Number One Thing You Should Do To Get Rich

“It is our educational system that causes the gap between the rich and everyone else.” Robert Kiyosaki

Do you want to be rich, and what must you do?... 

The answer is education, education, education. But probably not the kind you’re thinking of.

That’s according to personal finance author Robert Kiyosaki, who wrote the best-selling “Rich Dad Poor Dad” 21 years ago. He spoke with MarketWatch about what has changed since its publication in 1997, plus his new book published in May last year, “Why the Rich Are Getting Richer.”

He said one of the biggest reasons for wealth inequality in the U.S. is that many Americans are uninformed about investing (DJIA) , their personal finances and how to become rich.

Research has shown pre-tax income for the bottom 50% of earners in the U.S. has dropped since the 1980’s. And a full 36% of income growth between 1980 and 2014 went to the top 1% of earners.

People are actually less informed than when he first wrote “Rich Dad,” he said.

“Most people don’t understand what caused the boom and bust,” he said.

“We’ve got to educate the young of this country. Otherwise we’re all going down together. And the gap between rich and poor is too high today. So education is more important, but what about financial education? Why don’t we have it? Why don’t they teach you about money in school?”

Kiyosaki said he is hopeful U.S. President Donald Trump’s Secretary of Education, Betsy DeVos, who is a billionaire and a philanthropist, will change the education system and encourage financial education.

“The biggest challenge I have is our school system teaches you not to make mistakes. How silly is that? A baby can’t walk unless it falls down. I didn’t learn to ride a bicycle without falling down. But our school system punishes you for making mistakes,” he said. 

“I’ve made many mistakes, Trump has made many mistakes. ... That’s how we got smart.”

“Most teachers, like my ‘poor dad,’ they’re very good people, but they’re all union guys,” he said. “They can’t teach kids what Trump and I know.”

In the meantime, Kiyosaki said consumers should teach themselves about financial education through reading and financial education courses. In “Why the Rich Are Getting Richer,” he attempted to teach about debt and taxes, which he said are two of the biggest factors dividing the rich and poor today.

He also recommended reading his co-author Tom Wheelwright’s book, “Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes.”

He also likes the books “The ABCs of Real Estate Investing” by Ken McElroy and “How to Use Limited Liability Companies and Limited Partnerships” by Garrett Sutton.

Kiyosaki himself took a do-it-yourself approach to learning about real estate, he said.

In 1973, he returned from service as a Marine Corps pilot and enrolled in a $385 weekend course on real estate investing.
“It cost me $385, and I’ve made millions from it,” he said.

Beloved reader, dont expect government to take care of you. You shouldn’t expect your President to take care of you, they too, are taking good care of themselves. You should take care of yourself and invest for your future!”