Robert T. Kiyosaki | Sharon L. Lechter
1 A Vital & Profitable Perspective
This book is a Charter Member of my Self-Help Collection.
I credit this book with getting me to the point where I
actually went out and bought my first house -- instead of
just thinking about it. That was a major turning point in
my financial career and in my life.
There are a number of KEY books that helped me to develop
the best aspects of myself as a man and as a person. This
book is one of those cornerstones of who I am. It is timeless,
universal, and comprehensive in its coverage of the subject
material.
Other books and self-help products which are on par with this book are:
NEW SEX NOW: Life's Ultimate Pleasure
Giant Steps
Think & Grow Rich
How to Win Friends & Influence People
Self Matters
7 Spiritual Laws of Success
Ageless Mind, Timeless Body
THE 4 AGREEMENTS
The Power of Concentration
GODDESS WORSHIP
I believe that anyone who wants to be a great person would do well to study all of the above very sincerely.
2 Get ready to change your status quo
RDPD demands of you. It grips you and challenges your status quo regarding studies, careers, all financial thinking. Most people will read it and say great book, excellent book, put it down and do nothing afterwards. If you're yearning for change and you want to become a millionaire, then this is one way to get you there. If you don't already have some insatiable desire to become a millionaire, this book will not give that desire to you - it has to be there, ready to explode from within using RDPD principles. If you are quite content with the corporate life and do not wish to become your own boss, you'll appreciate the book but from a merely `Good book' mindset. Why Buy: To become a millionaire. As a gift for an entrepreneurial minded friend. As a unisex gift you keep for the day you forgot to buy someone a gift for an occasion you should not have forgotten.
3 Great education.
This book is one of the greatest education tools a person can read. Get it.
As far as the negative reviews and people saying the author isn't rich or whatever:
1. Who cares- what he teaches is true.
2. He doesn't say "do this" and "you'll get that".
His main statement is to "pay yourself first". Use this money to participate or buy more "income producing assets". Don't spend the "new" money- reinvest it until it produces what you would like to receive per month.
This can be accomplished whether you work on a job or not. Have your own business or not. Have a college degree or not. It doesn't matter where you are in life, you can apply what he teaches.
4 He is a total fraud!
Kiyosaki very effectively communicates a sociopath personality with a singular focus on wealth as sole determinant of a person's success. His only useful advice is that to be wealthy, one should buy money producing "assets" and not buy money draining "liabilities". I agree that this is a good mindset to have but now that you know it just from reading this review, you don't need to spend hours suffering through the book. As for examples of "assets", he touts real estate and basically says that you "only" need to go and buy houses that some idiot is selling well below market price, and then sell them. To tell you the truth, I did go looking for houses selling well below market price, but didn't manage to find any.
Kiyosaki writes of a fairy tale land that exists only in seminars. His books are completely fictional. I've decided that next time I will just invest in one of Bobby's companies, where he is in charge of finding these mythical properties, and I am more than happy to pay him a commission of 50% of profits for doing so. Unfortunately I haven't seen one mentioned.
Robert Kiyosaki does not own any real estate companies. In fact searches of titles show he hardly even owns any real estate. He has no substantial holding in any listed company at all. Prior to the Rich Dad books becoming such successes he was pretty much penniless.
He is a total fraud who never made any money at all with investments, his sole source of income is his "Rich Dad" franchise, book royalties and seminars. He started out his career by lying about his wealth, now the true believers are willing to throw so much money at him to hear him speak that he now has real wealth, but he knows little in the way of wealth creation itself.
The great Robert Kiyosaki has mastered the technique of selling pipe dreams and persuading people to spend more money on his other products and seminars down to a fine art form. You'll note that while he never shares anything really useful, he does dangle you the promise that finally one day he'll release the "secret" of how you will one day make money without hard work and without having money in the first place. But alas, the "secret" turns out to be to con people into believing you have the "secret" and persuading them to pay you money to learn this "secret" that you actually never had to begin with.
If you wanted to read a book about Robert Kiyosaki's actual wealth creation methods it would be entitled Creating Wealth Through Writing Wealth Creation Books and putting on expensive seminars with a real estate flavor."
5 Rich Dad = Author
This book has some good points, but could they could be written in 3 points.
1). Gain profit producing assets (real estate, stock)
2). Re-invest for more profit producing assets.
3). Avoid liabilities
Disappointed that no methods for doing the above for the poor were laid out.
I think Mr. Kiyosaki is another saturday morning get rich quick scheme guy.
6 Just the opposite of what MFPT taught you!
Recently in a Toastmaster meeting a speaker told us how we hardly ever challenge what our "Mother, Father, Preacher, Teacher" (MFPT) taught us. Fact is, times change. We must change with it ... Or, suffer the consequences.
A couple of years ago I received and read a booklet summary of Rich Dad, Poor Dad. To say the least it was a compelling read. In fact, I still display the booklet on my bookshelf for quick inspiration.
Rich Dad, Poor Dad, is a book that teaches six main lessons:
1) The rich don't work for money
2) Why teach financial literacy
3) Mind your own business
4) The history of taxes and the power of corporations
5) The rich invent money
6) Work to learn - don't work for money
Throughout the lessons, Kiyosaki helps us understand that to achieve financial success we must do something we are never taught in school and that is "to think."
For the budding Entrepreneur, chapters four (Mind your own business) and five (History of taxes and the power of corporations) hold special interest. The first, because "there is a big difference between your profession and your business" and the second, because taxes are the single largest expense for most of us - at least until we become wise.
Rich Dad, Poor Dad is, at least to me, more than a book about financial literacy, it is about changing your perspective of the world. In the movie Matrix, Morpheus says (in order to "become the one") to Neo "Free your mind". And that is exactly what this book will help you do.
-----------------
Michael Davis - Editor, Byvation
7 Sudden Revelation!
First of all, let me say that I have never written a review and probably will never write another review. I am only writing this one because I feel very passionate about this horrifically written book with very dangerous ideas.
After reading "Rich Dad, Poor Dad", I had a suddenly revelation: Mr. Kiyosaki is wealthy and continues to be wealthy because idiots like me support him by buying his books. Luckily for me, this is the first book written by Mr. Kiyosaki I purchased and definitely will be the last.
I generally do not purchase books that promises the "secret" to wealth and prosperity because I have always believed that hard work (or inheritance) is the only "secret". According to Mr. Kiyosaki, that means my dad is a "poor dad." First of all, I will not dwell on the fact that this book sounds like a "broken record", as many reviewers have already mentioned that. Secondly, the book contains so many grammatical and typing errors that it looks like the book was written in a hurry to make a quick buck (or a quick $16.95). Finally, many of Mr. Kiyosaki's secrets and ideas are simply illegal. Mr. Kiyosaki describes trading stocks using insider information and tax avoidance by expensing personal expenses as business expenses as two ways by which the rich becomes richer. Perhaps some people would be able to get away with it, but to say the the rich as a group can get away with illegal acts such as these is simple fantasy evidenced by many cases of corporate officers being indicted for insider trading or tax avoidance (e.g., Martha Stewart and Dennis Kozlowski).
I do agree with one reviewer who says this is more of a philosophy book rather than a methods book. However, this books has always been marked as one which contains methods by which the rich becomes richer. Perhaps falsely marketing a book is another one of his "methods" by which the rich become richer, but Mr. Kiyosaki conveniently failed to mention this one in the book.
I did learn one thing from "Rich Dad, Poor Dad": this is one "liability" I will never purchase again.
8 Helpful book
This book has changed the way I am looking at my life and financial future. I am planning on giving copies to my friends. My Mom became very excited after reading this book and told me to read it. I wasn't very much into it but as I kept reading, I knew I was wrong about it. Great book and easy read.
9 Awesomely powerful in its simplicity
This has been the catalyst for me to put what ive always been thinking somewhere in my mind into action! I would advise everyone, regardless of age, to read this book! Awesome.
10 GOING OVER NIAGARA FALLS IN A BARREL
"Going over Niagara falls in a barrel", let's ponder over this statement. It's possible for some people in this world to go over Niagara falls in a barrel and may even survive to talk about it, however most of us will fail. This is exactly how I felt after reading the information in this book.
This book is like a broken tape recorder, where you read the same concept ad nauseam through out. I agree with one of the reviewers that everything the author mentions, is said in the introduction. The information in this book is just like an infomercial; wait a minute, Robert Kiyosaki, has an infomercial: You watch it, get inspired by it and then decide to purchase the product, only to realize that the product is worthless. This book is nothing more then a fairy tale, that makes you feel great, but in reality it's impractical.
One of the reviewer wrote,"The negative reviewers I suppose are the same people giving high reviews to those doom and gloom books that are coming out now enmasse and they probably spend most of their time watching the news and reading the newspapers and fill their minds with all of the rapes, murders, robberies and deaths. They are also probably unhappy with their lives and their boring jobs." Speak of making generalizations.
My negative review isn't because I'm disagreeing with the author about the importance of being self employed and being in charge of your own destiny; I wish most of us can do that. I also agree that, by working for someone else you're making someone else rich. My main question is, how do you go about leaving your job and becoming self employed?
Having a university degree, I agree that we are taught in high school and university to work for someone else, but most of us have to begin from somewhere, unless we have the fortunes of the HILTONS and TRUMPS to give us a head start. Maybe we all know what's the secret to becoming wealthy, but getting there is easier said then done. That's not to say, we shouldn't have high goals in life and shouldn't strive for financial independence, but in the mean time work hard and try to save our money.
11 Highly Recommended
I read this book cover to cover on a flight from LA to New York. I wouldn't be surprised if some of the stories have been embellished, but what hooked me was the essence of the book and its powerful message. This book will teach you or remind you of the principles for creating wealth and motivate you to get out of your "j.o.b" (just over broke). It's generally more inspirational than practical, but it does give an excellent overview and starting point for making positive changes in your life if your goals include creating financial freedom for yourself.
12 Use it as a guide not gospel
Most of the advice in this book is just merely a guide, a concept of understanding of money and the society that we live in. For example, limit your liabilities and increase your asset is good advice. No, I would not take his advice word for word but his concept is sound and solid. I give him 3 stars for at least trying to bring awareness about how money works.
As an observer and participant of Silicon Valley tech industry, I noticed that many successful participants of the tech industry started out working for someone, learned the trade, took some risk, built his/her start ups, IPOed or sold out, gain some fame and move on to become an investor or venture capitalist-- from employee to owner to investor---followed similar path to Robert Kiyosaki's thesis.
