Posted by Kevin OK on March 22, 1999 at 08:19:12:
Some good ideas. Thanks …now I’m going to read to my own daughters. Think I’ll even include my sons too. Move over Veggie Tales!
Kevin OK
Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by SCook85
Posted by SCook85 on March 20, 1999 at 24:05:14:
I purchased a copy of “Rich Dad, Poor Dad” for my 10 year old daughter. Heather is an avid reader and very advanced for her age. I’ve been considering doing something for her that will get her very interested in the book and have an idea that I wanted to run by everyone.
She knows all about what I am doing and it excites her. I told her that I have the book for her and I want her to read it. I’m offering her $20 to read the book and do a one page book report on it. I don’t expect her to do much more at her age. I’m sure she won’t be able to fully comprehend the concept. But it doesn’t end there. Next year I would like for her to read it again and right a 2 page report for $40, then the next year a 3 page report for $60, and so on. I feel that by the time she gets to be 20 years old she will have to get pretty deep into the book to get a 10 page report out of it and for the $200 that is coming to her she will probably be very happy to do it (that is if she doesn’t learn real quick and is already making a healthy living doing something else).
I don’t know what Robert’s thoughts are on this, I would like to know what all of you think. I’ve considered doing it with a few books. If any of you agree with the idea what other books would you recommend?
SCook85
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Matthew Chan
Posted by Matthew Chan on March 20, 1999 at 12:36:17:
You want to have your daughter read it? That’s great! It sounds like she is also interested in what you do so that is great, too.
But didn’t Kiyosaki say that you shouldn’t have someone work for the money? Granted, you want her to read and do the book report, but isn’t the $20 going to be the “primary” reason for reading it and not the knowledge itself.
I don’t have any specific solutions except maybe that you could give her more telephone time, stay up late time, or anything else that is less tangible than cash.
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Patricia (Ct)
Posted by Patricia (Ct) on March 20, 1999 at 10:28:38:
Steve,
The first year would be ok. Knowing my kids, for example would be smart enough to say they read it again and collect the $$ next year and the year after.
I strongly agree with the read it together time.
Anything she doesn’t understand now can be explained
right then and there.
I think that as you see she grasps the ideas you can on an elementary level explain the concepts of a few of the deals you have done and what you did with the income from those deals. This would show her how you reinvest in you own business, following Robert’s ideas.
As she gets older she can become more and more involved with your business. Maybe looking at free news booklets that advertise R E for sale and showing you the motivated seller ads, for example.
At the convention Lonnie mentioned that one of his children saw what he was doing, yet it took a layoff from her JOB to get her actually started in the business.
Just my 2 cents.
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by JPiper
Posted by JPiper on March 20, 1999 at 10:02:57:
I don’t like the idea of payment for reading a book. First, you’ve just given her a JOB. Second, you might teach her that she doesn’t read unless she gets paid…an unfortunate result if it happened.
I like the idea of reading with her, teaching her some of the ideas, creating an open atmosphere where she can go her own direction.
Force-feeding an idea, no matter how good, will probably fail in the end. Encouraging HER ideas WILL probably succeed. I think it was “The Prophet” that said that YOU can change to be like your children, BUT you cannot CHANGE your children to be like you. We all walk our own path…including your daughter.
JPiper
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Rob FL
Posted by Rob FL on March 20, 1999 at 07:54:39:
I don’t agree with paying her either. I like the idea of reading it along with her at bedtime. You could read a few pages or a chapter every night.
You could apply this to lots of other books depending on her reading level and other things. Cashflow Quadrant, How to Win Friends and Influence People, Power of Positive Thinking, Richest Man in Babylon (which is a great book full of stories), etc. Also maybe purchasing the Cashflow 101 game might be something to think about.
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Laure
Posted by Laure on March 20, 1999 at 07:07:20:
I agree with the cash idea. Yes, it is working for money, but it fills her head with the right ideas for later. At her age, bribe her I SAY !
Laure 
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by David Alexander
Posted by David Alexander on March 20, 1999 at 02:13:04:
Oh yeah, one other thought. Ten years from now with the time value of money, 200 bucks will probably not even peak her interest in the slightest. LOL I guess that will be good though, maybe she’ll leave it to the “peasants” to record the book and play it back to her. LOL.
David Alexander
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by David Alexander
Posted by David Alexander on March 20, 1999 at 02:07:27:
I would think that giving her the money would not be the way to go, as everyone has stated “that’s a job”.
