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Rich Dad's Retire Young, Retire Rich : How to Get Rich Quickly and Stay Rich Forever!

Rich Dad's Retire Young, Retire Rich : How to Get Rich Quickly and Stay Rich Forever!

List Price: $24.98
Your Price: $16.99
Product Info Reviews

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Rating: 1 stars
Summary: Kiyosaki owes me 1 star
Review: Robert Kiyosaki does a disservice to his readers by presenting unrealistic scenarios of easy profits. If it truly were so easy, the deals would have been snapped up by now. His comments on stock tips, housing depreciation, and expensing watches and vacations as business costs are not only inaccurate, but ILLEGAL. His disdain for education is reflected in his poor writing.

Rating: 4 stars
Summary: Not another "Get Rich Quick" book... Thank Goodness
Review: I would first off like to address the person who said that Kiyosaki "ignores the fact that 9 out of 10 small businesses go belly-up in the first five years". First off, negative thinking will get you nowhere. Second, in my reading of this book, Kiyosaki in fact mentions this fact at least THREE times in this book in sufficient detail. Kiyosaki acknowledged this as a fact but also mentioned that it also means that 1 out of 10 small businesses are succesful. Meaning you have to be willing fail 9 times. You learn more from failing than winning. If everything was easy then everyone would be rich. He mentioned that one of his friends lost $1,000 on 14 straight trades, but made $50,000 on the very next one. The reason why a lot of people do not like this book is because they are perhaps expecting a "get rich quick" scheme; we already have enough of those.

For those that understand where Kiyosaki is coming from, his intention is NOT to tell people HOW to get rich quick, instead it seems to me that his main goal is to get people out of the context that they have to work for others and depend on these people in order to be rich. For most people this is not going to happen, as long as your working for someone else no matter how much you make, you will NEVER be truly free. Until people realize this they will be forever trapped in this world we call corporate America.

Kiyosaki does an excellent job in this book, he again hammers home the fact that "How" to get rich is not nearly important as "Why". Once we have our "Why" the "How" part becomes easier. The points and "lessons" he uses in this book can be retitive, however this is nessacary in order to get his point across. One point that he made that continuously sticks out in my mind is that the more money you make at your job, the more you become dependent on your job to take care of you. This is why he said his "Rich Dad" made him and his friend work for free so they can come up with ways to make money on their own.
If any of us were forced to work for free, I think we would be VERY motivated to find other ways to make money. In this case our "Why" would be simple. The reason why our "Whys" are so hard is because most of us our "blinded" by our salaries. But in reality we are working for nothing. The money we do make is taxed heavily and even worse, our companies could reduce our salaries or even worse lay us off anytime they get ready. After we are laid off, what do most of us do? - Find another job and the process starts over again. I admit I am still caught in the rat race at 26 but after seeing what my company is starting to do and how they treat their employees, I am beginning to realize the importance of working for myself and not for someone else.

Again the point of this book is to find our "Why" in order to get out of this rat race. Many people will not like this book because it gives very few specific examples on how to get rich. (He does however mention Real Estate and the Stock market numerous times). Different things work for different people and the key is to FIRST find your "WHY". After you find your "WHY", THEN find what YOU like and WANT to do, not just blindly DO what someone else did to become rich. If you are looking for a book that will change your CONTEXT and thinking about money and WHY you would want to make it for yourself, then this book is for you, however if you are looking for a "Get Rich Quick" program, then you are better off staying up late and watching the endless informercials that come on TV.

Rating: 2 stars
Summary: Skip This One
Review: I would advise to just stick with the first three books in the series (Rich Dad Poor Dad, Cashflow Quadrant, and Rich Dad's Guide to Investing). This particular book is just a "condensed" repeat of the first books and it's really a waste of money and time.

Rating: 1 stars
Summary: Boring and too Conceptual
Review: I just took this book out of the library today and plan on returning it as soon as possible. Robert Kiyosaki is rehashing what has been said for many years. It is too conceptual for my taste. I gave one star due to the fact that Kiyosaki was able to make a fortune of money by getting people to buy his books.
Don't waste your time reading this book.

Rating: 4 stars
Summary: Motivational With Great Ideas
Review: This book is primarily a motiviational tool, at which I think it does a great job. It gives you some broad ideas of how to go about Retiring Young and Retiring Rich, which you will then need to research further once you select your avenues. The main thing here is that it is easy to read, makes a lot of sense and really makes you feel like you CAN achieve your goals if you are really willing to put forth the effort. I think he does a great job of explaining the difference between "thinking" about retiring early and actually putting a plan in place to DO IT. I find that re-reading sections of this book get me going again on moving ahead -- it's like a kick in the pants to take charge of my own financial future. A great starting point for those who are even considering an early retirement.

Rating: 2 stars
Summary: Caution is advised...
Review: RY RR, and basically all of Kiyosaki's books, are motivators. They try to rev up people about going out and being creative in their finances and working outside the traditional job market.