What is not shown in many advice books is the holy grail of capitalism; how to make the first million, as in everything the first big break is the hardest to achieve. Perhaps because this vital first is the hardest to teach since people have different approaches to reaching their "first" based on talents, opportunities and circumstances. My personal advice is still, "invest" in what you are passionate and good at since all of us have different interest and talents.
13 Totally got his point - A must read
I think this book is a great guide, it makes you think, it makes you aspire. An yes maybe all of us are not destined to get rich but there are some of us that are and this book gives you an insight of how to get there. I have been an employee all my adult life and have changes jobs several time, each time with a nice salary increase and yes each time paying more and more taxes, I am considered the middle class, hard working, good employee, educated to the max, but in reality if we continue to live that way we will never accomplish much we will still sit and admire the Trump's of the world and wonder how they got where they are. This book gives a look into that world and that it is possible to get there or at lease give you kids a fighting chance to get there instead of doing what we all do, work for the shareholders of the company we work for and in the end what do we get in return, some of us gets laid off, some loose their retirement and more. This book is simply lending a hand on how to think for ourselves and take care of what we have and not just go from employer to employer trying to achieve wealth because it will not likely happen. Now many of you keep stressing of Robert saying to forget a good education, it is really sad if that is all you take away from this book. If my memory serves me he did say that he had no issues with education, what he had issues with is what they prepare us for, to get a "GOOD JOB". This book is a must read and it is not a manual or a get rich scheme it is merely a guide to awaken ones mind.
14 Inspiring to some, misleading and dangerous to most
For the most part, it seems that people either love or hate the book and now having read it, I think I understand why. Most likely it seems that it depends on your personal situation and knowledge prior to reading the book.
I think that if you were someone who was just making ends meet, using all of your salary to support your lifestyle (in Kiyosakian parlance, buying "liabilities") and doing little to save and invest (buying "assets"), I can see that this book might serve as a wake up call and can inspire and motivate people to look for ways to possibly change their situation. Furthermore, the book's various claims, (however misleading or unrealistic as I point out below) plays right into such people's desires to learn the "secret of success" of the rich that if only they knew, they could quit (or abandon their plans) to go to school, quit their jobs and just invest and live off of investments the rest of their lives without working.
OTOH, if like many of us, you were making a good salary WORKING but spending responsibly (i.e. limiting "liabilities) and meanwhile trying to invest aggressively as much as we know how to do based on our unique circumstances and preferences (buying "assets"), the book really provides no substance and stretches credibility. For us, you don't need inspiration and what specific info the book provides is either dated, incorrect, or misleading. Also for many of us, we didn't read it realizing ahead of time that it was entirely a motivational book rather than a "methods" book since the title alludes to "methods" that that rich possess that we of humbler backgrounds lack.
This book makes fantastic claims. There is a quick and easy "secret of success" that "the rich" (always treated as a monolithic group) know and the rest of us don't; this "secret information" is far more important than hard work, getting a good education, investing wisely, or any traditional method to become rich and successful; and if you only learn "the secret" (translation: buy Kiyosaki's book) you, too, will be rich.
According to Kiyosaki, "the rich" become rich by using three different strategies: 1). They form and own corporations, thus paying less taxes than people who get their income as employees. 2). They invest in real estate in certain "secret" ways that let them earn a lot of money with little risk or tax liability; 3). They use tips from friends for insider's trading to make a killing in the stock market. Kiyosaki's advice, in essence, is to suggest to the reader to emulate "the rich" by using the same tax-avoidance strategies, real-estate schemes, and insider's trading "they" supposedly use to get rich.
There are only two tiny problems with Kiyosaki's advice. First of all, these "secret strategies" are NOT the way the rich actually make money; it is rather the LAYMAN'S IMPRESSION of how the rich make money, an impression based mainly on numerous TV shows and movies which portray "the rich" in this way. As the (excellent) book "the millionaire next door" shows, this description bears no more relation to how the rich actually make money than James Bond films have to actual espionage work.
Second, not surprisingly, the "strategies" Kiyosaki proposes could work only in the movies - where, of course, the government and police are all in the millionaire's pocket, and let him "get away with it". If you actually try them in the real world, you will be laughed at, waste your time and money, get audited by the IRS, or worse.
For example, in reality, coroprations are *not* good tax shelters. In reality, you *cannot* deduct your personal expenses as "business expenses", or have your corporation give you "tax-free gifts" such as trips to Hawai or Rolex watches, as Kiyosaki claims. Doing so would get you audited and stiffly fined (or worse.) Also, in reality, "insider's trading" is a felony which could land you in jail. Finally, in reality, Koyisaki's real-estate advice is either illegal (as in his claim of using his cat as a "business partner"), immoral (as in getting "good deals" from unsophisticated sellers, apparently based on the principle of "it is immoral to let a sucker keep his money"), or doesn't work in the real world (such as his claims that he offered 275K for a 450K building and "they agreed to 300K", or that a bank agreed to take 50K instead of 60K for property he bought "simply because it was a cashier's check.")...This book, in summary, paints a fantasy picture of the world, and gives "financial advice" that will make you a laughing stock at best and put you in jail for insider's trading or tax evasion at worse.
If you have dreams of being the next Gates, Trump, etc, I'd say go for it. But don't give up your day job just yet based on Kiyosaki's fantasy notions because the real world doesn't work that way. The bottom line is that whether you work hard at a profession as an employee or whether you work hard to invest and build businesses, you will need to work. It is safe to say that while a few people will be able to invest and build businesses and live off of their assets without working, many of us won't be able to pull it off. There's nothing wrong with trying but don't do it with the mistaken notion that you'll automatically be better off than if you kept your job and invested carefully over a lifetime because you probably won't be.
15 Because it's a scam
Someone wrote that they didn't understand why there were so many negative reviews. A cursory search on the internet will reveal that this book very likely ought to be in the fiction category.
Good luck to those who use this book as a guide. For those of you who buy it, then daydream about making it big using these techniques, then rate is as good fiction. That is how I believe it is best described.
16 Action Equals Rewards, review by www.BusinessideasClub.com
Rich Dad, Poor Dad
Review by www.businessideasclub.com
There are two types of readers:
The first type will benefit greatly from the ideas they get from this book. They are the positive minded individuals. They will read the book and they will take some action directly or indirectly. Action is the key to success. The rewards follow.
The second type will read the book - and they may fail to understand what the fuss is all about. They will think the book is useless. They are the negative types. That's why they will probably remain where they are today.
If you are negative minded and hate change, this book will not help you. If you are always keen on improving yourself, you'll love Rich Dad Poor Dad.
17 A philosophy, not methods, book
This book is great for those of you who are looking for a way to change your thinking and gear it towards a profitable future. He takes what should be obvious, at least in hindsight, and explains it so that we understand it. A lot of this is common sense, but as I said, we overlook these philosophy tenets so much because of our emotions and feelings that we do indeed miss the many opportunities that are potentially in front of us.
But, alas, this is a philosophy book, not a methods book. So use this as guidance on how to think and look elsewhere for a methods book.
18 A Few Insights But Mostly Manipulative, Misleading Drivel
A friend who raved about the book ask me to read it and having done so, I have to admit that I am mostly on the side of the critics rather than the proponents.
The main problem that I have with the book is that most of it is fairly misleading, munipulative and when you see through the smoke, lacking in substance. This starts from the very sub-title of the book, "What the Rich Teach Their Kids, That the Poor and Middle Class Don Not!". Admittedly this angle is very eye-catching and Kiyosaki plays into the the myth of how non-rich people THINK rich people make and grow their wealth and also taps into the resentment of working class salary earners. It is of course appealing to such people that really want to believe there is some short-cut, secret "teachings" that they only need to know to become rich without having to work for it. If only it were real.
Much of the book alludes to the the fact that the rich have certain "secrets" that they teach their children that we're missing out on. But when you actually finish reading it, you realize you've been pretty much mislead and manipulated and the few specifics he mentions are bad advice. For instance, he talks about incorporating yourself to save on taxes by deducting personal expenses as business expenses. But this doesn't work because even if corp taxes are low, your shell corp would still need to distribute the money to you personally and you'd still then pay personal taxes, thus you've just paid taxes twice and haven't saved taxes at all. It is also illegal and dangerous to make bogus business deductions that are personal expenses. The "rich" have tried this before and have been auditted, fined and even put in the slammer (remember Leona Helmsley). He mentions in the book incredible stories of how he made money by buying real estate at way below market giving the impression that you can just go out right now and see such opportunities all around you.
He talks about how the "rich" mainly make money from accumulating so-called "assets" that produce passive income streams rather than working hard like most of us do. But again this is more feeding the myth of the "rich" rather than the reality of most "rich". Yes, Bill Gates, Trump, Billionaire author JK Rowlings, etc. etc. own various income producing "assets". But they didn't merely "accumulate" them, they almost entirely built them using innovation, creative and MUCH HARD WORK. Sure once you have a billion ALREADY, you can buy businesses, rental properties, etc that can make money. But unless you gamble and get lucky or inherit it, you're going to have to do it the hard way the same as Gates, Trump, etc lots of hard work, creativity and some luck to build and grow your business.
Think about it another way. If an "asset" can make a ton of money, other than by creating it from innovation and hard work in the first place (or inheriting it), is that current asset owner going to give it away to you? Sure JK Rowling's Harry Potter asset makes millions. But you won't acquire it from JK without spending a few billion.
The books fairy tale that alludes to some short cut may play to people's fantasies and wishful thinking but it is hardly practical or realistic. Yes if I am rich myself I too will teach my kids not to blow the inheritance on personal spending but insteaed invest some of it in various "assets" so he can continue to make money "passively" and live off the inheritance. But if this is the so-called "secret", then its not saying much to most of us that have to build up this wealth in the first place because Kiyosaki doesn't tell you how at all.
Also think about Kiyosaki himself. Why is he making all these sleazy late night informercials and hawking his wares and lectures at insane prices? I thought he "retired" and figured out how to make tons of money "passively" without having to work hard. Maybe he runs his Rich Dad business for fun, but most likely he'd doing it because he himself actually never figured it out but did realize (like most other get rich con artists) that you can make money telling OTHERS that you have the "secret" much more than by employing supposed "secrets" yourself.
19 If extreme redundancy kills you, don't buy this book...
Though many of the points the author mentions are important enough to bear repeating, this short book could've easily still been cut in half if redundancy was kept to a minimum. He says the same things so often throughout the book I felt like he was treating me like a retard that needed to be reminded of something 50 times within the same chapter.
