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Rich Dad, Poor Dad Abridged

Rich Dad, Poor Dad Abridged

List Price: $24.98
Your Price: $16.49
Product Info Reviews

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Rating: 1 stars
Summary: Warning: Do NOT Buy or Read This Book!
Review: It is unfortunate that I could not select 0 stars. I am an attorney, a licensed stockbroker, a licensed investment adviser, and I've worked in the investment industry for the better part of a decade. I constantly read books, articles, studies and trade journals, many related to personal finance and investing. I can say without hesitation that this is the worst advice on personal finance and investing I have ever come across. Some of it is wrong, some makes no sense, some of it is illegal. You should also know that it is mostly fiction. Kiyosaki admitted he made up the character of the Rich Dad and likely exagerrated or fabricated his own success story. Don't take my word for it; read John Reed's thorough research on Kiyosaki's claims at www.johntreed.com. Finally, is is disturbing that this book remains on the NYT best-selling "Paperback Advice" rather than "Paperback Fiction" list.

Rating: 4 stars
Summary: Rich
Review: The book illustrated a lot of points. The 'rich' Mr. Kiyosaki is talking about is vague. Robert talks about how people become rich by buying assets and conquering one's 'mind'. However, in order to buy assets and follow what Kiyosaki had in stock seemed impossible for me as a student.

Rating: 3 stars
Summary: How to get out of the rat race
Review: Over a year after having read it for the first time, I decided to take a second hard look at the book. Some of the concepts that Robert T. Kiyosaki presents in his book have resounded in my head once again. His teachings have helped, I should say: not letting emotions such as fear rule over financial decisions (though it's easier said than done), postponing immediate gratification, and responding with a proactive mind (and a proactive language) in the face of financial adversity.

Today, the friend of mine who first recommended Kiyosaki's book to me in on his way out of the rat race, and I find myself in a different place than I was a year ago: I've learned some lessons and I am dying to put others into practice (which I firmly intend to do in the next twelve months).

The lessons that impacted me the most:
The Rich Don't Work For Money, they have money work for them by creating enough wealth within their assets (and he doesn't count the home they're living in as one, so you can count that one out) to pay for their monthly living expenses, so that they don't need to depend on a job for that, which is the case of most of us. The kind of assets he talks about are businesses that do not require your physical presence: stocks, bonds, mutual funds, income-generating real estate, etc.

The book also goes to some extent into some of the advantages of incorporating your own corporation, but it is by no means an exhaustive guide on the topic; it goes into why you should work to learn, not for money. To have each job as a learning ground on which you can build skills which you can later use for yourself as you run your own corporation or company. Does this sound a little selfish? It might be, and that's another paradigm which the book attempts to break: to mind your own business, meaning to do what you have to, but not to loose sight of your financial goal. The author's point is to make the best of each work experience and learn as much as possible from each. Learn about the management of cash flow, systems and people as the key skills needed for success later on.

As for negatives, one thing I found about the book was that it needs more editing. At times the author suddenly jumps between thoughts from one paragraph to the next. Ironically enough he admits in the book that he's not one hell of a writer (and he's right about that), but the editor could have done a better job. The other thing is the level of the book. When you're done with it, hopefully (as it did for me) it leaves you thinking, which is a good thing, but it also leaves you with a bunch of questions. Most likely, after having read several of his other books, this was a business-driven decision: not give out the entire 'enchilada' to you in one book, so some of the answers can be found in other books of his, or written by other authors of the 'Rich Dad' series. Other than these two things, the book is interesting, quick to read (doesn't take anything else beyond an open mind) and (if you let it) lifechanging.

Rating: 5 stars
Summary: Still the best!
Review: I've read many, many personal finance books after I read this one about 3 years ago. I still have to say that this one was the best. It changed my life...

