I am out of the “Rat Race”, and I only wish I had known this information 30 years ago. And nearly all of my very affluent clients have no “success” or “financial advice” books on their shelves. They expect you to take them by the hand, step by step, and show them how to become rich. Rich Dad Poor Dad ... Good luck on your journey to being Rich, poor, or middle class. I think this is a fair assessment of the book. Rich Dad Poor Dad PDF ebook, What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not By Robert T. Kiyosaki.. Rich Dad Poor Dad Book Review – L Review. That’s like me telling you I buried $100,000 in your backyard which is yours for the taking. Your California Privacy Rights/Privacy Policy. Recently it was because the dollar will fall and having paper assets is the road to ruin when that happens. to start making extra money — in as little as an hour. Yes it is a little bit motivational, and it does offer a few extremely basic ideas about personal finance, but if Kiyosaki really wants to help his readers, he would recommend detailed books about real estate, small business, investing, etc. Only the first (Rich Dad, Poor Dad) is valuable. Beginnings. I hope the newbies who read his book get motivated enough to be financially literate, but not motivated enough to do the “advanced” stuff that he advocates. April 2017 marks 20 years since Robert Kiyosaki's Rich Dad Poor Dad first made waves in the Personal Finance arena. Written in 1997, the book focuses on the importance of financial independence and emphasizes the importance of building wealth through investments by comparing two fathers. (If you have books you like, let me know.). He makes a sizable amount of money. This was the code of war we were taught as military officers.”. The proof is in the pudding,this book has no doubt created billions of dollars to the people who have read it just by shifted their paradigms about money. If this book demonstrates Kiyosaki’s level of expertise in finance, then it’s no wonder he had to start writing books; there’s no way he could make money in investment or small-business. I believe this book is so popular is because it appeals to a wide audience. Yes they did have some gems of wisdom and insight but not as much as the first and I was a bit disappointed; also because he does over-do the real estate angle. It’s creating a different mindset, not a different investment strategy. His column will appear here every other Wednesday. Unfortunately he does not seems to be interested in establishing rapport with his students and just dump all the content and a few strategies of the many presented during the course. Study, discuss, etc. I thank Robert Kiyosaki for his books, and for changing the way I look at money and at life. No question. Instead his message is: “buy my other vague books, buy rental properties, quit your job and start a business.” All the while slamming education, and disowning his own father for being an educator. My advice is to try his books before you buy. 1. If you remember Amway used the pyramid model that was copied by other companies after such amazing success. The below link is an in-depth look at Kiyosaki’s claims of owning multiple corporations, having myriad investment properties, and making vast fortunes. You have to do it yourselves. But the Rich Dad books got me thinking and asking more questions. I don’t deny that some of his ideas are good, but there are many others who say the same things and you don’t have to sift out the deceptions. This book changed my life and put me in a position to create wealth. Unfortunately, Rich Dad, Poor Dad doesn’t have many actionable suggestions. The ad ran for three months. He wanted his money to work for him. I cannot fully express how much this book transformed my vision of money … Wake up people. Buying assets and not liabilities due to liabilities draining your wallet. 2. I say that he gives you the tools to make things happen and what you do with the information is up to you. While it does have a few broad ideas that aren’t bad, it demonstrates either a lack of understanding of basic finance concepts on Kiyosaki’s part or a willful exploitation of other’s lack thereof. Robert Kiyosaki’s 1997 bestseller Rich Dad, Poor Dad seems to be a cult-classic in the world of financial literacy. This is what was left of her estate after the attorney and the government took their shares. The financial’s tell you weather it is a good deal or not. I can clearly say that i i am one of the people who have made money following advice from the book. One of the problems is that most people are looking for an easy way out. Conveniently left out are little details like taxes that he is so quick to talk about as drawbacks of being an employee. One of my favorite quotes is from his Rich Dad: Most people never study the subject [money]. He went to college, valued safe investments, and encouraged Robert to work for others for the salary and benefits. I doubt it.”