beneficial, I would send this to my father. I still see Amway in their house, though. It was cathartic for me to see it called out as the bullshit that it is, and I'll take that!

[@holaleonorch.]

@@alertsquirrel It’s funny that you mention Amway… Because that was the MLM I was precisely talking about! Hope your family is better off now!

[@alertsquirrel]

@holaleonorch. haha I almost asked. It was basically part of their training kit so my brain automatically links those two. Better, yes. There's still more work to be done. It's only been a few years since I really acknowledged all of the hurt that cult caused, and they still largely see it as positive. But thank you!

[@michaelwagner8859]

Fun fact: Allegedly, Kiyosaki was a totally fledgling author until some top Amway distributors discovered him and realized it would fit their MLM culture perfectly...

[@DanstevGraker]

The book will make a lot more sense if you read it from the perspective of knowing that he was somebody who was told that anyone who wants to be successful at MLM's and Tony Robbins style "consulting" needs to publish a book, so he reads a bunch of other self-help books, determines a market he's going after, and then writes a book that is largely just a repeat of common MLM/Self-help tropes with a personalized,and likely largely invented, narrative. He's selling the narrative of himself as a successful person who will teach you to be successful, but only if you buy his next book and seminar, which largely just repeat what was in his book(s). Repeat for as long as he can keep you on the hook. This is a common loop among MLM "gurus". They offer almost nothing original, just repackaged advice and concepts that they got from another guru or self-help poster. See also - virtually every LinkedIn influencer.

[@lightbeingform]

yep, that is definitely a formula. scamming pays so ppl will keep doing it, esp since there is generally no downside as long as you don't mind never sleeping through the night lol

[@kristenpereira4113]

Aka Tony Robbins copied landmark/Werner Erhart who copied Mind dynamic

[@helenapayne3414]

Yes, his business is primarily his book, so we are in a weird way his mark if we read his book

[@Apostrophe4035]

John Mulaney’s bit about Trump being like a hobo’s idea of a rich man translates well to Robert Kiyosaki, I think.

[@danielbriggz]

Quite apt

[@thatguy00842]

I was a teacher for over 20 years. I can confirm that: 1. Teaching is often an underpaid, overworked, relatively selfless profession. We currently have a crisis trying to hire qualified, capable people to do it because most people understand this. 2. To be fair to Kiyosaki, most teachers I've met don't have a great understanding of economics. About average compared to typical Americans, so pretty bad. That said, to demonize teachers as "slaves" and uphold "entrepreneurs" who exploit everyone and everything they can as aspirational is pretty misguided. How about we just teach everyone (including educators) how to manage their finances? And maybe create a more equitable economic system while we're at it?

[@janeandrews1790]

Word.

[@princegobi5992]

Thanks for teaching, you definitely have people with you in solidarity!

[@stellviahohenheim]

He was a bad seed these children exists no matter how kind the parents are they grew up to be the total opposite.

[@bethanybsoprano]

I love the roasting of this book SO much. All the top huns in my former MLM *loved* this book. It's books like this that keep people in MLMs because they think if they get a dreaded 9-5 they have failed and they are terrible. I had to work through a lot of 9-5 shame in therapy, which sounds crazy, but it really messed me up that much. Now I'm very proud to have a 9-5 and I love the stable income!

[@miriamroxana]

I like having a regular job, I don't have a leadership personality, but admire good leaders, but even leaders/bosses/companies need a good team to achieve a big job, its ok to be part of the team and be happy.

[@dohadeer8242]

Agree with you. I often think that the fixation on MLM ultimately just softened people's resistance to joining the gig/casual employment economy instead of staying in actual 9-5 jobs. That allowed corporates especially to deconstruct employment protections and conditions (along with pay rates) in the US. Whether the whole devolution of employment conditions and jobs was some sort of deliberate 'plan' or if corporates simply took advantage of the situation once they recognised it is the main question tfor me.

[@stephanie1460]

I read this in my mid 20s when I was up to my eyeballs in debt and barely making enough money to cover my expenses. I was desperate to do anything to improve my financial situation (nearly fell for a few MLMs too. Thank god I escaped that). I remember being horribly confused about how to actually apply the principles to my every day life, because I was an educated white collar worker making a mediocre income. I didn’t have the money to buy groceries, let alone invest in rental properties or a business. Fast forward 5 years, and I am now out of that debt (aside from a mortgage) and make twice as much money as I did back then. Want to know how I did it? I went back to school to get a masters, job hopped for a few years, and budgeted like crazy. I’m a normal middle class American (probably making a bit more than most), and I’m generally happy. Getting an education and working a full time job isn’t for everyone, but it can provide a stable lifestyle.

[@FireSilver25]

Congratulations!

[@katarh]

That's almost identical to my story. I'm not filthy rich, but I'm stable. I have a job I enjoy, coworkers I like, a boss I can tolerate, and I'm paid extremely well for the area. My husband and I slowly climbed our way to the upper middle class, almost entirely by accident, but because we learned to live below our means and enjoy experiences rather than expensive stuff, we've managed to exceed all our savings goals and pay off the mortgage early.

