What Do You Know About Money?
As you step off the podium with your degree in hand, here’s a question for you: did you learn anything about money? In PragerU’s 2022 commencement address, financial guru Robert Kiyosaki offers you the financial education that your formal education probably missed.
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Script:
Congratulations, graduates.
You now have a degree in Psychology, Philosophy, Sociology, Feminist Studies, Pre-Med, or dozens of other possible subjects.
As you step off the podium with your degree in your hand, here’s a question for you.
Did you learn anything about money?
Did you learn anything about debt, taxes, or why the rich keep getting richer?
As you enter the real world… do you realize your bankers will not ask you for your college degree or your Grade Point Average? Bankers want to see your financial statement… not your report card.
You know how to read textbooks. You are highly literate people. But are you financially literate? Do you know how to read a financial statement?
I learned more playing Monopoly than I ever did in school.
After all your hours in the classroom, how high is your financial IQ?
I’m guessing that, for most of you, the answer is, “I don’t know.”
Some of you will reply, “I don’t care.”
On graduation day, all you may care about is making a difference in the world. But if you don’t care about money, money won’t care about you. And you’ll probably wind up in your parents’ basement.
In the real world, money is always a problem. If you don’t have money, that is a problem.
I was born and raised in Hawaii. I am best known for “Rich Dad Poor Dad,” the most popular book about financial education ever published.
My poor dad was my real dad, my biological father, a very smart, highly educated man, a Ph.D., and the head of education for the State of Hawaii.
But he knew little if anything about money.
My rich dad was the father of my best friend. Rich dad never went to high school, much less college.
When he was 13 years old, his father died and he had to take over the family business. Rich dad got his real-life education in the real world of business.
Although he lacked a formal academic education, he understood the world of money and became a rich man.
Although my poor dad was highly educated, he struggled with money all his life, and ultimately died a poor man.
Like most people, my poor dad thought the way to become financially secure was to simply earn more money. So, he would work harder, get promoted, and get a pay raise. He got plenty of raises, but he didn’t get any richer.
To the graduating class, I pass on my poor dad’s big mistake.
Although a highly educated man, a Ph.D. who attended Stanford, University of Chicago, and Northwestern, poor dad was financially illiterate.
Poor dad did not know the difference between assets and liabilities.
Poor dad always called our family home an “asset.” He also said, “Our home is our biggest investment.”
Rich dad said, “Your dad may be a Ph.D., but he does not know his house is not an asset. His house is a liability.”
“Assets put money in your pocket whether you work or not.”
“Liabilities take money from your pocket, whether you work or not.”
My poor dad kept calling liabilities assets. That is why he was poor.
The rich acquire assets. The poor and middle class acquire liabilities they think are assets.
Come to terms with this concept and you will start your journey toward financial freedom. Reject it and you’ll be like my poor dad.
With that kind of future staring you in the face, it’s no mystery why so many of your contemporaries favor socialism over free-market capitalism.
“Cancel all student debt.”
“Health care is a human right.”
“Tax the rich.”
These sentiments have a lot of appeal.
Why?
Because they teach you to blame others for your money problems. You’re a victim of the capitalist system.
And there’s an easy fix. Just take money from those who have it and give it to those who don’t. That’s what my Poor Dad believed.
Here’s the irony: It’s not the rich who are obsessed with money; it’s the poor and middle class.
Because they never have enough of it.
My real education began after I left school. It’s time to begin yours.
For the complete script, visit: https://www.prageru.com/video/what-do-you-know-about-money
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Tax deductible donation loll
Thanks!
Why is Prager featuring a notorious grifter?
This message would be fine until he gets to the politics towards the end. He is also wrong about who is obsessed with money and why. Once people have enough money to get by comfortably it isn't a constant worry. I'm sure there are exceptions to each but arguably those "obsessed" are the poor and rich. The former don't have enough to live securely while the latter don't care about if they live securely or not and simply want more money regardless.
He is also wrong about taxes. In modern history the Federal government has done multiple tax cuts and they usually make the national debt worse. So to deal with debt-something people who are financially literate should care about-these tax cuts should go away.
But he didn't mention that..
I'm for being financially aware.
But I saw just a bit of the opposite being pushed partway through this video because it served a certain political agenda.
FYI Haven't rich people repeatedly gotten a major part of the benefit from tax cuts over the last several decades? Hasn't the debt been growing for most parts of the last several decades?
So the problem of taxes being too low is not a new problem.
And if you live in a state that has a "flat tax" that means your state government may have increased taxes on most people-including poor people-in order to give rich people in the same state a tax cut.
It was true for me and I have left college two days ago.
Proponents of Socialism are illiterate capitalists.
They should be teaching THIS stuff in grade (or even public) school if you want ppl to pull themselves up out of poverty… the country that implements this kind of teaching will have a rich population indeed.
Nice content! The best way to find that balance between saving and living is by investing, this way you get to have your savings intact and then live comfortably of the revenue coming in from your investments.
If your outgo exceeds your income, your upkeep will be your downfall.
