Rich Dad Poor Dad Author:Robert Kiyosaki, Sharon L. Lechter Rich Dad, Poor Dad chronicles the story of the authors two dads, his own father, who wa the superintendent of education in Hawaii and who ended up dying penniless and his best friends father who dropped out of school at age 13 and went on to become one of the wealthiest men in Hawaii. Kiyosaki uses the story of these two men and their varying fi... more »nancial strategies to illustrate the need for a new financial paradigm in order to achieve financial success in the new millennium.« less
Robert Kiyosaki is a fraud with a documented history of lying about his background, his wealth, and his financial abilities. He advises readers to engage in illegal insider trading and tax fraud. Read http://www.johntreed.com/Kiyosaki.html for a pretty thorough debunking of his claims.
If you are worried about managing your financial future, then this book helps to put things in perspective. While there are many \"how to\" books, this one teaches you how to have your money work for you.
Interesting book and provides a different perspective on money. However it is your standard self help book with lots of stories that are supposed to motivate you but no real meat.
I personally didn't find anything of value in this book, and I don't think the average person would. I've also heard that the man who wrote this book has been involved in multiple scandals and there are ethical concerns with his methods.
I would suggest reading "Your Money or Your Life" instead.
Though this wasn't my cup of tea, exactly, I know it helped some very close friends of mine learn more about their finances. This book, however, is no Idiot's Guide; it's a little more complex.
Explodes the myth that you need to earn a high income to become rich
Challenge the belief that your house is an asset
Show parents why they can't rely on the school system to teach their kids about money
Define once and for all an asset and a liability
Teach you what to teach your kids about money for their future financial success.
I have listened to the tapes during my daily commutes and have heard the book in its entirety at least 3 times. The tapes are separated into 2 parts. The first part is a financial biography of the author, Robert Kiyosaki, who walks the reader through the lessons he learned as a child growing up in Hawaii from his "rich" dad. His "poor" dad is his biological father who keeps to the same wisdom that most of us adhere to - get educated, join a company with a good paying job, buy a home, and pay the taxman and lenders accordingly. The author's "rich" dad is the author's best friend's father who is rapidly building a financial empire of various investments and businesses.
The second cassette provides more detail about how the rich "make money" as opposite to the middle class and the poor "earning money". He goes into details about the concepts of assets VS liabilities, taxation, corporations, and the mind set needed to move away from the proverbial rat race.
Overall, the book does a good job in providing sage advice and stories to enhance the points that he makes. I do not completely agree with everything the author puts forth and if one has read "The millionaire next door", one will find some minor contradictions. For example, most real millionaires have made their money through good old fashion labor and by living below their means. "Rich Dad, Poor Dad" takes on more of a Donald Trump style of making money by passive investments. Still, Kiyosaki's has some great incite and I will end this commmentary with what I have taken away from the book - "Work to learn, not work to live"