Still, it is a very informative book on the psychology of money and the relationship people have with money. Highly recommend it.
20 Amazing
It's amazing how passionate people are about this book. It's either true love or true hate. I read the book and thought it had a pretty good foundation on wealthy. I thought it could have had more details however. Another book, Stop Working by Rohan Hall has some similar concepts but gives the details on how to execute his strategies for indefinite wealth. I enjoyed both books but got more from Stop Working because it was less fluff and more specifics.
21 Master of the Obvious
Like others have said, the author simply lists logical steps to becoming wealthy that might as well be common sense to most people, such as saving more than you spend. He takes a couple of simple ideas and keeps on talking about them throughout the length of the book, without any real content...he seems to just be talking for the sake of talking. I tried to read as much as I could but simply could not swallow all the drivel.
As for Kiyosaki himself, you need simply go to these websites and learn a bit more about him before you pluck down your hard-earned money to buy this book.
http://www.johntreed.com/Kiyosaki.html
http://slate.msn.com/?id=2067175
22 95% found a 3 lines review helpful!
The top reviews here including the (Excellent book., July 18, 2002) review try to tell that the book is excellent (while it's not) and you'll find that 95% or more found a 3 lines review helpful and reliable to take a decision whether or not to buy the book! I guess that Kiyosaki gave $3 to 3 kids, $1 each (you'll know that this is what he's willing to pay if you read the book) to click hundreds of times that the review is helpful and the book is excellent!! The first story he told in the useless book was how he and one of his friends tried to counterfeit coins when they were children... this tells about the mentality of the author... I don't think I should write any further! BUT to recommend something useful, try to get books about Managing Cash Flow or The Wall Street Journal Guide to Money & Finance.
According to one of the reviews here, I now feel $16.95 poorer cause I bought this book, I should've bought it from Amazon to minimize my loss.
23 Common Sense yet Lucid: No magic but Informative
I read this book in a half of a morning as was surprised to see how common sense Kyosaki's method is. I am actually surprised that a book based solidly upon assets and liabilities can do so well when it is such common business practice. Beyond that Kyosaki's suggestion that becoming rich through trading stocks it misguidance to a readership looking optimistically towards riches that could yield potentially horrible results. To be perfectly honest about this book: if you couldn't come up with the concepts inside this work by the time you finished middle school you are way behind the eight ball. That being said if you haven't had any financial training or just haven't pondered solid methodology toward building capital this book is an excellent point of departure. The writing style makes grasping concepts simple yet it is a little bit patronizing to the reader and feels often like a script of an infomercial. But this book is filled with sound and solid advice for the most part. But rather than telling average American people they should be buying stocks and 1031's etc the emphasis should be left on saving more and investing with guaranteed returns and spending less money. Of setting your life up for the best possible financial outcomes is important and needs to be ingrained in the mind of anyone who wants to be financially responsible.
Bottom line: if you feel you are lacking understanding in these areas read this book.
Ted Murena
24 I felt $16.95 richer by not buying this book
First of all, if you read Disney comics as a kid you'll be able to recognize since the start of the imaginary story that Mr. Kiyosaki is influenced by characters like Scrooge McDuck and his secretary Miss Quackfaster who represent the rich dad and the rich dad's secretary, and actually you can pick more wisdom from Scrooge than from this book on how to exploit your employees the best you can.
If you paid a visit to the website (I did today, April 13, 2005) for the book (http://www.richdad.com/) the first thing you'll see is a provoking picture of the author, and the co-author Sharon whom I can't find a role for in the parts I read in the book except the useless introduction she made about her oh-so-smart child who knows more than his age and a third woman - I don't know who -, all three well dressed and looking rich and smiling at whoever bought the book (thank God I didn't buy it) and thanking them for making them richer. The funny thing also about the website is that you'll find that there are Rich Dad Games, Rich Dad Seminars, Rich Dad BlaBlaBla... etc. The Rich Dad IQ test on the website is not an IQ test Mr. Kiyosaki, it's more like a school test!! Oh Please, IQ tests are made to test the intelligence and not to recite certain knowledge!!!!!!
The book offers nothing but logical thinking that you can make on your own if you sit and think of your spendings and decide to put your money where it belongs.
Don't even think of buying this book. If you want it to tickle your thinking then read it at the public library or borrow it for free from a friend who's $16.95 poorer.
25 Very good, but unreal on some topic
This book is indeed very good and useful one. Investments principles of rich people are very good described for anyone to understand. What bothers me is confusing description of average rich man asset investments - as source of his/her income. Mr. Kyosaki for example advices reader to invest in stocks, luring him/her into thinking that this is path to secure gains. Truth is (I am long term trader/instructor) that only tiny percentage of traders earn money by trading stocks. So this is bad (if not dissastrous) advice for 95% of readers population. Another, same goes for company ownership. Over 95% of new companies face bankruptcy. Conclusion is, while his core principes are valid, Mr. Kyosaki advices re. investment vehicles (as foundations of person's future wealth) are elusive and pretty unreal.
26 Book on How the Rich Dad, Poor Dad books make money
Another rehash of same theme. My Dad was poor so I learned to respect someone else's father. It is all about money, not values. The entire series should be renamed, how I and my friends make money selling the same book over and over again. Not better than an infomercial. How many of the millions of people who bought this book actually became rich?
27 Rich Dad Poor Dad Everybody should have both
One of the best all-around basic economic and wealth building books on the market. Uses common sense to explain basic accounting, real practices, types of income and other wealth building strategies using conventional and unconventional methods for getting ahead. A wonderful addition for the Powernomics Crew's library.
28 This book is an eye-opener...
This book just made me realize a whole new world in my financial life. Before I was having a lot of pre-conceived ideas about education, careers and finances... now I have a difference mindset! I liked so much that now I am currently reading the Cashflow Quadrant. I very recommend that book if you want to start getting a good financial education.
29 Guide Book
Rich Dad Poor Dad is a great book to guide those of us who don't have the first clue about money and being rich. In this book we find the author giving advance through his own experiences in life and showing what good has come from it. Which is the way to do it.
30 Excellent Book
This book should certainly be in your library. I did not give it 5 stars because he does get a little overboard on the self promotion in a few chapters, which as a reader was a bit of a turn off, however I felt like my money was well invested.
I would highly recommend this book to those looking to move forward in their financial goals in life, and also to 18 or so year olds who are trying to understand the meaning of money and how it works.
31 Good book, overly slammed
This book gets a lot of criticism that I think is undeserved. The author does not claim to be the Peter Drucker of wealth or have all the answers. Its a well done, somewhat anecdotal but useful book that can benefit most people. I run an investment company and have observed first hand the types of things that the book speaks about.
32 Barely enough content for 200 pages
This book basically says to not go into debt and then gives a few pointers on how to make a lot of money.
This isn't really 200 pages worth of material, but it is written in an inspirational enough way so that the book isn't boring. I thought it was entertaining and inspiring throughout.
It should be on everyone's to read once and only once list. It's a good book to inspire you to take an accounting class at a community college, or to open up that home based business you've always wanted.
So, if you want to do one of those two things, and need just that something to push you over the edge, then this book is it.
33 This book changed my life.
Before I read this book, I was a self-employed one man show, working by the hour, and making a living. I was well educated, living nicely, but not getting rich. Kiyosaki's book motivated me to expand my business, employ good people, invest in real estate, and organize several streams of income.
I highly recommend this book if you want to stop living paycheck to paycheck. Additionally, I recommend The Millionaire Next Door to understand the mindset of the millionaire, and Optimal Thinking: How To Be Your Best Self to learn how to make the most of every situation and enjoy the best in life.
34 real eye opener
This book is a real eye opener for. How a book so poorly written, lack of substance and specific could be on the best seller list?! I bought the book after reading some pages on chapter one that seem to be a good introduction to more good advices to come. The problem is that the whole book IS the introduction! Mr. Kiyosaki is the true master of the art of talking-for-hours-without-telling-you-anything. I should have listened to those 1-star reviewers.
For those of you who found this book useful please seek professional advice before spending more money on more books, seminor or games from this guy. It's a SCAM.
35 Repetitive, fantasy, and empty, but inspirational
The book is very repetitive and not very well written. It starts slow and empty... and ends without any major content. It is a book about nothing. Everything in the book is unrealistic: the examples, the "real life" tales, the dialogs, even some "lessons." I don't know if it is a problem with the poor style or the lack of substance. The basic message: spend less than you earn and by "earn" the author means income generated from your assets, not your salary. Easier said than done. The simple logic of the argument is undeniable. The only problem is that this is not as easy as the author wants us to believe. The author seems to live a fantasy.
The world belongs to the mediocre. This book is mediocre, therefore it deserves to be best seller and the rave reviews in this forum. Another mediocre book that would supplement this one is The Millionaire Next Door.
This is not a major work, but it is interesting. What else, really, can you ask of a book? Do not give too much credence to this book though. Use it only as a loose guideline.
In his excitement to send his message the author makes some pretty dumb comments. For him, school, grades, traditional study, work for a corporation, high salary are not important. However, he admits that he made his alleged fortune after a Ph.D. and after working for several years in three major corporations. This is irresponsible because may send a wrong message. But he does it on purpose. He admits that he wants to be "controversial" and "get free advertise" (p. 133). This is intellectual dishonesty.
One thing he got right "I am a terrible writer" (p. 132). However, he did not follow his own advice that "intelligent people are those who work with or hire a person who is more intelligent than they are" (actually this portion is repeated several times, but see p. 127.) He should pay someone to ghost-write his book or at least review the simplistic style, and delete needless, endless, boring repetition. This book would be excellent if it had 20 pages.
Bottom line, my suggestion is to read the book. But read also the criticism at http://www.johntreed.com/Kiyosaki.html. Not all criticisms are correct or fair, though.
36 Some good ideas
First of all, you have to realize that this is not a business book, but more of a self-help or inspirational type of book. Kiyosaki doesn't give the reader any business advise or investing tips here. Basically, he's trying to help people readjust their thinking. In this consumerist society, people often think that having things makes them rich. Having a big car or a big house will prove to the world their wealth. However, in doing this, they drive themselves into debt. Kiyosaki's basic message is that to gain wealth, one must buy assets rather than liabilities. This seems like a very simple idea, but many people have misconceptions about what an asset is and what a liability is. For example, many people consider their homes as an asset, but in reality it is a liability. By helping readers readjust their definintion of these terms, Kiyosaki helps them on the way out of debt.
