Rich Dad, Poor Dad
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The multi million copy bestselling personal finance book that teaches people how to become masters of their money and sustain wealth for themselves and their families. Over 7 million copies sold worldwide.Personal finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated, but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong m
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This is what we should teach our kids!,
Robert Kiyosaki has produced a very readable book explaining many of the fundamental differences between wealthy and poor people. He makes very good use of repetition to ensure that his points are firmly `sent home’. Although this can be annoying at times, particularly when concepts are already familiar to the reader, it’s easy to skip over the repetition and move on to the new concepts.
It is a simple book to read, and requires no particular financial or academic background. However, the concepts introduced are very powerful, and, if taken to heart, life changing. The book traces the author’s life from the age of 9, comparing the financial teaching that he received from his own, highly academically intelligent, real dad, and that of his friend’s, financially intelligent, dad. Having experienced first hand the teaching and upbringing resulting from both of the dads, he is able to reflect on how they differ and how these differences have a profound effect on financial wealth.
The book is written from an American perspective, but the concepts and ideas are universally applicable, certainly in all Western societies. It explains how the poor and middle-class pay much more in taxes than the rich and how most people, including many of our advisors, do not understand the difference between assets and liabilities. He makes good use of simple diagrams to explain the relationship between income, expenditure, assets and liabilities.
RK firmly believes in education, but also believes that the education system does not teach financial intelligence. This book, and indeed all of the books in the Rich Dad Poor Dad series, is about filling this gap in the system, and trying to help people who want to be helped, out of the rut of a `safe secure job’ into the freedom of real wealth.
I think almost everyone will benefit from reading this book, whether still at school, or later in life wondering why they seem to be still poor after working hard all their life, and everyone else in-between!
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|Five stars.,
In this short book Robert Kiyosaki distinguishes between the typical cash flows of the ‘rich’ and those of the poor and middle classes. He goes into some detail as to how they achieve this and how you can achieve it yourself; simply by ensuring that you live well within your means and consistently build on your assets.
For such an easy read it touches on some deep concepts that one doesn’t generally think about too deeply. Some great one liners inside to remember, along the lines of “Time is your most precious asset” with regard to compound interest, and “listening is more important than talking, which the majority of people don’t understand. If God intended you to talk all the time then he wouldn’t have given you 1 mouth and 2 ears” with regard to ones need to learn from those who are greater than oneself.
Unfortunately he does come across rather badly due to his high self-confidence from making his millions… he seems to have had a poor relationship with his real father (referred to as ‘poor dad’)- painting him in a negative shade throughout, and he occasionally comes across as fairly arrogant when talking about the middle classes and ‘poor’… he somehow manages to bestow an image of utter stupidity upon anyone who doesn’t own acres of land and real estate, and anyone who works for a living (if everyone was ‘rich’ and let out real estate instead of working, then who would rent the real estate or produce any goods to consume?).
This attitude of his all helps to hammer in the flowing theme of why one should not be financially dependant though, which is probably why it is a best-seller.
The other downer, in my opinion, is the way he talks about investment gains. The most consistently prolific investment returns, of 13% per annum before inflation consistently since 1919 has been in the stock market… Kiyosaki projects the image that making 100% investment wins is extremely easy… just buy a tech stock and sell it in a few months down the line for a big mark up, or buy property in an area with a depressed housing market and sell for twice the price in a few years, or even buy government bonds with 16% yields. He talks about the rich losing in order to win, but not once does he mention a losing venture of his, which would have made a nice balance. He encourages readers to have an unbalanced portfolio and not to worry about risk if you want to make any real money. This prolifically successful image he projects of himself will not be a reality for most and I would urge readers to take heed… just look at what happened to tech stocks soon after the book was written.
In conclusion I would say that this is an excellent book for anyone who is struggling with the concepts of cash flow… a wonderful read for the youngsters of today… Listed above are some flaws, but the positives hugely outweigh the negatives and I would recommend this book to anyone with a wallet or a dream of early retirement. A good read!
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|Not so common sense,
In order to enjoy this book, you’d best put your “capitalist pig” head on. The first sixty pages assume that the best thing you can do from the age of nine is apply yourself to making money. Play baseball? Baseball is for wimps. It’s wasting precious time that you could be using applying your brain to thinking up money making schemes. It all started to irritate me, because there clearly is more to life than earning money – but then you wouldn’t really be buying this book without wanting to earn a bit more dosh, would you? I’m glad I stuck with it, however, as he does temper this attitude as the book progresses.
You cannot argue with one Kiyosaki’s opinions. Our (and the American) education system just does not teach you how to deal with personal finance. If it did, Barclaycard would be in receivership. Understand the value of a pound and make it work for you – it shouldn’t be such a distasteful subject. Kiyosaki offers some basic common sense approaches that you could apply in order to make your money work better, but he often qualifies advice by stating the approach may not be right for you. Therefore step one could be Learn to Understand Yourself and Your Motivations. Once you’ve done that, apply your mind to making money if it interests and excites you. If it doesn’t, fair enough. Perhaps the process will help you discover what actually does make you tick.
For those interested in making a stack, then the advice is again about learning. Choose who and what you learn from – teachers, friends, books, tapes, seminars. Look for new approaches. Find people who want to buy and sell something to them. Try to make your profit when you buy, not when you sell. Investigate stocks, real estate, whatever. Find people who can do a good job for you and reward them well. I especially liked his advice that you’ll only receive when you learn how to give, and as the book progressed Kiyosaki seemed to “lighten up” a bit more and came across a bit more human. In the later chapters he relates a lot more personal anecdotes and pithy tales about the upsides and downsides of trying to make money. It’s not all a bed of roses, but it shouldn’t be life or death either. Making money is just a challenge, and you should enjoy it. If you’re successful, you can reap the rewards, even if that’s choosing to donate it to other people or causes.
In summary, the book is an easy and likeable read. I’m sure most people will get something out it on their road to understanding. Will this book make you rich? Of course not. The only thing that will do that, as the book constantly reminds you, is you, your brain and the action you take.
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