Rich Dad Poor Dad Debunked? A Discourse
QOTD: Can System & Asset Make You Rich?
At this point of time, we believe most of you have already heard of Robert Kiyosaki’s Rich Dad Poor Dad philoshopy by now. By the way, if you still don’t know (we highly doubt so though), Mr. Kiyosaki is an American personal finance and business coach and guru most famous for his bestselling books and sold-out seminars.
What is Rich Dad Poor Dad? The easiest way known to mankind to get rich has been to simply born in a rich family. Easier said than done. On paper (or on pixels to be exact) especially. This is the most ridiculous thing I have ever heard. How one could be born into a rich family completely escapes me as we were already born unless you were already born in a wealthy family. Otherwise, you wouldn’t be here reading this so-called motivational article.
What? Did I hear wrongly? Marrying into a rich family by marrying a rich spouse? Still, the money and wealth do not belong to you ultimately. You are just a Uber or Grab passenger. Anyways, if you are one, again, you wouldn’t be here.
Come on, are we that desperate to get rich & be rich in the end? Question of the day (QOTD) really.
The most basic way to earn money known to men has simply been labouring your way away. In other words, as harsh or cruel as it sounds, convert most of your diminishing time, your most valuable possession minus sleep, into cash. If you have received a proper education, then you’re slightly better than the guy (or girl) next door, if not the Joneses. Certainly not the Li Ka-shing’s and the Kardashians. So, be capalistic immoral as driven in to us by Hollywood blockbuster flicks/movies?
If you are on this educated strata, then time conversion into cash is also dependent on your diploma certificate or bachelor degree scroll. In other words, you only have the slightly more upper hand (sorry to break it to you this way). You only hold a slightly better equation of time conversion into money than others namely the less educated or vocational manpower. Simply put, you have a slightly better perceived value. You do not need to work and toil as long and hard as those underneath you due to the piece of proof of your mere educated existence. Wait, still not enough rich?
Perceived value is the most secret tool in our quest for getting rich. It might be a rich man’s secret (not so secret anymore) particularly in the 80s and 90s. With the arrival of the digital age, ubiquitous internet and social media, the dessimination and distribution of information are much more faster, almost at lighning speed, nowadays. With the click of a virtual button, you can know everything? But is everything as useful to you? Is everything as simple, and as black and white?
However, at this juncture (or traffic light junction), here lies a persistent unsolvable problem. If you are educated, you are still deemed or considered earning your moolah (money) through your time only that is at a slightly better rate than those who have not acquired the necessary survival skills, and been succumbed to vigorous training, or performing menial jobs only.
If time, acquired skills, knowledge, and academic documents are not your straightforward answer, then you can look at solving problems as your new perceived value. In other words, solving problems as perceived value are ultimately creating a system in the business owner quadrant as outlined by Robert Kiyosaki. Furthermore, your created systems that solve problems have to be functionally scalable in order to create more money instead of burning your time (and unnecessarily, your precious midnight oil).
However, the system referred to by Robert Kiyosaki is inherently created by simply employing people and increasing your staff and manpower. Hold on a second, I know you have already known. Staff? People? They are unpredictable. I know your dilemma, you need experienced people to run your operation. Only for the ease of operation & mind. I know, these people are hard to come by and find, and therefore not cheap. Most you could find are those who seriously lack required skillsets in demand. AI? What’s more? Technology advances fast or information changes or updates and soon our bachelor degrees and diplomas, and our hard-learned skillsets will be obsolete.
Next, automated systems otherwise known as machinery. After quite some time, wear and tear and machine breakdown. Buy new machinery. Money out. Expenses. Or in order to save money, mechanics on hire for repair. Again, they lack skills and you need the experienced. Then, technology advances and there are information or software updates and changes. Products produced en-masse, can you sell out them? The cycle shamelessly repeats again and again. History just repeats itself. How to get off this repetitive hamster wheel or train called life? Life’s so monotonous (not everything is so grim, we can help you and make this not a rich people’s secret anymore).
Lastly, become investors. Buy assets, stocks, bonds, unit trusts, real estate. Economy downturn. Recession. Ringgit depreciates. Interest rates hike. Inflation. You name it. Can you survive it? Not me definitely, let alone buying an elusive real estate. What if the condominium managements restrict your unit from being rented out as an airbnb due to some selfish and envious neighbors’ complaints? Can you cope with it? What if your tenant does not pay your rent promptly and keep delaying? Have you thought of this?
Ok back to solving problems. Not a human system. Certainly not an automated system. Then, should it be choosing the right problem to solve and provide the right solution? So it seems. If you are able to solve the problems, if your solutions are lucrative, sure there will be many more copycats and competitors bursting out of the seams. So how? Registering trademarks and Intellectual Property (IP)? Not purposely be a mood dampener, our answers lie on our next article appearance.
Contributor: Bryan Lee (Senior Manager, Longwood Assets Sdn. Bhd.)