[@GordonChaffin]

I was an impressionable reader at 22 years old and thought that Rich Dad, Poor Dad was a gospel-level treatise. I am glad I found TFD.

[@roxydee1452]

I cringe to fess up I was right there with you! 😊

[@Az-jt2zp]

So did i!!!! Same age too!

[@AstraeaAntiope]

My mother gave it to my brother as advice. I thought it was garbage, he took it as gospel. Don't trust me, though, I am one of those stupid teachers!

[@Branjama]

The first time I encountered this book, it was sitting on the kitchen table of an Airbnb I stayed at in 2015. I was working on the road and was always trying to look for the cheapest living options. My room was 20 bucks a night. The owner rented out every room of this house. Even the living room was partitioned off to make it into a rentable room! Now it all makes sense haha

[@ProductivePixie]

I clicked on this so quickly. I read this book many years ago. My boyfriend’s entrepreneur dad gave him a signed copy of it. (Signed by my boyfriend’s own dad. 😂) I felt gross reading it and couldn’t explain why at the time. This is the first time I’ve heard anyone else express how this book made me feel.

[@sabrini13]

Same reading experience! This was my first “finance literature” that was recommended to me by an entrepreneur friend. It was an easy read but ironically also took some time to go through because I couldn’t believe what I was reading. Robert really caters to very impressionable audiences and gives some questionable advice. I would really categorize his “finance advise” along with David Ramsey’s as “good for beginner learners, but not for long term use.” There’s also Robert’s personality, which is a whole other subject. Can’t wait to listen to part 2.

[@kristenpereira4113]

I had a few of his books..sold them all at the strand. I don't normally sell my books. I kept wondering what to do/how to execute whole reading it

[@gravelswitch9697]

I read this book long ago and could never quite figure out why it felt off to me at the time. Then I heard someone say he likely made his money selling his advice instead of implementing it.

[@AroundMe_Ara]

I've never understood why in USA people are so obsessed with dropped outs that become millionaires... like... that is not what usually happens??? It's not going to happen to you!! In my country, and especially in my family, the belief is that studies are the most important thing and it is what will "put you above" everyone and make more money, so the idea of ​​becoming a millionaire without knowing anything just doesn't make sense to me, and if it worked for them it was because they were lucky.

[@charis6311]

Precisely. Especially as - even IF they became millionaires - this wouldn't change the class they are in. Wealthy people (who have not just won the lottery) usually are educated and sophisticated as well - someone who just dropped into their 5 five star resort because he could afford it would be shunned as soon as he opened his mouth.

[@andrewstelling7895]

Because a very small number of those drop outs DO make it, but then go on to write books and courses embellishing their achievements, ignoring the huge amount of luck involved along the way and literally selling the idea that anyone can do it.Statistically you're more likely to succeed with education than not, but it's easier to sell the hope that you too can make it with the right attitude and my $2000 seminar on how to ignore survivorship bias!

[@humech]

Our country is a casino tbh

[@summertime69]

We hear stories of people doing it because it is an anomaly and I don't think most people realize that.

[@helgahaa]

Their parents were rich

[@26Sundrops]

The podcast If Books Could Kill has an excellent episode on this book, too! I can't help but subtly judge people who name-drop this book like they've somehow become an enlightened entrepreneur lol...

[@karenabrams8986]

I do too. I label them schemers and I avoid. 😂

[@wen6519]

Just went to that podcast to catch that episode. Thank you for the suggestion! @26Sundrops

[@ArguableDish137]

It's such a red flag! Having never read the book, I've only seen it referenced by guys into the manosphere and/or MLMs. Thanks for the podcast recommendation, I will check it out

[@withyoctopus]

I love the saying "Let the trash take itself out..." It fits for people who want you to read this book.

[@Oxahna]

Thanks for mentionning that podcast 😊 I've listened to a couple episodes thanks to you!

[@la6581]

My sister fell victim to this trend in the mid 2000s. She really got into trying to hustle in real estate like they described. Even now she still hasn't financially recovered.

[@philliptemple9841]

A lot of people suffered in the 2008 financial crash, not just "hustlers". Phillip.

[@yunia_ooo]

2 minutes into the video and I just want to say that after being recommeded this book so many times by close friends, I bought it. Returned it (in great condition) after 10 pages because it was giving weird vibes. I felt like the kids who called the emperor naked. Now I feel vindicated. Thanks, Chelsea :-)

[@hellomiguel_]

Are you still friends with those people?

[@NotoriousC90]

@@hellomiguel_ you’re a sad case.

[@yunia_ooo]

@@hellomiguel_One of them still is a very close and dear friend. We had a little fall-out after her boyfriend became mad at me for claiming that they are participating in a snowball system. But we remained friends. However, she is still very much into get-rich-fast-schemes and currently joined an MLM 😮 she truely believes in them 🤷🏻‍♀️

[@yunia_ooo]

@@hellomiguel_with one of them. She is a dear friend, but is still into scammy things. But she respects my opinion and doesn‘t try to sell me stuff anymore.