. Once they have a solid understanding of those financial skills, then it might be fine to move on to more advanced and complicated subjects like tax laws and buying real estate. One of the best-selling personal finance books in recent memory is“Rich Dad Poor Dad,” by Robert T. Kiyosaki. Worked on west coast all the way to the east coast, and worked in the Middle East. It’s about how we are taught to think; how we are programmed by schools, family, and friends to look at the rich as greedy no good bloodsuckers and opportunities as risks. I am glad you didn’t bodyslam the book. It’s not supposed to tell you to buy some shares of GE every year, it goal is to get you thinking differently and move you in the direction of buying other books and reading more information. Unless what Mr. Reed is putting out is inaccurate, I have a hard time understanding how the truth could be “somewhere in the middle”. That, in itself, is worth the price of admission. Also, if you already read Rich Dad Poor Dad, I would be glad to hear your point of view. When I now by a piece of Real Estate, it is for cashflow, not capital gains. Take my earning potential quiz and get a custom report based on your unique a rich life, practical financial management In other words it concentrates on the inner being of what it take to be rich and for most people that is much more powerful than a technical book of “how to’s” and “to do’s”. Rich Dad Poor Dad is the #1 personal finance book of all time. I think the biggest problem with this book is it doesn’t tell people what to do. The Rich Dad Poor Dad series is motivating, but they never give suggestions of what I can actually do. Your readers can go here to check it out: http://ptmoney.com/2008/01/17/book-give-a-way-win-a-copy-of-rich-dad-poor-dad-or-die-broke/ Thanks! Some people hate Rich people simply because of the fact that they have more money than them, yet you dont see these people trying to change their lot in life, they just keep plugging away at the same ol same ol. Its a great book to start with on the way to wealth building…maybe its a bit too basic but its like life….u only make smtg out of wat u put effort into. Does anyone have any actual proof that anyone has made any significant money based on what they learned from these books? I have often wondered if Kiyosaki could show any proof that anything in his books had made him money besides the books themselves. I’m a 30 year experienced project manager in commercial , solar, and oil and gas project manager. I’ve noticed the more books people have in their “success” library, the less successful they are. Rich Dad Poor Dad by Robert Kiyosaki is one of the most famous personal finance books of all time. You don’t need to earn a high income to be rich. In the 1993 edition: Another tip from the book is: educate yourself about money. I LOVE RICH DAD’s philosophies and I think it is worth every dime but the impression that I came out after assisting a 3 days Rich Dad basic Real Estate course with this Instructor Stevens Edwards is that it was is just 80% sales pitch for the most expensive course and 20% instructional. example: You can read about the Amazon rainforest all you want, but it’s a VERY poor substitute for actually experiencing it. Its widely believed that much of his wealth has been attained not from his real estate empire, but the self help rich dad poor dad empire. They can’t be financial books because they are designed to introduce an employee minded person to the entrepreneurial world. Well, I have to give my 2 cents. To actually UNDERSTAND what Kiyosaki is saying, you must spend some time and think about the concepts he proposes and how to take action on them. So I conceded and bought the book. Think Zanger Report, etc. Then their is little or no risk. Finance. He talks about real estate this and real estate that. What I see him doing is using this book as an advertisement for his many tools of income: Books, Internet, and Real Estate. vs. all those Donald Trumps out there who have this stuff mastered. His reply, “I don’t have the time, and I don’t want to waste my money.”. Get a FREE 10-step cheatsheet to help you read faster and remember more of what you read based on the classic guide, How to Read a Book . I’d recommend this book as an excellent way to challenge your thinking about work and money, but only if you combine it with other books that make tactical recommendations of financial issues. 