Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money

Quote from cdbern:

I think Scientist pretty well sumed it up with regard to value of ANY book. And that is..... what ever information you get out of it is what you didn't have before.

Kiyosaki's repetition was boring, but then my financial mindset was already higher than most people's. But for someone totally in the dark, there is some good information there.

I personally wouldn't discount anything that another might find value in. I don't know them, I don't know how they think or what their attitude is.
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99 percent of americans and in fact people in the world need cash flow not feel-goody, pipe-dreams that most books offer.
That is the reason I am hanging out on this board cause you all want what the whole world wants "CASH FLOW" day in day out.
Sadly no one has a tangible solution to cash flow - hell even in my consulting I tell people I can help you with your trading strategy but I can't help you from this week to next week. "That's is your problem" I say.
Mr. Kioshaky offers ZERO, NADA in the areas of this problem. That's why I think he and tons of other books are BS.
 
I rarely post reviews.
I am reading this book due to this thread (and lack of books I feel like reading this one sounded decent, what I needed).
I feel the message of the book is great. I like the anologies he uses, and I can say, that it will change my outlook on money forever, for the better.
I dont believe this guy is as successful as he says, and that he had a "rich dad". At first reading, the first few pages, his reference to two dads made me wonder about his fathers sexual preference and how they pulled it off in the 50s and 60s!
Anyway, i dont believe there was a rich dad. Its ok, because if it is fiction, he still does convey his message.

Now, for the biggest downside. He addresses all of the problems with our flawed view points on money, but just leaves you there. He is a big proponent of gaining wealth through Stocks / Real Estate (he even suggests against starting a business). Thats fine, but dont expect any details / technicals on how to do it.
Again, he makes it sound easy to just buy a stock / land and expect to get rich.
Mostly, this book is really finance 101. I needed it, and I think the book was worth it, but there is much work to be done after reading this, in terms of researching Real estate (which i plan to do).
 
Quote from opm8:

Kiyosaki is all bull and snake oil.

http://www.johntreed.com/Kiyosaki.html

--opm8
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Damn you beat me to it (not that I was going to call him a complete BSer, I just was going to post the same site)

I like this part the most:

On 1/14/02, a reader told me Kiyosaki was more forthcoming about his wealth at http://www.thestreet.com/funds/meetthestreet/10006507.html. Indeed, in an interview at that Web site, he says his net worth is “between $50,000,000 and $100,000,000 depending on the day.

What’s this “depending on the day” nonsense? I presume that’s a shameless effort to impress people who are really ignorant about the world of finance. What he is saying is that his net worth doubles or halves within 24 hours. He implies that causes him not the least bit concern. Gimme a break! If my net worth dropped in half in one day, I would be pretty upset about it.

What must he be invested in to enable his net worth to double or halve in 24 hours? Pork belly futures? No one in his right mind would invest his entire net worth in an investment vehicle that could double or halve in 24 hours.

Inthe 2/03 Smart Money magazine aricle, he said his net worth was $35 million. Must have been a really bad day in pork belly futures. Actually, his book selling success notwithstanding, I would guess his net worth is more like $3 million, virtually all of it from book and related sales.
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oh and also this one :D

Wanted—dead or alive?
As to the whereabouts of Rich Dad—at one point, Kiyosaki tells Smart Money that he died in 1992. Poor man.

Later, he says Rich Dad is still alive, but a reclusive invalid. Uh huh. So how to explain Kiyosaki applying for a trademark on Rich Dad Poor Dad and telling the U.S. government under penalty of prison that the phrase refers to no living persons?

Later, he tells Smart Money that Rich Dad was a composite of several persons.

Finally, he gets angry at Smart Money. “Is Harry Potter real? Why don’t you let Rich Dad be a myth, like Harry Potter?”

That would be fine, Robert, just as soon as you remove Rich Dad from the non-fiction best seller list and go over and compete with Harry Potter on the fiction best-seller list.