I think allowing her use the money and get her mind in gear for creatively thinking of how she could USE the money to leverage more money for things she wants. I also would encourage her to retain the principle amount of the money and show her how it grows and compounds.
I have a daughter too, that I will get to one day start teaching concepts that took me till I was thirty to grab hold of. I can’t wait.
David Alexander
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Jason-DTX
Posted by Jason-DTX on March 20, 1999 at 01:41:41:
Robert was only nine years old in some of his examples. She should be ok. But then again I have a ten year old and I don’t think he would get it. That’s another story though. I wouldn’t pay her though, that goes against the moral of the story.
She should read the book and do the report for free, then she can charge you to read it!!! and anyone else for that matter.
If she don’t get it now, wait a few years and she will get it then. That material won’t go out of date anytime soon.
Jason
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by ScottB(CO)
Posted by ScottB(CO) on March 20, 1999 at 24:34:44:
Steve,
Should a person work for money, or for knowledge? I think the book report is a great idea, and maybe you could reward your daughter for applying a concept she gleans from the book. For instance, a way she could make money from using her intelligence/leverage her time. Then you capitalize her business venture with a low interest loan(0%). Just my $.02 worth.
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Kevin OK
Posted by Kevin OK on March 20, 1999 at 24:21:09:
A few years ago, author/motivator Charles Jones wrote about something similar. He drafted a list of books he felt his children (and others) should read. And he too payed his kids for reading and reporting what they had gleened from the books…$5 for each then. He wanted them exposed to certain ideas.
But I wonder if it is significant that Rich Dad didn’t pay the boys (in money) for the chance to work in the store on Saturdays. I’d like to read others thoughts on this as well.
Kevin OK
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by SCook85
Posted by SCook85 on March 20, 1999 at 13:38:28:
JPiper,
I do agree with everything that you said. Fortunately for me my daughter is excited about reading the book. I’m not telling her to do it or asking her. I told her that I bought the book for her. It is a very rare occasion to see my daughter without a book in hand, she claims that reading is her favorite thing to do. She voluntarily does book reports in school for extra credit.
I was concerned about my methods of rewarding her which is why I put the post out there. Reading the book alone may be rewarding enough. I already see a little of me in her, she is ambitious, she wants to do more, she is creative and comes up with ideas to make money. She was starting a baby sitting club amongst her friends. She was to be the boss while they all babysat. Her wheels constantly spin and she is always coming up with ideas.
My daughter wants to do things such as investing, obviously at her age it will be a very small scale; does anyone have good suggestions on what she can do?
SCook85
Glad I Read Before Posting - Posted by Scott (AK)
Posted by Scott (AK) on March 20, 1999 at 12:39:38:
While reading Steve’s post my thoughts were going in the same direction. JPiper said it much better then I could have.
Barney Zick says the best way to create a change in someone else is to change a bit yourself. I have found that to be very true and very effective.
I just hope when I get as old as JPiper I can effectively communicate as well as he can.
Scott (AK)
Yet Another pearl from Mr. Piper - Posted by Dirk Roach
Posted by Dirk Roach on March 20, 1999 at 11:11:44:
JPiper,
I think that you’re totally on target.
Myself I was taught to read at an early age on one of my summer visit’s to my grandmother.
Basically her intention was to get me from being out from underfoot, God Bless her. LOL.
I must have read the encyclopedia Britannica several hundred times.
But she never approached it as a punishment. And incendently I learned to love reading.
So many times in my later development I escaped through reading, but while at the same time soaking up so much information.
My siblings however hated reading. It was a chore. And it reflected in their school grades and vocabulary, comprehension and retention.
I have no children of my own (yet). But I also agree with your philosophy on “different paths”.
Most people, who meet me, would probably think that I have been pretty straight laced and such growing up. Which I’m sure my parents would find humorous, as I was pretty wild through most of my adolescence.
I feel that once one learns to recognize opportunity and act upon it, things work out.
Of course I cherish my wilder experiences in youth, as they were a great learning perspective.
Anyhow I agree with your post JPiper.
Dirk
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by SCook85
Posted by SCook85 on March 20, 1999 at 24:37:43:
Kevin,
That is exactly what I was wondering about doing the report for money. She would be working for money. Probably by the time she is 20 she will pay someone $50 to do it for her and pocket $150, then I’ll know she learned.
