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From Barnes & NobleThe Barnes & Noble Review
Insightful, accessible, and timely, this book -- the latest entry in Robert T. Kiyosaki's phenomenally popular Rich Dad series -- should be required reading for every American who assumes that Social Security, personal savings, and a 401(k) plan will adequately cover their retirement expenses. Both a cautionary tale and a prescription for success, Rich Dad's Prophecy is filled with invaluable advice that will help you ensure the safety of your retirement nest egg.
Kiyosaki begins by taking aim at ERISA (the Nixon-era Employee Retirement Income Security Act), which passed the pension burden from employer to employee. In the post-ERISA era, workers no longer had a defined benefit they could always count upon; instead, they had the option of making a defined contribution from their own paychecks to 401(k) or IRA plans, which, as the staff of Enron discovered, offer no hard guarantees. Additionally, ERISA may have set the stage for a possible stock market collapse sometime around 2016: Once the baby boomers -- most of whom have defined-contribution plans -- turn 70, they will begin withdrawing their remaining 401(k) funds to pay for necessities like housing and prescription drugs, thereby producing a potentially devastating loss of market capital. Our traditional mode of retirement preparation could, Kiyosaki cautions, pulls our economy down into stagnation and depression.
With this impending disaster hovering over our future, what hope remains? Kiyosaki answers this question by offering eight controls (principles for focusing mental and monetary resources) that will help you build the financial equivalent of Noah’s ark -- a structure durable enough to survive the coming storm. Some of Kiyosaki’s principles are very personal ("control your excuses"), some are inspirational ("control your vision"), and some are practical (take "control over the rules"), but taken together they offer readers an opportunity to greatly improve their chances of retiring comfortably, without the pressure of constant worry and fear. (Sunil Sharma)