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About the Author
Robert T. Kiyosaki
He teaches people to be millionaires ... That is why they call him the millionaire school teacher.
Robert Kiyosaki is the author of If You Want To Be Rich And Happy...Don't Go To School? An international best seller, it received raves from thebusiness community and cold silence from the school system.
"The main reason people struggle financially is because they spent years in school but learned nothing about money. The result is, people learn to work for money ... but never learn to have money work for them." says Robert.
Born and raised in Hawaii, Robert is fourth-generation Japanese American. He comes from a prominent family of educators. His father was the head of education for the State of Hawaii. After high school, Robert was educated in New York and upon graduation, he joined the U. S. Marine Corps and went to Vietnam as a an officer and a helicopter gunship pilot.
Returning from the war, Robert's business career began. In 1977 he founded a company that brought to the market the first nylon and Velcro "surfer" wallets, which grew into a multi-million dollar world wide product. He and his products were featured in Runner's World, Gentleman's Quarterly, Success Magazine, Newsweek, and even Playboy.
Leaving the business world, he co-founded in 1985, an international education company that operated in seven countries, teaching business and investing to tens of thousands of graduates. His year-long television show was beamed across America on the Nostalgia Network, carrying his educational message.
Retiring at age 47, Robert does what he loves best... investing. Concerned about the growing gap between the "haves" and "havenots", Robert created the board game CASHFLOW, which teaches the game of money, here before only known by the rich.
Although Robert's business is real estate and developing small cap companies, his true love and passion is teaching. He has shared the speaking stage with such greats as Og Mandino, Zig Ziglar, and Anthony Robbins. Robert Kiyosaki's message is clear. "Take responsibility for your finances or take orders all your life. You're either a master of money or a slave to it." Robert holds classes that last from 1 hour to 3 days teaching people about the secrets of the rich. Although his subjects run from investing for high returns and low risk; to teaching your children to be rich; to starting companies and selling them; he has one solid earth shaking message. And that message is, Awaken The Financial Genius that lies within you. Your genius is waiting to come out. Most participants leave excited, some angry, but everyone is deeply moved.
This is what world famous speaker and author Anthony Robbins says about Robert's work.
"Robert Kiyosaki's work in education is powerful, profound, and life changing. I salute his efforts and recommend him highly."
During this time of great economic change Robert's message is priceless.
Sharon L. Lechter
Wife and mother of three, CPA, professional manager and consultant to the toy and publishing industries, Sharon Lechter has dedicated her professional efforts to the field of education.
She graduated Summa Cum Laude with a degree in accounting from Florida State University. She went on to be one of the first women to join the ranks of what was then one of the big eight accounting firms, the CFO of a turn around company in the computer industry, tax director for a national insurance company and founder and Associate Publisher of the first regional woman's magazine in Wisconsin, all the while maintaining her. professional credentials as a CPA.
Her focus quickly changed to education as she watched her own three children grow. It was a struggle to get them to read. They would rather watch TV. Children's programming on television was stunting their interest in reading. She recognized that the schools simply were not up to meeting the challenge.
So she joined forces with the inventor of the first electronic "talking book" and helped create and expand the electronic book industry to the multi-million dollar international market it is today. She remains a pioneer in developing new technologies to bring the book back into children's lives.
As her own children grew, she was keenly involved in their education. She became a vocal activist in the areas of mathematics, computers, reading and writing education. She continues to fight to improve the educational system.
"Our current educational system has not been able to keep pace with the global and technological changes in the world today. We must teach our young people the skills, both scholastic and financial, that they will need not only to survive, but to flourish, in the world they face."
As co-author of the book Rich Dad, Poor Dad, she turns her attention to another failing of the educational system, the total omission of even thefundamentals of finance. Rich Dad, Poor Dad, is an educational tool for anyone interested in bettering their own education and financial position.