This book is a fast and interesting read. The writing style is very casual, but on the other hand, sometimes seems a little repetitive. Readers who are thinking of getting out of debt or who are thinking about investing for the first time will find this book very interesting. People who are already investors, however, will find this to be a little simplistic since it probably covers things they already know and perhaps paints an overly simplistic view of investing. If you're such an investor, give this a pass. If you're not, give it a try.
37 Mixed Review
Kiyosaki is right about two things:
1. Financial education in America is woefully inadequate. Parents need to educate themselves so that we properly educate our children - the schools just are not doing the job. Our kids graduate college with virtually no knowledge about investing, personal finance or practical economics.
2. As consumers we tend to gather liabilites instead of assets; especially income-producing assets. We need to start with personal financial statements and balance sheets and really plan for our financial future; especially retirement.
This book couldn't come at a better time. The Social Security system is bankrupt according to its Trustees. Yet, we have a middle class largely underprepared for retirement or taking control of their own financial future.
However, Kiyosaki has a most annoying writing style. He dangles I-am-about-to-tell-you-the-big-secret in front of the reader and then delivers small nuggets of common sense that are a lot less than the hype.
I disagree with Kiyosaki about the meaning of life- a life spent chasing riches in this world is empty and unsatisfying - merely chasing the wind. He seems to regard the acquisition of wealth as an end in itself. There is meaning to life when understood through the eyes of our creator and Father. God has the ultimate answers to our questions and the promise of a more abundant life.
Rich Dad was not a prophet - just a hard-working entrepenuer with more common sense than most. Rich Dad is worthy of respect but not worship.
38 Good start towards "financial literacy"
I would have given this book 3 stars for being theory-heavy, but it earns a 4th because it does motivate one to seek out different means of income streams.
Mr. Kiyosaki, in so many words, says this: The world's about assets vs. liabilities. Build your asset column until it equals or surpasses your liabilities (or expenses), and you will have a sound base toward becoming rich. And he's absolutely right, provided you get your assets to that point.
Otherwise he hints at a few pieces of asset-building ventures which I believe are best left to upper middle-class and wealthy folks (1031s, etc).
His greatest point: THE NEED TO TEACH CHILDREN ABOUT FINANCIAL COMPETENCE AT AN EARLY AGE. Nothing more can be stressed except that, I'd say. He said it right...just because you're highly educated doesn't mean you'll be rich. You do have to be savvy, though.
Worth reading.
39 Not worth the hype...inspirational at best
This books is not nearly as helpful as one may hope. We come away learning that the author is rich and successful and knows how to make money. While he claims not to be tooting his own horn, her certainly does a lot of it. No, this book does not tell you how to become rich. What it does do is convey the mindset of someone who wants to become rich. Despite being horribly written, it is an interesting read. Note that Kiyosaki knows how to make money, so he knows how to market and sell books. In other words, by buying this book you are making him rich. That being said, it is marginally interesting.
Education is never a bad thing.
40 fluff piece
Like many other books in this genre,Rich Dad Poor Dad is heavy on potatoes,light on meat.Many of the "teachings" are basic and generic.There is no real teachings of money and/or investing.It seemed like an infomercial in text form.The book reminds me of an Amway rah rah session,but if this inspires one to delve deeper in a quest for money knowledge, then I suppose it would be money well spent. If you think that this book alone will answer your questions,look elsewhere.I have read this book twice ,on orders from my wife,and came away less impressed the second time. It is very quip heavy,I guess this style is supposed to motivate you to buy more of Mr. Kiyosaki's goods,but again its missing all the meat of money matters.There are many other books and videos that give a person more details and less antecdotes.Mr Kiyosaki seems to be more impressed in boasting of what he did instead of explaining WHAT he did.
41 really great book
This book taught me a lot. A lot more than most books in this genre. It's written by a man that obviously knows what he's talking about, his own life shows it! I don't understand why anyone would give this book a negative review. Big deal if he talks about a cash game, that doesn't take away from the wisdom in the book. It's easy to read, and gives wonderful suggestions!
42 worthless
This book is pretty much worthless. He does make a good point on how middle class tends to by more liabilities than assets and if you want to succeed you need assets to work for you, but that is the only good point. He constantly repeats this throughout the book and tells all these wondeful stories that sound great. At the end is the kicker. He markets his cashflow game. If you want to read books worth the while then read books on investing in stocks from people like Peter Lynch or real estate investing books. They at least give you concrete ways instead of stories on how to possibly succeed. Luckily i borrowed this book from the library instead of buying it.
43 Great Book
Before reading Rich Dad Poor Dad, I figured every buck one made should be quickly spent. But, author Robert Kiyosaki, says that kind of thinking is dangerous. Instead, he recommends how to manage money. This book is very clever on how, if you have money, to manage it, and if you don't have money, how to work your way up. One of the most inspirational lines in the book is "Most people in the world work for someone, if you really want to manage your money better, get your own franchise." This sentence makes you really think.
This book has a lot of moral values attached to it. This teenager has 2 fathers, a rich eigth grade dropout and the poor college graduate. This book has many aspects of the rich dad talking about how to take money and invest it, while the poor dad try's to forget about his money problems. This book basically lays out the philosophy about all you need to know about money. This book has been a best seller only for one reason, It talks about to well make money. This author had written this book about life experiences. This is why it was a best seller, his tips in the book really work. This book is an inspiration fro all ages, I am 13 and I learned a lot from this book. I'm just saying if you want some really good tips on how to handle your money, then pick up this book, and read it.
44 This book is a bad idea...
On the surface this book can capture the heart of most dreamers as he makes it sound all so easy- unfortunately, this book was built on lies, as many of the other reviews reveal. It is full of contradictions, and the deals discussed in this book never happened. Why should you trust what he says about getting rich when he is dishonest and hasn't done those very things? The good part about the book is that it gets you thinking about the fact that there is a way to be rich and it isn't the way of the middle class- but you had better search for other reading on the subject to find realistic and practical ways for you to get there.
P.S. There is no real "Rich Dad" as the book leads on.
45 Scam
Want to get rich? Write a book about it. This guy doesn't know what he is talking about. I started reading the book and became skeptical to say the least. A quick search on Google will uncover some interesting notes. Check out the link below. If you really want to get on the right path, check out Dave Ramsey or Mary Hunt.
http://www.johntreed.com/Kiyosaki.html
46 Afford you retirement before you imagined possible with free
The author leads you away from conditioned beliefs to a more results oriented thinking regarding financial planning. He offers solutions that can lead to more financial security now and for retirement years. Following with this train of thought this book may even afford you retirement before you imagined possible with freedom
47 Blunt but has many Lessons to Teach
(...)
I recommend this book to many people all the time... in fact, I never see my own copy because I'm always lending it out. However when I do lend it, it always comes with a warning because like it or not, this book aggressively gets straight to the point, and doesn't sugar coat anything.
There are a few times when very blunt statements are made that really make you want to blurt out "that's just mean," but it's always a true statement. The bluntness is usually there to get you to open your eyes and take something they're talking about a little more seriously than you normally would. For example, a statement something like: "If you're living outside your means, you are thinking like a poor person -most middle class people think like a poor person and only ensure that they will one day be poor." That's pretty serious words. But then the author will go on to explain why they've made such a bold and blunt statement. Although the bluntness is a little unsettling; I kept finding myself agreeing with the reasoning behind the statement. Then you find that the entire chapter can be summed up by the original blunt statement and you can easily remind yourself "Don't think like a poor person," and recall the whole chapter.
I think this book was aggressive at getting its point across, and its point was worth listening to. If you can be open minded enough to listen to it, I'm sure you'll take at least one idea away with you.
I've read this book 3 times an plan on reading it again. I think everyone should read this book.
(...)
48 made me think but that's about it...
i was excited to read this initially...after all, it WAS a best seller...it had to be saying something valuable, right?
a third of the way in the book, i already had a feeling of distrust and everything just seemed very generic and sketchy...
just do a google search on: john reed kiyosaki ...
and learn a bit more about the author...
i didn't bother to finish the rest of it...there are a lot of better ways of securing your financial future. and a lot of that is plain common sense. and educating yourself on real estate. not via some quick-schemed "Amway"-type course...
49 Parts of this are worth reading
As the daughter of "Rich Dad," I always wondered why some of the people I met in college subsequently found themselves in poor situations once they entered the job field. Or why they made the financial choices they made (which to me seemed obviously unwise).
The part of this book that is definitely worth reading are the sections treating the difference in financial advice and perspective that most financially responsible wealthy parents impart to their children. (Not all rich people know how to handle money.)
Now that I have this information, it becomes obvious why so many people I know have made poor financial choices. They just weren't *taught* otherwise. Amazing.
As for the other parts of this book...well, while some of the philosophy is intriguing, real estate speculation/prospecting isn't for everyone. The message that you will make as much as you set out to make is the real point here. If you really want it, and you make the real effort in the right direction to make it, it will be yours.
50 Don't be afraid read it!
I was very neutral reading this book 'cause in some lines he was so contemptuous. But like the way he emphasizes self education BEFORE make moves. It gives a different way you to see the money and tools that besides real estate are many alternatives out there where the "money works for you". Everyone that want a touch of conscience go ahead.
51 Feel good book with no financial wisdom
This is a great motivational book for the financial neophyte that wants to take charge of their life. That being said, there is NO information in this book to do just that! Robert T. Kiyosaki can spin an interesting tale of rags-to-riches thru sweat 'n toil, but he is too busy tooting his own horn to give you any insights. As I was reading this book I was waiting for the details, instructions, SOMETHING to point me in the direction to financial freedom that Robert T. Kiyosaki was talking about, but NOTHING! I'll give it 2 stars for an interesting, albeit fictional, story.
52 Wealth is a Thought Process
After reading several negative messages about this book, I have noticed one common theme: The book doesn't tell me how to do anything. Post Script: It's not a how-to book, and you cannot expect to be spoon-fed. The book takes shots at the traditional way of success and opens the reader up to the thought process of a wealthy man, Kiyosaki. The reason that he does not delve into the details of his deals is that every investor has their own motives, and that he does not focus on short term, transactional business. If you want some out-dated information, go pick up a how-to book 10 years after it was published...Kiyosaki's message helps the long term investor in search of residual, sustainable income. So if you're looking to buy low today, sell high tomorrow, go elsewhere.
Kiyosaki does a wonderful job of relaying his message that those who are wealthy have put themselves in that position by educating themselves, developing a Wealth Mentality and thinking for themselves, not waiting for the next book to tell them how to do it. Bottom line is this - find a rich dad, and he can help you with the how to part.
