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Summary: Great books RTK
Review: I just purchased Rich Dad, Poor Dad, Retire Young, Retire Rich and Rich Dad's guide to investing. I also have the tapes from RD, PD, CFQ, and RDGTI. These excellent programs by RTK have already made a profound change in my personal and financial life. They are a must for anyone who wants success.Two others are Millionaire Next Door and The Millionaire Mind.
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Summary: Financial Hucksterism as a Successful Sales Gimmick
Review: For the uninitiated in properly managing their money, this is a dangerous book. While much of the author's story is nothing more than an extended homily that preaches a do-it-yourself, get-rich-quick mindset, what little he does specifically recommend is mostly wrong.You can almost pick a page at random in the book and come up with something that is silly, contradictory, or simply in error -- sometimes outrageously so. An example is on page 66/67: "Rich dad went on to explain that the rich know that money is an illusion.... He talked about the gold standard that America was on, and that each dollar was actually a silver certificate. What concerned him was the rumor that we would someday go off the gold standard and our dollars would no longer be silver certificates.... 'When that happens, boys, all hell is going to break loose....' We really did not understand what he was saying that day, but over the years it made more and more sense." Kiyosaka hits the trifecta here. He is wrong, contradictory and silly (but, thankfully, not illegal). First, money is not an illusion. Nations and people -- rich and poor -- cannot conjure it out of thin air. But if money was an illusion as Rich Dad suggests it is, then why worry about it being taken off the gold standard? And as the U.S. went off the gold standard in 1971 without the system breaking down, the author will have to explain how Rich Dad's comments "made more and more sense" over the years, when they should have made less and less. This is an unimportant example, picked at random, and has more to do with economics than with personal finance. But it's indicative of Kiyosaka's approach throughout the book. On page 231, he writes, "What I find funny is that so many poor and middle class people insist on tipping restaurant help 15 to 20 percent even for bad service and complain about paying a broker 3 to 7 percent. They enjoy tipping people in the expense column and stiffing people in the asset column. That is not financially intelligent." The comparison is inapt. 15 to 20 percent on a meal (usually a pittance) and 3 to 7 percent (potentially a significant sum) brokering a real estate or stock deal is in no way comparable. A person with some free time can significantly cut down their expenses by cutting out a broker if they so choose. And why would anyone in their right mind pay a stockbroker 3 to 7% when you can get just as good of results or better for under 1%? Kiyosaka's book is filled with landmines for the unwary. I'm startled and a little frightened that it became a bestseller. It's an example of how successful salesmenship of a personal finance book has absolutely no correlation to the quality contained in it. If you feel you must buy it, look up John T Reed's well-researched and thorough evisceration of the author and his claims before you actually pull the trigger.
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Summary: Not much substance
Review: Vague, general, rambling. There are a few solid nuggets of advice, but they are far between. This book is little more than a pep talk for absolute beginners. If you're older than about 22, or if you have any experience at all in business or investing, this book probably is not for you.
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Summary: Take charge of your mind, take charge of your life!
Review: I really can't understand the negative reviews of this book. Here is a man who lost a fortune, came back and now is sharing his secrets. This book reminds me of a newer and much larger version of The Richest Man in Bablyon. Mr. Kiwosaki makes the book interesting with the story telling and it's fun to read as well as informative.The negative reviewers I suppose are the same people giving high reviews to those doom and gloom books that are coming out now enmasse and they probably spend most of their time watching the news and reading the newspapers and fil their minds with all of the rapes, murders, robberies and deaths. They are also probably unhappy with their lives and their boring jobs.I highly recommend Rich Dad, Poor Dad as well as Cash Flow Quadrant and Rich Dad's Guide to Investing. These books are urgently needed to nourish the minds of Americans who want more from life. But I guess Americans and readers all over the world allready know that because the books are still best sellers.Thank you Mr. Kiwosaki for sharing your knowledge. We needed this.
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Summary: Don't waste your money - read Millionaire next door
Review: This book is a hard read - the first part of the book is written at 3rd grade level; it seems the author wanted to stretch out his thoughts to make the book look thicker to the book buyer. The principals in this book can be found in better books - "Millionaire Next Door" and the "Millionaire Mind". Read these books and pass on "Rich Dad, Poor Dad" and you will learn more about how the rich became rich.
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Summary: Excellent book.
Review: It's about time that somebody punches a hole through the go to college, get an education, get a good job, work hard and you'll do great.It's about time that somebody tells what the rich invest in and why the broke stay broke.There is a preponderance of lousy information available in books today. Thank God Kiwosaki is tellng the truth and offering facts.
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Summary: Everyone Should Read This Book!
Review: Do yourself a favor and buy this book. It can help you get things in perspective at any stage in your life! It's also a really easy read...very hard to put down.
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Summary: Contempt for the poor and working class
Review: And so starts the moral and fiscal indoctrination of the ruling class... which is what this book (for me, on tape) espouses. It preaches exploitation and contempt for workers, underpaying them and pointing out the unfortunate fools to nine-year-old boys who are being groomed to carry on this shameful business. A thoroughly distasteful premise, reinforced by the daily revelations of corporate malfeasance. As a fellow former citizen of Hawaii, I say, "Eh, brah? What? No shame?".
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Summary: Change your Thinking...Change your Life
Review: 1-star reviewers just don't *get* this book. If you're one of the millions who read personal finance books to be told exactly WHERE you're supposed to cut your expenses (no more coffee in the morning! Never eat out at lunch!) you're going to be very upset with this book. If you're looking for someone to tell you exactly HOW to invest in what stocks and how to buy real estate... you're going to be disappointed. Robert Kiyosaki is a self-made millionaire, having made successful businesses (everyone remember the velcro wallet in the '80's?!!), failed, and built himself up again. He writes his series of books NOT to tell people step-by-step what to do and not do... Mr. Kiyosaki narrates and challenges you to question YOUR beliefs and how you run your financial life. A quick example - from the day we start reading financial information in books or the paper, owning a house is a goal (tax benefits and all) and is an Asset to us. Mr. Kiyosaki challenges your thinking, because a home does NOT bring in money to your life... and is therefore a liability! Instead of buying bigger and bigger houses, and thereby increasing our expenses... one should consider taking the extra you would be paying on a bigger house and building your own business. Much of his advice is like that. A bit off-center, and forces you to *think*. Although not the end-all of financial books, I can honestly say this book had a postitive, life-changing impact on my life.
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Summary: A good primer for the fiscally challenged
Review: Like the author's "Poor Dad", my father came from the school of study hard, get into a solid career, and work hard. While there is nothing wrong with taking this path, in today's volatile world, it is no guarantee for fulfillment, stability, or success. There are many people out there who work extremely hard at their jobs, but in the end, are still living in debt or are one paycheck away from the downward spiral. RICH DAD, POOR DAD opened my eyes to another path. The book is chockful of intuitive and helpful advice for generating wealth. Indeed, I believe the author's main objective was to recalibrate the reader's mindframe towards work, money, how to make money efficiently, and how to grow money profitably. One detraction I had with the book is that it is not as structured and organized as it could've been. He presents much of his material as folksy anecdotes and matter-of-fact aphorisms. He could have designed his chapters as a comparative analysis between his Rich Dad and Poor Dad, for example, CHAPTER 8: RICH DAD ON MORTGAGES, etc. A detraction I have with the writer is his carefree tone in executing his real estate deals. If it were only that easy to turnover a distressed property into a profitable one!! Having said that, I think this is a really good book for financial neophytes everywhere.
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