[@superquietbunny]

Very popular as I was growing up as well, recommended by respectable teachers. Read it, I was like, ok, didn’t really understand it but it didn’t impress me much. Bought the next 2 books, skipped to the 3rd book where he was teaching about tax breaks and getting around the system and I quit - it did not feel like a realistic or good financial advice. Yet i still know people who admire this book to this day, sadly.

[@carmenflores8528]

I remember listening to the audiobook version as one of my early introductions to personal finance post high school and feeling so confused at the end. There were no actionable steps and I thought I just missed the message. Thank God, I never recommended this book but rather books such as, “I Will Teach You to Be Rich” and “Financial Feminist”. These books provided so many actionable steps and actual financial knowledge. Because of these books, I finally opened a 401k, HYSA, changed banks from shitty Wells Fargo to a credit union,building up my emergency fund, and am aggressively paying off my credit card debt. All while not feeling deprived and no longer ashamed of my finances. I finally feel empowered and in control of my finances!

[@moniques5545]

Great book suggestions, both excellent and will get people way farther on their financial journey.

[@asphaltpilgrim]

"All the way down Marx blvd. and then a hard right on to the Ayn Rand express!!" Love it!

[@AThirstyPhilosopher]

Such a poignant observation. 😂

[@MariaRodriguez-dx6sm]

As someone who grew up in a developing country, this mindset some people have about having this large, uneducated class they can exploit always baffles me because what they are asking for is an underdeveloped country with a unstable economy and government, and not consumer base. It only (kind of) works if there is a developed country that will buy the cheap stuff you produce, other wise it will kill your economy pretty fast

[@chukuemekaoje1015]

I am SO glad that more and more people are pushing back hard against the awful (and potential illegal and scammy) ideas presented in this book. The common criticism of this book and Kiyosaki about the latter filing bankruptcy misses the forest for the tress. This is much-needed.

[@ot4kuk1d]

My philosophy teacher in college decided instead of teaching philosophy we were going to spend the semester on Rich Dad Poor Dad. I've hated Robert Kiyasaki with every bit of my being ever since. Super excited for this one.

[@realchoodle]

What philosophy class would that even be relevant to lol

[@Mr_Boifriend]

why the hell was a college philosophy teacher using that? Are you exaggerating something here? 😂

[@wen6519]

Friend, you need a refund

[@EquinoxGate]

Robert Kiyasaki broke into my house and punched my kitten. I’ve hated Rich Dad Poor Dad ever since.

[@imawakemymindisalive13]

did you go to Hustlers University 😂😂

[@jonsapify]

Summary: 1. Stop being poor 2. If you are not exploiting people then you are being exploited 3. For people being exploited, it's their own fault don't worry about them . 4. Taxes are for suckers. No matter what they are supposed to go to

[@msmith3395]

This pretty much summarizes it. Unfortunately, that’s the capitalist way.

[@apolace7242]

The dude who wrote it is completely bankrupt haha

[@NotoriousC90]

That is incorrect. I’m not sure where you get this idea?

[@ThatPazuzu]

​@@NotoriousC90Robert Kiyosaki did go bankrupt in 2012 and is more than a billion dollars in debt right now

[@NotoriousC90]

@@ThatPazuzu strategically declaring bankruptcy and leveraging debt are VERY different to being “completely bankrupt” OP is suggesting the guy is basically homeless or without a fortune, which is completely incorrect.

[@ThatPazuzu]

​@@NotoriousC90well, OP didn't say that. You imagined they said more than they did and got mad because the words you imagined were incorrect. You could have said something to add context but it's not like OP is wrong in anyway

[@NotoriousC90]

⁠​⁠@@ThatPazuzu do you really lack the comprehension to understand what OP meant by “completely bankrupt” and what their implications were? I am not inventing a narrative to support my case. If the OP had said “Robert Kiyosaki has previously declared himself bankrupt” I would have scrolled on by.

[@dahakaguardianofthetimelin4780]

Remember kids, children don't generate you profit but they require upkeep to maintain, so children aren't an asset - they're a liability!

[@AThirstyPhilosopher]

Yep. I remember the moment I realized that humans had a monetary value in this capitalist world. It was decades ago, while I was reading The Wealthy Barber (a gift from my parents). My neurodivergent brain was thoroughly repulsed. I really struggled with that concept. But, honestly, the advice did come in handy later in life when I was offered life insurance policies for my child. “We insure assets; we don’t insure liabilities.” I’d love Chelsea’s take on that book sometime. It explains mutual funds, ETFs, compound interest, dollar cost averaging, insurance, etc. I believe it is from a Canadian perspective, but can be applied to the US context too.

[@djnush]

Thank you for this video! When I was really struggling for money many years ago, a close friend of mine basically reprimanded me to budget and save better. It felt very tone-deaf when I was barely making ends meet. And she suggested that I read this book. Glad I didn't read this. Financial struggles aren’t always a matter of “bad habits”, systemic issues like wages and cost of living play a much bigger role. What really turned my life around was getting paid well!

