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Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!

Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!

List Price: $16.95
Your Price: $11.53
Product Info Reviews

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Rating: 5 stars
Summary: A must read for those wanting to be financially free
Review: I'm not a CPA, don't have an MBA and am probably about as financially literate as the average person. Yet this book was simple enough for me to understand and quite worth the read. Robert Kiyosaki makes very valid points about our educational system, what it fails to teach us, and how it breeds the middle-class rat race of endless debt. The book doesn't have all the answers but I feel like I at least have a starting point for what I have to learn to become financially free.

One last point - I actually listened to the Audio CD version of this book and it was simple enough to keep up with while commuting to and from my "rat race" job. Half way through I came back and ordered four more audio books from the "Rich Dad" series.

Rating: 5 stars
Summary: Explore and optimize different options!
Review: The authors question conventional paths such as working for money and home owenership for the acquisition of net worth. This encourages you to consider and explore different options. Fear of risk is defined as a large obstacle. Most people are unskilled at handling risk (and rarely know how to make the most of risk) because they have been taught that it is best to be optimistic. When the price and/or probability of failure are high, optimism is a bad strategy. If you are interested in OPTIMIZING your financial success, you have to read "Optimal Thinking-How to Be Your best self" by Rosalene Glickman, Ph.D. She takes you past wishful thinking and shows you how to be your best and optimize risk in every situation, and how to take the most constructive path to reach your goals. Optimal Thinking is simple and you can put it into practice IMMEDIATELY to maximize your success. Glickman teaches you how to ask the best questions of yourself and others to obtain optimum results. I recommend both of these books. Keep them close and you'll have all you need.

Rating: 2 stars
Summary: Very Short on Substance and Misleading in Parts
Review: I recently purchased this book and found it to be generally on point in terms of concepts but very very short on substance. The author appears to have built his fortune using real estate, yet he provides little in the way of information regarding how to analyze and evaluate potential real estate deals. He talks a lot about hanging around courthouses and lawyers offices to buy distressed real estate, but provides few details. (Perhaps he plans to go into these details in his next book---a way of keeping folks coming back to the trough and spending money). This book will no doubt inspire some, but is of little use for those already endowed with sufficient inspiration but need detailed practical information regarding viable opportunities to pursue.

Moreover, as a CPA, I find he's overreaching in his assertion that corporations can be used to write off non deductible personal expenses. Although there may be ways of setting up non taxable fringes like car allowances and etc., most corporate taxpayers aren't writing off excessive amounts of personal expenses. Of course, if this sort of thing was okay, then hotel magnet Leona Helmsley would not have spent time in jail for writing off her expenditures for personal furniture and the like on her corporate tax returns. The information he offers about escaping taxation by operating corporately is just plain wrong and I'm surprised that the CPA that co authored the book didn't provide better advice in this area.

There are better books out there even for inspiration. The Millionaire Next Door is much better if one is looking for inspiraton along with some general practical advice in how to manage one's money and escape the consumerism trap to free up dollars to invest.

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!


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