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Book Review Part 3 – What’s your definition of Financial IQ?

From thought provoking to head scratching…that’s where I’m at with, “Why We Want You To Be Rich,” by Donald Trump and Robert Kiyosaki because they’re giving me something to think about.

I might be a 50-something Baby Boomer, but apparently I’m in preschool as far as financial education is concerned.  And, this does not distress me!  Rather, it excites me because there is so much I don’t have to unlearn!  Yes, there is much MUCH I have to learn, but that’s quite okay with me.

Mr. Trump says, on pgs. 82-83:  “We all have our definitions of financial IQ, but it’s a living term [italics mine], therefore it’s always changing.  To me, it means having the ability to chart the economic waters nationally and internationally, to be able to look beyond the present and into the future, and to make decisions based on those assessments and insights.”

Previously in chapter five, Mr. Kiyosaki listed out 7 real problems facing everyone [this is, indeed a global everyone], and Mr. Trump then commented that any one of them “could spell financial ruin for any country.”

1.    A growing trade deficit

2.    A growing national debt

3.    A falling

4.    Baby Boomers without money

5.    Entitlement mentality

6.    Higher oil prices

7.    Tax breaks for the rich

The one I want to focus on is #5…”entitlement mentality.”   My parents’ generation felt they were entitled to their government “pension,” as my dad used to call it – Social Security – to see them taken care of through old age.  The reality was awful.  After my dad passed away, my mother needed to continue working…there was no way that Social Security would cover her needs.  She continued working as a manager for a property management company that specialized in subsidized government housing for the elderly.  Some of the people in mom’s apartment complex were living on less than $500 a month.  And that was at least 5 or 6 years ago.  I know someone now who’s total Social Security amount will be about $450…that won’t even cover food anymore.   What does this portend for the Baby Boomer generation?

Here’s my opinion: we, the American people, are not entitled to anything beyond that which is stated in our constitution, and no where does it say that we can simply quit working at a certain age and rely on “the government” to supply our basic survival needs.  It’s our job to provide a roof over our heads, food for our table, clothes for our backs and the ability to pay our doctors and pay for our medications.  And none of that should be done on credit. – as I said, my opinion.

Which leads to #4 on the list: Baby boomers without money.

This is a blog devoted to home-based business.  The opportunities are out there for anyone desiring to do as Mr.’s Trump and Kiyosaki suggest, to increase their financial education, and to become part of the “rich.” 

Mr. Trump concludes chapter 5 with an intriguing assignment:  “…here’s your assignment first: Give some thought to your roots and why you’re doing whatever it is you’re doing today.  It’s a good way to start thinking for yourself….What is important is what you want for yourself and your family.  Do you want to be rich?”

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