Date of Birth:April 8, 1947
Place of Birth:Honolulu, Hawaii
Education:B.S., U.S. Merchant Marine Academy
Read an Excerpt
Rich Dad, Poor Dad
I had two fathers, a rich one and a poor one. One was highly educated and intelligent; he had a Ph.D. and completed four years of undergraduate work in less than two years. He then went on to Stanford University, the University of Chicago, and Northwestern University to do his advanced studies, all on full financial scholarships. The other father never finished the eighth grade.
Both men were successful in their careers, working hard all their lives. Both earned substantial incomes. Yet one struggled financially all his life. The other would become one of the richest men in Hawaii. One died leaving tens of millions of dollars to his family, charities and his church. The other left bills to be paid.
Both men were strong, charismatic and influential. Both men offered me advice, but they did not advise the same things. Both men believed strongly in education but did not recommend the same course of study.
If I had had only one dad, I would have had to accept or reject his advice. Having two dads advising me offered me the choice of contrasting points of view; one of a rich man and one of a poor man.
Instead of simply accepting or rejecting one or the other, I found myself thinking more, comparing and then choosing for myself.
The problem was, the rich man was not rich yet and the poor man not yet poor. Both were just starting out on their careers, and both were struggling with money and families. But they had very different points of view about the subject of money.
For example, one dad would say, "The love of money is the root of all evil." Theother, "The lack of money is the root of all evil."
As a young boy, having two strong fathers both influencing me was difficult. I wanted to be a good son and listen, but the two fathers did not say the same things. The contrast in their points of view, particularly where money was concerned, was so extreme that I grew curious and intrigued. I began to start thinking for long periods of time about what each was saying.
Much of my private time was spent reflecting, asking myself questions such as, "Why does he say that?" and then asking the same question of the other dad's statement. It would have been much easier to simply say, "Yeah, he's right. I agree with that." Or to simply reject the point of view by saying, "The old man doesn't know what he's talking about." Instead, having two dads whom I loved forced me to think and ultimately choose a way of thinking for myself. As a process, choosing for myself turned out to be much more valuable in the long run, rather than simply accepting or rejecting a single point of view.
One of the reasons the rich get richer, the poor get poorer, and the middle class struggles in debt is because the subject of money is taught at home, not in school. Most of us learn about money from our parents. So what can a poor parent tell their child about money? They simply say "Stay in school and study hard." The child may graduate with excellent grades but with a poor person's financial programming and mind-set. It was learned while the child was young.
Money is not taught in schools. Schools focus on scholastic and professional skills, but not on financial skills. This explains how smart bankers, doctors and accountants who earned excellent grades in school may still struggle financially all of their lives. Our staggering national debt is due in large part to highly educated politicians and government officials making financial decisions with little or no training on the subject of money.
I often look ahead to the new millennium and wonder what will happen when we have millions of people who will need financial and medical assistance. They will be dependent on their families or the government for financial support. What will happen when Medicare and Social Security run out of money? How will a nation survive if teaching children about money continues to be left to parentsmost of whom will be, or already are, poor?
Because I had two influential fathers, I learned from both of them. I had to think about each dad's advice, and in doing so, I gained valuable insight into the power and effect of one's thoughts on one's life. For example, one dad had a habit of saying, "I can't afford it." The other dad forbade those words to be used. He insisted I say, "How can I afford it?" One is a statement, and the other is a question. One lets you off the hook, and the other forces you to think. My soon-to-be-rich dad would explain that by automatically saying the words "I can't afford it," your brain stops working. By asking the question "How can I afford it?" your brain is put to work. He did not mean buy everything you wanted. He was fanatical about exercising your mind, the most powerful computer in the world. "My brain gets stronger every day because I exercise it. The stronger it gets, the more money I can make." He believed that automatically saying "I can't afford it" was a sign of mental laziness.
Although both dads worked hard, I noticed that one dad had a habit of putting his brain to sleep when it came to money matters, and the other had a habit of exercising his brain. The long-term result was that one dad grew stronger financially and the other grew weaker. It is not much different from a person who goes to the gym to exercise on a regular basis versus someone who sits on the couch watching television. Proper physical exercise increases your chances for health, and proper mental exercise increases your chances for wealth. Laziness decreases both health and wealth.
