Let’s play a sarcastic devil’s advocate for a minute and view the world from the perspectives of four different dads. I will try to keep this short and simple.
Rich dad: Life is all about cash flow. Income producing things are assets and everything else is a liability. Accordingly, food, clothes, cars, homes, computers, TVs, kids, love, and non-earning spouses are liabilities. You should have a net worth of $10 million before you die, only then you will be wealthy. Get rich quick (?). All other dads are stupid.
Poor dad: Life is absolutely not about money. Spend as you like and live paycheck to paycheck. Never have a backup plan for financial disasters. Consumerism exists for the benefit of the universe. Never get rich. All other dads are stupid.
Smart dad: Life is about happiness. Do what you think you are good at. If you prefer to stay employed rather than own a business yourself, then stay employed. Look for ways (within your means) to increase your wealth, but don’t overly obsess yourself with money. Always spend less than what you earn. Get rich sensibly. Observe and learn from other dads.
Stupid dad: Life is all about money. Do everything and anything you can to earn more money. Leave your day job even if you are good at it, and start a business even if you suck at management skills. Net worth of $10 million is not enough, always try for more. Get rich quick. Rich dad is your friend, everyone else is stupid.
Any thoughts? What kind of dad you want to be? 
Update: What if you are a mom? Would you have some additional (in addition to dad’s) advice for the kids when it comes to money? [thanks to Plonkee for this thought]
{ 3 trackbacks }
{ 13 comments… read them below or add one }
I don’t want to be a dad at all, can I be mum instead?
Plonkee: You got me there. Yeah, just replace the “dad” by “mom”. I was just trying to pick on Kiyosaki’s book “Rich Dad, Poor Dad” and hence the preference for “dad”.
Btw, I wonder if moms have different advices for their kids than dads, when it comes to money.
What about a WELL ROUNDED DAD/MOM?
This parent would employee their dollars to build networth, not necessarily large cash flow. Those employee dollars would eventually multiply and build a security that would allow the working dad/mom to take more time with the family. Tending to not focus just on the cash. Focusing on the life.
I guess what I am trying to say, is you/me/all of us need to be well rounded and a combination of all the dad’s you write about. All things in moderation.
LOL…..I love your post. Of course it’s better to be smart than anything. As D said you want to be well rounded. I’m not into the Rich Dad/Mom syndrome. I like stability, always stay smart and avoid complex investments. KEEP IT SIMPLE
Golbguru,
I would vote for a new category of Good Dad. As you point out, it’s not all about money.
As a Good Dad, I hope to raise my daughter with two important skills: 1) The ability to THINK - i.e. to assess her situation, make her own decisions and take responsiblity for whatever the outcome; and 2) The ability to deal with CHANGE, which is happening at faster pace every year. Hopefully, good money sense, whatever that is in the future, will be one outcome of me being a Good Dad:-)
Smart Dad rules!
I would like to be “happy dad”. I enjoy my job, I enjoy my kids (both in moderation…)
I am a little obsessive and temperamental, but then hopefully I still have a few years on this planet to work on my act…
D: I wanted to make the “smart dad” appear like a well-rounded dad…doesn’t look like I got my message across very well.
Money Monk:
Super Saver: I like the additional suggestions. Although you give a new name “good dad”…you do reflect my thoughts. I am not sure many people understand the difference between becoming “wealthy” and becoming “successful”. It’s subtle, but it’s important.
Shadox: We all have those hidden dads in us somewhere…but yeah, I would like to be the “smart dad”, or “happy dad”, or “good dad”, or “moderate dad”…rather than the rich dad.
I just wrote a post on avoiding being a rich dad or stupid dad as you define it. Basically not being a money-grubber and going for a better purpose than that. I think poor dad is also stupid dad, but happy dad could be money-poor also.
Mostly I dislike all the talk among the financial advice establishment about how everybody needs to just save all the time, skip lattes and just basically do nothing but count money. To me, none of that is useful in making your life better.
Id say a combination of Rich and Smart day, perhaps “smich” dad?!
I used your post as a jumping-off on my blog, too. Very thought-provoking! We are fortunate that my spouse earns enough for me to not work — and it does mean that we practice economies like not taking fancy vacations very often and not driving new cars (one vacation in 15 years). And he has worked at jobs that don’t pay as much but have allowed him to be home when needed — and to be there for school performances and such. Of course, many families don’t have the earning potential and both parents really must work to pay for rent and necessities! For us because our income allowed, parenting has come first, we trust that we will have time after for more focus on financial matters. Hoping that makes us “smart” parents!
stidmama: I totally understand your situation. Looking back, I think my parents were doing something similar for me.
Very interesting issue to known more about dad! Although these make sense for the “male” gender of human kind think…However, if your dad falling in Poor or Stupid categories, would you choose to have a Poor dad than a Stupid dad…i don’t think soo,rite!
___________________________________________
a penny a day, make your life better always
http://www.sendmoreinfo.com/Id/3107424
Great article, I have something about similar issue on cashflow. I invite you to visit my site.
Leave a Comment