Yahoo Finance Robert Kiyosaki Claims the Rich Don’t Celebrate Labor Day — Here’s Why
Labor Day, which marks the unofficial end of the summer and the back-to-school season, falls on September 2 this year. And while this holiday — always on the first Monday of September — conjures images of barbeques, beach days and late summer nights, for some financial experts — it’s not really one worth celebrating.
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Indeed, Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” said he’s always found Labor Day “to be a curious holiday.”
“It is a celebration of the contribution that workers give to the economy, a time of rest dispensed by business owners to their employees who tirelessly toil,” he said in a Rich Dad blog post.
“I appreciate the contributions of the workforce to the economy as much as the next person,” he said in the same post, “but I find it a shame that many people come back from these types of holidays saying things like, ‘I could have used one more day,” or, ‘I need a vacation from my vacation.'”
Before we jump into his Labor Day perspective, here is Kiyosaki’s roadmap to debt-free living.
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What is Labor Day?
As History.com explained, Labor Day is a day to recognize the achievements of American workers and was created by the labor movement in the late 19th century.
Labor Day became a national holiday in June 1894 when President Grover Cleveland signed the Labor Day bill into law, according to U.S. News & World Report. Yet, while it is often equated with being a national vacation day, U.S News & World Report notes that Congress’ proclamation covers only federal employees, as it’s up to each state to declare its own legal holidays. In turn, for instance, many stores remain open.
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Still a Rat Race
According to Kiyosaki, most workers have a problem finding rest on their days off and Labor Day is no exception. He said that this is partly due to workers often using this time off to actually catch up on other aspects of their lives.
“So the ‘time off’ is really just an exchange of one type of work for another,” he said. “And it’s also partially because most people are so wrapped up in the rat race, working to pay for a lifestyle they can barely afford, that even when they’re resting, the stress of their financial life weighs heavily on them.”
Instead of Celebrating a Day Off, Focus on Self-Improvement
According to Kiyosaki, there are two events that collide in September and choosing which one you will focus on could make a difference.
While the beginning of the month starts with Labor Day, the rest of the month celebrates self-improvement because September is Self-Improvement Month, he said in the blog post.
This is a time to improve yourself, re-assess your priorities and set new goals, for instance.
“One of the best investments that you can make in your life is to invest in improving yourself physically, spiritually and mentally,” according to Compass Health, addressing self-improvement month. “Self-improvement could be any set of steps or actions (minor or major) that you take with an aim of making yourself better than you were before.”
And Kiyosaki — recalling his childhood — said something along the same thought process, that focusing on living out the ethos of self-improvement is one way of becoming rich.
He evoked his father — who, while a hard worker — could never get ahead, “no matter how hard he worked and no matter how much he made,” he said. “It killed his soul and crushed his spirit.”
In contrast, his friend Mike’s father also lived out the ethos of self-improvement — yet, he did it differently, which proved more successful.
“But instead of getting graduate degrees (or any degrees at all!), he read a lot on how money and investing worked, attended seminars and learned about business from mentors,” Kiyosaki said. “This contrast between my father and Mike’s dad is what led me to call my father my poor dad and Mike’s dad my rich dad.”
“These titles were less about where they stood in terms of earnings, though Mike’s dad made substantially more than mine and more about where they stood in terms of mindset,” he said.
Changing Your Mindset
In the end, Kiyosaki said it boils down to changing your mindset or as he puts it, to move from being a laborer to an investor.
“Those that spend the month of September improving themselves will most likely focus on things like exercise, diet, hobbies, etc.,” he said. “These are all good things, but the best form of self-improvement is to change your mindset about money and investing, about what constitutes truly valuable labor to begin with. Everything else will follow from those changes.”
He also cited a study, which found common traits around the world of people born into poverty, who eventually became wealthy.
First, he said, they maintain a long-term vision and plan. In essence, they plan and hold to a vision. Then, these people also abide by delayed gratification.
“Rather than get everything they wanted right now, these people were willing to make short-term sacrifices to gain long-term success, which is the basis of delayed gratification,” he explained.
Finally, they use the power of compounding — not only the compounding of money, but the compounding of knowledge and learning, he said.
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