My two dads had opposing attitudes in thought. One dad thought that the rich should pay more in taxes to take care of those less fortunate. The other said, "Taxes punish those who produce and reward those who don't produce."
One dad recommended, "Study hard so you can find a good company to work for." The other recommended, "Study hard so you can find a good company to buy."
One dad said, "The reason I'm not rich is because I have you kids." The other said, "The reason I must be rich is because I have you kids."
One encouraged talking about money and business at the dinner table. The other forbade the subject of money to be discussed over a meal.
One said, "When it comes to money, play it safe, don't take risks." The other said, "Learn to manage risk."
One believed, "Our home is our largest investment and our greatest asset." The other believed, "My house is a liability, and if your house is your largest investment, you're in trouble."
Both dads paid their bills on time, yet one paid his bills first while the other paid his bills last.
One dad believed in a company or the government taking care of you and your needs. He was always concerned about pay raises, retirement plans, medical benefits, sick leave, vacation days and other perks. He was impressed with two of his uncles who joined the military and earned a retirement and entitlement package for life after twenty years of active service. He loved the idea of medical benefits and PX privileges the military provided its retirees. He also loved the tenure system available through the university. The idea of job protection for life and job benefits seemed more important, at times, than the job. He would often say, "I've worked hard for the government, and I'm entitled to these benefits."
The other believed in total financial self-reliance. He spoke out against the "entitlement" mentality and how it was creating weak and financially needy people. He was emphatic about being financially competent.
One dad struggled to save a few dollars. The other simply created investments.
One dad taught me how to write an impressive resume so I could find a good job. The other taught me how to write strong business and financial plans so I could create jobs.
Being a product of two strong dads allowed me the luxury of observing the effects different thoughts have on one's life. I noticed that people really do shape their life through their thoughts.
For example, my poor dad always said, "I'll never be rich." And that prophesy became reality. My rich dad, on the other hand, always referred to himself as rich. He would say things like, "I'm a rich man, and rich people don't do this." Even when he was flat broke after a major financial setback, he continued to refer to himself as a rich man. He would cover himself by saying, "There is a difference between being poor and being broke. Broke is temporary, and poor is eternal."
My poor dad would also say, "I'm not interested in money," or "Money doesn't matter." My rich dad always said, "Money is power."
The power of our thoughts may never be measured or appreciated, but it became obvious to me as a young boy to be aware of my thoughts and how I expressed myself. I noticed that my poor dad was poor not because of the amount of money he earned, which was significant, but because of his thoughts and actions. As a young boy, having two fathers, I became acutely aware of being careful which thoughts I chose to adopt as my own. Whom should I listen tomy rich dad or my poor dad?
Although both men had tremendous respect for education and learning, they disagreed in what they thought was important to learn. One wanted me to study hard, earn a degree and get a good job to work for money. He wanted me to study to become a professional, an attorney or an accountant or to go to business school for my MBA. The other encouraged me to study to be rich, to understand how money works and to learn how to have it work for me. "I don't work for money!" were words he would repeat over and over, "Money works for me!"
At the age of 9, I decided to listen to and learn from my rich dad about money. In doing so, I chose not to listen to my poor dad, even though he was the one with all the college degrees.
A Lesson From Robert Frost
Robert Frost is my favorite poet. Although I love many of his poems, my favorite is The Road Not Taken. I use its lesson almost daily:
The Road Not Taken
Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;
Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear
Though as for that the passing there
Had worn them really about the same,
And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads onto way,
I doubted if I should ever come back.
I shall be telling this with a sigh
Somewhere ages and ages hence;
Two roads diverged in a wood, and I
I took the one less traveled by,
And that has made all the difference.
Robert Frost 
And that made all the difference.
Over the years, I have often reflected upon Robert Frost's poem. Choosing not to listen to my highly educated dad's advice and attitude about money was a painful decision, but it was a decision that shaped the rest of my life.
