Starting a business out of your garage? Check out these insights! You’ve heard about entrepreneurs who start their businesses in their garage and become true successes. What is their secret? Well, recently I found out about Pervaiz Lodhie. He started LEDtronics, Inc., www.ledtronics.com, in his garage with his wife, Almas, in 1983. Pervaiz Lodhie Today, [...]Continue Reading
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Insights on “Why ‘A’ Students Work for ‘C’ Students—and ‘B’ Students Work for the Government”
In an exclusive for StartupNation, Robert Kiyosaki, successful entrepreneur, investor and author of the #1 Personal Finance book of all time, “Rich Dad Poor Dad,” offered his insights related to his new book, “Why ‘A’ Students Work for ‘C’ Students—and ‘B’ Students Work for the Government.”
In regard to this financial education guide for parents, here’s what Robert had to say:
Why did you write this book?
I wrote “Why ‘A’ Students Work for ‘C’ Students” for parents because parents are a child’s first and most important teachers—and they have an important job to do. They can truly influence the future of their children, because if they don’t teach their kids about money, they can’t on the school system to do it. Schools teach kids what the school system believes they need to get a good job… which, from my point of view, sets them up to be slaves to a job and a paycheck all of their lives. My poor dad was a well-educated school teacher with a Ph.D., but I struggled in school. I didn’t get good grades and flunked out of high school—twice. In fact: I hated school. But I love to learn. Today, I (the “C” student) hire “A” students, like accountants and attorneys, to work for me.
The financial crisis has just started and as more countries and baby boomers go broke, who do you think will foot the bill for life-support? Your kids, that’s who. And it’ll take the form of higher taxes. That’s why I wrote this book. I want to encourage and support parents who want to give their child a financial head start in life. And it starts with understanding money.
Since the school system is not giving children a financial education, are they teaching our kids to be poor?
I think schools are teaching kids to be poor, but worse than that they’ve teaching them to be slaves to a paycheck. That could be one of the reasons why the dropout rate is so high in schools today. As a young kid back in the ‘50s and the ‘60s, I kept asking my teacher, “Why don’t you teach me anything about money?” I never got an answer to that question.
And today, most schools still don’t teach kids about money. Whether we’re smart or stupid, rich or poor; we all use money in our everyday lives. It’s an important life skill and it’s up to parents to fill the void.
We’ve got to teach our kids about money because the United States is broke. We’ve spent billions on public education, and poverty keeps increasing. The rich get richer, the middle class is getting squeezed harder and harder… and the poor are getting poorer and poorer. What’s wrong with this picture?
Then, do you think parents should train their children to be entrepreneurs?
Only a child can decide that. I wouldn’t decide that for them. I don’t think there’s anything more pathetic than some kid who does what his parents want him or her to do. Instead, give your kids some financial education and then they can make their own choices later on in life.
If your children do not have a financial education, then they will probably end up being an employee or a self-employed specialist. And today, employees pay at least 40% of their money in taxes and the self-employed pay about 60%. Meanwhile, people who own large businesses pay only about 20%, and investors with a high level of financial education and well-structured investments can often pay nothing—0%—in taxes. Very often the people who end up paying the most in taxes are the ‘A’ students who get out of school and become doctors, lawyers and attorneys.
Kids who have a financial education will have more choices in life and not be stuck working for someone else or living off government hand-outs.
What can a parent do to start giving their child a financial education?
I outline some specific activities—Action Steps for Parents—at the end of each chapter of the book, but the most important thing is to make your home an active and fun learning environment. And it doesn’t need to be difficult. You can play games like Monopoly® and CASHFLOW®, discuss the day’s news and learn new, financial vocabulary words each day.
Every day we make real-life decisions about money so start sharing this information with your children. For example, show them what happens when you don’t pay your bills, how tax payments are taken from your paycheck or how you plan for unexpected expenses. You can also help them set up their own small business to learn about money and investing firsthand.
The point is to teach your kids about money at home because they are not going to get a financial education in school.
Thanks so much for your time Robert!
