Cuốn sách làm THAY ĐỔI TƯ DUY TÀI CHÍNH của mìnhh (kèm PHẢN BIỆN sách)

0:00Over 8 years ago, I picked up this book, "Rich Dad Poor Dad" by Robert Kiyosaki. This book

0:05completely changed my mindset about money at that time and made me realize how many

0:12wrong thoughts I had about money. I used to be afraid of money, hate money, and turn my back on

0:17money. It taught me how to change my mindset to build a strong financial foundation, not just for

0:23myself, but also for my family and my community.

0:25This book is very famous in Vietnam, with the translated version having sold millions of copies.

0:30There are also many reviews of this book online. Most people summarize the content very well, but

0:35they have not truly applied the book's principles to their business and daily lives, resulting in

0:42somewhat shallow reviews. Secondly, some reviews offer counterarguments but lack thorough research.

0:50The author has written many other books and given numerous seminars and talks. I have personally

0:56watched all these materials and derived some counter- points that I believe are necessary for a deeper

1:01understanding of the book's philosophy and the author. Therefore, in today's video, I will first provide a brief

1:08summary of the book. Secondly, I will discuss the three most important lessons I have learned from the book.

1:14Finally, I will talk about the points I find lacking in the book and offer my counterarguments.

1:20"Rich Dad Poor Dad" is fundamentally about the lessons Robert learned as a child growing up under

1:27the influence of two very different father figures. The first father is Robert's biological father, who

1:34was highly educated with a Ph.D. and worked as a teacher and professor like myself. However, he

1:41often faced financial difficulties and had a rather negative view of money. The second father is the

1:46father of Robert's best friend. This father had a very low level of formal education, not even

1:52completing high school, but he had a wealth of business experience and a unique, positive

1:56perspective on money. Growing up with these two fathers, who had different beliefs and advice

2:01about money, helped Robert understand why people in society have various thoughts and

2:07attitudes about money. This is the core theme and main content of the book.

2:11#2 Lessons from the Book

2:12Firstly, it's important to note that personal financial education in schools is extremely limited.

2:16Very few schools teach personal finance from an early age, and even when you attend university

2:24for a finance degree, they do not provide clear guidance on managing personal finances.

2:28They usually teach business management, accounting, and large-scale financial numbers,

2:33but personal finance management is severely lacking. This remains true to this day.

2:37The inadequacy of education in personal finance management leads to the perpetuation of many

2:46misconceptions about finances in life. These misconceptions are not updated, and because

2:50our parents pass down their incomplete financial beliefs, it causes us to have an incomplete

2:58understanding of finances as well. Since this is not taught in schools, the cycle of financial

3:04misunderstanding continues from one generation to the next. This is why the rich get richer

3:09because they continue to build on a strong financial foundation and mindset, while the poor get poorer

3:14because they persist in their old, negative thoughts about earning money and finance.

3:19For example, in the book, the author mentions that many poor people have a "scarcity mindset"

3:24and pass this mindset on to their children. When there is something they really want to buy, or when

3:31their children ask for something, the immediate response from poor people is often, "We can't afford

3:38this," or "Mom and Dad can't afford it." This is a common phrase I've heard many times from my

3:44parents and grandparents. However, the author points out that wealthy people do not say this.

3:49Repeating the thought "I don't have enough money" limits one's mindset and creates a perpetual

3:56sense of scarcity. The correct mindset is to say to oneself and to the next generation, "This is something

4:04we currently can't afford, but what can we do to afford it?" Instead of thinking "I don't have" or "I can't,"

4:14one should think, "What can I do to earn the money needed to buy this item or achieve this goal?"

4:23If we look at larger financial milestones, we should ask ourselves what actions we need to take to reach those

4:30milestones instead of thinking they are too far out of reach. Saying things like, "I wasn't born into a financially

4:36well-off family, so I'll never have money," reinforces a scarcity mindset. The messages we tell ourselves

4:41our children every day are crucial because they determine whether we have a scarcity mindset or

4:49an abundance mindset. I have a podcast episode on The Present Writer Podcast that

4:54delves deeper into these two types of mindsets: the scarcity mindset and the abundance mindset.