1,006 people found this helpful. read his books and invest in real estate. It has some good basic principles but not much beyond that. Actually Kiyosaki books rich dad poor dad it very good. Ramit, good review, it echoes my own thoughts on this book. Note that he’s not saying that illegal massacres like at My Lai occurred — he’s saying that the official advice/regulations of the US military services advocated this! For all you whiners out there, you have to do it yourself. Very balances. The instructor, Steven Edwards, is a very slick salesman. I first read the book back in 2000, when I was still a budding entrepreneur. Robert Kiyosaki’s easy tips and straight talk will… Explode the myth that you need to earn a high income to become rich; Challenge the belief that your house is an asset While the books do challenge my thinking and motivate me to be rich, they are of no informational value. A well-articulated review, Ramit. It just depends on how you look at it. if they think that working is the way out let them work until their 65 years and i bet you that they will be sorry. If you’re going to be defeated before you start, there was never any hope for you in the first place. Rich Dad books are not really financial books, they are mindset and guidance books. And for the ones who agree with you, the both of you will only worsen the gap between the poor and rich. Several of you made it very obvious of which mentality you hold; considering you are disappointed that Robert’s books and/or his training doesn’t tell you how to connect the dots or provide step by step instructions on how to get where he is now. However, as you mention, they do change your mindset about money, and they give general yet good advise. But if you think about it, he’s telling you exactly what he’s doing in the book. Billions? If you want to read a good book, read something about Warren Buffet, who invests in stocks, and has a hell of a lot more money than Kiyosaki does. The most powerful takeaway is that assets put money in your pocket and liabilities takes money out. That is what friends are for. … Robert Kiyosaki (Rich Dad Poor Dad) offers personal finance education to help you learn about cash flow, real estate, investing, and business building. One of my least affluent, struggling clients has untold numbers of success books and seminars on nearly every recorded audio and visual format in existence. (they really try to motivate you to buy during the 3 days.) The first book I read when I got interested in personal finance was Automatic Millionaire, and that gives you steps to go out and do today in order to make money work for you. This section in the book discusses how to apply these lessons in your life and provides … Despite the claims of any author, I think every reasonable person could conclude that no honest money-making system is going to be really really easy. Let’s take for example a car. Rat race is nothing but a cycle that most of the people following it. The rest are just the same ideas repeated again and again. > billions of dollars to the We break down what works and doesn't work from this book. The cover even proclaims that it is “The #1 personal finance book … But add in the actively bad advice that he includes and you’ve got a losing deal. One of his observations I thought worth mentioning is that many people “trade up” houses as soon as they can afford to. Personal Finance and investing is an extremely complicated subject. However, it should be noted that Kiyosaki’s message that is at once inspirational and incredibly vague is basically a formula for getting you to buy more of his stuff, which includes books, seminars, board games, etc. Personally, I believe that the #1 method to success is not books. Now let’s say you buy a truck which you rent to people doing trucking on a monthly basis. I can’t stand people that read it either. Most people, including myself, thought along the same lines… however, I’m a big Kiyosaki fan. Listen today to set yourself up for a wealthy, happy future. You cannot expect or depend on anyone to do it for you. I have not yet read the book but I think I’ll check it out at the book store b4 I buy it. Read our 4-minute book summary. And “If you didn’t make a million dollars in the stock market in the 90’s you need to reevaluate how to pick stocks.” His tone implies that this was a piece of cake if you knew what you were doing. That combined with a few cute stories about little boys trying to make money, and its an easy, enjoyable 2 hour read. Another thing if he writes it down on the white board anything that he is presenting make sure you can write fast since he will erase in just a few minutes. Not nuts and bolts advice of course but a frame of reference that allowed me choose winning investments sometime with as much as 200% ROI in a developing country like Nigeria. You can do it if you try. If you are an intermediate or advance real Estate investor, agent or involved in any of the real estate areas (mortgage, lender, rehab , etc) You will see a lot of good value. Quiz (it only takes 3 minutes). I think you created a perfect summation of what the book is supposed to do. It is currently the 6th best-selling book at Amazon in that category. To make sure I really reflect on what I'm reading I'm going to extract the wisdom from the best business and personal development books and share it with you. 1.0 out of 5 stars Make sure you Select the Book Size. funny article. I have started taking real estate investing courses because I want to learn how to become successful at it. As the books mention, there is deal everywhere, money everywhere it’s up to you to acquire the education and mindset to make it applicable. 