53 Oedipus Finance
The slim pages of Robert Kiyosaki's Rich Dad, Poor Dad contain a surprise: three books for the price of one! The only problem is that none of these books is particularly good.
The first book lurking in Rich Dad, Poor Dad would have made a nice pamphlet, or about 20 powerpoint slides, describing the author's financial philosophy. Some Kiyosaki's sound bites are on target(Americans need more financial education; working for your self is empowering; it's a good idea to acquire assets that generate positive cash flow), some are provocative (a house should be considered a liability, not an asset), and some are downright loopy ("pay yourself first", even when you don't have enough to pay your bills, so that angry creditors make you work harder). Right or wrong, the basic ideas are all worth thinking about.
But you can't charge much for a pamphlet, so this thin layer of material is padded out to fill a second book, which strains to reach 195 pages of random transitions and endless repetition. It's a bit like being stuck next to a talkative but slightly drunk businessman for six hours on a plane. You don't need to worry about missing anything, because you're going to hear it again.
Just one example:
"In fact, if you really want to be confused, look up the words 'asset' and 'liability' in the dictionary. I know the definition may sound good to a trained accountant, but for the average person it makes no sense." (p. 59).
"If you want a lesson in confusion, simply look up the words 'asset' and 'liability' in the dictionary. Now it may make sense to trained accountants, but to the average perion, it may as well be written in Mandarin." (p. 61).
Yes, folks, that's a mere two pages apart. And it's hardly an aberration in this book. You have to wonder what co-author Sharon Lechter and the editor of this book did for their paychecks besides press "play" on the tape recorder.
The third book contained in Rich Dad, Poor Dad is the most interesting--and most disturbing. It's hard to tell how seriously to take the backstory behind the author's financial genius--one suspects a lot of embellishment to serve the clever title. Still, there is an alarming genuineness to Kiyosaki's repeated trashings of his real father, whom he alternately refers to as his "educated dad" or "poor dad". This fellow seems to have enjoyed a successful career as a teacher, government official and union leader (and supposedly acquired enough assets to be subject to the estate tax--not bad for a "poor" dad). Nevertheless, his son views him as a pathetic failure compared to his "rich dad", the entrepreneur-speculator father of his best friend. This vaguely drawn figure (perhaps based on a real person) gives Kiyosaki some helpful advice at a young age, but there's nothing to elevate him to "dad" status--other than Kiyosaki's all-too-real loathing of his own father. Kiyosaki's own raging insecurities (centered on his lack of educational attainments and paternal disapproval of his career path) take center stage in this Oedipal drama. This part of the book gave me the creeps.
54 Motivation (Hype?) but nothing else....
This book opens your mind to the educational system flaws and other norms regarding career paths. This book also gets you excited about working for yourself and the "ownership society". But I'm afraid it does little else. It provides a lot of hype and tells no details of how to accomplish anything. Stories of making thousands of dollars off forclosures in only hours. Buying luxury cars after purchasing your first rental income property. This sounds more like an infomercial than learning material. If you read this book I recommend you immediately read The Millionaire Mind and The Unofficial Guide to Real Estate Investing. These two books will take your head out of the clouds and give you some good instruction on making money in real estate. Also stop buying books here and get them at your local library. All the new releases are there for free.
55 Waste of time...
This book is the biggest sham I have ever read. It teaches you nothing, except that the author is an extremely egocentric person that enjoys showing off his financial successes (being them true or not, he might be very wealthy after publishing this book about nothing...). Do not waste your time like I did. The book is a succession of superficial advices that will probably lead you nowhere. I read until the last page trying to get something useful, but ultimately the author has nothing to teach you, except that he also has another 20 books, 5 games, 2 different courses that will make HIM richer and richer.
56 Great eye-opener
This poorly written and apparently unedited book contains many valuable nuggets of financial wisdom. Kiyosaki tells you how to think and what to do in order to become wealthy. You'll have to suffer through his repetitive writing style, but he shares some solid things worth knowing. It's a worthwhile read for anyone wanting to outperform the low expectations they assimilated from their working or middle class family.
57 A mixed bag
This is an average book - doesn't take too long to read and you probably will never read it twice. I am amazed that it has been on the bestseller list this long, but the book does have some good points.
Kiyoasaki basically stresses that while hard work does make money, investments make more money. You can waste your life away working for an employer who will capture most of your value added, or you can invest in real estate or whatever and make money just sitting there.
This main thesis leads to more ideas: college is not the best path for everyone, negotiation is key, etc. But 90% of the book just emphasizes over and over the above point. I found it enlightening but a bit repetitive.
I think Kiyosaki downplays the risks to investments though - you could lose everything, whereas working for an employer the most you can lose is your current income stream. Also, if everyone subscribed to this theory, a huge real estate or stock bubble would emerge. I think it is safe to say that not everyone is jumping aboard, but with or without his book, bubbles do develop in investing and you could get creamed (anyone remember real estate in California during the 80s?). I think he does talk about stock bubbles in another book, but seeing as he has about 20 books out now, I wasn't about to go read all of them. What he needs to do is condense them all into one and then you might have a solid read with a real thicket of information. As it is, I think the book has one really good idea that is repeated over and over. So buy it if you feel my explanation hasn't been thorough enough, but there isn't that much more there.
58 I wish I had money
I read the book and invested in Content Management Stock. Now I am poor, my wife left me and my car got stolen. But at least I have time to watch my superman movies along with my friend, the Invisible Man.
59 Sad, pathetic
I read this book after hearing great reviews about it, but I was shocked by the lack of specifics and the sad disdain this guy apparently has for his father who wasn't rich enough for Kiyosaki. What's worse, much of the book seems to be completely fictional.
Kiyosaki starts the book by talking about his 'poor' childhood in Hawaii, which frankly didn't sound too bad. Yet that doesn't seem to stop him from disdaining his real father who had the misfortune to become a middle-class college professor rather than an idealized Trump-like executive. His bitterness over these circumstances lead him to take every opportunity to humiliate his father by talking about how he never was more than middle class--as if that's something shameful. (This is extremely weird because 'Rich Dad' was never really his dad at all--just some guy who gave him financial advice. Stranger still--it seems very likely that this character has been created completely from Kiyosaki's imagination.)
If you want better insights into how middle-class people can build wealth, you're better off reading 'The Millionaire Next Door'. It talks about saving and scrimping and not being a showoff with your money. Like Not Buying Rolex Watches.
60 This book inspires me
I'm 18 Years old and doing a Business degree with majors in Accounting & Finance, before I read this book I was on track to becoming another standard middle class drone. All I was interested was getting good grades so I could get a good graduate position with a big 4 accounting firm and then work my way up the corporate ladder.
Now the only thing that I'm interested in is coming up with ideas for businesses and investments. I no longer just go to college to pass the exams; instead I go to learn how I'm going to use the techniques in the real world so that I can get on the fast track to wealth.
This book really did change my mind set, and that's all anybody should expect from this book and not to get some hot stock tip or secret real estate ideas.
I'm now reading Cash flow Quadrants & finding it really good for cementing the ideas of the first book. I'm looking forward to reading rich dad's guide to investing after this.
61 Eyes wide open
To say that this book served as my wake up call sounds so cliched, but I cannot say it in any other way. Every concept of earning, saving, wealth, and success I had prior to reading this book were shattered.
Readers will discover that their paycheck is not the road to financial freedom. There is no such thing as job security.
This book pushed me towards starting my own company, becoming an author, and breaking away from my "paycheck" job.
James Green, author of "If There's One Thing I've Learned."
62 Interesting concept but does it REALLY work!?
My boyfriend brought this concept to my attention after
I asked him why he was living way below his income and
being a cheap a_ _ on our dates. He said he was trying
to be "smart" with his money. It is a way to get people
to think you are selfish and get them to hate you. The
concepts that this guy presents are interesting, but..
really, how many of you without good credit and no money
actually have opportunities to buy investments. Good
investments? I mean really? That is fantasy if you ask me.
In the real world you have to have "some" money are good
credit in order to buy investments. Don't you? My boyfriend
has bought into this in hopes of quitting his job. I think
he's lazy and selfish. I hope he succeeds, but I'm not
real hopeful at this point in that or our relationship!
63 A money bible for Joe Everyman...
I ignored this book when it came out, but decided to finally see what all the buzz was about. I had seen the author on infomercials, sporting a sly smile, so naturally I had written him off as yet another peddler of half-baked Get-Rich-Quick schemes. However, the book was rather surprising.
This book is comprised of financial principles that the author was taught when he was a child by his friend's successful father - whom he calls his "Rich Dad" - contrasted with those of his college-educated father, who is the "Poor Dad." The ideas are insightful, the analogies many, but it lacks a "this is how you do it" aspect.
The author does discuss the ideas to some extent, coloring them with examples and numbers, but if you want to learn how to actually take advantage of the investments and ideas mentioned, you'll have to look elsewhere. Perhaps this is where the infomercial comes in and helps the reader.
As an aside, there are numerous grammatical and spelling errors. These do not detract from the delivery of the ideas, but I found them to be quite distracting. For a book of such popularity, they should have at least taken the time to proofread and revise those errors for subsequent versions.
64 A definite life changer
This book is a CLASSIC all the way. Years from now this will be recognized as one of the greats. This isn't "well written" but it's message is POWERFUL that is why it is a NEW YORK TIMES BESTSELLER and has been for over 200 weeks, and I'm sure that it is going to hit 300 without any problem. I truely feel sorry for the people that don't get what he is saying.
Robert Kiyosaki message is to tell everyone that there is another path. Being wealthy is a choice, you can choose the path of his rich dad, or you can choose the path of his poor dad. But it is a CHOICE.
This books goal is to show that being rich has a direct correlation with your financial intelligence. To people that say this book doesn't give you a guideline for making money or that the title is misleading they just don't get it. The title says it all. What the RICH TEACH their kids about MONEY... they teach their kids ABOUT MONEY. They teach thier kids what an ASSET is, and how to acquire them. That's it. Simple, but not easy.
Robert Kiyosaki's goal is to try to educate people about the fact that they need to educate themselves when it comes to money. It is all about increasing your financial literacy. This book is just the beginning and he is just trying to highlight the fact that most people are financially illiterate, and most of the time not through any fault of thier own.
He wants to raise the financial literacy of the world. That is truely a noble goal. I respect and admire him.
