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I would like to address MLM aka Network Marketing first as that seems to be the most misunderstood and abused vehicle to achieve success. It has been estimated that 4 out of 5 people fail in netwotk marketing and unfortunately some people who dislike network marketing embellish on that.
The fact is that network marketing does work (just ask the 1 out of 5 who make it) why do the other 4 fail? Could be a lot of reasons. One could be choice of company. A bigger one in my opinion is lack of training and yet another one is attitude; people let their negative friends and relatives (sometimes called pukers) control their lives and decisions.
Kiyosaki openly endorses network marketing (and not just the soap company--the industry as a whole) because it is the safest, low cost, low risk way to start a business. Donald Trump said a few years ago in a tv interview that if he lost it all and had to start over, he would enroll in a network marketing company and go to work.
Rich Dad Success Stories discusses many ways to make money. Most are real estate. Others are real estate. They are various ages. The book talks about a 12 year old who bought a rental property. It also talks about a 50 something couple that started over fearing going into retirement with nothing saved. They started a business and achieved incredible success.
By the way, do you know one of the greatest success stories of all time was Col. Sanders? Do you know how old he was when he started? 50? 59? 63? No he was 65 and broke. Got digusted at looking at his social security check for $150 and went to work. He decided to sell his chicken recipe and was turned down 1,009 times (how is for rejection MLM'ers!) but never took no for an answer. The rest is history.
Rich Dad Success Stories shows real live examples of other Col Sanders. Tremeendous success stories of people who are making it.
Good book. Highly recommended.
Baby boomers Ed and Terry Colman began building their asset column after a chance meeting with an Amway agent. Encouraged to take the necessary steps to provide for the future of their newborn son, Jake, the couple joined Amway. While they did not earn much, they did learn and were exposed to many ideas that aided them in the future. The most important lesson the Colmans learned was that "to be successful in any investment strategy, one needs to access correct and current information and constantly monitor the situation" (9). The Colman's investing hit high gear after attending a seminar, precipitating their investing in VA foreclosures in Port St. Lucie Florida, Phoenix Arizona, and Clarksville Tennessee because of the low money down required. They learned that effective property management is crucial to the success of their investment. Terry reflects on his change in perspective, "Unlike our younger, more naive selves, we made a conscious decision to find out how the world works, to be open to change, and to be responsible for our financial well-being" (17). The Colman's story parallels that of others featured in the book.
A common thread running through many of the success stories is that success is positively related to the ability to leverage other people's time and money. Many attended seminars from which they later employed those strategies learned. Others, such as Rich Dad employee, Cecilia Morrison, bought a laundromat after learning more about it from the Coin Laundry Association. Similarly, Stacey Baker purchased her medical practice with the help of the New Zealand Medical Assurance Society whose purpose is to lend money and provide insurance for health professionals. When investing in real estate, Ronald Hoard makes good use of the services offered by large property management companies and certified commercial investment managers (CCIM) in selecting choice locations. Hoard offers the following recommendation, "Start investing now and allow yourself at least three years to learn, make mistakes, and succeed" (213). While each person followed Rich Dad's general guidelines, they all pursued a unique path catered specifically to their own interests and ability.
Merced Hall pursued her interest in flipping properties after playing the Cashflow 202 board game. Her plan requires her to purchase properties with cosmetic, rather than structural, problems at a 50% discount or more. When selling, she pays the closing costs and offers the renovated homes for nothing down. Michelle LaBrosse offers us another example of the ability of some to leverage their own specialty training. Educated with a Masters in engineering, LaBrosse applied her systems management experience toward risk management and product development. Her five-tier approach toward production includes formulating a concept, developing a "cookie-cutter" (systems) approach, testing the product to a focus group for feedback, launching the marketing campaign, and continually making minor corrections to expand product life cycle.
While these stories show that there exist many paths toward success and financial independence, all have done so by working within the paradigm constructed by Rich Dad. These guidelines advocate ongoing financial education with the goal of reducing risk and expanding your exposure to potential investing opportunities. The most important ingredient is action. Rich Dad offers a method by which you can become rich on your own terms.