Once I made up my mind whom to listen to, my education about money began. My rich dad taught me over a period of 30 years, until I was age 39. He stopped once he realized that I knew and fully understood what he had been trying to drum into my often thick skull.
Money is one form of power. But what is more powerful is financial education. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth. The reason positive thinking alone does not work is because most people went to school and never learned how money works, so they spend their lives working for money.
Because I was only 9 years old when I started, the lessons my rich dad taught me were simple. And when it was all said and done, there were only six main lessons, repeated over 30 years. This book is about those six lessons, put as simply as possible as my rich dad put forth those lessons to me. The lessons are not meant to be answers but guideposts. Guideposts that will assist you and your children to grow wealthier no matter what happens in a world of increasing change and uncertainty.
Lesson #1 The Rich Don't Work for Money
Lesson #2 Why Teach Financial Literacy?
Lesson #3 Mind Your Own Business
Lesson #4 The History of Taxes and the Power of Corporations
Lesson #5 The Rich Invent Money
Lesson #6 Work to Learn Don't Work for Money
Table of Contents
- There Is A Need
- Part I: Lessons
- Chapter One: Rich Dad, Poor Dad
- Chapter Two: Lesson One- The Rich Don't Work for Money
- Chapter Three: Lesson Two- Why Teach Financial Literacy?
- Chapter Four: Lesson Three- Mind Your Own Business
- Chapter Five: Lesson Four- The History of Taxes and the Power of Corporations
- Chapter Six: Lesson Five- The Rich Invent Money
- Chapter Seven: Lesson Six- Work to Learn-Don't Work for Money
- Chapter Two: Lesson One- The Rich Don't Work for Money
- Part II: Beginnings
- Chapter Eight: Overcoming Obstacles
- Chapter Nine: Getting Started
- Chapter Ten: Still Want More?
- Epilogue: College Education for $7,000
- Chapter Nine: Getting Started
Most Helpful Customer Reviews
Rich Dad, Poor Dad explains the differences and distinctions between how the rich class, and the poor and middle classes manage their money. The author differentiate throughout the entire book explaining how his best friends dad, the "Rich Dad" was so successful. One of the main significances that were emphasized was "working hard" was different from "working and spending smart". For example, you can be the hardest worker in the building, but, if you are not smart on managing your money, you can have nothing to show for it. The Poor Dad is considered to be more government based, relying on other people to make monetary decisions, especially when it concerns taxes. The Rich Dad in more corporation based, being more proactive and finding ways to keep more of the money earned. This book explained economics in a way that was realistic and encouraging. The fact the author explained it in a way that anyone can follow his methods and be successful. It was able to keep my interest from the beginning to the end. It gave real world examples of how to manage my money and make smart investments to build my asset column. Before reading this book I had no knowledge or interest in starting to build an assets column at my age. This book gave me an understanding on what exactly determined an asset and how to start building a portfolio that could benefit me now and in the future. It is never too early to start. The most helpful thing that I gained from this book was to look at things as; a want versus a need. I realize that I have more wants than needs. Reading this book as a teenager has pointed me in the right direction of knowing what determines an asset and what determines a liability.