Ok. That's good. Most people ignore their economic health far too much and ignore possibilities for creative investing / owning a business and thus scuttle their chances for a comfortable retirement or financial independence.

But Kiyosaki, while giving the reader no hard data, seems to think that owning your own business/investing in real estate is very easy. He encourages people to quit their jobs and work for themselves. He ignores the fact that 9 out of 10 small businesses go belly-up in the first five years. He ignores the fact that many small businesses never make sufficient profits to for a famliy to live on. He ignores the fact that real estate has business cycles, management can be a huge headache, and there are many hidden costs that can cripple small scale investors. What are these people supposed to do now that they've blown their savings and have no job?

Motivation is great, but without education novices are going to fail. Kiyosaki provides nothing beyond the most rudimentary education in this or pretty much any of his books. He does encourage further reading, but he really needs to inject a bit of reality into his books.

Furthermore, Kiyosaki appears to be making up most of his personal experiences. A review of the Maricopa County, AZ assessor (where he lives) shows that he owns only two properties: his own home(worth far less than he claims) and one possible single family rental. Not what the reader is led to believe. Historical records also indicate that he wasn't exactly the real estate mogul that he implies to his readers in the 80's and 90's in AZ. He did own a few properties, but his net worth and passive income could not have possibly been what he claimed based on it. It's also doubtful if he made the kind of fortune he claimed before his books hit it big.

Even the omniscient Rich Dad appears to be a myth. Seems like it'd be easy to track down the multimillionare who lived on the same street as Kiyosaki when Kiyosaki was growing up. But nobody living or dead seems to fit the bill. In fact, nobody living or dead in Hawaii seems to have owned the variety of businesses that Kiyosaki claims Rich Dad owned. Couple this with the fact that Rich Dad doesn't get an acknowledgment in Kiyosaki's early books (which give acknowledgements to pretty much everyone else, including his Poor Dad), and it seems that we're all being swindled.

So, take this book with a big grain of salt. Use it to get motivated about taking your financial destiny in your hands, but please learn from qualified advisors before you risk everything.

Rating: 5 stars
Summary: Powerful and timely advice--Pure Genuis!
Review: With major companies continuing to layoff en masse and the stock market still an uncertainty, Retire Young and Rteire Rich offers both timely and powerful advice.

Citing myself as an example, I became my own financial advisor back in April 2002, dumped the expensive loaded funds and boring stocks that my broker had me in. Replaced them with no load funds and powerful stocks and also started using options.

I also took Rich Dad's advice and started to "mind my own business" exiting the "yes master", trade time for money employee syndrome and started my own business. Not only am I making more money, but having a lot more fun to boot.

What turned me around? The opposite thinking as espoused by Rich Dad between the middle class and the rich.

For example, the middle class think:

A safe and secure job (dream on baby!)
A big house (house is your greatest asset!)
Save money (take no risks!)
The rich are greedy (hmmmm??)

Here is how the rich think:

Start a business (greatest security is working for yourself)
Buy apartment houses and rental properties (real assets)
Invest (saving money is the real risk)
The rich are generous

I used to think that a high paying job was the way to go. Now I
know that real wealth comes from cash flow from assets.

President Bush's new tax plan will make investing even more profitable and the best news is that this is available to everyone, not just the rich.

I highly recommend Retire Young Retire Rich to help you reach your goals.

Rating: 3 stars
Summary: No rocket science here !
Review: This book does not really teach you how to invest in order to retire young, retire rich. It basically tells you to read more, learn more and be more adventurous in investment. This book does not teach you how to invest in order to retire rich, retire young.

Rating: 5 stars
Summary: Powerful and pragmatic
Review: Robert Kiyosaki and Sharon Lechter sure take on the establishment and blow a hole right through commom misconceptions about wealth.

Forexample, many people think that investing is risky. No so say Kiyosaki and Lechter. In fact, they go on to explain that not investing is risky.

Buy and hold? Invest in blue chips (or is that blue jips?)? Dollar cost averaging? All taboo.

Social security? Hah! And how effective are 401 (k) plans? According to ther authors they are about as effective as savings accounts. Before you blast that concept, look at your 401 (k) plans and how they have performed over the last three years. I rest my case!

The authors also discuss the huge (50%) capital gains tax 401 (k) holders will have to pay as they withdraw their money. Many people are not prepared for this and unfortunately, many financial professionals never disclose this to their clients.
Imagine current retirees paying a 50% capital gains tax on top of the 50%-75% loss in capital from the bear market over the last three years--Ouch!

The advice in Retire Young Retire Rich is powerful, timely and pragmatic. I also recommend Rich Dad's Prophecy and Rich Dad's Guide to Investing.

For more advice on options, I recommend The Option Player.

Follow the advice and you too can Retire Young and Retire Rich!

Rating: 1 stars
Summary: This book isn't worth the paper its written on
Review: Luckily I checked this out of the library first All he does through out the entire book is repeating and reiterating the same concepts over and over. These concepts in my opinion are nothing but vague ideas, which I find are not helpful


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