The #1 Relationship Destroyer Today’s Quote: “You can’t judge my choices without understanding my reasons.” —Author Unknown Without question, judging others and being critical is one of the most common reasons people give when they talk about unsatisfying or destructive relationships. Unfortunately, this happens daily to some degree, to most of us. A key reason [...]Continue Reading
Archive for “Plan Your Life”
During my consulting career, I have met with thousands of entrepreneurs. As a professor in the USC entrepreneurial department, I teach students how to determine if their concept is feasible. As a business advisor at the Small Business Develop Center, I work with entrepreneurs who are in the start-up phase. In my consulting practice, I [...]Continue Reading
A few years ago, I had a business partner who simply couldn’t get motivated to make himself get things done. He told me he had the best intentions but simply couldn’t make himself do the things on his to-do list. At the time, I didn’t have much empathy. We were under deadline and I could [...]Continue Reading
StartupNation Radio is happy to announce that Les Gold from the Hardcore Pawn show will be joining us in the studio on June 28th. Not only is Les one of the nation’s most powerful pawn brokers, but he is also a New York Times Best Selling author.We are excited to have him on air [...]Continue Reading
Entrepreneurs are high-energy people driven by the need to succeed. I have experienced this in myself, my colleagues and the students who attend my entrepreneurship class at USC. Respectfully, the term successful by its very nature is a subjective and personal term. However, in the business world it is usually defined by the amount of [...]Continue Reading
The DRTV Product Summit is the only industry event that offers so much opportunity for inventors! Hosted by InventionHome, the DRTV Product Summit is a one-day event that gives everyday inventors the opportunity to pitch their products to six (6) leading “As Seen On TV” companies in one location. Twenty-four inventors will be selected based [...]Continue Reading
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
It’s that time of year when things are crazy. You are probably slammed at work trying to finish year-end projects while preparing for the holidays. But don’t let all of your work get in the way of enjoying this special time of year. To enjoy the holiday season more, here are a few tips… • [...]Continue Reading
As I’ve moved through life (gotten older), I’ve become clear that the most precious part of my life is the people that fill it. It is in my relationships with my parents, brothers and sister, friends and work colleagues that I experience love and affinity – the juice in life. All that said, there have [...]Continue Reading
A group of kindergarteners were asked, “Who can dance?” The children happily danced. They were next asked, “Who can sing ‘Row, Row, Row Your Boat’?” The children laughed, sang and danced. Their magnificent human spirits were fully expressed. The same questions were asked of a room of adults. “Who can dance?” No one danced. They [...]Continue Reading
Have you ever been to a conference and met someone who has done something really interesting with their life? Well, recently I sat down to lunch with complete strangers, and the lady sitting next to me decided to start her own business. But she didn’t start just any business. She started Wild Rainbow African Safaris [...]Continue Reading
Memorial Day Weekend is upon us which means Summer Is Here. Summer is difficult for many parents in small business. Schools let out, Camps are pricey, Babysitters take vacations, Schedules change, and well, let’s face it – we want to be outside sharing time with our kids (myself included). On the flip side, the 2nd [...]Continue Reading
I just returned home from a few days away at a conference. As always, getting back in the groove is difficult when returning from being away whether for pleasure or business. That is not what I am going to write about though. Rather, I am going to address the leaving for a trip instead. When [...]Continue Reading
Across most of the country, summer, I mean spring has arrived. After an unseasonably mild winter for many, like me, it seems as though summer is here bright and early. While I don’t doubt that we may still get some spring rain-filled and cooler days, the heat and sun is prompting an early summeritus season. This week [...]Continue Reading
As always, I never sugar coat my blog posts, so I am not going to start today. I promised a backstage pass to my adventure, and that is what you get all the time. Not sure if you remember, but last spring – I unplugged! That is right, I unplugged for a week with my [...]Continue Reading
December is here. Thanksgiving, Black Friday, Small Business Saturday, and Cyber Monday are all behind us. My inbox is jammed with sales and specials from Vista Print to Saks Fifth Avenue and everything in between. The Holidays and the New Year are quickly approaching. Is your blood pressure rising just reading this? The holiday season [...]Continue Reading
This week an article on CNN Money about Jack Dorsey caught my eye, and I could not help but to be fascinated with it. Jack Dorsey, Twitter Co-founder and CEO of Square, works TWO 8-hour shifts every day. Dorsey works 8 hours for Twitter and then 8 hours for Square (his latest startup in mobile [...]Continue Reading
Hello StartUpNation! This upcoming Monday is Columbus Day, and guess what? That’s right – My kids are off of school. Days off School and School Breaks are a challenge to moms and dads who run small businesses and start-up ventures everywhere. I am so thrilled because I already secured a plan for Monday with another [...]Continue Reading
A few weeks ago, I wrote about moms and dads everywhere being ecstatic over Back to School. For mom and dad business owners, Back to School signifies schedule, routine, and hopefully, high productivity. However, Back to School also brings sick days, snow days, school holidays, and winter vacations….Which in turn all limit productivity. Often, as [...]Continue Reading
Over the last few weeks on my own blog, I have covered topics ranging from stress busters to back to school to linked in for moms to past mishaps. It has been a busy few weeks with back to school, diving into a full schedule, and trying to remain calm, cool, and collected. Some days, [...]Continue Reading