Books & Music
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
News & Politics
Religion & Spirituality
Travel & Culture
TV & Movies
Robert T. Kiyosaki Interview - Segment Two
Continuing our interview, Robert T. Kiyosaki talks about adult chilren returning to the nest and teaching young children about money.
W&F: Why do so many people start to think about saving for retirement often in their 30s, 40s even early 50s rather than at an earlier age, perhaps,
or at least in their 20s?
ROBERT KIYOSAKI: The million-dollar question! I think it’s human nature to “live for today” and--especially when we’re young--and feel as though we have an entire lifetime to prepare and invest (I advocate investing, vs saving money…) for retirement. Retirement is light years away… and there’s so much to enjoy today! When you’re young there are so many things that pull our attention—and our money. Things like cars, a first home, furnishing that home, raising a family, “enjoying life” via family vacations and entertainment… as well as paying for braces and sports coaches and the latest and greatest “toys”…life’s rewards for working hard and enjoying some “fruits” of your labors. What’s the saying…? “Why do today what you can put off until tomorrow?”
Adopting a mindset for investing, early in life, can pay huge rewards as a person moves into their 50s. And investing can be as simple (and financially painless) as buying a silver coin once a month (or once a week!) or a few shares of stock in a company that interests you and gets you “in the game” of investing. Planning for retirement starts with financial education and a commitment to play an active role in your financial future.
W&F: In Chapter Three, Lesson #3, you talk about something that is happening today, our aging parents and boomerang adult children. There was a time it was not unusual for two and three generations to live under one roof, it was tradition. It is happening again but for a very different reason, the adult child’s job has been down-sized or the child is unemployed. The word unemployed has a certain urgency to it. I notice you say unemployed, Is that your way of keeping the situation real?
ROBERT KIYOSAKI: I believe that we’re seeing it—this boomerang effect—on both sides of the generations.
Kids (often college-educated) stay at home or return to living at home when they can’t find a job that can support their move to ‘independence.” And at the opposite end of the spectrum, many aging parents (whose retirement funds have yet to “bounce back” or who have not invested or saved for retirement) are finding that living with their children is a solution to diminished retirement funds, poor planning or the rising costs of living and healthcare.
W&F: You say home is a classroom and parents are children’s most important teacher. What do you hope the conversation between parents and their children will be after parents read this book? What is the take-a-way?
ROBERT KIYOSAKI: Learning should be fun and exciting—and parents have the power to transform their home into an active and engaging learning environment. That said, I am very clear on the huge demands on parents related to their child’s education and what it takes to support daily “homework” assignments and family responsibilities as well as sports and after-school activities. I’m sure it sometimes seems that it's just not possible to fit one more thing into a day or a weekend. But here’s the beauty of a parent’s role in supporting their child’s financial education: Money is a part of our everyday lives.
Everyday life is a great classroom for learning about money and investing…and I encourage parents to talk with their kids about the many (many!) ways that money plays a role if everyday life—rent or mortgage payments, groceries, dental care, school supplies, clothing, movies, gas for the car, car payments, home repairs… and the list goes on and on. It’s important to talk with your child about your income (paycheck or income from investments) as well as the taxes and other deductions that are pulled from it… and how everyday living expenses (as well as the fun and little indulgences we treat ourselves to) present real-life opportunities to learn more about how money works.
I encourage parents to play games with their kids—Monopoly and CASHFLOW are two of the best, in my opinion—because they are engaging and simulate the experience of ‘doing the real thing.’ I also encourage parents to teach their children the language of money… vocabulary words that will help them speak the language of money and investing and better understand what they hear and read. For many parents these are new areas of education—education they didn’t get in school or at home when they were growing up. These are great opportunities for parents and children to learn and grow together.
W&F: Mr. Kiyosaki, Again, I thank you for chatting with me, this has been such a treat--I have been a follower and a fan for a long time.
Find Robert T. Kiyosaki's books at Amazon. Why "A" Students Work for "C" Students and Why "B" Students Work for the Government: Rich Dad's Guide to Financial Education for Parents and other book stores.
For purposes of disclosure, I received a copy of Why "A" Students Work for "C Student and Why "B" Students Work for the Government for review.
Content copyright © 2013 by Vannie Ryanes. All rights reserved.
This content was written by Vannie Ryanes. If you wish to use this content in any manner, you need written permission. Contact Vannie Ryanes for details.
Website copyright © 2013 Minerva WebWorks LLC. All rights reserved.