Rating: 3 stars
Summary: Something like a lecture in Economics class....
Review: Although clear, Kiyosaki's work is hardly concise, he is repetitive in his coverage of singular points, becoming needlessly redundant. The content of his point however, is valuable advice for a young person, not yet familiar with the world of finances. It is a good book for employed teenagers to take a look at, there is a great deal of good advice to be found in Kiyosaki's book for youth to get themselves on the right track to financial security later in life.

Rating: 1 stars
Summary: Same words over and over without saying anything
Review: This book is one of the worst disappointments of any reading material I have come upon in the last century. I bought this book hoping for wisdom which I assume would be revealed but instead I just got the same empty words over and over again and again and again.

I think that the only failing of Poor Dad was in the raising of a son who could have such little respect for his values that ultimately may have been missed by his son.

Maybe he is sincere, and out of him the benefit of the doubt, but I think I've been calmed and that this guy is making a fortune also selling books and claiming to be retired.

I even watched a full hour on national public television waiting for something, I got nothing.

Good luck

Rating: 5 stars
Summary: Deliverance begins between your ears!
Review: The condition of your life today is the result of the actions you have taken and words you have spoken in the past... and THESE are the result of the thoughts you have been thinking in your mind. If you want to change your LIFE, change your THOUGHTS. And if your financial life is what you want to change, then start with Rich Dad, Poor Dad! This book is the BEST starting place for any person to begin their journey on the road to financial success--no matter what you THINK is limiting you now. Once you learn the way the RICH think, vs. how the poor & middle class do, then you can begin to see the opportunities all around you and your road to finanical success becomes more clear. And as good as Rich Dad, Poor Dad is, the sequel Cashflow Quadrant is even better! However, you need to master the first (reading it several times if necessary) if you are to have any hope of grasping the second. Learn to THINK free, and you will BE FREE. Learn to think like the RICH, and you must eventually BECOME RICH as you will have the same thought processes that they had to become what they are. As the Scripture says "As he thinketh in his heart, so is he", you must be delivered BETWEEN YOUR EARS if you want the evidence of that deliverence to result in your LIFE!

Rating: 3 stars
Summary: Good on style, short on substance
Review: This is the first review I've written on Amazon. The reason I feel compelled to write is that about half-way through this book, the author discusses buying a home out of foreclosure, quickly reselling it for triple the price and then quickly making $190,000 in the Phoenix real estate market in the "early 90's." Two points: 1) the transaction described is nothing more than a get-rich-quick type opportunity (not available on daily basis to the average Joe) whereas the author, throughout the book, admonishes that his book is not of the get-rich-quick nature; and 2) more disturbing is that this book was written in 97/98 time frame; the reference period for this transaction is the "early 90's" and the author HAS TO BORROW $2,000 for leverage for this deal. Why would a multi-millionaire need to borrow $2,000? While the overall message of the book is good, that just cripled the author's credibility is my opinion.

I will quickly summarize the book's message: buy real estate and/or other income producing items in order to generate cash flow in addition to that of your salary.

Rating: 5 stars
Summary: I loved it
Review: A great book with lots of sound practical advice! I've been very lucky over the years, by that I mean that I've had the opportunity to explore being an entrepreneur. I started when I was 14, a national magazine on a small scale and what I learned from that I would later articulate in other projects for publishing and even now on Amazon. I went to the Rich Dad seminar in New York this past November. I expected there to be an exhaustive push to purchase the various products available through his company but instead it was a full on lessons in business. We were actually given workbooks and situations culled from the audience to look at how systems work and their business potential.

I will tell you what all of this has helped to congeal in my head. One, money does not exist. Now this may seem to be contradictory to the entire concept of what Kiyosaki's books seem to extort on the surface but it doesn't. Again this is a radical concept, but I think that after a certain number, money is simply a concept. The majority of people think of working from paycheck to paycheck and what can be done with that money (after taxes usually 50% of one's annual number salary), unless you make a staggering amount you can't get ahead.
What I think the RDPD series gives one the insight to do is recognize all of the systems you're in. First what your money is, doing a spreadsheet on yourself and your worth, figuring out your goals and so forth and then the legal areas that affect your money. Most people know how much they make weekly, what that number should be annually but we rarely keep track of WHY those numbers are affected as they are. The difference between the rich and the poor is that the rich understand the power of their tax contributions and how much they absolutely have to make and how much they don't.

