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The Property Podcast

TPP345: Rich Dad Poor Dad Revisited: 5 essential lessons, and 2 important warnings

The Property Podcast

Rob Bence & Rob Dix

Business News, News, Business, Education, Investing

4.82K Ratings

🗓️ 24 October 2019

⏱️ 30 minutes

🧾️ Download transcript

Summary

They still hear it all too often ‘Rich Dad, Poor Dad changed my life!’ So this week on The Property Podcast, Rob & Rob are going back and taking a revised look at the book and sharing the lessons that they took away from it, and what they just don’t agree with.  In today’s episode you can expect to hear what the five key lessons are that you should take away from this book, but also the two things that you should be very careful of. This beloved motivational book is now 20 years old! But it still seems to have a huge impact on people’s lives. So Rob & Rob are going to explore why this book is so influential, their experiences, recap key lessons and let you know what they think of them now with the benefit of hindsight.  Here are the five lessons Rob & Rob learnt from the book: Be in control of your finances - Your employer or government will not. Passive Income.  Good debt vs bad debt. Pay yourself first. Keep your job and invest. And what don’t they agree with?  You’ll have to tune in to find that out.   This week’s news story is a 22 page report from HomeTrack on the current rental market, which is a quarterly report. Luckily the BBC website has summarised the report and what the key take away points are.  There’s a number of cities where the rents are up, and wage growth has been relatively strong this year too. So even though there’s plenty of locations where rents have increased, there’s only three UK cities where rents have risen faster than wages, resulting in renting becoming less affordable. These locations are Nottingham, Leeds and Bristol.  Looking at the report, there’s an odd mix of locations that are put together, but on the whole, it seems that Rob & Rob were right at the beginning of the year when they pegged certain cities as places to invest this year.    In other news (and just in case you missed it!), yesterday we had a new YouTube video go live! You can now head over there and find out how to invest £50,000 - a question that The Robs get asked all the time. So head on over, give it a watch, and don’t forget to subscribe.    You won’t be surprised that this week or Hub Extra recommendation is in fact the Rich Dad Poor Dad book, but as an added bonus, we’re also recommending Rich Dad Poor Dad 2: Cashflow Quadrant. These are by far the two strongest books that you need to read, so go grab a copy and let us know what you think of them.    We’d love to hear what you think of this week’s Property Podcast over on Facebook, Twitter or Instagram. You might even have a topic you’d like us to cover in the future - if so, pop us a message on social and we’ll see what we can do. Make sure you’ve liked and subscribed to our YouTube channel where we upload new content every week! If that wasn’t enough, you can also join our friendly property community on the Property Hub forum. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Rich Dad, poor dad. It's a book that many have said has changed their lives, but others don't agree with some of the concepts.

0:10.0

So, after not picking it up for years and years years we've gone back and picked out the key

0:15.2

lessons but also the things that we just don't agree with. Welcome to the property podcast where every Thursday morning property investors come to be

0:29.2

informed and inspired. This week as Rob said we're revisiting a book that's probably the most

0:34.7

influential in property investment circles, but is controversial as well. I was surprised

0:40.3

when going back and reading this book for the first time in years at some of the things

0:43.8

that I'd forgotten, some of the things that I'd misremembered, and some of the ideas that

0:47.3

I just accepted on first reading that now I'm really not at all sure about. So in this week's episode the five key lessons from

0:54.4

Rich Dad poor dad that you need to know and the two things that you should be very

0:57.8

careful of. So this week's news story is a 22- report by Home Track on the rental market right now

1:06.0

and it's a quarterly report. Now don't worry, we're not going to go through all 22 pages.

1:10.2

Unfortunately, the BBC website has done a good job of summarising the key

1:13.9

takeaway points from this report but it's interesting Rob. It is interesting for

1:18.0

lots of different reasons. There are lots of cities where rent is up but

1:22.3

actually wage growth has been really strong this

1:24.7

last year so even though there are plenty of cities where rents have increased there

1:28.6

are actually only three UK cities where rents have risen faster than wages so renting has become less

1:34.6

affordable and those are in Nottingham where rents are up 5.4% and also Leeds and

1:40.4

Bristol where they're both up 4.5%. So rents growing fast in those cities

1:45.4

presumably because of high demand. But there's also a really interesting mixed

1:50.0

picture down the bottom of the League Rob. Yeah so at the very bottom and by some

1:54.7

way is Aberdeen and we've touched on Aberdeen before it's a very

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