I’ve just finished listening to Rich Dad Poor Dad: What the rich teach their kids about money, by Robert Kiyosaki, and it’s been an eye-opener. Not because it was information I didn’t already know, but because I’d never joined the dots before, or applied the rules.
Kiyosaki takes you on a journey through lessons he learnt being brought up by two father figures. His biological father was an intelligent academic man. His friend’s father and Kiyosaki’s mentor was equally as intelligent, but in what would be considered a less academic way.
What Kiyosaki proposes is that the so-called, less traditional way of thinking about life and finances, is actually the more logical and sensible approach. By his account, we do not set ourselves up for success or freedom by following the traditional conventions of societal norms. What we learn in school doesn’t set us up for financial independence or success.
I make it sound boring when I describe it like that and it’s not my intention. This book is fascinating in its simplicity. By thinking differently about how we manage finances we can fundamentally change our freedoms.
And the scary part for me? The fact that deep down I already knew the rules, I just wasn’t applying them.
But what’s this got to do with writing?
It’s extremely relevant to writers. As we write and produce books, we’re creating assets that will return an ongoing income, beyond the timeline of their production. We’re not selling time for money in the conventional way.
This applies to any art that produces a tangible product.
An artist may sell their painting, but by holding copyright and thinking beyond the individual product, they can go on to sell prints of that image. Allowing their art to continue making money for them beyond the single point of production and release.
As authors we’re fortunate enough that a book can be a perpetual income, far beyond the completion and release. We have to consider ongoing marketing and promotional elements of the process, but fundamentally many aspects can be automated or outsourced.
The key becomes ensuring that the work you release is of the highest possible standard. It’s pointless trying to make a quick buck (or quick book), like you may be able to in property as Kiyosaki describes. The perpetuation of book sales is so often dependent on the quality of the story, even if it’s not on the quality of the writing.
Writers then need to consider if the book can be turned into a film, TV series, training courses, or even a follow-on book series. These are just some of the ways that the book can continue to make the author ongoing income.
So do I recommend Rich Dad Poor Dad? HELL YES.
As a writer you have to acknowledge that you’re also a salesperson. You’re an entrepreneur. If you don’t acknowledge and accept that, then life will become much more difficult. And I know as writers, many of us really don’t like socialising with the outside world, but in truth it’s just tough.
Suck it up. This is the world we live in. You have to think as a business person as well as a writer if you want to make enough money to feed yourself and your family.
And don’t stop there. Kiyosaki also describes how we need to develop those earnings beyond the initial income. Can funds be reinvested to make more income? Each £ or $ is an employee, there to work for you if you set them to task.
The end goal, for me anyway, is to be financially independent. All I want to think about is living and writing, not how I’m going to pay my bills. This book has kickstarted that journey for me in a much more productive and organised way.
So YES, I do recommend this book. It’s 5 stars all the way for me 🙂