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Summary: Financial Literacy
Review: Right on Robert Kiyosaki! Becoming financially literate is absolutely essential. This motivational book makes great (and easy) reading, but is short on details on "how to". I found a recent book with details on how to become more educated in the stock market - and how to preserve capital with a conservative strategy. The author's style is easy to understand and the recommended strategy has been working for me. Read: THE SHORT BOOK ON OPTIONS
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Summary: A motivational speaker, not a financial advisor
Review: Rich Dad, Poor Dad got my juices flowing--that was almost 3-years ago. I've read other books on money and finance, which were recommended by professional and non-professional friends. Looking back on Mr. Kiyosaki's book, most of his ideas do have a small grain of truth, but his book is too filled with half-truths. For example, most millionaires are still relatively frugal even after they become wealthy (read the Millionaire Next Door). Another point is that most millionaires become wealthy by investing (time and money) into their business and/or by developing professional skills. Most people do NOT become millionaires from stocks, bonds, CD's, money market funds, real estate investments, etc. Those who do get rich off of investing are VERY rare. For most, investments are just holding tanks for the money from their businesses or careers to make them MORE wealthy, not INITIALLY wealthy. Other strategies make more sense and are a better guarantee of wealth or at least a comfortable lifestyle (read the books I recommend below for specifics). Mr. Kiyosaki is an extraordinarily gifted motivational speaker and salesperson; however, he lacks sound, useful financial knowledge. (Note: Who is his "rich dad"? Why is his name such a secret? Why can't anyone find his "rich dad"? I would be skeptical with this man's advice. He may want to increase his wealth (product sales) more than yours.) For sober views, I recommend Eric Tyson's Personal Finance for Dummies, Consumer Reports The Money Book, and for an easy fable with a powerful, simple lesson read Clason's The Richest Man in Bablyon. I would also recommend reading Carl Sagan's "The Fine Art of Baloney Detection" in his book The Demon-Haunted World: Science as a Candle in the Dark. Use his baloney detection system to critically evaluate books and theories within books--many popular financial advisors are full of baloney. Good Luck! Jason
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Summary: New ideas about Money
Review: This is a book that the author, Robert, wanted to share the concepts and experiences how to manage money. The story is telling about the different views of points from two different Dads. One is called Rich Dad and the other is called Poor Dad. These two Dads have two different directions to explain about the money. In the childhood, the storyteller started to hear the concepts from his two Dads. Rich Dad taught him for investing money in order to succeed. On the other hand, Poor Dad taught him in the way for following the original life to succeed. Finally, the journey for finding the rich way was begun to start. According to the teaching from the Rich Dad, the storyteller understood that the rich wouldn¡¦t work for money. As we are the masters of the money, we need to know how to handle this as well. As starting to learn about money, storyteller had learnt that the money had different roles in our lives. Money could be the income or asset in the real situation .It depended on our decisions that we made at all. The main concept for this book is the changing roles of money from income to asset. This is not an easily concept that we understand. Actually, most people will work hard to earn so much money. However, they don¡¦t care the method of using this. They may use money to buy some irrelevant products such as big house. They may not afford to pay back the expenses for this. Finally, they will be become the slave of the money. Rich Dad taught us to invent money and turn the money into the asset. And don¡¦t work for this. In the last part of the book, Rich Dad mentioned some obstacles that we may face roadblocks. They are fear, cynicism, laziness, bad habits & arrogance. We need to handle these and ready to getting started. To my mind, I think this is really a good book as well. I never thought about these concepts before I read this book. Although I had learnt some basis investment knowledge in my studies, I don¡¦t have this mindset to think about money. There are some excellent points that I want to share in the following. Firstly, I think this is a good book for the youngsters. As I was the teenager, I always wasted my money to buy some useless products such as toys, TV games, etc. However, I just played these for a short period. I would like to buy so much. I felt sorry that I did not learn how to use the money. If youngsters can understand how to use money early, they will be good planning in the coming future. Secondly, it is really a good exploration for understanding about the concept of money. In the past, money was my master. I worked hard to gain the satisfaction for the useless things. After I had read the book, I tried to think about the new concepts. I knew that it was difficulty for me to change my mind at once. But I tried to use some ideas from the book. I started to use my money for investing some projects rather than buying the useless materials. This is really a good book that I strongly recommended. After you have read this, you may have some new ideas to generate about money.
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Summary: How you think about money
Review: I really enjoyed this book because it makes you really think about your attitude about money and where that attitude came from. He doesn't give specifics about how to become rich; as a matter of fact, from his life it seems like you have to know the right people. However, it's very motivating to change how you look at how to make money beyond waiting for a raise. I also found his writing style very easy to read, very rare in the finance field.
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Summary: Smart Author, Dumb Author
Review: Have you ever had someone who told you what you wanted to hear, and you were glad that they did? That's the best way I can describe my experience with this book. Lucky for me that I read this as a motivational book that expanded my financial perspective. It is not a how-to guide, and I would probably lose my money if I tried to copy his examples.
His advice on the rules of the game, how to view assets and liabilities, and the importance of financial literacy are necessary for the traditional "work-hard and save" crowd.