For more information about Robert Kiyosaki’s new book, “Why ‘A’ Students Work for ‘C’ Students—and ‘B’ Students Work for the Government,” visit www.richdad.com.-->
Insights on “Why ‘A’ Students Work for ‘C’ Students—and ‘B’ Students Work for the Government” In an exclusive for StartupNation, Robert Kiyosaki, successful entrepreneur, investor and author of the #1 Personal Finance book of all time, “Rich Dad Poor Dad,” offered his insights related to his new book, “Why ‘A’ Students Work for ‘C’ Students—and [...]Continue Reading
Are You Getting the PR Reports Necessary for Success? By Melanie Rembrandt For many years, it was very difficult to show the results of a public relations, or PR, campaign. After all, you could spend hours on the phone pitching media members and not see any results. Plus, due to the nature of public relations, [...]Continue Reading
It’s almost spring, and even if there is still snow on the ground, it’s time to think about new beginnings – for you and your business. Do you need a fresh start? If so, it’s time to create (or update) your specific goals for today, this week, this month, and this year. To start, write [...]Continue Reading
Accomplish Your Goals With Less Stress It’s tax time, and if you are a small business owner, you are probably dealing with financial statements, legal payments and lots of paperwork. Even if you have a team of people to help you, this time of year can be overwhelming. After all, you have to make sure [...]Continue Reading
We all know that communicating with your associates, customers and team members is a key to success, but with taxes, events, monthly meetings, and everything else going on at your organization right now, your communications efforts may be lagging. Here are three, key questions to ask yourself to help stay on track with your business [...]Continue Reading
February is already here, and it’s time to see how your Website is doing so far this year. If they are not going well… Find out what is happening. Is site traffic down because you have broken links? Perhaps, your target-market wants different copy? Look at your analytics and find out what is going on. [...]Continue Reading
The Global Pet Expo is the world’s largest annual pet product show. Every year, it attracts attendees from leading retail chains, pet superstores, mass-market retailers, distributors, wholesalers and independent retailers. The 2012 Show featured 835 exhibitors, 2,487 booths and more than 3,000 new product launches. 5,011 pet product buyers from around the world attended. For [...]Continue Reading
Do you know what to look for? You just went through a mound of résumés, searched the Internet and have reduced your list of IT candidates down to a reasonable amount. Now, the fun really begins with in-person interviews. And if you are new to hiring technology people, or just want to make sure you [...]Continue Reading
Stop the Status Quo and Take Action Now! If you are a tech specialist and stuck behind your desk whenever the big, boardroom meetings happen, it may feel like your career is at a standstill and you are not taken seriously. If this sounds familiar, have you done anything to move out of your current [...]Continue Reading
Many people list among their “New Year’s Resolutions” a pledge to keep a tidier house…to address those crevices and cobwebs that might get overlooked by the kids doing their Saturday chores…to impress their visitors with sparkling, clean surfaces. Well here’s an invention that makes it a cinch to wash away surface dust and grime on [...]Continue Reading
The dreaming phase of starting a business is very exciting and uplifting. The world of new possibilities is always that way. Actually taking your dream of owning your own successful business and making it a reality takes a lot of effort and is where too many fall short. Planning your business and breaking down your [...]Continue Reading
Yes. I believe it is. Each year the PGA Merchandise Show attracts thousands of top golf companies, brands and professionals to Orlando, Florida. If you have a new golf invention that you would like to license or sell, we recommend having your own booth in the Inventor’s Spotlight area of the show, which is a [...]Continue Reading
For many retail store owners, learning how to convert those window shoppers into buyers can be a daunting task! It’s not just about having great merchandise and a friendly smile. You must be able to generate sales regularly and turn inventory in order to be profitable and successful. Holiday time is also one of the [...]Continue Reading
Scientists long ago proved that all matter consists of atoms. If you were to represent the nucleus of an atom as a golf ball, to scale, the electrons that encircle the nucleus would be 1 kilometer away! That makes atoms mostly space and, therefore, so is everything in our physical world. Even the densest of [...]Continue Reading
Much of the anxiety and stress that is a normal part of the human existence comes from inevitable lapses in integrity. By “integrity”, I’m not talking about something wrong, unethical or immoral. I’m simply talking about things like missed commitments, unresolved conflicts, or even unpaid bills or a messy desk. These lapses create anxiety and [...]Continue Reading
I think that you’d agree, that your success in business depends upon your ability to make clear, sound decisions. But, have you ever felt confused, conflicted and/or emotional about a decision you had to make? If you’re breathing, the answer is likely an irrefutable “YES”. If the answer is “no”, you’re probably not playing a [...]Continue Reading
Although this is not something I write about regularly, I thought I would share my recent shopping experiences at retail with the hopes that some of you can save some money on items you want to buy during the holiday shopping season. I read a survey recently that talked about how many retail store managers [...]Continue Reading
Here comes November! Gone are the lazy days of summer and the relaxing autumn evenings. The holidays are now bearing down, and it is officially “busy” season! Time is truly precious, and that’s one reason that we see many inventions that were designed to SAVE TIME. One such invention comes from Ruth G. of San [...]Continue Reading
Our personal and business lives are filled with conflict. The typical response to any conflict is to resist and “be right”. The truth is that a “be right” response rarely results in a positive outcome. In actuality, we have the ability to respond in any way we choose. I’ve attended numerous retreats with Neale Walsch, [...]Continue Reading