Robert Kiyosaki has lived with two dads. The poor dad, who was his biological father, went to the ivy league schools and received a doctorate degree, however, always ended up financially poor. The rich dad, was his friend's father, who only received education up to 8th grade, understood how to invest in money. He explains that it's all in the mental process. For instance, if job wages are low the common thought is--"I can't afford it" or "how can I afford it?" The poor dad would say he can't afford it, automatically shutting down his brain and accepting the state that he's in to save money. On the other hand, the rich dad tries to figure out a way to make more money and not dwell on the fact that the wages are small. This theme of differences in principals and financial methods is what continues on throughout the book. The common problem is that people in school are not taught about money. The average dad, also the poor dad, tells their children to work hard in school and get a steady job in a good company. In other words, he believes in the traditional ideas of working hard, preserving money, and not wasting it on material things, especially things he can't afford. The situation is that the poor dad was always more focused on education, rather than money, and commonly thinks "money doesn't matter". The poor dad also dwells on company insurance, security, and salary raises, instead of actually focusing on the job itself. This is what the rich dad calls the "Rat Race" in which one can never leave this cycle of being poor with this mindset. The rich dad did not spend time for education, but instead invested it on investing. The rich dad is seen as someone who learned to take risks, instead of not taking them, and by doing so, was able to have money work for him, instead of him work for money. I was shocked as to how much I was able to see these common thoughts portray in my life, and that my father fits perfectly under the category of a poor dad-- a common teacher, who loves to learn more but doesn't really like to focus on money, and constantly exclaims around the house, "we can't afford that". He also always focuses on insurance of our house, or our social security, or saving money. However, I may not live the glamorous life of having a rich father, I appreciate the rich life I live with his knowledge and determination to work hard, even if it still means to financially struggle with money. I am skeptical about not having an education, in the means to be able to become a rich dad, because I feel that without a root of knowledge then money takes over a family and have no real value. However, constantly dwelling on low wages, or in other words, to not be a pessimist, can always be a goal that families try to achieve. In the end, I found this to be book to be informative and maybe even life changing, but at the same time very unethical.
Pretty good book to help get you started on a more financially intelligent future. Teaches some basic principles, but can often be vague. A lot of the book teaches the same basic rules over and over most likely to cram them into the reader's mind. I ocassionally got rather uncomfortable when he would recommend some illegitimate tactics to get ahead. Such as buying new cars and other things as "corporate expenses" and using his cat as his partner. -Ethan
Purchased my third copy as a gift for a friend who didn't think about getting his money working for him when he purchased his condo and is now under water with the loan. He couldn't understand how a hard working ethical person could get in so much debt. He is pretty discouraged! When I first read RD-PD I had many ahha moments that explained how to think about money. I already had the basics of attention to interest rates, paying off debt in an order and saving. I still felt frustrated. The book guided me in a complete turnaround to co-owning and assets. I changed my employment, increased my deferred comp and increased my base pay to increase retirement. I was raised in a cash household by depression era kids who recycled and bought used. I had frugal down -but not asset awareness. My folks were land oriented. Property value increases saved them from low income. Still I didn't know how to get on top until I started studying money. RD-PD is the best as a mental gear shifter.
The purpose of this book (besides to make the author money) is not to give the reader a cookie-cutter MLM plan to make money; rather it sets out to change the mindset of the reader, to help open his/her eyes to opportunities. If you are looking for stock tips or ways to refi your house, pick another book. If you are frustrated with working for somebody else but need a motivational spark, then this is your book. Parts of it do read like a commercial for his other products, but what author doesn't do this? One lesson I took from the book that I won't forget is changing my attitude from "I can't afford this" to "what can I do to afford this?".
I have serious issues with Rich Dad/Poor Dad books. I have read several, including this one, and here it is: Defenders will claim that it is meant to inspire. The inspiration he offers is telling of the great amounts of money he has. He throws in a quick snippet occasionally mentioning that if you aren't rich, you have to live below your means and cut of credit cards. Since there's no elaboration there, I can only assume this is not meant for someone in debt. Who is it meant for? It's certainly not meant for someone without a plan on how to get rich. He touts real estate and owning companies. Yet he never elaborates on how you would begin this. Essentially, the only purpose this book can have is inspiration, but it left me rather depressed. In his anecdotes, he constantly bemoans his tragic fate of growing up middle-class: 'poor', he calls it. He gives no real suggestions about the steps that must be taken to get out. A note: these stories he gives have been 'fictionalized'. This is NOT nonfiction. He makes no claims that he is telling you the truth. One of the biggest flaws of his books are the number of plugs for his seminars and board games (we're not talking a measly $30 Monopoly game). He's obviously in this to make money off of the reader, not to let the reader make money off of his ideas.
