Wisdom of Rich Dad

This past weekend I was dillegently reviewing the week’s transactions on Quicken, when I noticed two charges made to Newegg.com on my Chase Freedom Card. I’m a huge fan of Newegg and have purchased items from there before, but I was pretty sure that I didn’t buy anything from them last week.

Coincidentally, I was reseraching computer parts and wondered if I accidentally added stuff to my cart and then went through with the purchase. I checked my account on Newegg and confirmed that I hadn’t bought anything from them, at least not since February 2009.

I called Chase to talk to a customer service representative, and was transferred to their Disputes department. They asked if I called Newegg to ask why I was being charged. I told them that I hadn’t, but I should maybe do that. The person transferred me again to another guy, who offered to call Newegg on my behalf. He did and conferenced me into the call since Newegg needed my permission to get more information. I confirmed that I did not buy the items in question, and also learned that the fraudsters were able to input my home address to actually use the card but have the items shipped somewhere else.

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With the right lessons and planning, your kids, as they grow older, may be able to avoid money traps like getting deep in debt from those alluring but deceptive credit card offers—and embrace sound strategies as they save for big purchases such as graduate school, car, and a home.

Here are some golden rules about money to pass along to your children.

1. A penny saved is a penny earned.

Parents can start teaching kids about earning money as early as elementary school, Silverman says. Set a weekly or monthly allowance for chores done around the house, and offer extra for helping neighbors and performing other tasks. “Allowance should not be seen as an entitlement; it should teach responsibility,” Silverman says.

Then show your kids how to split their earnings into four money jars: for saving, spending, giving, and taxes. While younger children may not necessarily owe Uncle Sam a portion of their earnings, an awareness of taxes can be useful. “As they get older and get into the workforce, they’ll find that what they earn and take home are two different things,” she says of the importance of setting aside tax funds.

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Rich Dad, Poor Dad author Robert Kyosaki has recently gotten on the prepper bandwagon and is pushing Americans to prepare for an economic collapse by storing food, weapons, and precious metals in the advent of a financial meltdown, or government crisis.  In a report from June 27th, Kyosaki and his financial advisors have come to the stark conclusion that collapse is inevitable, and short and long term preparation by individuals is not just suggested, but necessary.

Even Robert Kiyosaki is warning that an economic collapse is coming.  In fact, Kiyosaki and his team of financial experts are encouraging Americans to stock up on food, guns and precious metals.  This is yet another sign of just how close we are to the total collapse of the U.S. Economy.  Kiyosaki, who once co-authored a book with Donald Trump entitled “Why We Want You To Be Rich” is now a full-fledged prepper. – The Economic Collapse

Over the past couple of years, Rich Dad has been adding several new training programs on investing in precious metals, alternate currencies, and even in viable farmland over residential property.  Prior to the crash of the housing bubble, Kyosaki was a staunch advocate that real estate was the best way to grow rich, and to help create lasting cash flow investments.

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