However, a college education can be an advantage for anyone. Besides the book knowledge, you make invaluable contacts and set the foundation for getting a job that will provide investment capital. There are other nuggets of questionable advice.
Learn what you can, but read between the lines. He is giving you a clinic on how to market, sell, and keep customers. Unfortunately, it is usually the talented ones that make it look easy.
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Summary: My Life Has Changed Because of This Book!
Review: Wow! Talk about a powerful book! If you're ready to step out of your comfort zone into a realm that will test your tenacity and make you money, this book is for you. Since reading it six months ago, I've bought two rentals properties, and started my own business while continuing my full-time job. I've been to 6 eduational seminars in the area of finance and continue to learn every day. I'm an average 32 year-old woman making just under $50,000 a year. Robert writes clearly, laying out step-by-step strategies that have worked for him and that others can duplicate. Forget the coffee; I'm addicted to Rich Dad books.
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Summary: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Mon
Review: If you buy own one book on finance, investing, or real estate this should be the one. Robert T. Kiyosaki, Sharon L. Lechter do a wonderful job creating a book that speaks to all of us. It is a book that helps get yourself in the right frame of mind. I have recommended this book to everyone I know, and the feedback has been fantastic. This book should be required reading not only for adults, but for children as well.
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Summary: Where was this book for MY DAD when I was just a Kid?
Review: EXXXXcellent book. I feel cheated because my DAD did not have access to this kind of information to teach me when I was young. As a matter of fact, this book is bang on on its depiction of how we all grow up feeling about money. It should be listed on whatever booklist says most influencial book of the decade or whatever. I actually am about to read it all over again, cause I want to cement its ideas in my 34 yr old brain!! PAtrick ( BArbados).
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Summary: Simply the best!!! Don't miss it.
Review: This book changed my life. Now I am out of debt and preaching how to become rich by saving one dollar at a time.
It is the perfect gift.
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Summary: Interesting Concepts - but the execution is pure fluff.....
Review: I have a very mixed opinion of this book - on the positive side, I admire it's message of investing vs. consuming and thought the section on how the rich "invent" money by issuing securities had some perceptive comments. Had the author spent some more time on developing these messages - this could have been a useful book. Unfortunately the author manages to destroy his credibility to any serious observer with his series of clueless comments on ethics, real estate deals, taxes, finance, and risk management. Some reviewers here dismiss these errors - I refuse to - some of them are sufficiently basic to make their inclusion in a book of advice to beginning investors both negligent and reckless. First - I will cite his ludicrious claim that he uses his cat as a business partner to get out of bad real estate deals. Even if someone actually took an offer with that kind of contingency as a firm bid (I wouldn't - it's final when all affiliated members of the purchasing group agree, otherwise give me another deal), I'd love to see the look on the judge's face when you go to try and enforce that claim. I suspect the contract would be upheld and punitive damages would be imposed - with a possibility of being charged with fraud if you did it to the wrong person. Next - his reckless approach to writing off stuff on his annual taxes (per his comments about rolexes, Hawaii vacations, etc.) wouldn't stand the light of day in a serious audit. Don't mess with the IRS - particularly on something stupid like that. Most galling was his claim of adding his suits and golf clubs to his statement of assets for a loan application...as a banker, I can only imagine the reaction of a logical loan committee. It's verging on a fraudulent claim in my opinion. And then we get to his comments on tax liens and his famous real estate purchase using "nothing down" to create a bunch of notes. First, he's deluded about what he can get in some of these deals and the amount of time needed to do them (a lot - for those kind of discounts). Next - I never saw any concept of pricing a note based on a risk premium - which any rational lender/seller must do...particularly if you want to do it long term. The fact that he managed to make money on that deal is more a matter of luck than skill - in the long run, the cost of default was enough to limit the use of that particular approach. And in the event the investor doesn't realize it - his bankers will & cut him off. And on the subject of advisors - this is a load of self-serving hype intended to prepare the reader to purchase whatever seminar or "mentoring service" Kiyosaki & his cohorts are pushing. Take is from someone who's actually had to hire advisors before - he has an exaggerated view of the competance and ethics of most of the advisers servicing his clientele. Stock brokers? Give me a break, they get paid on commission...how many of these guys are going to tell you to put it in cash/bonds? Lawyers? At $400 per hour, they want to keep you talking as long as possible. And my favorite - property management firms....good luck on that one. Finally - this book has a strange attitude on the benefits of self-employment vs. working for someone else. I'd like to set things straight here - the best thing to do is to do whichever option (E,S,B) offers the highest potential return on your time and skills given your personality & resources. If someone wants to pay me more for working as their employee than working on my own (total value) then good for them.... Over the past two years I've thought a lot about starting a business - but have realized that my current job - at a nice salary - offers a better deal in terms of asset accumulation (savings, 401k) and benefits - with substantially lower risk. If you are a highly skilled worker, it may make more sense to be an E or S vs. start a business. It's a matter of working the numbers and taking the best deal. This book started in the right direction but fell victim to the author's ego & seminar-style approach to doing business. Readers should read a few other books before putting these ideas into serious practice.
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