In Rich Dad Poor Dad the author never ventures to tell the reader how exactly to attain wealth. Throughout the book he leads the reader through a cat and mice game 'basically dangling promises without the following through part. This book is a poor investment in ones quest to ultametly live a finanicially controlled life. The authors own personal success is the direct result of the consumers naivety. As a result he is a 'Rich Dad' through your own money and not through the system that he claims works.
The financial press investigated this guy's claims of wealth and found them false. Until he made million's on these books he had nothing. So, unless he is writing a book about writing a book, his knowledge is limited. Entertaining, but don't follow his advise. The one good point he has is to teach your kids early on about finance. Now you don't have to read the book.
"If you work for money, you give the power to your employer. If your money works for you, you keep and control the power." This quote sums up practically everything that Kiyosaki has to say about being financially literate. Many of us are slaves to our paychecks when in fact we can easily find ways for our money to work for us (stocks, property, etc) College is not necessary in a financially literate man's life. I found this book to be very informative in the sense that it got me thinking about my own financial future. Kiyosaki gave me hope for a financially prosperous future through each of his six lessons. This book can be helpful to anyone even if they end up finding Kiyosaki to be a quack. This book has the potential to make people think about their own financial situation and whether or not they are satisfied with it. It is the very fact that this book can help answer one question, what they are doing wrong, financially, if anything. I really enjoyed the fact that Kiyosaki conveyed his information through a story rather than through an essay. I was able to relate to Rich Dad, Poor Dad more through Kiyosaki's characters. Seeing that Kiyosaki's characters were kids, they asked a lot of questions. Kiyosaki cleverly 'answered' many of the readers' possible questions through the answers that the characters got. Overall, I felt the book had a lot of helpful information about becoming financially literate. I always saw before reading this book that the only successful people out in this world are the rich, but Kiyosaki has taught me that someone can make any amount of money and be 'well off' as long as they know how to work their money. This got me thinking of why we are not taught how to balance a checkbook or learn what 'assets' and 'liabilities' are even though the majority of our lives are going to be spent earning, saving, and spending money. The information in the book is important to everyone. There is not specific age group that should only read this book. If you are able to count money then you are able to comprehend Kiyosaki's teachings.
I haven't read a lot of these self-help books, and I've only read the first chapter of this one but I couldn't continue. His anecdotes of his early money making are based on illegal activity, which he sneakily nods at, like "but I didn't know." He tells a story about being stopped from actually counterfeiting money, which he didn't know was illegal as a kid. But then he talks about all the books he got and set up a pay library. He obviously knows what he did was illegal 'cause he points to a couple of key things: he notes that the woman who gave him the books or comics cut the covers off them. That's a marker that the books have been reported as destroyed and the authors-publishers don't make any money off them. And the woman tells him he can have the books so long as he doesn't sell them. He repeats the fact that he didn't sell the books a couple times. It's obvious that he knows "renting" the books, or whatever you call his pay library, is illegal. He's saying he followed the rules he was given, so it wasn't wrong. He also never remarks that he knows it was illegal. He's either assuming people don't know, or he's pretending he still doesn't know. He could've talked about the idea, the fact that he did it, and it was illegal, but he didn't know at the time, but it's the idea of making money work for you. Instead he touts it as a mark of his business acumen. I'm all for educating people in more of the complexities of the financial world, but I can't see that predicating a life and financial advice on illegal activities and "I didn't know" is a great way to teach legal financial concepts, let alone moral guidelines.
This guy has conflicting advice and is a scam artist. Do not waste your money on his get rich quick scam.