65 really gets you thinking
I am 16 and this is the first book I've read by Kiyosaki. I've always had an interest in money, but this book really got me thinking about how to go about my goal of becoming wealthy. In a sense, it has opened up my eyes because now I know getting a safe job and working hard isn't enough. The things I've learned most from this book are to continue learning and that there is a difference between your job and your business. Although I was skeptical of Kiyosaki and his ideas the first 30 to 40 pages in, it ended up being very beneficial to me. I am currently reading his book, Rich Dad Poor Dad for Teens and plan to continue reading his books. I strongly recommend Rich Dad Poor Dad for anyone interested in making money and that is willing to learn.
66 A Must Read For The "Head-In-The-Sand" Wage-Earner
This is an excellent book for those who will remove their head from the sand long enough to read it. And it will make you think about HOW you were raised (in terms of financial thinking) and how you WANT to raise your kids. I think this book is so good that even if you don't buy it, you should borrow it from a friend or the library. *NOTE: If you do not like parables, then you will probably not like this book.
67 FINE! BUT ARE THE RICH ALSO TEACHING THEIR KIDS THAT . . . .
. . .The start of a 13 year depression, MUCH GREATER than the 1930s "Great Depression", is now just a few years away? The contents of this book are all good and fine, but won't do much for the average person when this one hits. The book asks "does school prepare children for the real world?". The answer has always been NO. School or college didn't prepare anyone for the depression of the 1930s. Want incontovertible proof that this whopping life-changing depression is really coming? Go read Dan Arnold's The Great Bust Ahead (www.thegreatbustahead.com). VERY scary, but at least you'll have been warned.
68 This book has changed my life !
First, I want to give my comments for `Rich Dad, Poor Dad' by Robert T Kiyosaki. I want to thank him for such a great book and has opened my mind to a whole new angle about financial freedom.
According to Robert T. Kiyosaki's book "Rich Dad Poor Dad", he mentions about the Cash Flow Quadrant. The Cash Flow Quadrants are Employee Quadrant, Self-Employee Quadrant, Business Owner Quadrant and Investor Quadrant.
Most parents think that their kids need to go to college after finishing high school to achieve higher education in hoping to get a good job in a real life. This perception is not wrong but it's just not perfectly guarantee that their kids will be rich or success after getting a good job. As long as you still working for a company, you still can not be richer than the owner of the company.
I also have a bad experience before. I worked for couple years in a start up company until I got laid off because the company was not doing very well. At that time, I thought that working with people can not guarantee me for life. Then, Robert Kiyosaki's book changed my mind.
The book makes me realize that I had to move on and move to business quadrant or even investor quadrant. I want money works for me not me works for money. Again, I am not selling Mr. Kiyosaki's book here. I am just applying what he wrote in his book in my real life and I am starting to get the result now. And I am happy with it.
Now, you might asked me then how to make money works for us not vice versa. Well, one ways is that by creating a passive income. Passive income can be sustained by many ways, like Mr. Kiyosaki, he created passive income by dealing in the real estate business. He even joined Amway and he was focusing in this business for 5 years until know he must earned a lot of money from his passive income.
In conclusion, what I want to say is that again you have to open your mind not working with people for the rest of your life. You might need to work with a company for couple years to get enough investment for you to move to business owner quadrant or event moving to the highest level of the quadrant which is an investor quadrant.
The book is highly recommended.
69 Why this book is Great
People are always looking for get-rich quick schemes. Kiyosaki is not selling you a bunch of secrets on how to get rich. What he is selling is a new way to look at personal finances, and how to train the children around you. He is selling the idea that most people (Americans) are too wrapped up in conspicuous consumption and trying to obtain those material goods that define wealth in our society. He shows us some really basic ways of thinking that can stop the cycle of living check-to-check and actually accumulate wealth.
Many reviewers are confused. This book does not teach you the secrets of the rich, nor does it try to. Don't give it 5 stars because it showed you the 15-yr old trick of buyging foreclosed properties. Take his investment ideas for what they are - creative ways of using the tax and real estate market to your benefit.
First thing we should all do after reading this book is sit down with a pencil and paper, and draw our personal balance sheets. If Assets are less than liabilities, reconsider your spending habits, and get smarter. If not, good job. Now start making that equity work for yourself by using your natural abilities of creativity. Thanks Kiyosaki for putting this in an easy to read book. Let it serve as an educational tool or a reminder to all of us.
70 Nothing new. Don't waste your time.
The book has some good ideas but they won't make you rich. It seems that the best thing to do is what author is doing: put many half truth - sweet sounding ideas together and sell them to people who want to get rich fast and easy (and that's everyone).
You want to do what author was doing: investing in small companies stocks? Good luck.
He may have made good mony in buying foreclousers when no one was doing that. But you try it now when millions are probably trying to do the same thing. Good luck again.
What author is doing is selling you ideas that used to work for him some times ago, but not anymore.
Author is saying: don't work, don't run your business. Own business and let other people work. I agree that it sounds great. But is this reality.
Why didn't Kiyosaki retire already?
71 Great book for people with no investing background
This book focuses on having people change the way they think about managing their money. It is very useful for those that are stuck in the typical go to work, get money, spend money, go back to work and start all over again. This book provides a new outlook for those people and does list some available resources to expand your knowledge about the more specific details to investments.
72 Alison G
I thought that this was a very interesting book but because it was not the normal type of book i read it was somewhat slow and not that entertaining for me. Besides that the information givin in this book was entresting as well as useful in everyones own life which i though were very intersting.
73 Helpful, but Flawed
"Rich Dad, Poor Dad" contains some valuable insights into wealth management, but nothing revolutionary enough to mitigate Kiyosaki's simplistic writing style, long-windedness and tiresome cliches.
This book focuses on three kernels of wisdom: don't live beyond your means, don't spend frivolously, and learn the difference between income-generating assets and income-draining liabilities. These notions are common sense to most of us, and they're certainly not going to make anyone rich overnight. They're useful lessons if you're suffering from bad spending habits and need to turn your finances around. Otherwise, they're nothing your typical reader hasn't heard before.
The repeated allegory about Kiyosaki's Rich Dad and Poor Dad grows tiresome quickly, and serves as little more than a sales gimmick. Once again -- this is a useful technique if you need such a story to make sense of Kiyosaki's lessons. If you read at anything greater than a third-grade level, however, you will find the Rich Dad / Poor Dad stories insulting to your intelligence.
While most of the book is mildly useful, Kiyosaki touches upon one potentially dangerous suggestion: that people should invest in real estate as a means of attaining financial freedom. Real estate is a risky game, and I imagine that many of Kiyosaki's target readers lack the means to invest in it in the first place. REITs are a much safer bet than apartment buildings, and fortunately, Kiyosaki pays lip service to them.
Ironically enough, this book is probably more useful for kids already born rich -- who need to learn how to manage their wealth sensibly. But it's probably not going to make millionaires out of people not born into millions.
74 Life Changing
This is my first review that I have written. I have read several of Robert's books and they are the best around. I also have a Business Degree and a great deal of education and I'm happy to say that reading his books were more valuable (in the long run) than my BS or MBA! Now don't get me wrong, I highly encourage education. Here is what I did:
Went to school, got good grades and a high paying job (sales and marketing position = solid pay and learning selling and communication skillls w/ others which are the most important skills in life).
I then took Roberts advice and took most of the money that I made and spent it on assets (anything that puts money in your pocket-- real estate, small businesses, vending machines, stocks, ect...) and refused to purchase "doodads" (overly priced watches, clothing, boats, vacations, cars, shoes, furniture ect..). This is the secret to wealth. Make 80,000 and live like you make 40,000. Spend the remainder of the money on assets for a few years and retire when your 40 a multi-millionare.
Then Once your rich you can buy the nice things. Use your assets to buy your luxuries. Most Americans use debt to purchase their luxuries. They have it completely backwards and that's why we are such a debt ridden society.
I am taking the time to write this becuase I want others to know how important this book is. I will have my kids read it as soon as they are old enough to understand and appreciate its advice. Robert teaches the fundamentals of "thinking rich."
This book is all about shifting your paradigm to understand how to become wealthy. I can tell you in a few sentences how to do it, but I HIGHLY reccommend reading his book as well in order to fully engorss your self in the concept. It will change your life!
75 Rich Dad Poor Dad
If you read Rich kid Smart kid, you would believe me when i say that it is very similar to Rich Dad Poor Dad. Rich dad poor dad teaches individuals the requirements of becoming rich. It's a book that not only teaches indivduals how to become rich, it teaches individuals how to have money work for them.
One lesson I liked from this book, was the teaching of discipline. Learning to control your emotion of fear and desire.
I give this book a thumb's down on the redundancy.
The author in my opinion, wrote this book up with a lot of redundant statements. But other than that, this book is a good tool for people that knows nothing of finance and investment.
76 There Are No Shortcuts
There are nuggets of wisdom in "Rich Dad, Poor Dad." The central point of the book, that "the poor work for money, the rich make money work for them," led to an important paradigm shift for me. Instead of investing in assets that use money (a car, a boat), Kiyosaki urges us to invest in assets that make money (stocks, bonds, real estate.) Kiyosaki has important things to say about home ownership -- it is not right for everyone, particularly if you are sinking all of your potential investment money into one home. He also correctly warns against getting on the treadmill of earning more, then spending more, then needing to earn more, etc.
Having said that, the book has too many flaws to really recommend it. Kiyosaki is no fan of formal education, but unless you are born rich, the only way you can create a stake is by getting a good enough job to enable you to save. Kiyosaki urges people to form corporations (which pay expenses before they pay taxes), but fails to note the expenses involved, not the least of which is the requirement to pay corporate taxes before distributions are made to shareholders (leading to "double taxation.") Kiyosaki discusses the benefits of investing in real estate, but fails to note that being a landlord is not easy and real estate investments are often risky. And finally, Kiyosaki's allusions to investments open only to insiders is troubling. I hope he does not mean trading on inside information, which is a violation of the law.
I don't know if Kiyosaki really had a rich Dad -- the conversations that "Rich Dad" supposedly had with nine-year-old Kiyosaki do not ring true. In the end, it doesn't matter. Use the book for its kernels of wisdom, but don't tell your boss to "take this job and shove it."
77 Rich Dad, Poor Dad
Rich Dad, Poor Dad is a profound book that challenges conventional ideas. While some of the ideas are obvious, some are new to me and hard to grasp. With proper understanding this book has the power to change a persons life and the way they look at money. However, many of the techniques such as the stock market and real estate investing are over simplified and presented in a way that makes them seem a lot easier than they are.