[@nerdmommy7114]

This was my first “financial” book. And it helped me go to having a business mindset, like the only thing for me to make more money other than work my ass off, is to start a business. I was with an MLM at that time, and wasn’t successful. My uplines recommended this book, read it and love it. (But I knew MLM wasn’t for me when they asked me whether I want an airplane or a car, and I said neither, and they were taken aback 😂) When I came to terms that MLM is a scam scheme, I still held a strong belief starting a business. But this time with a product/service I truly believe in and want to sell. So now fifteen years after, I am a creative small business owner, selling products I made and I love talking about. (This is a dummy account). I owe the business mindset to this book and to the MLM 😂 Even if they are very very very very wrong and toxic. 😂😂😂 I used to recommend this book. THEN I read it again years after. And holy sht, I threw the book away. 😂 My relationship with this book is very complicated 😂

[@jcg03002]

"if books could kill" covered this and it's hilarious

[@CalamityCannon]

Yes!!! My first thought upon seeing this! I love them 😍

[@sabrini13]

I hardly comment but just wanted to say thanks for reviewing this! As others have also expressed, this was my first “intro to finance” book when I was about 25. But even as an intro book, there were some questionable details I couldn’t get past and I felt like I could only give honest feedback to anyone who HADN’T yet read the book. I read other finance books to see how they compared, including “Broke Millennial” which had much more helpful information and was much better written. I really couldn’t get past the writing style, you hit the nail on the head with “very Dr. Seuss,” he really writes like he’s talking to 5 year olds. Anyway, I tried giving Robert a chance (to not be immediately bias) by listening to his podcast after reading the book. It didn’t take long to learn the type of person he is. I knew I would appreciate your review and clicked right away. Can’t wait for part 2!

[@iTzDritte]

“It’s written for children.” Yes it is! I read it at the tender age of 10 and even then I could see through his weak facade 😂 16:42

[@janeandrews1790]

Many popular business books write down to their readers. For instance, Who Moved My Cheese?

[@meaghanorlinski8464]

There is also a housing crisis BECAUSE homes are used as assets and investments and not as homes to live in! Air BnBs and private equity have ruined so many people’s ability to afford homes. And so many apartments and homes are EMPTY because they are assets. I know there is a loophole where you can write off the loss of rent in one unit against your other units. So not renting out an appartmebt becomes easier and a better way to make money as you have no risk or damage or maintenance associated with actually renting. So people will jack the rates of rental units and be like “oh no, I am loosing 7,000k a month because no one is renting my bachelor basement apartment I have listed.”

[@kimberlybega8271]

Hoping more places crack down like Atlanta did and put limits on how many AirBnB's can be owned by the same person. I think Atlanta's rule includes that one of the homes has to be your actual residence.

[@mariayo4284]

Omg yes

[@mariayo4284]

​@@kimberlybega8271I wonder if poor people will start rioting like in the 18 th century

[@ErickaWilliamsCC]

65% to 75% home ownership in most areas small amount of houses are investments.

[@gafee2001]

What you mentioned about writing off loss of rent in one unit against other units isn't how the taxes work. You just don't make the income.

[@FezUsocrazy]

I once had a pyramid scheme guy try to rope me into the scam in by having me read that book. I was like, bruh not only does this not make any sense but its also very "trumpy" and also very cultish lol. Like reading the book actively steered me AWAY from whatever he was tryna bring me into

[@lasskinn474]

yes the book is used as a first stage brainwashing thing to make you ignore weird signs because you want to get rich, right? why don't you want to get rich? you want to give things to your family, right, you want to be a rich dad, right?

[@文文-z9w]

I came across Robert Kiyosaki’s channel and book in my early days learning about personal finance. I remember that I had a hard time understanding Robert and felt like whatever he was describing was obscure and unachievable. I listened to his podcasts for hours and questioned my ability to ever understand finance. I’m so glad I eventually moved on from him to actual personal finance. If there’s one good thing from Kiyosaki I will remember though, it’s the idea that you can actually grow wealth by buying assets, and they can grow to a point where they eventually can replace your salary income.

[@bobfg3130]

Basically you're talking about financial independence and the FIRE movement (RE=Retire Early). Pal, the 4% rule is for people in their 60s whom have social security, pension or a 401k or something similar, a house that's paid, a car that's paid, no need for health insurance because of Medicare and other advantages. You need the "3%" which actually means you have to save 35 × to 40 × your annual income and and not take more. You adjust the sum for inflation in the next years.

[@rockyshocks101]

Yeah, he has some good points and lessons if you can see through all the unhinged ideas. I don't regret reading the book even though a lot of it is pretty crazy.

[@suze144]

So basically Kyosaki wrote a whole book about how he screwed people over (like the example of reselling houses on foreclosure...) and people still admire his questionable character and BUY from him... I don't get it. He openly says he's a scammer and people assume he won't scam them?

[@edheldude]

Try reading the book first.

