Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! Mass Market Paperback – April 11, 2017
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Some people complain that this book does not give a step by step process for change. I would counter that one size shoe does not fit all feet. There are many individual paths to wealth, and Kiyosaki sets the guiding stars to navigate by, but you have to walk your own individual road.
Some key concepts of this book are: 1) Assets put money in your pocket even when you are on vacation. Liabilities take money out of your pocket, therefore your house is a liability [unless you rent out rooms and the garage as one person I know did while rebuilding his asset base].
2) Wealthy people buy assets first, and then let their assets buy their luxuries from the surplus cash flow.
3) Wealthy people continuously increase their assets by reinvesting their surplus cash flow in more assets.
4) There are 3 primary asset classes: Real Estate, Businesses, and Paper assets (stocks bonds notes, etc)
5) Cash Flow is more important than Net Worth. Net Worth is similar to potential energy, to use it you have to spend it, then it is gone. Cash Flow is like power from a hydroelectric dam, constantly replenished.
The rich don't work for money, they work for assets.
The tax laws are fair from the standpoint that the laws that the rich spent billions of dollars to have modified and interpreted apply to everyone who learns how to use them.
A great foundation book for beginning to improve your financial intelligence so that you don't work 4 or more month's of every year for the Tax man, more months for the banks that hold your mortgage and credit cards, and whatever is left making the company you work for wealthy. Good luck on your journey to being Rich, poor, or middle class.
Top international reviews
It is a book which taught me the thought process of poor and middle class people where I belong, which laid foundation towards progress of my thoughts about financial wisdom.
I was very intrigued about tax system and determined to read more about taxes and shocked about poor and middle class people who will pay more taxes than rich.
Detailed description about difference between assets and liabilities was best part and how to develop your asset column by investing in yourself to escape from rat race and retire early and let assets will make money for you was where I got interested.
1. This book helps to find out HOW to use your money to make money for you.
Read it again:
HOW to use your MONEY to MAKE MONEY for you.
2. It just changes our financial viewpoint towards money.
3. It explains why the poor people try to save money, whereas the rich INVEST.
4. It teaches you how to grow financial habits of the rich, even when you are not making money.
5. Literally, it gives you freedom from MONEY!
1. Some sellers are selling the cheap xerox copies of the book, try to buy only from Amazon Prime Sellers.
So, if you are ready to get ALL your financial practices proved wrong, try out this book! It will at LEAST show you how to live a FINANCIALLY HEALTHY & worry-free lifestyle.
If you liked our review, do give it a Helpful vote...it helps:)
On the other hand this book reads as very insincere and the stories which the author tries to portray as real life examples all come across as hypotheticals. I'm tempted to say that this best selling author who is supposedly an investor has probably made the bulk of his profits through this book and not investments. I say this because his own personal investments relayed in the book are not very detailed and provide no lessons. They are simply a repetition of - I bought a property at a cheap price and sold it at a profit... every time.
I'm disappointed in myself for having contributed to the authors business but there was a little benefit, though maybe not worth the investment. This is my first exposure to business related books. I'm sure there are better out there so my advice would be to start elsewhere.
Dazu kommt, dass das Buch nicht zu wenig Eigenwerbung enthält. Du willst mehr bzw. überhaupt Mal was konkretes dazu wissen? Dann kaufe mein anderes Buch und melde dich auf meiner Website an und spiele dieses und jenes Spiel!
Selbst jemand, der absolut keine Ahnung von Geld hat, wird aus diesem Buch nicht schlau werden. Es gibt vielleicht knapp 10 bullet points, die durchaus hilfreich sind, aber auch durchweg schwammig beschrieben werden.
Das Buch liest sich wie eine aufgepimpte Biografie mit jeder Menge zu Finanztipps aufgeblasenen Binsenweisheiten.
Ich verstehe den Hype um dieses Buch nicht. Es ist verdammt schmal im Inhalt, liest sich dafür aber flott und leicht. Trotzdem gibt es von mir keine Empfehlung.
He gives numerous examples of excellent 'deals'. In one, he took advantage of comics going to waste collection to create a fee based library inside a person's house while hiring his sister to manage it. He gets kids around the neighbourhood to pay into it, getting positive cashflow without much work. In resemblence, later in life, he took advantage of a depressed housing market by bidding in bankrupcy auctions, getting excess of 1000% gains reselling it to a buyer using borrowed money.
While I have to disagree with not diversifying your assets into other places, I can't deny he didn't do a good job of making money in optimal market conditions (for housing, low borrowing standards and high housing inflation). It should also be pointed out that Robert lost a lot of money by leveraging himself in the estate market, 'blowing up' in the 2008 housing crash. His message was pretty obvious upon reflection, leverage was key to his wealth, but also a key to his demise. Be careful in taking too much risk without understanding that you could become non-liquid pretty fast with large leverage multiples.
Claims that he was forging coins pouring molten metal on his driveway at 11 year old however made alarm bells ring and my suspicions continued through the book, which marred the overall experience. Above all, the two Dads (or at least one!), don't exist. It's just a fabrication to convey a point.
I agree with a lot of what is said.
Who really wants to work hard for lot of hours for mediocre pay to make someone else rich?
Rather than spending time reading gossip magazines and fiction, use the time to read and learn about money and earning large quantities of it.
If you want an appraisal of the author's career, have a read of his entry on Wikipedia.
Starting each new chapter by going over the main points of the old chapter I found just padded the book out and was not necessary to learning. There was the odd nod to spirituality - but I’m quite familiar with these concepts being a great fan of Wayne Dyer, Frederick Dodson and Eckart Tolle etc
In summery, Robert Kiyosaki is in the business of ‘Selling’ and SELL this book he does. My advise to anyone thinking of purchasing this book would be that the relevant information can be condensed down to one chapter of bullet points - the rest is just Fluff which Robert sells quite well.
The main problems are:
a) it's really badly written, and
b) it just repeats the same things over and over and over again. I wouldn't mind if they were important things that were being repeated, but sadly they're not.
To make matters worse, at the end of each chapter there are several pages recapping what was said over the chapter you've just read!
4 chapters in and I'm really debating whether it's worth giving more time to it... which is a shame as I got it hoping to enjoy it.
Unless you're REALLY clueless about money & business, I'd (sadly) give it a miss.