Robert T. Kiyosaki is a man who has done it and is willing to share the wealth with people like you and me. He also has the gift of being an excellent writer and teacher, just like his Rich Dad was a excellent teacher.
In Rich Dad Success Stories you will find the proof that Kiyosaki's system really works. You'll read real estate success stories, business success stories and more. I even read a story of a 13 year old who bought a 3/2 condo! And there were people in their late 50's and 60's, suffering from corporate downsizing and broke from going through their savings who created super successful businesses.
I highly recommend this book along with the original Rich Dad Poor Dad. This book and Mr. Kiyosaki was recommended to me by a friend. I have hence recommended Kiyosaki's books to 10 others who have bought and applied his teachings. Good stuff. It really works.
His message leads many to believe real estate somehow takes less homework than other investments, a premise I would strongly disagree with. Real estate can be a great investment; so can stocks, bonds, and REITs. But it takes just as much knowledge and research to be a successful investor in this sector as it does in any other.
There are no free rides. And any strategy that doesn't share that little tidbit is more marketing than content. Despite their claims, buying a foreclosure for pennies on the dollar and selling it "days later" for huge profits is a rare occurrence. And your chance of being able to do so with "no real estate experience" is miniscule at best, and impossible at worst.
My father used to tell me that I could trust someone who claimed they were not an expert but offered what knowledge they had, much more than I could trust someone that claimed to be an expert but never shared how they achieved their success. I suppose that's simply another way of saying that humility is a good thing, particularly when possessed by someone who also has a great deal of knowledge.
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.
Now, these gentlemen trying to cash in on their "no money down" schemes would likely say that I'm just a bitter man, envious that I didn't develop their "proven methods." But before the Rich Dad fans start zipping out hate mail stating that I'm just jealous of what Kiyosaki and his like have accomplished, let me say that I begrudge no one their success. In fact, I wish nothing but success for all those who genuinely attempt to help others improve their financial well-being. I only ask that those who choose this noble pursuit do this with honesty and integrity, and fully disclose information that may be material to their potential customers and all those who may employ their advice.
This brings us to the No. 1 rule for successfully avoiding financial hucksters: If someone truly has the means to get rich quickly, they aren't going to tell you about it.
Reviewed by: James L. Clark, MBA, MSc., PhD Candidate (Leadership) is a serial entrepreneur, lecturer, and consultant in the areas of success, achievement, personal development, influence and leadership. He is the author of the book Wading Through the Crap: How to Start Living the Successful Life You Have Always Wanted (ISBN 0972697551), which has received rave reviews.
I also went to a certain "website" that is supposed to have "top secret" information on Kiyosaki and have to admit that I got suckered in by their misinformation. It cost me 2 years and untold thousands of dollars. Where would I be today if I had started back in 2001?
Mr. Kiyosaki, thank you very much for your excellent books and top rate information.
WARNING: Your broker, CFP and other financial people are hoping you never read this book. Mutual Fund companies are also hoping you never read this book. Your boss also hopes you never read this book.
"Rich Dad's Success Stories" is a powerful book and shows once and for all that anyone can benefit from "Rich Dad's" advice.
This one is a must listen to audio program for your library.
Procrastinators should read the story the 60-ish couple who realized that it wasn't too late and they weren't too old.
Or the 9 year old who starting with $20 of borrowed money started her own business. Yes, a 9 year old.
Or the 13 1/2 year old who bought his first residential property; a 3 bedroom 2 bath home. You read that right--a 13 1/2 year old!
I also enjoyed the story about the man who against the advice of his brokers, took money from his IRA and other securities before the big stock market crash in 2000 and invested it instead in real estate. Wise move! Real estate is a better investment than the stock market. It's been that way for the last 100 years and no likely to change anytime soon.
Rich Dad Success Stories is a excellent book because it shows you people who have done it and are doing it. Check out these other financial books out there. Where are their success stories? This is now my favorite Rich Dad Book.
As I see it, this is an outstanding book. While it is success stories, it is also motivating. It shows people who have done it and even gives ideas on how you can do it too.
And this is not just real estate as one reviewer (who obviously never read the book indicates). There are business stories. Rags to riches stories. Young people who have done it. Older people who have done. People in all parts of the country have done and are still doing it (succeeding that is)
No doubt the 1 star reviewer is not doing too well and perhaps jealous of the success of Kiyosaki students.