SCook85
Hey Kool-Aid!!! - Posted by Baltimore BirdDog
Posted by Baltimore BirdDog on March 22, 1999 at 11:38:14:
Steve,
If I had to trace my entrepreneurial spirit back to its roots, I’d have to say it was the rush I got when I, at the age of six, sold my first glass of Kool-Aid for 10 cents to one of the older kids in the neighborhood. That was so cool!!! It was almost like free money!!! Ever since, whether I knew it or not, I’ve been searching for the same type of independent money-making idea, and it seems like your daughter is doing the same. Here are some ideas…
-Kool-Aid/Lemonade stand
-Her babysitting ring idea
-Car washing
-Baseball card trading
-Model train trading
-Barbie doll trading
-Beanie baby trading
-Barbie hair salon
-Barbie fashion show
-Barbie clothing exchange
-Barbie doll house 1031? exchange
-Cleaning service
-Lawn care service (mowing, raking leaves)
-Snow shoveling
-Paper route
-Bake sale
-Selling candy/raffle tickets (for herself or for others)
-Ride her bike to birddog properties for you.
-Take her with you on the weekends and show her how to estimate value and repair costs.
In general, determine what her market/neighborhood wants, and then go do it.
Some other thoughts…
I know that some of these are jobs/businesses, but they’ll generate cash which can be put to work in income-producing assets (e.g., some of your real estate deals perhaps?).
Some roadblocks to building a business to the point where it produces passive income for her: a) unless she goes outside of the neighborhood and/or her friends, her labor supply will be limited and b) due to our litigious society, the potential liabilities (which may flow through her to you) may at some point outweigh the potential gains.
Most of the ideas involve service, negotiation, and time and personnel management, which will help to teach her sales and negotiation skills as well as general business skills.
She should be careful in that sometimes friendship doesn’t survive a boss-employee relationship.
There’s nothing wrong with making suggestions to her. At this point, she’s a sponge. Throw everything into her path, whether she’s currently interested in it or not. If it she likes it, fine. If she doesn’t, that’s fine too. Just be sure that it’s her decision. That’s important since it’s her own initiative and choice which will help her to persevere when the going gets rough (it’s for this reason that you shouldn’t pay her to read). However, that shouldn’t prevent you from opening her eyes to opportunities around her.
One final thought. Prepare her to realize that she will be in the minority. It’s difficult for us as adults, at least initially, to disregard the advice of other adults who tell us that we’re crazy for spending $1,000 for a set of books and tapes on real estate. It’s even more difficult for a child who: a) is still trying to define her own identity and “fit in” amongst her friends and teachers and b) is taught to respect and listen to the advice of adults. You yourself and your success in the “rich dad” role will go a long way toward helping your daughter disregard the advice of other adults. Call it “red light” negative thinking versus “green light” positive thinking or whatever you want. Just be sure to let her know that it’s OK to be her own person.
Hope all this helps and good luck! (Just keep in mind that she’s going to be our competition someday. Yikes!)
-Jeremy
Re: Children and “Rich Dad, Poor Dad”; - Posted by JPiper
Posted by JPiper on March 20, 1999 at 19:15:04:
Sounds like she’s doing a great job all on her own.
I would continue to allow her to come up with her own ideas. I would listen carefully to those ideas…and then encourage her to act on one that she sounds fired up about.
My theory would be to encourage HER interests, rather than to try to come up with something on your own.
JPiper
Sounds like a little Steve “ette”? - Posted by Dirk Roach
Posted by Dirk Roach on March 20, 1999 at 16:24:55:
Hi Steve,
Sounds to me like you’ve got another winner in the family! I’m really not very good with this whole children thing as I do not have any and really cannot imagine the dynamics of the relationships and such.
However I do know that Lonnie’s Grandaughter is involved in Investing situation. Her mother Janet seems to very Encouraged and happy with her involvment and interest. I would try giving Lonnie a call or somesuch as I am not familair with all the particulars.
Hey good to you and your daughter.
Dirk Roach
Re: Children and “Rich Dad, Poor Dad”; Your thoughts - Posted by Carol
Posted by Carol on March 20, 1999 at 06:33:12:
Guys, don’t forget, Robert and his buddy came LOOKING for advice and information. It wasn’t the Rich Dad’s suggestion, it was theirs.
Steve, what about reding it to your daughter - together - out loud? Maybe it would be some ‘snuggle time’ and allow her to ask questions, laugh about stuff with you, and avoid the work for money issue while making it a dad/daughter thing?
Just an idea from ’ a daughter’.
Carol