Rich people also think about money for sport not only for survival. Here's a mental game I've learned to play: I imagine what businesses I would build in a neighborhood I'm in, what I can see that would work, what wouldn't, etc..---cost analysis evaluation of places. I also regualrly look at Lotto prizes and figure out exactly how much that money is----10 million after taxes, withholding= 4 or 5 million really isn't that much.

This is where it becomes interesting and the book delves into this: How to make money make more money?
We all assume that getting a job is the easiest way to make money and then we assume that a business is so difficult to manage that we don't have the ability to do so. And yet amazingly, I started my first business when I was 7 selling papers, I would buy Sunday papers for 50 cents and sell them for 75 cents because I delievered the Sunday paper early in the winter.

Most people want answers. Answers the way your boss tells you to sit there, do this this way, deliver it by this time and then go home. Thats what people miss in this book----being told what to do. But ultimately they want to be TOLD what to do, become rich and then they will have the freedom to be "free to do whatever they want". Being free is everyone's greatest desire and fear. We have become a society that values conformity over creativity.
People want to read this book and be told, put 5 dollars in a red box for ten years and you'll be a millionaire. Do this the right way and your life will be perfect. This isn't the way to be successful. There are ways of educatingone's self----first books like this. I recommend making a study of the entire Rich Dad Series. You must make a study of first money, then yourself, then what to do with both.
I further recommend Tony Robbins Personal Power, Getting the Edge, Awaken The Giant because you must articulate what you want in the Universe. What if money is similar to the concept of the Matrix? What if the difference between me and John D. Rockefeller is a Universal expression of my potential in material manifestation? Visulaization, understanding what money is, how to use it, how to grow, what real estate is, learning to think.
I think I will end this lifetime as affluent. Why? because not only have I maintained studying these kinds of books but because my video "games" are HSX.com, Entrepreneur PC game. I think that Kiyosaki SHOULDN"T answer questions such as numbers of what to do or how to do because life isn't about hand holding in the concept that people want it to be and honestly every person is different in terms of commitment level and ability. Did Obi Wan teach Luke how to transcend death or lift an X Wing fighter the first time? No.
You have to understand business, law, taxes. Really considering my investment future, what to do with money I may receive NEXT year in my tax returns, looking at my 401k plans and realizing that I could invest the money better, avoiding mutual funds and then designing an exit strategy for invested money---a concept pushed from the get go in RDPD----Enter Strategies, How Much You Need For the Lifestyle You Want and Exit Strategies.
Thinking ahead.

Rating: 5 stars
Summary: So Much Truth in So Few Pages
Review: It is interesting when one considers the curriculum and goals of the United States education system. What are our teachers hoping to prepare us for? We memorize hundreds of formulas, dates, and political figures in preparation for what? Obviously to make us more cognizant of the world around us and stimulate our minds is the main goal. But we are never really taught the importance of managing our money when we begin to apply the knowledge we learn. Robert Kiyosaki acknowledges this fact in his very pragmatic, new-age thinking book "Rich Dad Poor Dad." Kiyosaki had a father who made enough money just to support his family while Kiyosaki had a friend with a father who knew how to manage his money. Perhaps Kiyosaki's most perceptive observation is that the poor work for money while the rich have money work for them. It is impossible to get rich simply off a 9-5 job no matter how often you work. Kiyosaki provides his proven secrets to financial security and an early retirement. Everyone should make time to read this book an inherit the wisdom of this man and his lifetime experiences. It will provide one with a valuable perspective of the way money can work for us constantly instead of us living paycheck to paycheck.


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