Thesis: This books main idea is to tell the story of his life about his 2 parents: the rich dad and the poor dad. He shows that rich dads teach children about money and wealth and what the middle class or poor classes' dads do not teach to their children. He shows that you don't have to go to big schools and have a great education to be successful. Make money work for you, not work for money. Summary and analysis: This book is about Robert T. Kiyosakis' life, from childhood to adulthood. He was raised with a Rich dad, who was his best friends (Mike) dad, who was a large business owner, and a poor dad, his real biological father, who was poor and highly educated. Both fathers taught Kiyosaki different views on success but because he saw that Mikes' father was successful he chose to learn how to be successful from him (rich dad). This book shows you that anything is possible if you are fearless and open-minded and also shows the 6 major lessons for success: The rick don't work for money, The importance of financial literacy, mind your own business, Taxes and Corporations, The rich invent money, The need to work to learn and not to work for money. Kiyosaki states to never to work for money through out the book and shows that the rich when opportunities come and go the rich tend to take risks, wile the poor are too concern paying bills, fearful to make a risk, and too busy seeking wealth. This book shows the difference on how the rich class vs. the poor class look at money.
this was a good book that really stressed the importance of financial intelligence and it seems like a good stepping stone to find out more about making a living in different ways than just being employed by someone else.
I highly recomend this book to anyone who has financial problems. It explains a whole lot about investing, making a lot of money, and getting out of the rat race. Anyone at any age should read it!
this book for me told me a lot of stuff that i already knew. it has really good advice but it does not tell exactly how to do it. that is the only critique i have for this book. i liked how kiyosaki used pictograms in which helped me understand what he meant.
The book Rich Dad Poor Dad by Robert T. Kiyosaki is a wonderful novel and guide to the little tips and tricks it takes to become financially literate. This book shoes one how to look at life's bigger picture and explains about how to work to learn and then to earn; and how to find loop holes in the financial game called life. It talks about the author's life experiences and his advice. One might say the theme of this novel is the power of education but not school, the whole novel is centered on the idea of out of class room education. Page by page the author provides all his knowledge about money. I found this quite amazing how he could go from nothing to everything just form his power and understanding of money. The only part of the book one might disagree with is how you really he talks about being rich in just money, because you could also be rich in family and friends etc. Anyone interested in money and seeking a better understanding of hoe to become financially literate should read this book.
This book is a milestone for your lives. Once you read it and once you play the game Cashflow afterwards, nothing will be the same for you anymore. Surely everyone will benefit in a different way but the general idea of the necessity to get of the rat race is priceless; while you are reading the book you'll feel like this "Would I share this information with everyone if I'd knew it?" Yes, this book is "THAT" awesome. I recommend you to read this book while you are also reading a Trump Book. Your focus will be doubled and everything will make more sense to you. Thank you Mr. Kiyosaki for helping young idealists like me to find some answers to our questions which we couldn't be able to learn from our own parents.
This is a motivational book with a few common sense financial suggestions such as buy assets that appreciate over time or provide a positive cash flow. It also has suggestions that are not so great, like how an education and a good job only trap you in the rat race and lead to debt. Some suggestions are downright bad, like not paying bills so your creditors will be able to motivate you to get out and make money. It is sprinkled with examples that are actually get-rich-quick fantasies so absurd that this book should be listed in the fiction section. It sells dreams, it does not realistically educate you to accumulate wealth. If a reader were to actually follow the author's advice, they could loose a lot of money fast!
A truly remarkable and life changing book that helps me pave my road to financial independence each and every day.
I enjoyed reading this book have me so much knowledge about financial and the school system it a great BOOK!!!
There are some cute anecdotes here, but the book has two major failings. First, the writing is appalling. Long-winded, repetitive stories in that folksy, "man of the street" style that gets tedious quickly. Secondly, the advice isn't helpful.Kiyosaki describes three "tracks": most people manage their money badly, spending as much, or more, as they earn. A small percentage, which I identify with, are capable of spending less than they earn, but don't do anything particularly spectacular with their savings. And the third track? The one Kiyosaki enthusiastically espouses? It sounds an awful lot like "full-time property investor" to me. So it's clearly not for everyone.After a while, his cheery catchphrases ("I pay myself first, before the government!", "My money works for me, not the other way around!") begin to grate. Does his strategy depend on US tax law? Who knows? He's not specific enough.