So I guess the final word is that Rich Dad is as real as Harry Potter. I suppose that, in turn, means that the way to become financially independent is to get a magic wand—or to write book about fictional characters who did.
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I haven't even read the other posts on this subject but felt the urge to reply as soon as I saw the title.
The fact that this book is a bestseller shows the mentality of our general public. The book started with a good hook and has a good general premise but could have been conveyed in about 5 pages. I felt like I was reading a massive run-on sentence intended for ages 10-18.
I like and agree with his overall outlook but I believe the majority of his conjecture (especially reference to himself) is BS. He seems to like to spend more money than his ASSETS accrue. This guy is obviously a great salesman and likes to talk about the wealth he's amassed but doesn't seem to ever divulge any details.
All in all,it's a great RAH RAH presentation and actually made me want to go ahead and start my own fund now, but it lacked depth.
 
Quote from canuck:

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I have many old friends from school that are all making good money. You know what, none of them has any money left over. A buddy of mine makes over 100k per year, but I doubt if he has 3 grand in the bank. Big house (which he just bought, probably at the top of the real estate pricing bubble), 2 cars, goes out almost everynight. He blows at least 200 bucks a night on the weekends drinking (thurs-sunday). He's also got the $3k watch etc... And he wonders where all his money goes.... It's like watching a train wreck, but just slowly...

The Rich Dad series is a good wake-up call, even if it is old style common sense.
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There are a lot of people that think they need all these toys to impress people. My read on them is that they are completely insecure in their own abilities and thus need to show all their wealth to others to maintain their self-confidence.

... Not a slow train wreck but a heck of a lot of wasted money that could be invested...

As for the "Rich Dad" series .... I have used it for beginning high school students and junior high school students as an after school study topic. IMHO this is the target age for these publications.
 
i agree that this book is short on details and heavy on the 'ideas' of creating wealth. I don't think that it's such a bad thing considering the number of people who spend every cent they have. But this book, and there are many others like it, are just the beginning. This book and all of the other books out there are just the first step.

There is not ONE book out there that can solve all of your problems. If there was a book on making easy money, than no one would every need to work.

Can you make money in real estate? Yes, not always. Can you make money in stocks? Yes, but not always. Can you make money running a business, yes but not always. These are true statements and I think if anyone reads a book that tells you exactly how to start a business and get rich than they are fooling themselves.

I think if a simple book, not just RK's books, makes someone think again about buying a new car or moving to a bigger house and instead investing that money in something that might make them income than the book is a success.
 
Quote from canuck:

i agree that this book is short on details and heavy on the 'ideas' of creating wealth. I don't think that it's such a bad thing considering the number of people who spend every cent they have. But this book, and there are many others like it, are just the beginning. This book and all of the other books out there are just the first step.

There is not ONE book out there that can solve all of your problems. If there was a book on making easy money, than no one would every need to work.

Can you make money in real estate? Yes, not always. Can you make money in stocks? Yes, but not always. Can you make money running a business, yes but not always. These are true statements and I think if anyone reads a book that tells you exactly how to start a business and get rich than they are fooling themselves.

I think if a simple book, not just RK's books, makes someone think again about buying a new car or moving to a bigger house and instead investing that money in something that might make them income than the book is a success.
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Well said.
 
Quote from opm8:

Kiyosaki is all bull and snake oil.

http://www.johntreed.com/Kiyosaki.html

--opm8
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Read that about a year ago along with the book.

Once again, John Treed focuses on minute details with a lot of nitpicking. He completely refuses to take a big general look at the book. Kyosaki never stated that everyone should do real estate. It's just something he is familiar with. I read his book but I did not have a sudden urge to do real estate. But then, I'm not a total moron.

As for John Treed, he has a hidden agenda to sell his own real estate books which he just cannot market. His books are very boring and in all honesty, if he is so damn smart and profitable in real estate why is he sharing all his techniques? He comes off as such a bitter and jealous man. Why does he even care?

Bottom line, stop looking at minute details and look at the big message. Kyosaki's books are not expensive, simple to read and bring forward a common sense but valuable message.
 
gotta thank kiyosaki for getting me started in options and real estate. he more of a motivational speaker though.
and john t reed is just bitter that he isnt as famous as some other guys. and his attacks against russ whitney are personal and not very helpful.
3 years ago i used to listen to reed but now i think he's a moron.
 
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