When it comes to personal finance, the advice to “live below your means” is thrown around like confetti. While it’s practical advice, is it always the right move?
Robert Kiyosaki, the author of Rich Dad Poor Dad, and U.S. President Donald Trump, have a different take on this philosophy. Let’s dive into their perspectives and see if it’s time to rethink your money mindset.
Robert Kiyosaki: Is Starving Your Finances Healthy?
“Live below your means” sounds like the financial version of a crash diet, doesn’t it? Kiyosaki compares this advice to telling someone who wants to lose weight to go on a starvation diet. It might work temporarily, but is it really sustainable or healthy in the long run?
Kiyosaki argues that starving yourself financially—cutting back on every little thing—won’t make you wealthier. Instead, it could drain your energy and creativity. After all, how can you think big or invest in yourself if you’re constantly in survival mode?
Key Takeaway
Instead of shrinking your lifestyle, Kiyosaki suggests expanding your financial horizon. Focus on growing your income through investments, entrepreneurship, or learning new skills. Wealth, he believes, comes from abundance, not restriction.
Donald Trump: First-Class Mindset, First-Class Results
Trump shares a story about a friend who was struggling financially but always insisted on flying first class. Crazy, right? Maybe not.
This friend wasn’t splurging for the sake of comfort; he wanted to feel successful. Flying first class gave him a sense of importance and confidence, even when his bank account didn’t match the lifestyle. According to Trump, this mindset played a crucial role in his friend’s eventual success.
Also Read: Bob Proctor and Presdient Donald Trump Thought Frequency
Why Mindset Matters
Trump believes success often starts in your head. If you think of yourself as a winner, you’re more likely to act like one. His friend’s first-class habit wasn’t about luxury—it was about conditioning his mind to aim higher.
The Debate: Save or Spend Strategically?
Now, you might wonder: Should I spend beyond my means to “fake it till I make it”? Not necessarily. Both Kiyosaki and Trump emphasize mindset over money. The idea isn’t to blow your savings on luxuries but to strategically invest in things that elevate your thinking and opportunities.
When to Save
- If you’re drowning in debt, cutting back temporarily might be necessary.
- Saving is crucial when building an emergency fund or planning for significant life changes.
When to Spend
- On personal development: courses, workshops, or experiences that expand your skills.
- On tools and resources that help you achieve your goals.
- On moments that boost your confidence, like Trump’s friend flying first class.
The Bigger Picture: Wealth Starts With You
Both Kiyosaki and Trump remind us that wealth isn’t just about numbers in a bank account. It’s about how you think, act, and invest in your future. Sure, budgeting is essential, but don’t let it limit your vision. Sometimes, thinking like a millionaire—even before you are one—might be the first step toward becoming one.
