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Rich Dad Poor Dad: What the Rich Teach their Kids About Money that the Poor and Middle Class Do Not! Mass Market Paperback – 16 Aug 2011
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Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" (whose weekly paychecks, while respectable, were never quite sufficient to meet family needs) pounded home the counterpoint communicated by his "rich dad" (that "the poor and the middle class work for money," but "the rich have money work for them"). Taking that message to heart, Kiyosaki was able to retire at 47. Rich Dad, Poor Dad, written with consultant and CPA Sharon L. Lechter, lays out his the philosophy behind his relationship with money. Although Kiyosaki can take a frustratingly long time to make his points, his book nonetheless compellingly advocates for the type of "financial literacy" that's never taught in schools. Based on the principle that income-generating assets always provide healthier bottom-line results than even the best of traditional jobs, it explains how those assets might be acquired so that the jobs can eventually be shed. --Howard Rothman
About the Author
About the Author: Robert T. Kiyosaki is an American investor, businessman, self-help author, motivational speaker, financial activist and financial commentator. Kiyosaki is the bestselling author of the Rich Dad Poor Dad series of motivational books and several other publications published under the Rich Dad brand. Having written over 15 books, with combined sales of over 26 million copies, he also has a blog and maintains a monthly column on Yahoo Finance. He writes about his latest thoughts on global economics, investing, business, world financial markets and personal finance on Yahoo.
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1. It gives you some really bad ideas. By bad I mean borderline illegal. Like befriending rich people for inside information on businesses. It doesn't sound bad on the way he says it but when you realize it, what he's talking about amounts to insider trading (which is illegal). A lot of the book concerns how taxes are bad and suggests how you can take personal corporation route to avoid taxes. That amounts to tax evasion by my understanding. Something that rich people can obviously do, but they can be caught and jailed for it.
2. It doesn't say much actually. When you have gone through the book you'll realize that you didn't gain much from it. Most of what it says is common sense. The best that this book can do is prime your attitude for saving and building up assets so that you can live on their returns. The book doesn't say anything on how to build those assets, how to manage the assets or indeed even give you advice on how to differentiate between assets and liabilities. He does attempt to do it through allegories but I don't think much can be learned from it.
3. He gives you stories and parables that have no backing. The biggest betrayal maybe in the fact that even though this book reads as an autobiography it's not and the person he calls "Rich Dad" didn't actually exist. He makes up a character and the story and tries to feed his advice through it's mouth. Coming from an imaginary successful person (the most successful imaginary businessman from Hawaii) to the author who is also supposedly successful you start granting authority to his words. And like you often don't realize how ordinary some things said by celebrities on TV really are, you end up giving more importance to the words than they really deserve.
In the end, if you want to gain anything from this book (if you have already bought it, and against my advise read it), try to get the message that you have to learn to save so that you can invest and build up assets which in turn can pay for your future expenses. Most of the book repeats this message and I think it's a message that is worth repeating. This book will not give you any sense of what a good investment is and how to make it. The most it will do is to give you some stories on how the author made some really great deals (none of which have any proof or backing). There are few other good messages but I don't think you need to read this book to learn them. I think you know them through common sense in most cases.
Remember that this book is written by a man who doesn't have a background in finance but a background in sales. He is a brilliant salesman who has managed to sell so many books because he knows what a naive aspiring investor wants to read and can agree to. Keep that fact in mind. He is a salesman who is selling you bad advice on how to achieve your dreams. You are best served avoiding them.
While there are lot of valid points that are contained in this book, there are lot of points that are not sound advice. Kiyosaki's advice that as a businessman one should always pay himself first before anyone else (even the government) is advice which was followed by another businessman Mallya - he paid himself before his employees, creditors and government. This kind of advice can be a moral hazard.
Also his insistence that only if you are a businessman can you be successful is also not very sound. I have been a businessman for more than 2 decades and to be a businessman requires a certain mindset - risk taking, ability to live without a regular pay check, thick skin etc - it is not everybody's cup of tea. Also 80 - 90% small businesses in India and US close withing 5 years of inception. I have lot of friends who are employees and who are very successful - some who are much more prosperous than me. What is important for security during later years is not whether one is an employee or a businessman but how much one saves and how wisely one invests.
Overall use your discretion - use what sounds logical when one applies common sense and reject the illogical!
First off I will preface this with a fact that the title always sounded to me like it was how to transform yourself from a poor dad to a rich dad. This was not so. Although it has the information within to create that transformation, at least if you choose to apply some fo the principles, and of course in theory! Know this, though, this is not a rags to riches overnight book. It is a journey over a fair span of a lifetime.
Robert T. Kiyasaki tells his tale as a young man growing up in Hawaii, his paternal father being a well-educated man who throughout this book always seems to be on the verge of monetary disaster, even though he followed in seemingly appropriate steps required to climb the ladder to success.
His adopted father had the school education of 8th grade; what his adopted father had was a key understanding of finance, of assets, debits, expenses etcetera and had over time become incredibly wealthy.
Now how Robert came to adopt rich dad is by way of Rich Dad's son Mike. The two of them were close friends and at a young age (3rd grade). They had made the decision that they would like to become rich. The wanted to make money. Which is what they quite literally did attempt to do. They went around and collected empty toothpaste tubes, created a cast, and began to mint their own nickels. Rich dad saw this and while found the overall situation to be humorous, he informed them of the imposing legalities of their situation and offered to have them stop by his office to work for him. Initially, the boys worked for him for a very low wage, 10c an hour! After some time, Rober becomes fed up and demands a raise or else he is going to quit. Whereby rich dad imparts a critical lesson: Most people will work for the money and if they don't receive the respect or monetary wage that they feel is appropriate, they will go elsewhere. However, once they do so, they find themselves in the same situation. They were more than likely going to accept a paycheck knowing that they will struggle financially. Some may even take a second job, working harder and still accepting a measly gain. Robert asks "So what will solve the problem?"
Rich dad points to his head and says "This stuff between your ears." All of this is distilled into what Robert calls lesson #1 :
"The poor and the middle-class work for money. The rich have money work for them."
What's entertaining is that immediately following this even, rich dad has the boys work for him for free! This imparted the lesson that you work to gain knowledge, not necessarily money AKA the rich don't work for money.
He then proceeds to illustrate in the book through a few diagrams of how the rich and poor view their money in a cash flow pattern and how the poor view the job as income and expenses as food, shelter, transport, etc, neglecting the assets and liabilities columns. The middle class is fairly similar with income being received for their job, however, they do tend to recognize the liabilities column.
Where the rich differ is that they have an assets column in which you will find stocks, bonds, real estate and intellectual property which will provide them with their income, which they continue to invest into more assets. Assets create wealth. Seems like a fairly simple formula. The major takeaway here is not so much that assets create wealth, it's how to identify an asset, that little gem didn't really seem to present itself clearly while reading, but it is there nonetheless!
These views and philosophies are fully fleshed out in the remainder of the book,
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I implemented all that things wrote in the book in my life.
And I completely changed