Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Don't

published	April 1st 1997 by TechPress
binding	Paperback
isbn	0964385619 (isbn13: 9780964385610)
ebook
pages	182
description	Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his...more [close] 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 [close]
date added	05-13-07 edit book

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Keely rated it:

(review of isbn 0446677450)

06/13/07

bookshelves: non-fiction

I read this book while in an Entrepreneur phase. On one hand, it is rather inspiring, in a John Madden sort of way. You see, John Madden (American football broadcaster) always makes everything sound easy, which may be how he coached the Raiders to the superbowl. He'll say something like "now what they need to do here is score a touchdown. I think that if they can do that, they will turn this game around".

I still recall a memorable game where a quarterback's contact fell out, and w...more I read this book while in an Entrepreneur phase. On one hand, it is rather inspiring, in a John Madden sort of way. You see, John Madden (American football broadcaster) always makes everything sound easy, which may be how he coached the Raiders to the superbowl. He'll say something like "now what they need to do here is score a touchdown. I think that if they can do that, they will turn this game around".

I still recall a memorable game where a quarterback's contact fell out, and while he and the refs looked for it, Madden said "now here's a guy who when he wears glasses, he can see better". When it's explained in such a simple way, it really seems like the easiest thing in the world. Unfortunately, one must remember that the 6'5 defensive line is really not interested in you getting that touchdown.

Of course, real estate isn't any easier. There's always some conflict around the corner to trip you up and send you back to square one (or further!). So, while this book gives you such excellent advice as "learn from failure", "make profitable deals", and "work hard for yourself", it doesn't actually give you a system or method to do so.

This seems a strange irony to me, as this book is clearly marketed to people who are not smart enough to realize such basic advice, but who are smart enough to be able to figure all the rest of the logistics out by themselves.

Now, there are supplementary books that give a lot more in-depth information, but they still tend to fall into similar traps. It seems to me that you are either the self-motivated entrepreneur-type, or you aren't, and that difference will show itself often and early. The self-made may use this book, but to continue projects they are already working on, not to start their 'dream business' from scratch.

There is another option for the marketability of this book, but it is not one I like to think about: depressed people who feel their lives going nowhere and stave off depression by clinging to untenable dreams. For these types, self-help and new age books act like a surrogate (or addition to)religion: bolstering their self-esteem and making them feel as if their dreams are truly within reach.

Then, years go by and the dream draws no nearer, but if they can read a book and feel like it's a simple process that they could start tomorrow and finish in 6 months' time, they feel better.

I'm not saying people shouldn't have dreams, and I'm definitely not saying not to follow them, and I suppose that if denial keeps them sane, it is their own choice; I just don't think it's made knowingly.

Now, I know that most people who (don't say 'peddle', don't say 'peddle') market these self-help or new age products are not usually scam artists. Most of them believe in what they do; believe that they are helping people; and certainly, it can. However, there is a difference between being a doctor and telling someone they have cancer to help them move on and lying that there is no cancer because it seems more 'kind' or 'uplifting'. The latter, is, of course, morally reprehensible (said the atheist).

Kiyosaki has built an empire off of this book, and made himself a pretty penny. He has also been researched by some critics who haver challenged his assertions about his wealth, real estate successes, and the very premise of the book. There is not any evidence that his 'rich dad' ever actually existed, and Kiyosaki has indicated in interviews that the character is, at best, an amalgam of people. However, he has also refused to take any stance on whether he exists or not, so take that as a caveat. And that doesn't even go into his support of Casey Serin.

Maybe I'm wrong, maybe you will buy this book and it will turn your life around, maybe Kiyosaki is relating a true story of struggle and inspiration, but maybe not, maybe it will just be another $5 in his pocket and less room on your bookshelf for Chekhov....less

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