3. One or two good books with sound advice and inspiration should do it. Things like “I read the stock market.” What does that mean? In Reed’s words: . Network marketing, while not inherently bad, is often used by people wanting set up “legal pyramid schemes” as many have accused Amway of doing. “Let’s say I have cash flow from my assets of $1000 a month. He wants the reader to want more like the Donkey chasing the carrot as he so plainly points out. I have implemented Rich Dad’s messages, and my life improved dramatically. Rich dad is a decent read for someone who has never thought about money, but he doesn’t seem to have much substance in any of his books. > used After you found out it was a lie, would you think I was a great guy for having thus motivated you to get all that healthy exercise? Beyond that most of the book consists of stories that are anecdotal and are suspiciously made up. I am pretty ticked of at all these ding-dongs and yo-yo’s who expect to get rich quick. ie. > the pyramid model. On the other hand… anything that disabuses people of the notion that things like houses and cars are automatic investments is a good thing. This book just says you should make money work for you, but it doesn’t tell you how. Need an idea how to convert my experience and energy into cash flow. So that will explain why he’s so vague on the details. I live in Latvia and the financial situation is veeery different from that over the ocean. I better start organizing my blog more. I think the best use of a book like this is as a springboard into a whole new kind of education. Either it will work or it won’t. If you are interested in buying and selling real estate, however, this would be a good book to start with. I think also that Kiyosaki intentionally does not give specific instructions as well, as he mentions several times, because everyone must find their own way. Why Teach Financial Literacy. judysardenspeaker. Rich Dad, Poor Dad by Robert T. Kiyosaki Book Review Since we’re not prepared in monetary insight in school, it’s up to us as people to build up this characteristic without anyone else. for people whom are lazy let them be lazy. In fact, before these books I was pretty down on my luck and wondering what I was going to do with my life as I was a high school drop out. I’ve read a few articles online that say the story behind it isn’t actually true – either way I don’t think it matters. Kiyosaki didn’t promise any step-by-steps in this book, which is fine – I wasn’t expecting him to do that. I have listen to his TV show at least twice and did not get one piece of useful information to follow — some amuzing anecdotes however. He always says that if you read one of his other books, or play the board game, you will understand. This page is to review Rich Dad Poor Dad book Rich Dad's Guide to Investing book. But, at the book stand at the airport reading one of David Bach’s books I learned some very valuable — even if common tips on finance — I am going to buy the Bach book for my kids I think. > the “Amway” method which Open up your mind, absorb the information, and think your way through it. But I don’t agree with the book’s focus on real estate, which is far too complicated for beginning investors, and the high-level advice with few actionable recommendations. What is so great about Rich Dad and Robert Kiyosaki’s message, is “That you must change your way of thinking about money. In his view, poor people are poor because they spend their money on liabilities such as houses, cars, and furniture. The Quiz. he does go over-board on the Real Estate thing but you know he’s making millions off sales so you cant argue with that. The rich dad is his friend’s father who took Robert under his wing. It’s perfectly allowed at your local Book store to pick up a book, pop a squat and read. He must have some sick sense of humor if he’s so arrogant as to put clues of his intentions in the book. hahaha. And the Reed accusations about his truthfulness are fairly damning. I know i’ve started to think different about how to make more money and thats good enough for me and as it seems for countless others. Saved me a bunch of time. strengths, and discover how What I dislike about him is his use of language and generalites to manipulate. You write some funny stuff sometimes. Especially relevant is using laws about taxes to your advantage on multiple levels. And, if you want to read more about books, you can take a look at the best personal finance books I have read. Guys im really surprised that so many people expect a book to hold their hands and lead them to wealth…impossible! On top of that, they wonder why they have money problems. It is all about knowledge and education. For example, if one were to apply this concept, many people make their money (fortune?) (I did not sign up for anything). If you search for the best non-fiction (business) books list, the one that is popular even today is “Rich Dad, Poor Dad” and after reading it, I understand why. Some people want stuff handed to them. Here’s the