[@alexlewis5365]

Back when I was first really into Kiyosaki, I totally wanted to do some of the investments he talked about. But with my background, that just wasn't possible. But I noticed that he had a training course, so I was very interested in signing up so I could get experience in that. I called and almost set it up, but when he asked for credit card information, I was deathly afraid (because avoiding debt was always drilled into my head), and I hung up on him. I didn't realize at all how much of a scam the book was until much later, but afterwards I learned that the rich dad advisors, or whatever they're called, are really truly terrible and that specifically is probably one of the most unknown, and most horrible of scams out there. I do still feel like the book is a necessary read on a few different points, but honestly, Ive changed my beliefs wildly. Instead of putting the onus on individuals to improve themselves, the problem is almost strictly systemic.

[@edheldude]

@@alexlewis5365 I don't understand what "the scam" was, and what was the "problem" that's "almost strictly systemic"?

[@alexlewis5365]

@@edheldude So my biggest problem with the rich dad poor dad company is the 'training' they offer. It's basically an extended education offered for people who have read a few of the books and want to learn more. Unfortunately, it's one of the worst scams in the entire self-help sphere because it costs a ton of money and the benefits are extremely minimal. You would sign up hoping to get started owning rental properties or flipping houses. It's incredibly rare for anybody to actually successfully do this with the rich dad company, if it ever does happen. Most of the information can be found on other websites or books. BiggerPockets, for instance, has most of that information for free, and I think many of their educational products are lot less expensive than the rich dad ones, if I'm not mistaken. As far as the scams that are about the book: I want to say peoples' main gripes are that it infers that people should sign up for MLM's to increase their passive income. One of Kiyosaki's recent books is called Business of the 21st Century which basically confirmed that he is pro-MLM, which in itself, is an entire swarm of scams. Other than that, I think there are a few other things here and there, that I'm going to have to read up on again, like the OG commenter saying how Kiyosaki scammed people by reselling houses on foreclosure. And finally, the 'problem' I'm talking about is not directly related to the rest of the message. I am stating that I used to believe that it was possible for everyone to improve their living situations if they worked hard and smart enough and applied lessons from books like rich dad poor dad. But these days, I'm not convinced of the effectiveness of such a belief, and I think that systemic help is much better and much more efficient in society.

[@suze144]

@@alexlewis5365 wow ... seems like you've come a long way 👏

[@mandaout2427]

My parents read and loved this book. This explains SO MUCH to me about their thinking.

[@winslowguerra]

As a Gen-x guy who bought into this book's philosophy when it came out, I just want to say you ladies give me hope for the future. You're absolutely right. It's BS and there were a ton of these books that were BS and sold a lot. And it never dawned on me at the time how sh-tty it was for him to talk about his real dad that way.

[@mariayo4284]

My brother started to do same and even changed my fathers Name and Named himself after a Business man

[@blktauna]

That Kiyosaki dude is a total grifter sleaze. I thought it was just me because the dudebros all love him and I'm like, this is a scam he's pulling... They all love it. Just no. I'm glad I'm not the only one who thinks it's crap.

[@NotoriousC90]

If you just buy the book you’re not being scammed. Anything past that is on you

[@Mr_Boifriend]

@@NotoriousC90😂😂😂

[@Mr_Boifriend]

@@NotoriousC90ok, thanks Robert

[@dweebcentric]

He was a prototype Gary Vee

[@archelonprime]

@@NotoriousC90 If you thought that was a defense of Kiyosaki, you failed.

[@Giselle1289]

I love Celebrity Memoir Book Club!! I love seeing my favorite podcasters come together.

[@fairycrusher3116]

my first ever job at 16 years old I worked at a talent agency as an intern, and my boss gave me this book. I remember reading it and feeling very confused. Now at 25 I found “I will make you rich” by Ramit Sethi in my apartment’s free pile and read that instead, and I think it’s a much better book on how to actually save your money.

[@janeandrews1790]

Absolutely.

[@FireSilver25]

I’ll check that book out thnx

[@janeandrews1790]

@@FireSilver25 enjoy!

[@gafee2001]

RDPD isn't about saving money - it's about being a capitalist to generate wealth.

[@8crazybutterflies]

I tried listening to "Rich Dad, Poor Dad" in audiobook and couldn’t finish it. I like to listen to my gut, and my gut was screaming, “Nope!”

[@GregBoal]

This is probably my favorite TFD video to date. Definitely would love more of this in the future. I’m actually a Dave Ramsey fan (don’t hate me), but I’d love a similar video doing deep dives in Ramsey content or other works.

[@sweatergod5386]

Dave everytime he sees you pay with a credit card 💀 (credit has no use ever and everytime you use credit you are a stinky dumb stupid head)

[@churchofmarcus]

Dave Ramsey is great if you only listen to him about finances.

[@tabithawarren]

In my 20s, I was a savings/investment person. Everyone I knew told me I was handling my money wrong. Someone bought me a copy of this book. It was such a cult! This is so reassuring. I thought that maybe I was nuts. 😢

[@rachellee5818]

Nope. Not nuts

[@ElizabethCassell-fo6tc]

8:35 “we should not be connecting healthcare with murder” is something you can only say when it isn’t your love one who is 6 feet under after being denied care.