This book can be used as a tool to jump start a succussful financial future. I am glad I chose to read this book and am going to buy the sequel book, Rich Dad's Guide to Investing.
78 Smart Read
Great book, People don't wanna be stuck in the rat race forever...this book teaches you how to think about money wisely, and instead of working for money, make money work for you. I know this book has changed my perception about money and it will help me throughout life. read this book..age does not matter, Robert T. Keyosaki makes it very simple.
79 As Good as Chicken Soup for the Financially-Free Soul
While some authors will tout their get-rich-quick schemes, others will argue that great wealth is only created through diversified investments and time. In this first volume of the ever-growing "Rich Dad Poor Dad" saga, author Robert Kiyosaki lays the groundwork for his unique philosophy of achieving financial freedom through the eyes of himself as a nine-year-old boy. Living on the "poor side of town", young Robert struggles with the vastly different financial beliefs of his own father (Poor Dad) and those of his best friend's father (Rich Dad).
Despite his Ph.D. from a top university and a secure government career with a considerable salary, Robert's real father struggled financially for his whole life. Caught in what Kiyosaki describes as the "Rat Race", he lived within his means, but considered the purchase of a house his greatest asset, and had few other investments.
Although dropping out of school in the eighth grade, Rich Dad became one of the wealthiest men in Hawaii. It is from this perspective that Kiyosaki executes his plan for financial freedom and writes about his journey from the "Rat Race" to the financial "Fast Track".
Calling upon six fundamental lessons, Kiyosaki introduces the reader to the fundamentals of accounting, including the balance sheet, income statement, and cash flow analysis. In doing so, particular emphasis is given to the "typical" cash-flow patterns of the poor, middle-class, and rich. Refreshingly, simple diagrams are used without complicated jargon and over-analysis. Simplicity is key - Kiyosaki defines an asset as "something that puts money in my pocket", and a liability as "something that takes money out of my pocket".
With this framework, the Rich Dad lessons often break with traditional economic thinking. Kiyosaki contends that while the rich acquire assets, the poor and middle class acquire liabilities, often thinking they are assets. Fancy cars, a dream home, and expensive vacations are all "doodads" according to Rich Dad, unless the passive income from existing assets more than offsets those purchases. Rather than working hard for money, the rich let money work hard for them.
Considerable thought is given to providing the reader with a strong foundation of financial literacy, something Kiyosaki contends is not taught in school, wherein students are penalized for making mistakes. Among the rich, success typically follows after failure, analysis, and trying again. Among the middle-class and poor, the fear of losing stymies even the attempt.
Kiyosaki provides motivational support, but also practical advice, by discussing the tax advantages of incorporation, and the fundamental difference between financial independence and freedom. Using diagrams, he explains how banks and creditors get rich at the expense of the consumer, despite offerings of "no-money down" or other "low-interest" gimmicks.
With insightful commentary on how Rich Dad's percept ion of money was so vastly different than his own highly-educated father, Kiyosaki dispels commonly held myths of the poor and middle-class. No matter how smart you think you are, "Rich Dad Poor Dad" is a must read.
Joshua A. Gerlick
80 fluff-filled advertisement for game
this book is full of "fluff", anecdotal stories stretched out into full chapters that exploit greed and fear of the reader to ultimiately promote the "Cashflow 101/202" games, (monopoly-like spin-off), which are very expensive. if you get rid of the fluff, the bottom line is: invest in stock options, bonds, notes and real estate. this book was written in 1998, during the golden years of dot-com startups, (before they had to actually turn a profit). it doesn't tell you anything about what they are, just that they are a good investment, while buying a house or getting an education is a bad investment. to learn how to actually put this in practice, you have to buy a game, which comes with audio tapes or video tapes and cost 100's of dollars. the book claims it is revolutionary, but it isn't.
81 A good, newer idea
The idea I liked about this book is that it differentiates the traditional idea of the American dream, that you should go to school and get a good education and get a good job, from the alternative, which is that you should try to find other ways to make money, and then it gives some general guidelines on how to do just that. It doesn't give specifics, I guess because there are a million ways to make money in a free-market economy. If it had given specifics I would suspect that it is tied to a specific scheme that someone is making money selling.
I've read another book in the series, "Tax loopholes for the Rich" which also is not an easy, take-you-by-the-hand" plan. It demands that you follow a comprehensive, hands-on formula for developing a general, overall business plan for your activities.
So I don't think this series of books is just about making money for the author(s), but also gives useful information.
82 Great perspective on how to really acquire wealth!
This book provides a refreshing and different perspective on how to achieve financial independence. Too many people tell the same story: study hard, get good grades, get a good job, work hard, invest regularly in mutual funds, and over time (more like decades) you'll be able to retire comfortably. Well, if you follow typical advice you may be able to retire comfortably assuming you don't also get sucked into the debt that most Americans face. This book tells you how to avoid the rat-race and how-to develop an earning and investment strategy that allows you to achieve financial independence more quickly. Our education system teaches kids lots of things but it doesn't teach them financial literacy - this book is a great first step.
83 No substantive value!!
The book talks in broad strokes about acquiring assets that generate income for you. While great in concept, its not really something that most people interested in building wealth did not already know. Beyond that, the book is short on detail and substance.
More disturbing is the fact that this book appears to be a front for pushing multi-level marketing scams, i.e. Amway. There is apparently some relationship between the author and Amway aka Quixtar.
Those truly interested in ways to build wealth should look elsewhere - more substantive and valuable advice is available from different authors.
84 Two Thumbs Up From Gerard LeBlond
Before me sits my personal copy of Robert T. Kiyosaki's "Rich Dad Poor Dad: What The Rich Teach Their Kids About Money - That The Poor And Middle Class Do Not!". Emblazoned near the top right corner of the book's front cover is a gold seal embossed with the words "The New York Times, The Wall Street Journal, Business Week, USA Today BEST SELLER". Hundreds of thousands of these books have sold across the world and for good reason: it is jam-packed with the most timely, insightful and impactful information about managing one's personal finances that you'll ever find. Now, if you've never had the chance to be tutored by a financially astute, successful and adept individual you can do no worse than to pick up your own copy of this fine book, digest it thoroughly and put in practice what you learn as soon as possible. Because, if you do, you'll be better off and if you don't... and your situation stagnates or deteriorates, you'll have no one to blame but yourself because the information that can improve the quality of your life and those that you love and cherish, is found stored on about 200 pages that sit between this book's covers. From - Sell Info Products Online dot com - and - Basic Drum Beats dot com - this is LeBlond, Gerard LeBlond wishing you many hours of enriching, ennobling and rewarding "reading pleasure". I suggest you put a copy of this book in your personal library and if you don't have a library make this volume #1 of your 1-volume book collection. And then become a member of the NRA, get a gun, take lessons on using it, and protect your library of 1-book with your life. Because it's worth it. Don't believe me? Read the book!
85 Long-winded
I would not have finished reading this book if not for the very good advice it offers. It's about how to be financially independent; how to not work for money but how to make money work for you. It's an interesting premise especially for those who are tired of the "rat-race" and want to retire early.
The author does not talk about any get-rich-quick schemes. He talks about the need to improve our financial literacy because he believes that's the reason why most people are not rich. He also says that we do not learn financial literacy from traditional education because teachers simply don't teach anything practical about money. The author is very convincing and not at all technical. He explains the difference between assets and liabilities and how people should maximize assets and minimize liabilities. He shows the advantages of setting up a corporation and how a house is not a good investment.
If this book is so informative, why did I mention that I almost did not finish reading it? It's because of the author's tendency to babble. The book had a very long wind-up and it went too long to get to the point. He also says things over and over again. It's not bad to reiterate a point but to repeat it a dozen times is simply too much. The author has very good ideas and I am thinking of getting his second book, but thinking about his writing style, I'm having second thoughts.
86 If working is not the true path, why does Kiyosaki work?
There's been so many reviews that I feel that everything that needs saying has been said. Still I feel a strong need to give my take on this book.
The book does have many valid points which basically boils down to "maximize cash flow (assets)", "minimize expenses(liabilities)". It seems common sense but the book does point out that many things seen as assets, especially homes are also liabilites since they cost you money to own (mortgage payments upkeep, etc) that people overlook. The book also makes a point of looking at everything you own and spend in these simple terms which is a good thing.
But the problem is that from there, much of the book can easily mislead readers into believing that there exist some way to essentially earn money by acquiring high return income producing "assets" which requires little money, little risk and little effort that only "the rich" know but us employee wage-earning and money-saving suckers don't. But what are these assets? Kiyosaki might make you believe real-estate is such an asset. The fact is that real-estate investment is high risk, requires a lot of money and if you don't want to be eaten-alive and taken advantage of, a lot of homework and hardwork. Think you can just buy an apartment building and just sit back and rake in the dough? Think again.
The truth is that Kiyosaki, and those like him, can make far more money selling you their "proven methods" than they ever could employing those methods themselves. The only available evidence leads one to believe that Kiyosaki has amassed whatever wealth he has by selling his methods, as opposed to employing them. And despite Kiyosaki's disdain for making money by actually working (either as an employee or even self-employed), and saying you should "own businesses and have others run it for you" what is he doing but working himself running his RDPD business, writing books, running seminars, making infomercials, etc while charging insane amounts. Why didn't Kiyosaki retire and live off of so-called "passive income" himself?
(Unless you are gullible and think he does it for charity or because he just enjoys running his RDPD enterprise as a recreational hobby).
If the book leads you to get your house in order and do your homework on getting a plan together to gain finacial security and independence eventually (or come as close to it as possible), then it has some value. But if you get from the book the idea that you need to spend more money on Kiyosaki's books and seminars because he has the key for your financial future then indeed it is dangerous and will only make Kiyosaki richer and you poorer.
87 A mediocre somewhat misleading how- to -get- rich book
This book was by and large a waste of money. It is very poorly written and extremely repetitive. It makes a big deal out of repeating the idea that the way to get rich is not through going to school, studying hard, getting a good job, and working. It presents the idea that the way to wealth is somehow through leaving the job and work behind, and thinking and investing as if one were rich. It does not however tell people how to build a stake large enough to begin investing with. It does not tell you what to do if you are not born rich to begin with.
There are principles laid down on how to act in order to become rich. It does not by the way occur to the authors that there might be some other goals in life beside wanting to be rich. They do not discuss that issue at all.
They speak about the importance of knowing accounting, investing, of knowing how to read an income statement and balance sheet. I believe that this is a good point and it would be wise for most of us to know how to do this. They caution against the kind of high- living and excess spending which means the person is permanently in a rat - race to keep their head above water. This too makes sense. Very common sense.
