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CMDF
Discussion Group.
22 February, 2002.
¡§Rich
Dad , Poor Dad¡¨ &
Christian Viewpoints.
WHY
THE BOOK?
In
the recent issues of the HKMA newsletters, two of our colleagues have
written articles on this book. The book often took out doctors as an
example ¡V intelligent, study hard, work hard, constantly improving
professional knowledge, specialization
¡K
and yet , with the change of times, HMO etc. financially illiterate or
even poor.
The
comment that ¡§ You want
to be careful with books like these, and make sure it is ethical and
agrees with Christian principles.¡¨
THE
AUTHOR.
The
author is a 4th generation Japanese American from Hawaii. He
was able to retire from ¡§work¡¨ at the age of 47. His own father is
the ¡§poor dad¡¨ and the father of his best friend is the ¡§rich
dad¡¨. When he was 9, both dads were poor and the boys were
discriminated for their poverty. He learned from the two dads and was
the products of both and not just one.
THE
BOOK.
The
book is about wealth and poverty, but the main theme is on how one use
one¡¦s time and mind, the two greatest assets one has. It is brought
out by comparing and contrasting the two dads, their beliefs, their
reactions to ¡§the world which will push you around¡¨, the social and
financial systems, the government and taxes, financial independence and
freedom, and social responsibility. Published in 1997.
| Poor
Dad |
Rich Dad |
| Ph
D, Superintendent of the Hawaii Education
System. |
8th
Grader. No real academic achievements. |
| Govt.
man. |
Entrepreneur. |
| Advise
study hard, do well in school, get a secure job with corporation
or govt, be smart, specialize, unionize. |
Advise
financial literacy. Own a corporation,
learn to sell and communicate, does not trust govt, anti-union, broad knowledge, employ smart people. |
| Work
for money, pay bills and tax first. |
Money
works for him, pay self first. |
| Employee
through life. Controlled. |
Employer,
shareholder, controller. |
| Not
interested in money. |
Money
is power. |
| Own
house is largest investment and asset. |
House
is liability and not asset. |
| Socialist. |
Capitalist. |
| ¡K¡K |
¡K¡K |
Six
Lessons:
1.
The rich don¡¦t work for money ¡Vmoney works for them.
2.
Why teach financial literacy? ¡V formal education does not, and
thus lacking.
3.
Mind your own business. ¡V Profession and work not business.
4.
The history of taxes and the power of corporations.
5.
The rich invent money- be creative, financial IQ.
6.
Work to learn- Don¡¦t work for money.
OBSTACLES:
fear, cynicism, laziness, bad habits, arrogance.
OUR
SETTING.
*This
is more relevant for countries with high taxation rate and high social
benefits.
¡§you
work from Jan to May or June every year for the government¡¨.
*Financial
literacy IS important and we should be educated in this. It will take
time and energy, but is worthwhile. Apart from our busy professional
lives, there is CME (continuing medical education) and CPD (continuing
professional development), on top of our family and social obligations
¡V just where on earth do we get time for our financial literacy
education? So, the ¡§wealth¡¨ management, hopefully all assets, is
delegated to the spouse or the trusted relative, or worse the ¡§asset
manager¡¨ of an institution. Even, then, a small degree of financial
literacy is desirable; at least it will be less frustrating to my
¡§financial minister¡¨ in our discussions! How nice it would be, if
some of the courses in financial education can be counted as CME or CPD
attendance!
*Management:
not just wealth but also time, people, system.
*The
author is pro-prudence and pro-discipline. ¡§If you cannot get control
of yourself, do not try to get rich.¡¨
He is against consumerism and over-spending. Never buy on credit.
Luxuries are bought with the products your assets.
*Both
dads, I think, are Christians. The rich dad believes ¡§firmly in
tithing¡¨. He has a principle of ¡§giving myself first¡¨ even if
money is short, and this ¡§first¡¨ will include his church, charities
and his foundation.
*Power
of Giving is emphasized. Give what you want first and it will come back
in buckets, true for money, smile, love friendship. Give and you shall
receive. Teach and you shall receive. ¡§ God does not need to receive,
but humans need to give.¡¨
*Money
is neutral. It is only the love of money, not money itself, is the root
of all evil. Money, like the sun or moon or fire, can work for us. But
it should never be allowed to even approach the place of master or God
in our lives.
*For
the Christian, the ¡§wealth¡¨ we have is not ours. God owns it. I am
only the humble manager, and only for a limited period of time. ¡§
Naked came I out of my mother¡¦s womb, and naked shall I return
thither: the Lord gave, and the Lord hath taken away;
blessed be the name of the Lord.¡¨ - The Book of Job 1: 21.
The
Parable of the Rich Fool: ¡§ But God said unto him, Thou fool, this
night thy soul shall be
required of thee: then whose shall those things be, which thou hast
provided? So is he that layeth up treasure for himself, and is not rich
toward God.¡¨ - The Gospel according to St. Luke 12:20,21.
*We
have a rich Father. Are we rich fathers, money-wise and
spirituality-wise, to our children, the ¡§ heritage and reward from Him
¡§? - Psalm 127:3.
*
¡§ I wish I could have read this book 10 years ago when I started
work.¡¨ Said a young Christian doctor.
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