4:58Another example of the mindset we often hear from previous generations is that the only way to achieve

5:03a stable financial foundation is to go to university, get a job, earn a steady salary, and devote your entire life

5:11to a job in order to climb the ranks and eventually retire with a pension. However, the author points out,

5:17through the story of his own biological father (the "poor dad"), that even with a Ph.D. and the highest academic

5:23position as a university professor, he still struggled financially. This demonstrates that it's not about

5:28how much money you make, but how much money you keep. The salary itself is not the deciding factor;

5:35the key issue is how you manage your salary, how you make your money work for you to generate more

5:40income, rather than just relying on degrees and steady wages to secure your financial future.

5:45Additionally, today it's evident that having a university degree does not guarantee a good job immediately,

5:51nor does dedicating your life to a job ensure long -term financial stability. You could be laid off,

6:02face inflation, or find that your position is no longer valued. Many factors can disrupt the assumption that

6:11having a degree guarantees financial security. This outdated thinking traps many young people

6:19in a slow lane. If you are interested in this topic, I discuss it in detail in another video where

6:27I analyze a book called "The Millionaire Fastlane." In it, the author explains why we shouldn't take the slow,

6:33steady path to financial security. This path may seem stable, but it doesn't provide the certainty or the

6:38potential for real wealth. It keeps you in the middle class rather than allowing you to become truly wealthy.

6:48The second lesson, and also the biggest one that many people, including myself, have learned from the book,

6:53is the difference between assets and liabilities. Simply put, assets are things that put money into your pocket,

7:01while liabilities are things that take money out of your pocket. This concept is very straightforward and simple,

7:06yet not easy to grasp because many people misunderstand it. Specifically, the author states that

7:12the rich focus on buying assets, whereas the poor buy liabilities but think they are buying assets.

7:21One of the most controversial examples in the book is real estate. In Vietnam, we often hear that a house

7:29is an asset. People take pride in owning a house by the age of 30, 40, or 50 and call it an asset.

7:37However, according to the author's perspective and the aforementioned definition, a house can actually be a

7:43liability. Why? Because if you live in the house, it does not generate money for you monthly. It might

7:51generate money later if the house appreciates in value and you sell it, but it only puts money in your pocket

7:57after you sell it. During the time you live in the house, you do not earn any money from it. Instead, you incur

8:03numerous expenses such as electricity, water, renovations, property taxes, maintenance fees,

8:09and if you live in an apartment complex, many other associated costs. Furthermore, house prices are

8:16not always guaranteed to increase. For example, many apartment prices depreciate or deteriorate over time.

8:22You cannot be sure that the house or apartment you buy will put money in your pocket in 5 or 10 years.

8:30Therefore, a house is actually a liability. Addressing this topic, the author writes, "I'm not telling you not to

8:37buy a house, but what I want to convey is that you should understand the difference between assets

8:42and liabilities. When you want to buy a bigger house, you should first acquire assets that generate the cash

8:51flow to pay for that house." The author doesn't prevent people from buying houses because, in many cases,

8:56purchasing a home is a necessary investment, including my current situation. However, he

9:02emphasizes that we need to recognize that a house is not always an asset—it comes with various expenses

9:07and liabilities. So, if you want to buy a bigger house, you should understand that you are essentially

9:18purchasing a larger liability. A bigger house will mean higher taxes and maintenance costs,

9:26which does not equate to having a larger asset. It's simply a larger liability, not an asset. The solution is

9:35to acquire assets elsewhere that generate cash flow, which you can then use to cover the expenses

9:44associated with the liability. Additionally, you can turn your house from a liability into an asset by renting it out.

9:52If you don't live in it entirely, renting it out can generate rental income, which can help cover the costs of

9:59maintaining the house. The wealthy focus heavily on investing in real estate, buying stocks that

10:06provide monthly dividends, and benefiting from compound interest. Their businesses generate

10:12substantial cash flow, which can sustain the assets they are building and the liabilities they need to cover.