obligatory Kiyosaki == huckster link: Geneva convention mean anything to him? It’s made on information. I think the real challenge that people face is not the fact that they don’t have money for a down payment on a rental home, or that they don’t have/can’t afford an accountant/lawyer/advisor to help them. I have read a few of the books as well and true it never gives specifics and yes there is a lot of repetitive information from his other books. he appears to be giving you concrete how-to information, but its really just a ruse to get you to sign up for more advanced classes which range from $10K – $70K!!! I have read several of his books. It’s something to consider. However, it’s a good book just for the insight about the two types of things you can buy. I wish I could shake Roberts hand in person. I have yet to read it but would love to hear your thoughts if you have any familiarity with it. It’s clear that one of Kiyosaki’s favorite assets to buy is real estate, and he dedicates a large section of the book to explaining how to invest and profit from it. If you are GREEN to the Real Estate world it is a lot of information that you will receive but not too many “how to connect the dots. The one piece of advice that kiyosaki emphasizes is that of sales and marketing skills which is probaly the source of his wealth. American talk show host and media mogul Oprah Winfrey endorsed the book on her show. Wow, the John T Reed site posted above is pretty damning. Another celebrity supporter is actor Will Smith, who said he taught his son about financial responsibility by reading the book. I don’t think it’s a coincidence that the Fed keeps talking about booming Real Estate markets after Kiyosaki has sold millions of copies of his book. But I believe their course are well made and have great value . But.. the luxury car has lower MPG, and has higher maintainance cost. I’ll cover more books I love and hate later. Buy a cheap copy of Rich Dad , Poor Dad book by Robert T. Kiyosaki. Reed’s comments are completely accurate (I was only able to verify the ones commenting on the book, of course). Get my FREE insider newsletter that is helping 400,000+ people MAKE MORE MONEY! This book is not just about money. What I see is that Kiyosaki’s way of belittlement of poor people is actually belittlement of the reader. Look at it from a perspective of Logic and education. . We can read all the books we want about becoming rich, but nothing is going to happen if we continue to have a negative attitude towards others who have made it. You’d learn more off this site! That’s just one way of doing it, among others he alludes to. He gives you very detailed instructions. They go to work, get their paycheck, balance their checkbooks, and that’s it. I agree completely. I wondered, “could it really be that bad”. to get people started. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred. Hey guys, If anyone was thinking about reading Robert Kiyosaki's Rich Dad Poor Dad (HIGHLY RECCOMEND), I saw some people talking about it, so I wrote what I thought of the book. The 3 primary asset classes (Real Estate, Businesses, and Paper Assets), in addition to some minor investments. I think his long term plan is to off-load his real estate while the markets soar. He takes a dim view of people who blindly make decisions without stopping to ask themselves why: A friend of mine in Hawaii is a great artist. “Another compliment readers often pay Kiyoski is along the lines of, “Well, at least he motivated me.”, Yeah, by lying to you. Helpful. However, just from the standpoint of getting you to think differently about money and to learn what you can about something can linit your risk. Why? And that’s why most people aren’t. It has since become the #1 Personal Finance book... Free Shipping on all orders over $10. When I asked him what he learned, his only reply was that “advertising salespeople are crooks.” I then asked if he would be willing to take a course in sales and a course in direct marketing. Man, there are some really great points, like how rich people make money work for them and how everyone else works for money. One day his mother’s attorney called to tell him that she had left him $35,000. Read more. People can criticize him all they want, but at the end of the day, who’se getting richer? He now wants to sue the magazine for misrepresentation. Today I am financially free through a vending machine venture I got into. Rich Dad, Poor Dad: What The Rich Teach Their Kids About Money–That The Poor and Middle Class Do Not! I bought all the books off of barnes and noble’s used department for under a 100 bucks. The real challenge is starting from square one in a field where your perceived expertise is nil (all you’ve done is read a book!) However, I challenge any book to come up with a nuts and bolts plan that works for everyone all the time. Few realize that it’s their lack of financial education that is the problem. http://www.johntreed.com/Kiyosaki.html. Actually Kiyosaki books rich dad poor dad it very good.