Rich Dad Success Stories is an excellent book and I highly recommend it.
This book is more of a "how to" than the others but it is not written by professionals, and I think the price is outrageous, especially since it is really an advertisement for all the other books.
As with all "gurus" I would recommend thoroughly reading around the subject and the teacher before making your mind up.
He does have good ideas and a forceful personality, but don't be fooled into thinking he has all the answers.
And it is so obvious that the few 1 star reviewers have not even bothered to read the book (save the free sample pages)
Read the book first as well as the original Rich Dad Poor Dad. And more importantly try it for awhile.
I suspect that 1 star reviewers are people who tried the Rich Dad board game, failed due to poor programming and now want to lash at at Robert Kiyosaki. Or people who have a personal vendetta against RTK and will never admit that they are the one's that are wrong!
Too bad for them!
Unfortunately, these people will be stuck in their dead end jobs and living paycheck to paycheck too.
Rich Dad Success stories is a good book
For quite some time, bashers have been asking; "where is the proof", "we should be seeing some great success stories, but don't hold your breath." etc., etc.
Now Kiyosaki comes out with the facts. Well researched and documented. And how do Kiyosaki's critics repsond? Do they finally say; "great you have delivered on your promises?" Are they happy and pleased? No. The only response they have is to use a overhyped, cheesey website that has zero credibility, also has products for sale albeit cheap, generic real estate and investment advice and they want you to think that is the proof.
Give me a break! At a time when anyone with a couple of dollars can set up a website, it means nothing. Where are the success stories behind this website? What has this individual ever done other than create a cheap tabloid version of a website? And beware, if in fact you do go to that website, you will inundated with spam. Get the message on what you are dealing with?
Besides, if this website was truly that great, why does the creator of that website have to live day and night on the internet to promote it for the last 5 years and still get no visitors?
I highly recommend you read "Rich Dad's Success Stories" even if you borrow it from your library (at least Rich Dad books are available at your library. Try finding these self published books promoted by the website guy there. Fat chance!)
Talk with people at your local bookstore who have bought Rich Dad books (that is how I got started) you may even find a local club or a mentor in your area.
"Rich Dad Success Stories" as the name implies is not a how to book, it does however show that many have done it following the Kiyosaki strategies.
I would first recommend that you buy "Rich Dad Poor Dad" then "Cash Flow Quadrant" and "Rich Dad's Guide to Investing."
If your focus is on real estate read "Real Estate Loopholes" or "Real Estate Riches."
If your goal is more headed towards investing in the stock market then after "Rich Dad's Guide to Investing" add "Rich Dad's Prophecy."
If your goal is business, then read "Rich Dad's Guide to Buying and Selling a Business" and "How to start your own Corporation" by Garrett Sutton one of the fine Rich Dad advisors.
There is a wealth of information available in the Rich Dad series of books. I don't know about you, but I would rather read someone who has done it ala Kiyosaki and his advisors as opposed to people who run tabloid type websites and have yet to do their first deal.
Good luck with your investing and Mr. Kiyosaki, thank you!
To the people saying this book proves his strategies work is like saying a book on lottery winners proves that the lottery is the way to get rich.
People need to understand Rich Dad is a fictional character by Kiyosaki's own admission, and thus, despensing fictional advice. Kiyosaki is also a product of the Amway movement. The man was bankrupt before he wrote this book. If a bum comes up to you and starts telling you how to get rich, are you going to listen to him? Kiyosaki is anti-education, in spite of the numerous national studies that show people that go to college on average earn more than those that don't.
Also, don't listen to the Leezy review. I don't know which site he went to, but the John T. Reed site I found has no pop-ups or spam under either IE or Mozilla. This is simple propaganda to keep readers from informing themselves. In fact, if Leezy had bothered reading the site he would have found most of his accusations against Reed answered.
If this book helps motivate you to start thinking more strategically, fine. But there are far better books out there to get financial advice. Pass on the Rich Dad Poor Dad series.
Kiyosaki is no get rich quick scam artist, but a personal finance philosopher and uses age old wealth techniques. This guy is the real thing.