[@defaulthuman01]

I remember being introduced to Rich Dad, Poor Dad when the book was mega-popular. Even as a product of its time, it certainly had some wild takes.

[@neminemMaxime]

My dad loved this book and tried to get me to read it when i was a teen; i procrastinated so hard i never got around to it. Few years later he got scammed hard. Pretty sure it was from trying to follow this book's advice.

[@Jasnon99]

The idea behind the book The Rothschild Vault on Corlest really blew my mind. It’s like stumbling upon a hidden shortcut to financial abundance.

[@steenange]

Thank you SO much for this podcast!!! I have waited 20 years for it 😂 This was the first personal finance book I read in 2004 and was just so confused and decided by the end of it I was just going to be poor and that was fine 😂😂😂

[@PiehlGina]

Is she joking saying she came up with the saying “don’t time the market, it’s time spent in the market”???? LOL 💀

[@sam-you-is]

has to be

[@jensanruby]

Given she said she read it on reddit 2 seconds before making her joke, Im going to say yeah its a joke

[@LizzyNerd]

9:19 The sad thing is that this mentality of becoming a landlord and casually scamming the class of people just below you is rampant in the corporate landscape. This book is for people who have a comfortable income, but are trying to fill a personal void with more money.

[@pdg23]

Great discussion, but hard to follow due to all the interrupting. Loved the enthusiasm but I wish Chelsea could have finished her thoughts.

[@AThirstyPhilosopher]

I agree. I’d love to read Chelsea’s notes on this book too. I appreciate different perspectives, absolutely. So I don’t mind this format. But I would have loved more from Chelsea as the personal finance expert.

[@AThirstyPhilosopher]

I agree. I’d love to read Chelsea’s notes on this book too. I appreciate different perspectives, absolutely. So I don’t mind this format. But I would have loved more from Chelsea as the personal finance expert.

[@stephanieefany]

I love when people actually read this book and discover the lunacy. Like that anyone has ever recommended it to anyone else... they can't have read it. Because it is BONKERS.

[@treslechestogo]

I really wish you all would let the lady in the middle speak. It was totally distracting how she could not get a word in.

[@constancep7632]

I remember when the author when on Oprah, and a member of the audience asked, in good faith, something along the lines of "So we should invest in real estate to generate wealth, but how do we get the capital we need to buy that first investment?" and the answer was a complete non-answer, something like "Invest in real estate." How anyone took that idiot seriously is beyond me.

[@CulinaryGuide]

Love this!! I swear you will never run out of content for this channel. I would love to see more financial book reviews like this. Would you consider reviewing these books aswell? Profit First The E Myth The 12 Week Year Million Dollar Weekend

[@MKatelynn]

The two girls are insufferable in how they talk and explain. Chelsea is so clear and focused and is a breath of fresh air

[@tiedtruth1071]

I think there has to be a certain amount of honesty that a lot of people, including myself, started our financial literacy journey with this book. It may be crazy now but 15 years ago it got me started thinking more intentionally about my financial future.

[@CaraMarie13]

Nothing to be ashamed about. We all need to start somewhere

[@tiedtruth1071]

​@@CaraMarie13 I'm not the least ashamed. I'm surprised how many people in the comments knew how wrong it was at first blush. The author and this book have a huge following and have sold millions of copies. That can't be denied. There is a certain amount of denial happening in hindsight. I'm sure I'm not the only one who learned from the "surface-level mediocracy" of the parable offered. I'm actually offended by the whole tone of this interview. The author turned out to be a true conman but these three are making anyone who gained anything useful from the content of this book sound like fools at best and gullible idiots at worst.

[@tiedtruth1071]

@CaraMarie13 I'm not ashamed at all. In fact, I find the whole tone of this interview offensive. The author turned out to be a conman, fair enough, but this book has sold millions of copies and that is because it introduced, at a very high level, financial concepts to millions of people who had never even considered them. The hosts are dismissing people like me as foolish and gullible. 15 years ago, there was no Reddit sub or TFD to learn from. This book helped springboard many of us to where we are today. Why would I be ashamed of that?

[@londekandukuda3422]

My first boyfriend had this when we were in high school, his mother gifted it to him and his twin brother ❤

[@pan2aja]

me too

[@rutasudmantaite9751]

Went to one of their free talks and the guy presenting literally used EVERY SINGLE CULT tactic to try to get you to buy their course. Every single one. 😂😂😂

[@Window4503]

I remember this book being widely praised and recommended. I never read it but I could never put my finger on why the things I heard about it never resonated with me… good to know I saved time!

[@apattys]

I admit I never read it either, but I remember seeing him on a talk show many years ago, and I was still pretty young and financially naive. But I do recall that when asked what his best piece of advice was, it was to have a business plan. Even then I thought...but if you're in debt trying to make ends meet and living paycheck to paycheck, maybe a business plan isn't your priority lol

[@jannettb7930]

I used to manage a used book store in a fairly well to do college town. The amount of people that buy this book as a graduation gift... he wrote a book with Donald Trump "why we want you to be rich". Such a grift.

