We all know who “the Trump” is, so he needs little introduction. To summarize his expansive money-making career, he is a graduate of Wharton School of Finance and prosperous real estate tycoon. He’s the star and co-producer of the ever popular reality show Apprentice and author of seven bestsellers.

Robert Kiyosaki came from a small sugar plantation town in Hawaii, only to move to New York for education. He is an investor and a mining and real estate entrepreneur. He is best known for his book on financial philosophy called Rich Dad, Poor Dad. Published in 1997, and selling over 26 million copies worldwide since that time, this book has been translated into 46 different languages and is available in 97 countries.

These two financial gurus teamed up to write and publish “Why We Want You to Be Rich,” which hit bookstores on October 10th. To the disappointment of most, this is not a book of specific advice on how to make or invest money. It is a book of philosophy, with the intention of providing the middle class with means to change their attitude about money and obtain a financial education.

In a video available on Amazon.com, Trump claims that he is not afraid of failing. “What is there to be afraid of?” he says, further stating that, when one considers all the turmoil in the world, nothing else really matters. Kiyosaki follows with the fact that he and Trump are better people because they have both failed and made a comeback from that failure, which provided them with a sound education about money that the two wanted to share. Because, “financial education is more important than ever before.”

The central principal of this book is that Trump and Kiyosaki firmly believe that, within the next decade or so, our country will be a two-class system – rich and poor. They believe that the middle class is deteriorating rapidly due to the falling value of the dollar, rising national debt, lower wages, higher oil prices and baby-boom retirement. It is time for everyone to learn how to “think big” and “think rich,” otherwise your other option will be the poorhouse.

The introduction of the book states that “saving is obsolete and bad financial advice.” For example, Trump and Kiyosaki believe that the 401(k) savings plan will not be adequate for approximately 80% of all workers to provide for their future. They support investments such as real estate and starting your own business as the best means to building personal wealth.

Trump claims that this book will provide the reader with a “better life.” He contends that money isn’t everything but it “makes life easier.” It is about “attitude” and “creation of wealth.” He also advices that everyone needs to “know your subject.” Investing in real estate without understanding it can lead to your downfall.

Kiyosaki admits that their book is different from the traditional financial book that says to live below your means, save and invest. He and Trump’s advice is that one should learn how to expand his means, like they do. Also, watch long-term trends – see where the money is going so that you know what to invest in.

So what do you think? Have you read the book? What are your thoughts on Trump and Kiyosaki’s financial philosophy? Some believe it is just another way for Trump and Kiyosaki to make more money – do you contend? Or has their philosophy worked for you?

Sources:
• Amazon.com: Why We Want You to Be Rich
• Kiplinger.com: Book Review
• Kiplinger.com: Q&A With Trump and Kiyosaki
• Kansas City Star: Trump book contradicts standard advice

Trump/Kiyosaki Resources:
• WhyWeWantYouToBeRich.net: Book Website
• Trump.com: Donald Trump’s Website
• CashFlowTech.com: Rich Dad Website
• Wikipedia.org: Info on Robert Kiyosaki

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4 Responses to “Why Trump & Kiyosaki Want Us to Be Rich”

1. Chris Brunner says:
   

   I have personally read Kiyosaki’s Rich Dad book and I have to admit, it did help me see a different side of spending and saving. I don’t agree that real estate is an sure-profit method of investing as Kiyosaki preaches.

   Just like any other market, prices in real estate fluctuate and can even reduce in value in the blink of an eye. Obviously every person needs a roof over their head, but the value of that roof is only determined by the opinions of a few.

   I agree that savvy business men and women learn from their mistakes and become a better, smarter, and more well rounded person. Un-savvy investors will either give up entirely or contiue to ride their nest egg into the ground until their time and hard work goes up in smoke.

   I also agree with their philsophy that you should know your sector and predict trends before they become mainstream. To make it big, a person should have started investing real estate 5-7 years ago. When your neighbor Mr. Smith and your best friend Joe start talking about how much money is to be made in a certain sector, it is probably too late to enter.

   This is exactly why I’ve held off investing in real estate, rather putting my money into natural resource mutual funds as well as nanotechnology and various niche industry stocks with lucrative potential. The rest is diversified to balance out a risk-forward investment portfolio designed for profit potential measured in double-digit years.

   Are Trump and Kiyosaki in it to make money? Of course they are… they are savvy businessmen! They are well known and well respected and their name alone sells products. The advice they offer will be read by many but heeded by few. Do they care? I’m sure they do, but all that really matters at the end of the day are the royalties deposited into their bank accounts.

   Posted November 2nd, 2006 @ 2:08 am
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2. Journey To Financial Freedom » Blog Archive » Carnival Of Debt Reduction Week 61 says:
   

   […] Why Trump & Kiyosaki Want Us to Be Rich from The Small Business Buzz […]

   Posted November 12th, 2006 @ 7:02 pm
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3. FIRE Finance says:
   

   Carnival Of PF #74 Takes Birth At A Geek’s World!…

   A Geek’sWorld has hosted Carnival of Personal Finance #74. By Jove! It is such a huge carnival with 71 posts from the personal finance blogosphere. These carnivals seem to be getting bigger each week. That is fun since we get to learn new things and ….

   Posted November 13th, 2006 @ 2:18 pm
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4. Silicon Valley Blog About Money, Finance, Geek Culture and Cyberspace says:
   

   […] At the Carnival of Investing #48, these piqued my interest: Why Trump and Kiyosaki Want Us To Be Rich, as well as Kendra Todd: The Winner of the Apprentice Season 3 Podcast since I’m a huge fan of The Apprentice. There’s something to learn from the “money celebrities” out there so when they speak, we can’t help but jump and listen! […]

   Posted November 17th, 2006 @ 10:15 am
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