When I was 19, in debt, with no assets and stuck at an $8 an hour job I noticed one of Roberts books on the business best seller list and decided to check it out. I was completely HOOKED and his works have changed my life. Had it not been for the way his books give you positive motivation and the "BIG PICTURE" of business, wealth, corporations and real estate, I would not know what to do with my life and still be dreaming of someday. As a 19 year old kid I had no idea what an entrepreneur really did, or what E/S/B/I quadrants were, how to examine a financial statement, or what cash flow was or even what the mysterious "corporation" was. After reading his books, the world was a completely different place to me. Now I understood why the CEO of the company could get rich AND get tax breaks to buy his $100,000 cars, while I just hoped for extra hours to keep making my $8. That's all I had going for me... not anymore!
I feel so lucky to have found this information out early in my life, as many people are in their 40s and 50s and still don't know why incorporating can make you rich or why real estate is where most of the super-rich either make or store their money. People are controlled by businesses and land lords and they don't even know it... they keep paying the highest tax rate, they keep trying to pay off their house and they keep slaving away for their hourly wage or salary. They are blind to the way things run all around them, but luckily I can say I am not. I will never look at renting an apartment the same way again. I will never look at a credit card or a business the same way again. I will not confuse my car with an "asset" or my paycheck with "wealth." Roberts books were the spark that lead me to everything else. Had it not been for him giving me a clear view of the big picture, I would have been overwhelmed by typical nuts and bolts real estate investing books, nor would I have understood their significance. That is why I don't understand people complaining about the lack of substance... if you can't see the forest for the trees, how will the nitty gritty stuff help you? You have to have your basic plan first! That's what he teaches you. Thank-you Robert!
Now at a mere 21 years old, since investing my time in Roberts amazing series, I have bought an $8,000 piece of land which I can actively improve in at least 3 ways (for under $500 each) for only $3,000 cash (you make money when you buy, not when you sell) creating the first real chunk of net-worth in my young life. Within 12 months I plan to buy either a duplex or a four-plex for me an my fiancˇes first home, to learn how to be a good property manager and creating cash-flow and passive income instead of working for all of my money. I have also been laid off from work and with the benefits I took the opportunity to start my own online business, selling my artwork, which grows monthly. I realize that puts me in the S quadrant and not the B quadrant, but it is teaching me valuable business skills (such as marketing) while also giving me an extra $500-$800 a month that I can make myself, in my spare time without reporting to an employer. Robert is right in that it's so much easier to teach new ideas to the young, which is why we should all teach our children the ideas in these books, the cynicism and excuses that come with years of bitterness haven't choked all the wonderful open-mindedness out of you yet!
I was also so excited about the ideas in this book, that I made friends with some people in the Houston area who had the Cashflow game, and introduced my fiancˇe to Roberts ideas with the fun of playing! Once he saw what you could do in the game and how it applied to real life, we can't wait to get our own copy of the game and play it with each other as well as to apply the ideas to our own lives. We are both in it together, and he isn't just my lover and best friend, but my business partner as well. Now I feel like Robert and Kim must have in the early years ... there really is no joy in wealth if you don't have someone to share it with.
Truly through real estate and business I see a rich future for myself, which I would have never known without Roberts books. I will never be afraid of loosing a dead-end $8 job which I need to make ends meet again, because I know my wealth comes from within.
Thanks again Robert,
Elizabeth A
Houston
There are a lot of better books out there, The Millionaire Mind by Thomas Stanley and 8 steps to 7 figures by Charles Carlson. Even Victor Niederhoffer's Practical Speculation is miles ahead of this book and we know Victor's hedge fund did not do all too well some time ago.
To be fair, as an engineer, I read Rich Dad Poor Dad when I graduated, it gave me enough moltivation to complete my CFA exams and do a Masters in Finance, so it did change my life in a perverse sort of way. But after all that, I realized the kind of financial risks RK's fans are really exposing themselves to. Not to mention possible hatred and scorn from family members if they tried their hand at MLM like some of the folks mentioned in these stories.
Now I study and read RK's books to find out how rich self-made millionaires think, not as any model for one to base their success on. There are much better tools and books out there.