[@KHBogWitch]

I had to read this book for an advanced English course in 10th grade, 20 years ago-all I remembered was that nobody enjoyed it and the class discussions were very quiet, and our teacher had to drag us through it. Now listening to this podcast recapping the themes, it’s starting to come back to me. And I’m thinking of that teacher in a new light.

[@Gxport]

What was the reasoning for reading this in ah English Literature class?

[@KHBogWitch]

@ I genuinely have no idea. We also read Tuesdays with Morrie and And Still We Rise, in addition to the conventional literature. It’s possible that my teacher was perusing the bestsellers lists while he was setting the curriculum.

[@Gxport]

@ 🤣 yikes. Those were not going to be on the AP test

[@tinabean713]

Was this for an advanced English as a Second Language class? If so, I can see it, if not, lawdy lawdy.

[@KHBogWitch]

@ no, it was just an advanced pre-AP English course. Looking back, the supplemental reading must have been assigned based on the instructor’s preferences, rather than any literary merit. I think my district must have given a lot of leeway to instructors because my later AP supplemental readings were all far outside the canon literature as well. But this one definitely missed the mark!

[@AlexHider]

Love the anecdote about accidental currency counterfeiting. Let’s take financial advice from this man.

[@normielovesalot3538]

I agree with your takes on the book but I’m confused why she’s doing a podcast discussing and disagreeing with financial advice with two woman who admittedly know nothing about finance….

[@lau.kp777]

This video could be more aptly titled “The Roast of Robert Kiyosaki”

[@somekid3893]

I would like to emphasize a point here: feudal systems also had taxes. Kings weren't farming; they taxed their subservient lords, who taxed all the landowners in their purview, who paid peasants to farm the land. Yes, the peasants had no taxes (technically, not really practically), but they also had nothing to tax because they were quite literally the poverty line.

[@jidduv]

This was my first finance book back in the day. I'd been a scifi and fantasy reader at that point and had no interest in self help or personal finance so I had no basis for judging what was written. The matrix did help me reframe my thinking around savings and investment although it wasn't until decades later that I realized that rent seeking behavior is damaging to society as a whole. I don't remember much but that stuck with me.

[@faithcrisis2138]

This book was made for people who actually believe in the MLM get-rich-quick mindset. As someone who watched family go broke with this mindset, this book is going in my burn pile.

[@SparkleCaticorn]

This is so great! I would love a regular financial book club with these ladies ❤

[@jayjayjenni]

3:55 My mom is gay. I also thought this financial advice for gay men. Until I saw who kept recommending it and I figured there’s no way.

[@lavidamodernadero]

😂 😂 😂 There should be like a "new" book on this argumental line

[@matildamatilda1836w]

Not working hard and being fed/thinking that this makes you smarter than the ones who did + the idea that anyone is just a lucky coincedence from being rich and famous. Wow, that was spot on!

[@middleagebrotips3454]

The rich dad book gives you a window of how the oligarch scammers think. Its useful in that way.

[@natachahenriquez1488]

Very informative episode! That aside, the guest that kept interrupting, girl let your co-host speak🫣

[@karenabrams8986]

My ex loved that book. It’s been 12 years since divorce and I am doing great financially because I follow Dave Ramsey financial advise. My ex is in debt, house poor and pretending he’s rich. He’s weird. And a loser. Divorce was the best gift he ever gave me.

[@Monkey-oy1us]

Yeah, this book is insane. Only good advice is to buy assets, not debt.

[@matthedge22]

Thanks for making this. I’ve been interested in personal finance for a year or two now and i always heard about this book, and Ive considered reading it. The title always threw me off though. The title seemed to imply that being poor is just a mindset, and this book can fix that mindset. Felt toxic, glad to see my feeling was right.

[@efciaq]

I appreciate this episode, but why is this one Guest woman screaming ...:[

[@regulardragon]

we're currently having a discussion in brazil about reducing the work week for people who work six days and only have one day off, and it's incredible how the arguments from people who oppose it are just exact quotes from this book. Shocking but not really surprising to hear people say that if you don't want to be exploited for long hours six days a week you should just own a business (and then you'll see how you're unfairly treated and have to pay so many taxes!!!!). We're cooked as a global society.

[@Johnrl21]

I sincerely wish you would review Millionaire Mission by Brian Preston (The Money Guy). You probably won’t because it isn’t as click-baity as this or Dave Ramsey will be, but he is someone in the financial Social media space that I really respect and their channel is growing a lot.

[@DrCarolynTheLibrarian]

I would love to see TFD's take on this book as well! I finished it a few weeks ago and felt like I had a lot of great takeaways

[@YoYo-gt5iq]

Negatively sells, so they likely won't

[@bradendrake9087]

I remember being so confused when I read this book because it just felt, like, empty?

[@gm25140]

The lead in the toothpaste might actually explain so much about this book🙈

[@francookie9353]

Girl on the left reeeeeaally needs to let girl in the middle talk. Like, sure, you have a lot of interesting stuff to say, but ... breathe.