10:19This distinction between assets and liabilities is simple but often misunderstood. Even today,

10:26many people still believe that a house is an asset.

10:30The third lesson from the book, and the one that has profoundly changed my life, is the power of business.

10:37The author explains that many poor and middle-class people believe that starting a business is something

10:43incredibly distant and unattainable. They think it requires a lot of capital, finances, paperwork, and

10:49overcoming numerous difficult requirements. However, what they don't realize is that a business is

10:56essentially just a piece of paper—a legal entity. Why should we start a business? If you are an

11:02employee, you earn a salary and pay taxes on every dollar you make. On the other hand, if you own a

11:08business, you only pay taxes on your profit. The expenses you incur while running your business,

11:12such as creating products or services, are not taxed. For instance, I'm going on a business trip abroad

11:18to create content for "The Present Writer," that trip's expenses would be covered by my business,

11:25and I would not be taxed on it because it is a business- related expense. This provides many benefits that

11:32one only understands after starting a business. I have established businesses both in the US and in Vietnam,

11:37and both places offer these benefits and make it quite easy to start a business, especially in the US.

11:44Let me share a story about how this book changed my life. Six years ago, I was working on the idea of creating

11:51my productivity journal. At that time, it was just a sketch. Coincidentally, I was also reading "Rich Dad Poor Dad."

11:57When I reached the chapter where the author discusses the benefits of starting a business,

12:03including tax advantages and the motivation to create better products and services, I put the book

12:09down immediately. I turned on my computer and researched how to start a business in my local area

12:16—I was living in Pennsylvania at the time. If you look at the certificate of my business, you'll see that the date

12:22on it is the same day I read that chapter. I didn't even finish the book before I took action. I saw the great

12:31idea and, just as the author said, it really is just a piece of paper—a legal entity. But because of it, I overcame

12:39numerous tax and paperwork hurdles, and my personal liabilities were separated from my business

12:48responsibilities. This legal entity protected my personal assets and allowed my business to develop and

12:57be safeguarded independently. My business has grown and thrived thanks to these simple

13:04yet profound principles. If I hadn't acted immediately, I wouldn't have understood the significance of

13:08what the author was saying in the book.

13:10Although I am very grateful for the book for changing my mindset and finances, helping me start my business,

13:14and beginning my journey in personal finance education, it is not perfect. There are several points

13:20that I believe need to be critiqued to understand the book in a more multidimensional way. Before critiquing

13:25the book, I should mention that my critiques are not based solely on this book. I have read extensively and

13:31researched a lot about the author. I own many of his books, both old and new, and have read the entire

13:37"Rich Dad" series in both audiobook and paper formats. I even purchased the Cashflow game mentioned

13:47in the book and read "Rich Woman," a wealth-building book for women by the author's wife. I have studied,

13:56referenced, and applied the author's advice in various ways to my life. From my extensive reading, I have

14:04noticed a few points: #1 The author often presents his arguments in a one-sided manner.

14:08He portrays everything the Rich Dad does as right and everything the Poor Dad does as wrong. He suggests

14:15that all his advice is correct, and anything contrary is a poor mindset, which is why people remain poor.

14:24However, life is not so black and white. Those with critical thinking skills can understand that every

14:30argument in the book has both pros and cons. The author frequently discusses using debt as leverage

14:41to make more money and increase cash flow. He is not shy about advocating for taking on debt. However,

14:49while he writes extensively about debt, he does not adequately address the dangers and risks associated

14:54with it. He also doesn't emphasize that managing cash flow by starting businesses or converting liabilities into

15:05assets and vice-versa requires a high level of skill and knowledge that cannot be obtained by merely reading

15:10this book. It demands extensive skills and knowledge.