They do not in any way take into consideration the possibility that there are different kinds of characters who might need different kinds of financial paths and advice. For them everyone is someone who first and above all wants to be very rich.
I found this book an insult to not only my intelligence but to my basic sense of what is important in life. I know the book will make its already rich co-authors more rich. I doubt if it will enrich anyone else.
Had I known the bottom line on this book before I read it I would probably have never bought it.
88 Great book on how to make money work for you!
I really liked this book! At first, I thought it was pretty much going to say the same things I haver heard before: "save your money and invest wisely". I thought it was interesting that this book advises people to not work for money, but to make money work for us. It makes sense. Another interesting point is that making good money doesn't always necesarilly mean that we need a safe, secure job. As rich dad would say, we need to make our emotions think and not let us think by our emotions. Overall, great book! I really enjoyed it and I definitely recommend it!
89 A Must Read For Everybody Who Cares about Money!
I have heard about "Rich Dad, Poor Dad" for a long time. However, somehow I never picked it up from the book store. This summer, I took a business trip to Taiwan and met with one of my friends who is the founder and CEO of a major Taiwanese company. While eating dinner and talking about my future business endeavors, he asked me if I have read this book. I said "no." So he gave me his English version to read. I finished it in two days while working on other things there, and I cannot tell you how amazing the book is.
Its idea about money should be taught in every business school in this country! And if you care about money, you better read this book NOW. If you are a parent, please pass this book's idea to your kids. It will turn their lives around. All have been said, this book would make a great complement to our conventional educational system which does NOT teach people how to be rich.
90 Great Book Gone Down WRONG Path!!!!!
Loved reading Rich Dad Poor Dad. It inspired me to take the route of entrepreneurship, and for that I am thankful and successful. However, in the end, the book is none other another multi-level marketing scam (Kiyosaki calls it "network marketing") and an attempt to get you to buy this expensive board. Not only that, but much of the ideas aren't original.They're taken from other books and passed off as his own. Even his story is made up.
91 Find another
There are several financial authors available on Amazon offering real guidance. The best currently are Dave Ramsey and Ric Edelman.
Kiyosaki's message is complete BS. I should have Googled Kiyosaki before I bought Rich Dad. Don't waste your money too.
Start here: www.johntreed.com/Kiyosaki.html
92 Interesting reading but not practical.
As mentioned in many of the other reviews, the book advises to buy income-generating assets instead of expense-incurring liabilities. However, everyone has a different life path. Making money is important but spending wisely and giving wisely are also necessary. Unlike what the author said in the book, professional experience can both be enjoyable and financially rewarding. And his hint of owning real estate and/or small business can be a very difficult and risky approach to wealth for most people.
93 This book teahches you ONE valuable concept....
This book teaches you ONE and only ONE valuable concept about wealth, the rest of the book and all subsequent Rich Dad books, seminars, courses, or whatever is complete and total fluff. The one concept you need to know is "An asset is something that puts money into your pocket." Plain and simple. A gumball machine is an asset, Trump Tower is an asset, a room you may rent in your house is an asset, and Kiyosaki's fluff-filled book is an asset. His book started me on the road to seeking assets but the rest was useless.
94 You don't need to be Rich to change your mind set.
I think the book could have been written better. The way the book was written was to sell more books! Mr. Kiyoski has a new line of books called "Rich man advisors". In his book "Rich Dad Poor Dad" he is hinting towards making it rich in real estate by buying foreclosures and going to banks and mortgage companies looking for inventoried houses. In Houston Texas this is hard to do since there are investors that already lined up with bankers and mortgage people.
I am thinking like how a rich person would think however as a result from what I learned in the book. You do not have to have a lot of money to start making your money work for you. How I am getting my money working for me is I am leasing an Internet server for $100 per month, so far I am hosting 20 accounts and making $200 per month in income, it is not much and I could make as much as $5,000 per month if I could get 500 accounts which is the limit of the server, the biggest problem I am running into is marketing my hosting service and getting more people to lease space on the server. It is proof that changing you mindset will work for you and to get others doing the work.
The biggest problem in implementing my plan is marketing. Mr. Kiyoski endorsed a book called "Sales Dogs" which is part of his Rich dad advisors series. I have 3 chapters left in reading the book, I will also have my girlfriend read it so she can also help me implement some of the ideas in that book as well.
Overall it gets you to thinking and you have to be creative to find your niche, if you invest in making money instead of spending it you will have that much more. In the $100 profit I am making off my leased server I am able to buy 5 new DVD's a month, instead of spending my initial $100 on DVD's now I have an income stream to buy more. Be creative when you read the book and you to will start thinking like the rich.
95 Poor Author -> Rich Author
In 2004, Mr. Kiyosaki made lecture tours in Asia. In Hong Kong, thousands attended his lecture. The ticket price for the event was a toweing 2500 Chinese dollars, which was the equivalent of 250 US Dollars! The audience came out of the lecture largely disappointed. Most claimed it was a superficial event, in which Mr. Kiyosaki bragged about his own success as an author and povided almost no valuable insight into anything else.
While we are enjoying the book Rich Dad, Poor dad. Mr. Kiyosaki is certainly enjoying his climb to the top with outrageously priced worthless lectures...The guy deserves a hand of applause
96 Good for HS and College kids - Not for those with experience
3.5 stars
"Don't work for money, make money work for you" should be the basic mindset for those who want to stop working for other people and start living their lives on their own terms. In fact that's all I took away from this book - but I consider it pretty valuable.
On a very basic level, there are two things you can own. THings that make/or can make you money (real estate, stocks, bonds, assets) and things that will drain you of money (high maintenance stuff like cars/boats, debt, interest you pay on debt etc.). Focus on getting things that grow you money, not drain it - that is the cornerstone of wealth. If you understand this already, DO NOT BUY THIS BOOK.
The idea is "common sense". HOWEVER, on that note, the book does drill it in very well, and because of that I DO highly recommend this for those who have no background at all in investing but want to take their first steps. I read this book when I was a freshman in college and it was an eye-opener for me in terms of how I thought about money. It gave me the perspective and for that I owe this book. For the regular joe, I think this is a great book to establish this mindset and it does it well with its plain (though obviously amateurish) writing syle.
My warning: Kiyosaki is defintely a good salesman. THe success of this book is proof enough. The book also makes an effort to promote his other products such as his "educational finance board game", and not to mention himself and his speaking tours.
However, if you can get past that plugging, you will realize that it is sound advice on the GENERAL PRINCIPLES OF BUILDING WEALTH (extra stress on "general"). There is also a good basic framework and mindset for real estate buying (buy real estate. Rent it out. Let Rent income pay for mortage. = "free" property). Obviously, real estate is much much much more complicated than that. You would have to look at taxes, appreciation rates etc. to truly pick a good investment. I would look elsewhere for GOOD ADVICE on how to actually go through the process of buying real estate. But even so, the basic ideas offered by this book are a good start.
BOTTOMLINE: I would buy this for my son (if I had one) in highschool or college to read to get them started and inspired on saving and investing. But it will take far more books than this one, and also experience, and education to be succesful in investing. If you consider yourself money savvy, then by all means stay away from this book. Otherwise, the book serves its purpose: to inspire and give you a jump start.
Better yet, I would recommend going to the bookstore (I guarantee you it will be there) and reading it off the shelf for those who aren't sure. It's a quick read and has some good ideas for the beginning investor at no cost to you.
97 This Book Is Really Quite Valuable
It is about money-producing assets and about money-wasting assets. It is about knowing the difference and developing the discipline to spend your hard earned dollars on assets that grow and not spending them on assets that waste. If you have discipline and some basic knowledge of money you can have money work for you. There is no point of working for a significent amount of money unless you learn to have money work for you. If not, you will be a slave to money which is typical of many workaholics.
98 HORRIBLE
a friend of mine gave this book to me as a loaner. he said it was interesting and that i might learn a lot from it. well sadly i did learn a lot about it. i learned that by manipulating people into thinking they will make millions, you can sell a ton of books.
this book is written TERRIBLY. it has no flow, no sentence structure, honestly a 5th grade teacher would give this book an F if it was turned in as an english report.
he repeats himself 1000000000 times, and seems to be miling the pages to make it seem like the book has more content.
honestly, his book can be summarized into the following points.
-Buy assets, not liabilities
-learn how money, and finances work
-school is a waste of time, dont bother to go unless you take accounting
-i am so great bow before me.
blech, i cant stand this book, please dont waste your money on this, it is like purchasing a liability instead of an asset!
99 Don't get excited... just develop some thoughts
I believe that you, as myself, are attracted in this book by its title and especially its subtitle: "What is that the rich people know and is it easy to get it myself?" My Kiyosaki has done an excellent marketing job, just with the cover of his book.
Don't expect to be rich by reading this book. You will probably still go to work or to college, still have the bills and the expenses that you already have. But, this book, if understood properly, will put inside you a special sheed: "There is got to be another way to make money, instead of working". And if you develop this idea, you will understand that the other way is more productive than the "usual way".
As a person who started saving from my teen age, and start investing from early 20's, I understand perfectly the ideas of this book. I haven't found a way to be so much succesfull, but I believe I am in a good way. Working is a mean to finance your investments. The type of investments will determine how rich you are going to be.
"Rich Dad, poor dad" is not a reading masterpiece. Sometime it goes wide and you probably get boring reading it, as it repeats the same thing. There is a old greek saying "repeat is the mother of knowledge", but sometimes in this book it gets boring.
This book is a strategic not a tactical book. You don't have to follow Mr. Kiyosaki's steps. But you can think how you can make your strategic plans, in order to multiply your earnings.
100 Very vague... and unfortunately ridden by one giant lie
While I thought this book was still a valuable tool it has one problem. There is no "rich dad," Rich Dad was a lie fabricated to sell the book, which worked VERY WELL. On top of that it has been verified much of the info in the book was made up on the fly. All in all, the book wont really teach you much. But there are a couple points I thought that were VERY... no sorry, EXTREMELY valuable.
*If you are young, like I am... pay close attention to the RAT RACE. Its a great term for the financial trap most people get themselves into in their early 20s. I can thank this book for steering me away from it!
*ASSET vs LIABILITY awsome thing to keep in your head at all times when your in a spendy mood!
All in all it was a pretty good book for me for just those two reasons. Unfortunately I cannot give it more than 2 stars for the simple fact that most of the book lives a lie!