For the financially successful folks who gave a 5 star review to this book, I have a question for you. Did the book really teach you anything new or reveal a genuinely counter intuitive insight on the process of becoming wealthy ? Or you liked the book because it simply told you what you've always wanted to hear in a way which is not intimidating unlike many better books on personal finance ?
Has it also ever occured to you that these success stories could well be exception rather than the norm ?
For those who valued RK's works for the amount of personal change it created within themselves and enjoyed reading his books. I have one piece of advice. Go read Shakespeare, Tennyson or Edgar Allan Poe. That has infinitely more style.
After reading this book, I am convinced that Kiyosaki is for real. More than that, I came in contact with people who have used successfully Kiyosaki's strategies and philosophy and are making some serious money.
So impressed was I that I went ahead and bought Rich Dad Poor Dad, Cash Flow Quadrant, Rich Dad's Guide to Investing and Rich Dad's Prophecy.
I also recommended this book to many of my friends but alas the bookstore was all sold out after only a few days. I am now recommending that they order through Amazon.
Thank you Mr. Kiyosaki for a very exciting book.
To Dan Mentzer, yes I know about the laundry mat and the vending machine business: I WANTED MORE STORIES ON BUSINESSS! The book has 90 to 95 percent of real estate stories, good for you and others who are concentraing on that. I am looking for something more up my alley!
To Lenny Leonski, my goals and ambition to write books is just as important as your wealth builing goals! Robert Kiyosaki has always said it best, DO WHAT IS BEST FOR YOU!!
For the record, I am one of the biggest supporters of the Rich Dad series. I have all the the books and the audio progams "You Can Choose to be Rich" and "Rich Dad's Road to Riches", so I hope you were not saying I was a critic to Kiyosaki, because I am not.
BOTTOM LINE, if folks are more interested in Real Estate, they should read this book, if not, they should hold off reading it until they do. The main thing I was proud about this book, is that the READERS TOOK ACTION. It does not matter what you goal to wealth building is, weather it is businesses, real estate, books or etc, everyone in the Rich Dad community should be happy for one another on there way to wealth.
I also want to say that Dan Mentzer's Oct 6 review is BULL as well!!!!! I did mentioned in my previous review (in which Amazon deleted, not me mr. know-it-all-mentzer) about a couple of business stories. Real estate investing is not a business?? DUH.. tell me something I do not know. I still wanted stories on specific business models other than REAL ESTATE!!!! (CAN YOU HEAR ME NOW? GOOD!) Everyone has a right to there GOALS and VISIONS!!! This book just did not do it for me!!!!
STILL THREE STARS! This is my last review on this book and I hope everyone (Dan included) who appreciates the Rich Dad principles does well in their endavours, because I know I will!!!
I really think the reader from Chicago is missing the point. The fact is more wealth has been made in real estate than in any other venture. No other business or investment can compare. Writing books? C'mon now! Do you have any idea on how many books get turned down each year? And of those that are published, how many do you suppose really make any real money?
Many of Kiyosaki's critics have been asking for evidence that his strategies work. Well here it is in Real Life Success Stories from Real Life People who followed the Rich Dad lessons.
Like it or not, this is how "Real People" are making "Real Money" in Real Estate.
Perhaps in some future volume, Kiyosaki will profile business success stories and I look forward to those as well. But for the masses, Real Estate is the key.
Good book Mr. Kiyosaki but I doubt this will silence your critics----too bad for them!
All in all, it is a good book to read, if you ever plan on getting into real estate. I plan on using it as a reference when I decide to do more real estate investing. The most important thing to remember is that these folks in this book, made the commitment to invest in their financial education, and I think that is great!!! In the meantime, I am working on a non-fiction and fiction book ideas; as well as building a business and I am thankful for the Rich Dad Series for motivating me to do this.
... proper attention to Earthly needs of the poor, the depressed and the
downtrodden, would naturally evolve from dynamic, articulate, spirited
awareness of the great goals for Man and the society he conspired to erect.
-- David Baker, paraphrasing Harold Urey, in
"The History of Manned Space Flight"
Dinosaurs aren't extinct. They've just learned to hide in the trees.