Given the popularity of the book and it's many reviews, I'm not sure an overview of Rich Dad, Poor Dad is necessary. Nonetheless, here's my abbreviated version.Rich Dad, Poor Dad tells the story of Mr. Kiyosaki as a young man and the money lessons that he learned from his "Rich Dad" who was the father of one of his childhood friends. Rich Dad was a successful entrepreneur and he taught the boys the life lessons that they needed to become wealthy. This story shares those lessons and emphasizes them by comparing them against the actions/lessons of his highly educated but financially inept "Poor Dad". A few of the differences highlighted include:- One should "get a job to make money" versus "put money to work for you"- What is an asset and what is a liability- What is important to study and how to apply that knowledgeThese were all good points and there were other topics in the book that provided more specifics. The following examples were from Rich Dad's explanation of how the rich use corporations as a vehicle for sheltering money. - That corporations spend first, then pay taxes, while individuals must pay taxes first- That corporations are artificial entities that anyone can use, but the poor usually don't know howAs you might imagine, there were other examples in the book as well. For me, three main points resonated and while they may not be rocket science, they warrant my rating of 4 stars. First was the new definition of liability and asset. It's quite simple. An asset is something that you purchase that will produce income for you. Everything else that you spend money on is a liability. The most dramatic example that Kiyosaki gives is your house. Most people list this as an asset. Rich Dad considers this a liability. Why? Because it isn't producing cash flow. In fact, you dump money into it through repairs, interest to the mortgagor, taxes, etc. You receive no cash flow until you sell it. Even then, you may or may not make a net profit. Keep in mind that this is not the case with all real estate just your personal home. Other real estate should be producing a positive cash flow (or you shouldn't own it). Kiyosaki wasn't discouraging the purchase of a home, he just considers it a necessary liability rather than your primary asset.Second was the use of corporations to shelter taxes. I have some experience with this approach (my wife and I have one company already) but Kiyosaki's comments led me to revisit the drain of taxes on my family's income. I will be spending more time with our accountant to reduce taxes as much as possible in 2008. Some of this will be done through the vehicle of a corporation. I still don't believe we've fully tapped this opportunity.Finally, and most importantly, I liked the concept of building businesses or other assets that can produce your monthly income. This sounds like common sense but the way it was described was to gradually add assets that produce monthly income until you can eventually leave the rat race and focus exclusively on building more assets. You don't reward yourself with new toys (i.e. liabilities) until you have generated the cash flow to purchase them (not through an employer).I see this as the beauty of the book. It is a reminder of what it takes to get rich. Most of this isn't new information. It's a culmination of information told in the form of a story. That being said, it's well done and it's motivating.Kiyosaki doesn't get overly prescriptive. The book has been criticized for not getting into the details of "how to". But really, how could he? There are so many different ways to go about making money and so many factors that play into whether or not one will be successful that you could write twenty volumes. Guess what? That's what he's begun doing through licensing the "Rich Dad" monicker. He has people writing books on "Guide to Investing", "Real Estate Investing", "Own Your Own Corporation", and more. He is lic
One of the most stimulating books read, during my teens. Kiyosaki showed the possibilities of getting rich with a change of mindset. It also affirms what I've suspected about: "go to school, get a good grade, get a good job, and enjoy life".
Investor describes how he learned about money from his PhD father, who could never retain wealth, and also from his friend's father, who was a millionaire with an eighth grade education. Explains how to make your money work for you by mastering financial literacy and taking charge.
Very American in that it repeats itself at least three times. Expect to finish this book in 3 hours tops. Given its popular theme and style, it still is an interesting read. How one applies his/her life, has a direct result on the fruits one reaps. What I liked most about this book is the idea of building a money machine. Put your creativity into building something that will keep generating income on its own and irrespective of how little time you invest in it. Because this for me is essential in business. You 'child' needs to be taken care of initially, but increasingly it will stand on its own feet. And eventually it will take care of you. If that potential is lacking, leave it be and invest your times differently. An easy and quick read with good retention and practical value.