Rich Dad, Poor Dad (Robert Kyosaki) book review.

[businessbooks]

Rich Dad, Poor Dad, Robert Kyosaki

"What the rich teach their kids- that you can learn too."

What is the book about?

Rich Dad, Poor Dad introduces you to the basic principles of investing, explains why investing is so important, and explodes the myth that you need to earn a high income to become rich.

Who is this book written for?

If you have little or no financial education and want to learn the basic rules about investing, read this book!

Robert Kyosaki, a self-made millionaire, successful business owner and international best-selling author, teaches you about investing, by recounting the story of his financial education from two strong role models:

Poor Dad (his natural father), a well educated and highly paid government official.

Rich Dad (his best friend Mike's father), a high school dropout and successful businessman

Each Dad had a very different attitude and approach towards the subject of money. One ended up jobless and in debt, the other, one of the richest men in Hawaii.

Robert describes, how as a small boy, he made the decision to listen to his Rich Dad who subsequently taught him how to think, act and become rich.

"One dad had a habit of saying 'I can't afford it' the other 'how can I afford it'...One statement lets you off the hook, the other forces you to think"

Robert writes in a simple, non-assuming style without complicated words and financial jargon. Through amusing stories and simple diagrams he explains the six basic lessons his Rich Dad taught him about money.

"Most of us learn about money from our parents, so what can poor parent tell their child about money? Stay in school and study hard? Schools focus on scholastic and professional skills but not on financial skills. This explains how smart bankers, doctors and accountants who earned excellent grades in school, struggle financially all of their lives"

I say:

Never read a book about investing? This should your first one.

I came across "Rich Dad, Poor Dad" completely by accident, in my local bank.

It immediately stuck out from the boring "money magazines" and after flicking through a few pages, I was so impressed (and surprised) a book about finance could actually hold my attention, that I bought it and finished it in one sitting.

For anyone (like me) whose parents never taught you about financial matters, I suggest you buy this IMMEDIATELY!

There are no definitive, practical instructions of how to get rich, but it will open your mind to the possibility. More importantly it will change the way you think about money forever.

 

[kella]

Rich Dad, Poor Dad, Robert Kyosaki

"What the rich teach their kids- that you can learn too."

What is the book about?

Rich Dad, Poor Dad introduces you to the basic principles of investing, explains why investing is so important, and explodes the myth that you need to earn a high income to become rich.

I've done some research on this author. Many people says he's a fraud because as mentioned in another post of mine, he has made his money from this book and not what he preaches in his book. But I don't know. My friends have read his book. One liked it and one said the information in the book is useless.

 

[tchintat]

I learned a lot from this book. It helped me understand that why i should build a business, if i want to be financial free.

 

[SFG75]

I read it a few years ago. If anything, it is good to see the "mindset" between the rich dad and his poor one. The poor one only saw "investment" in cars, houses, and retirement pensions that you could get after working a bazillion years. The rich dad was more focused on working to obtain larger investments that would leave you with more money and security. Many people grow up with the ethos of buying a home and selling it later in life in order to send you off into retirement. With the way that the economy has been though, that game plan might not work out so well. "Defined benefit" pensions will be going to the wayside and some people who have been promised money, will undoubtedly be shorted of it.

 

[Hope Anderson]

Rich Dad, Poor Dad, Robert Kyosaki

Rich Dad, Poor Dad, Robert Kyosaki

This guy turns out books like McDonald's!!! That's how you get rich is by dupping people into buying your books!

 

[ASleuth]

Rich dad poor dad is a very memorable read. It unveils a new perspective to the socially programmed nature we have from a very early age that it's "normal" to just expect to get a day job, get hitched and punch out a couple of digits. This book is about finding financial freedom and offers the hard questions about what 'you' really want in life. Hard questions for people to answer, so they retreat in emotional fear, get defensive and pawn it off as fraud and a 'yeah fine for you' attitude.

Read it, let in sink in, ask yourself those hard questions, look at your current situation from a new perspective. It'll be simply one of the most valuable books you'll EVER read.

 

[SFG75]

Read it, let in sink in, ask yourself those hard questions, look at your current situation from a new perspective. It'll be simply one of the most valuable books you'll EVER read.

On THAT account, the book is definitely something to take to heart. I'm not certain that it is a huckster style "get rich quick" type of book, though others have been quick to label it as such. As I mentioned previously, it is about breaking out of a cycle of thinking which limits you.

 

[Will]

His subsequent methods may be questionable but the book definitely highlighted several issues that ring true regarding building 'self-sustaining' cash business. Like anything, making money (or building a business) take time and significant effort, but the channels into which he suggests you put said effort (and cash) are more likely to pay off in the long run. It's mostly common sense with a few added notes. Again though - take with a pinch of salt.

 

[DavidRM]

The Big Idea from this book is: Buy assets, not liabilities.

The rest of it is just fluff.

I bought this book in the early 2K's and enjoyed it, mostly. Discovering later that he had, in fact, made up almost the entire content was quite disillusioning. Like someone else mentioned, Kiyosaki makes his money off selling books, not in the methods he describes in the book.

His other books that I've read have been even *more* useless fluff than this one, with not even a useful tidbit like "Buy assets, not liabilities" to recommend them.

-David

 

[Keira]

Kiyosaki makes his money off selling books

Well, I never thought of reading the book until you've mentioned it here. Anyway, on the point raised by DavidRM, that is also valid. Will the book actually taught you where, which and how to invest?

 

[DavidRM]

Will the book actually taught you where, which and how to invest?

No. Beyond "buy assetts, not liabilities" there is no specific advice about investing in the book.

It talks vaguely about real estate. Vaguely.

The book has a section about not thinking of your home or car as investments (since they aren't), but that's about the most detail it gives.

A lot of the book is comparing and contrasting "how the rich think" versus "how the poor think". There are some useful tidbits in there, but they are buried by the made up imaginings of a childhood that didn't happen.

-David

 

[Keira]

Hmm. David, thanks for the lengthy explanation. I think roughly I get what the book is all about. In fact I did some google search as well and found some excepts of the book content that touches on his way of thinking and advice given. Quite thoughtful but it looks to me more like self motivation book.