Today’s discussion on the Rich Dad Radio Show (“Chasing Gold Balls”) was on the education that we give these days to our kids. I find the CASHFLOW game that Robert and Kim created and the book “Rich Dad, Poor Dad” being the “brochure” of the game are excellent tools to teach our kids and expand their knowledge. Kids like to play games, so what better way to teach them than to create a game where they are having fun and learning at the same time? It’s brilliant! On a side note, you can actually play this game yourself on Richdad.com, just sign up and click on the games tab and you can play for free.

Parents tell their kids to go to school and get good grades so they can get a secure job in the future with good pay and benefits. But what parents don’t realize is they are setting their kids up for failure! Schools these days don’t teach you about money so once they graduate, they don’t know how to manage their money, they only know how to get into debt. They teach you to be employees and not entrepreneurs. They train you to get a job and pay taxes.

McDonalds in the US (I don’t know about here) are planning on increasing wages to $15/hour minimum. All the workers are happy … but they don’t understand nor do they realize that getting paid $15/hour means they are put into a higher tax bracket. This just means they are giving more of their money to the government. If you think about it, entrepreneurs don’t get taxed because they are technically working with the government. The Robin Hood mentality was to steal from the rich and give to the poor. Everyone complains about taxes and think the rich are stealing from them. But they don’t realize that the rich don’t get taxed, they receive tax breaks because they work with the government to open businesses and create jobs.

It is really a sad reality. That is why I am so glad Ly recommended me to read the “Rich Dad, Poor Dad” book. It has really transformed my mindset to think realistically. I was in dreamland all my life, never did I once ever think about these things because I was brainwashed just like everyone else. Thus, teaching your kids about this other side expands their options. The kids on the radio show were fortunate enough that their father taught them about this new side. They were different from the other kids in their grade and challenged their teachers. At age 9 and 12, the kids were going to the golf courses at night and picking up the golf balls to sell them back for cheaper. They were selling 3 golf balls for $5 as opposed to 3 for $15 retail price.

Once I get my own kids, I am rarely ever giving them allowance unless they earn it. I will definitely apply these principles and teach them the entrepreneurial mentality so they can expand their options just like these kids. Even if they become employees in the end at least it gives me the satisfaction of knowing I did my part as a parent and provided them with different possibilities.

Another topic I would like to discuss is on the topic of money. “Saving is for losers,” states Robert. Why? Because as I mentioned in one of my previous posts that we are going through a financial crisis. The government keeps printing more and more fiat currency. What is fiat currency? Let me explain. Fiat currency is a legal tender not back up by physical commodity (such as gold or silver) that the government put in place solely as a method of payment. This system was put in place after the collapse of the Bretton Woods system in 1971 when the US ceased to allow the conversion of the dollar into gold.

So what does this mean for us? This means that there is a risk of our money becoming worthless due to the hyperinflation that is currently happening in our economy. Money is basically debt. The Federal Reserve keep issuing more and more bonds (which are basically I.O.U.s aka debt) and then we spend more and then we go into even more debt. They US government has so much debt coming that they have to keep continuing to print more money.

Fiat currency has a lifespan of 36-38 years before it fails. It has a long history of failure because it based on the belief that it is real money. So if it has failed so many times in the past, why aren’t we learning from our mistakes? Ask the government.

All we can do now is to learn the skills of an entrepreneur, make money work for us (own operating businesses), invest in precious metal assets and productive land.

Definitely watch Mike Maloney. He talks all about this topic and will provide you with the details. Also, I found this really easy to understand video cartoon explaining all of this (long but worth it). I’ve posted all of the links below. It’s all a conspiracy!

I have merely provided to you with a brief summary of the crisis that is predicted to happen in the near future. What will we do if we wake up one day and we find out that all our money that we worked so hard to save up has rendered completely worthless? It is scary, and we need to prepare ourselves for this upcoming crisis. Even if this crisis is predicted to happen to the US, the Canadian economy still relies heavily on the US. Therefore, it will still have a dramatic impact on us Canadians. The Canadian Dollar is after all, a fiat currency as well.

What will I do? I just know that Rich dad recommends a certain bank in Singapore that stores real physical gold in a vault for you. Mike Maloney also has a list of vaults you can set up on his website as well as possibly owning offshore bank accounts. Anyways, I’ll keep you updated as I do further research on this topic.

Stay tuned! X.O.X.O.
-Fifster

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