[@Emma-kf2kj]

Yeeeeah, this is interesting, but I would have appreciated fewer intrerupptions from the woman on the left, and more structure. Chelsea is usually very good at steering conversations, both her and the woman in the middle seem steamrolled here, and the points were kind of all over the show and ranty. Which like, I get the frustration, but still. As you say, breathe!

[@francookie9353]

@Emma-kf2kj She could make video essays instead!

[@Radaweu]

And please talk slower, I had a hard time catching what she was saying at times. I'm not a native speaker and usually don't struggle, but that was a tad too fast for me.

[@reinventd]

Honestly made this hard to watch. There were so many moments where she interrupted in the middle of others sentences, and she seemed to be aware of what she was doing. Aware, but unable (or unwilling) to stop

[@miaomiaou_]

Yes omg even listening to it passively it was frustrating 😤

[@Gabonro]

The book [accidentally?] got one thing right. A house is a financial liability unless it allows you to earn money in a way you can't in an apartment. Once I realized its just a forced savings account that I had to manage the maintenance of, there was no preassure to keep it. I looked at the costs in time and money and I could roll more money into my retirement and stay in cheaper apartments where the apartment is responsible for repairs and moved when I needed to take new positions without worrying about losing money on my house (which I sold). Before that, the maintenance and purchase costs meant I needed to stay in a house for a minimum of 6 years to break even on the closing costs, but sometimes I had to give up on better job opportunities. Any sooner and I would lose money. Total, without repairs and insurance I actually end up saving money compared to when I owned a modest house which shocked even me. When I do end up homesteading later, then the house I buy will be an actual asset, but until then, a house would be a money sink that I can't guarentee would sell for more than I put into it, reducing my ability to be flexible with jobs in different locations.

[@Gabonro]

To clarify without sharing my personal finance numbers: I was saving money on rent monthly, but yearly maintenance costs often raised that above the cost to rent for the whole year. Ignoring maintenance costs, the closing costs and interest meant that to we didn't actually have enough money put into the house that we would recieve any cash if we sold it, until 6 years later. Until then we were renting from the bank and paying maintenance on a residence in a temporary work location.

[@lorensims4846]

A friend of ours pitched this book to us very hard as THE solution to ALL our problems. It never made a lot of sense to me, but she went on with another friend of ours to speculate wildly in the Las Vegas housing market in the mid-90s. Last I heard, a few years later, she was working as a home healthcare assistant and suggesting that this was also a good way to go.

[@Boulevard_Yachtsman]

I remember reading this many years ago and thinking it should have been a pamphlet. The early discussion about assets and liabilities is solid... and that's about it.

[@MindoverMoney1983]

This video really hits home! Managing money feels like a balancing act between survival and success. It’s crazy how small shifts in mindset can make such a huge difference. Loved this insight-definitely giving me ideas to rethink my own approach!

[@carolyncooper]

This was basically the author justifying treating his father badly while rationalizing being a truly self-absorbed, greedy, anything-for-a-buck grifter.

[@ivornoiv]

The main thing that call my attention when I read it was the complete lack of community and social responsibility. Considering the State, who is supposed to protect all kinds of people, like an Institution to take advantage of... Like, men, is there soul in there?

[@lavidamodernadero]

Also, the double standard of this "rich" mentallity is noticeable: it is smart and legitimate when they take advantage on the state, but they criticize and insult people who are in need of social aid for recieving help. It makes me sad and angry to hear average people defending the same argument.

[@darkwingduck42]

A guy i met back in 2013 in canada tried to recruit me into an LLM and tried to show me a PowerPoint in Starbucks with Donald Trump and Robert Kiyosaki as endorsers. I told him to leave the MLM immediately and that he was being scammed.

[@riunikii]

I read it when I was young, like 13, and I loved it. I dont remember much except that I need to not only save but invest. Brilliant advice that has served me well. But looking at these comments I think my eyes were veiled

[@crocodilesmiles8095]

thank you for giving me a reason to delete this book from my reading list on my local library's app lmao.

[@aroundinriyadh1165]

The lady on the left is crazy rude, can anyone else maybe talk!

[@garlicgalore]

This is a good time to talk to baby boomers and older about what their actual Lived Experience and community was like in their formative years... and how trickledown economics destroyed a good system. I grew up in a secure community where good-paying jobs in small factoies and the many small businesses created a life worth living across the community, where business owners were proud to be community leaders, not community destroyers. It's a model that worked, it was real, and we're forgetting it existed. Tax cuts to big business, failure of govt to steward minimum wage and unions, destroyed a ststem where individuals could thrive.

[@Kmcmahon77]

Yes!!! This is the crossover I've been waiting for! CMBC and TFD! 😍

[@lydiapatelll]

Loved this video! I have had this book recommended way too many times. I’m glad you read it so I don’t feel like I have to (for entertainment)!

[@ashassassin]

So this book and Girl, wash your face, were highly recommended by so many people. And I found both to be unrelatable, and a bit delusional. I am glad someone is finally talking about what a piece of poop this book is