15:15If we don't understand issues from multiple perspectives, we won't be able to see both the

15:21strengths and the potential dangers of a given method. If we aim to follow the "Rich Dad" approach,

15:26which is more advanced and high-risk, while our education level is only at the "Poor Dad" level,

15:33we are likely to fail. This is because we lack the education and skills to effectively implement

15:40advanced methods like using debt as leverage to generate income. I analyzed this idea in detail in my

15:48previous video titled "Safe Wealth Building," where I discussed that while there are many correct

15:53and progressive ideas about using debt, leverage, and business methods to build wealth, the majority

16:01of people might not be willing to take such risks. Many people prefer safety and stability in their lives and

16:07are more concerned about the risks associated with money rather than constantly seeking to earn more

16:14and take risks. It's not always a matter of being smart or rich versus wanting stability and being poor;

16:19life isn't that black and white. The second point I dislike about this book, which I also analyzed in a blog post

16:26a few years ago comparing it to "The Total Money Makeover" by Dave Ramsey,

16:34is the significant difference in approach between the two books. In "Rich Dad Poor Dad," Robert Kiyosaki focuses

16:42a lot on his successes. He shares many deals that seem almost too good to be true. For instance, he

16:49describes scenarios where he, while jogging, stumbles upon a house being sold for a very low price, buys it

16:54at that low price, and then a few years later, its value doubles or triples. These stories seem very random

16:59and lucky, without thorough analysis of why those deals were successful. Additionally, the book

17:05rarely mentions the failures that accompanied these deals. However, Robert Kiyosaki once went bankrupt.

17:15A simple Google search will reveal many articles discussing his financial situation, some even

17:22calling him "Rich Dad, Poor Dad, Bankrupt Dad," referring to his bankruptcy. Some people argue that

17:31bankruptcy can be a strategy to eliminate debt and leverage for future gains. Many defend Robert,

17:41saying that he focuses on cash flow rather than the importance of avoiding bankruptcy. I don't know

17:45the truth, but if I were running a business or managing personal finances and went bankrupt, it would be

17:51significant bad news, greatly affecting me. I hope that whether or not the author has a strategy behind his

17:59failures, he could be more transparent about them alongside his successes, especially focusing on

18:07bankruptcy, because it is crucial for readers. In contrast, Dave Ramsey's book explains in detail his journey of

18:16why he failed, went bankrupt, and how bankruptcy taught him about personal finance. He doesn't shy

18:24away from calling himself "stupid" for his past mistakes, showing readers that his transparency

18:30helps them understand how to build wealth in a stable and secure way.

18:34When comparing these two books, in terms of transparency and reliability, I find myself trusting

18:42Dave Ramsey more. Although Robert Kiyosaki has many great philosophies, but I hope that future editions

18:47might focus more on unsuccessful deals and the lessons learned from them.

18:58The third point, which both I and many others have critiqued, is that "Rich Dad Poor Dad"

19:05primarily focuses on mindset. It essentially shares what Rich Dad taught Robert, who then passes it

19:10on to us, but it lacks concrete methods on how and why to build wealth. As I analyzed, the author

19:19mentions examples of real estate deals, but they are often vague and seem very lucky rather than strategic.

19:32Having read many of the author's books, I noticed that they remain at the level of mindset.

19:38This isn't necessarily a flaw because you need the right mindset to develop your own strategies.

19:43However, there are many other books, such as "The Millionaire Fastlane," which I reviewed on

19:48my channel, that provide specific steps and formulas for building a strong financial foundation.

19:54Even with detailed steps, readers often comment that they need more examples. In contrast,

20:02"Rich Dad Poor Dad" operates at a higher level, focusing primarily on mindset and thoughts.

20:08I believe this book is a great starting point for anyone with limited financial education or knowledge.

20:18I always recommend reading this book and Dave Ramsey's book first. However, after reading this book,

20:26it shouldn't be the end. You need to continue reading other books, expanding your knowledge,

20:32and applying these mindsets to your own circumstances.

20:37I hope you enjoyed this review and critique of the book, and I look forward to seeing you in the next video,

20:44which will kick off a three-part series on basic personal finance. So, remember to subscribe to my channel

20:52to get notified immediately when the new videos are released. Goodbye everyone,

20:55and see you in the upcoming series! Bye!