My financial IQ is about 4,120.
I’m an 11 year old homeschooled kid. I keep seeing bad things about America on the internet, and watching your vids make me understand it. Thank you for helping me!
Robert Kyosaki is a self promoting author. That is it. Look up when he lost his lawsuit to John T. Reed. He claimed to be defamed by Reed. Reed proved Kyosaki was full of hot air. Go ahead, ask him the address of his "properties" he won't answer. This channel (Prager U) needs to do a better job of screening these guest hosts.
Do you think it's fair to go broke or beg for money for a medical expense? Do you think it's a fair system when you have to line the pockets of millionaire CEOs of insurance companies for you see a doctor? Do you understand the concept of monopolies and oligopolies? Do you know how politicians and corporate executives constantly beat the market, while you have to literally gamble with your money in a retirement account hoping to be able to afford food and medicine when you retire? Rich dad poor dad is shallow self-help garbage. His Stanford educated dad didn't know the difference between an asset and a liability? I feel bad for his dad for having such a shit son. His dad should write a book called 'My ungrateful asshole liar son'.
Brilliant video. Reading Robert Kyosaki's books in my 20s was a life-changing event, which inspired me to build a business that now brings passive income. Thank you Robert, for making the world a better and more prosperous place. 👏
Thanks for the video.
Soooo… the rich dad became rich cause he was born into a rich family? You said he had a family business that he had to run.
I think personal finance should be mandatory to graduate high school
I appreciate Robert Kiosaki so much for standing up for capitalism with PragerU.
AS I'm running for office in Ohio this is one of the questions, I started asking in their late 20- to 40-year-old adults. The question goes now that you have been out of school what's the one thing is one class you would have had and school so far hands down the answer is Taxes and budgets.
This is all so true. I been preaching the same thing for years
I wish that he had been my high school economics teacher.
Nice job, Robert. Glad to see you at Prager U.
I recoil when I hear the phrase “financial freedom”. You really mean – I want to not work and I want other people to be my servants (making my food, fixing my domicile, making my new car, caring for my health).
It is truly an insult to say you cannot be free if you are not rich. Freedom is about a lot more than that.
Probably a lot of monks and homeless people freer than this guy. What is the saying, “The things you own end up owning you.”
Lazy people dont deserve to be taking hardworking peoples earnings. People with a lot of earnings/money dont deserve to take ruthless advantage hardworking people
I read this book many years ago. Awesome he’s on PragerU. I definitely need to change how I spend money.
6:45am NZST
Great insights.
Saturday ngt — May 21, 2022.
Love Robert Kiosaki and all. I understand people in the comments are on cloud9, and that Robert Kiosaki's jab at Socialism is at a very primitive level, especially painting people who absolutely know nothing about Socialism as those representing it. Here's the matrix when you put it all together – one person's assets is another person's liability in Capitalism. Capitalism heavily uses game theory's win-lose odds to symbolise the success of the few at the expense of the many, and the latter's lack of understanding of the rules of the game.
In the wealth ladder, those who are already rich, cut off their liabilities, this includes cutting people poorer than them from connecting with them because that just basically translates into a relationship of friends with benefits.
A person who is poor cannot sell a liability to someone rich, to make an asset. The rich will never buy the liability. So the poor will have to sell the liability to other poor people, ultimately leading to a repeat of the cycle, forming a glass ceiling that separates the rich from the poor.
Now if someone's going to break in this thread with a response that can be boiled down as 'git gud'. That's just shameless exploitation, and speaks about the bigger problem of the mindset if the fire is in the next room, then it's not my problem because it's not in my room.
In Socialism, the glass ceiling is never placed, while liabilities are mutually shared for common good – for example, pollution, global warming, quarantine, and cure of disease.
So long as people have the money to build more apartments, but not enough hospital beds, defending capitalism by attacking socialism is obnoxious.
I learned that there’s a lotta money to be made in the ConservativeRadio/HateTriggering 4 Profit maga business model.
I’ve learned that on Conservative radio stations throughout America, you can make serious money by manipulating your emotionally triggered conservative/evangelical audiences by feeding them a steady stream of divisive hate, veiled bigotry, lies, distortions of truth and opinion masquerading as fact, with money-making commercials in between perniciously designed to empty your wallet while you’re in a state of agitation.
I mean, c’mon… who is going to spend $20 with no guarantee of effectiveness on “Relief” pills which claim will take 3 weeks to work, when you can simply buy a packet of Advil or Tylenol at your local drug store for $2 bucks with real and proven relief within the hour…?
Yeah.
There’s some serious money to be made in the conservative radio/hate-triggering 4 profit maga business model.
There’s an old saying… “sex sells”
Well, so do lies, bigotry and hate.
$$$ $$$
Totally looking into this further because I teach Money Matters in our homeschool curriculum.
Remember, all value of all money is imaginary
Yes lets forget everything about real life stuff and just learn about money. Lets make all people to millionairs. Of course it wont be a problem that there are no workers who do real work to feed us, we can just eat money!