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Rich Dad, Poor Dad What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!
In this short book Robert Kiyosaki distinguishes between the typical cash flows of the 'rich' and those of the poor and middle classes. He goes into some detail as to how they achieve this and how you can achieve it yourself; simply by ensuring that you live well within your means and consistently build on your assets. For such an easy read it touches on some deep concepts that one doesn't generally think about too deeply. Some great one liners inside to remember, along the lines of "Time is your most precious asset" with regard to compound interest, and "listening is more important than talking, which the majority of people don't understand. If God intended you to talk all the time then he wouldn't have given you 1 mouth and 2 ears" with regard to ones need to learn from those who are greater than oneself. Unfortunately he does come across rather badly due to his high self-confidence from making his millions... he seems to have had a poor relationship with his real father (referred to as 'poor dad')- painting him in a negative shade throughout, and he occasionally comes across as fairly arrogant when talking about the middle classes and 'poor'... he somehow manages to bestow an image of utter stupidity upon anyone who doesn't own acres of land and real estate, and anyone who works for a living (if everyone was 'rich' and let out real estate instead of working, then who would rent the real estate or produce any goods to consume?).
The other downer, in my opinion, is the way he talks about investment gains. The most consistently prolific investment returns, of 13% per annum before inflation consistently since 1919 has been in the stock market... Kiyosaki projects the image that making 100% investment wins is extremely easy... just buy a tech stock and sell it in a few months down the line for a big mark up, or buy property in an area with a depressed housing market and sell for twice the price in a few years, or even buy government bonds with 16% yields. He talks about the rich losing in order to win, but not once does he mention a losing venture of his, which would have made a nice balance. He encourages readers to have an unbalanced portfolio and not to worry about risk if you want to make any real money. This prolifically successful image he projects of himself will not be a reality for most and I would urge readers to take heed... just look at what happened to tech stocks soon after the book was written. In conclusion I would say that this is an excellent book for anyone who is struggling with the concepts of cash flow... a wonderful read for the youngsters of today... Listed above are some flaws, but the positives hugely outweigh the negatives and I would recommend this book to anyone with a wallet or a dream of early retirement. A g
A eye-opener to why you will never "get rich The term "get rich" is invariably associated with the "get rich quick" idea. You simply will never "get rich quick". You may just as well forget about that so-called dream here and now. Though you may well actually get rich... So why is that? Because it is only the incredibly lucky, right-place-right-time people that get that sort of money, and more often is the case that they "get-rich-get-broke-quick". This is simply down to the naive, and uneducated financial aspects of our lives and our thinking. This book doesn't have all the answers, but it lets you become aware of the questions and problems that life presents that before you just put down to...a way of life. "It's normal"; "That's was Mr. and Mrs. Smith did." It's a wake-up and smell the coffee book that tells you what you are doing wrong and why you never seem to have any spare cash. You worked yourself to the bone and recently got promoted...but why are you no better off financially? The answers are in this book... Robert Kiyosaki has awaken the world on the subject of personal finance disaster which most of us are not aware of. Infact, he has taught us how to differentiate bwtween an Asset & a Liability , something most people think they know about but actually don't. In this book, Kiyosaki has revealed ways to achieve financial freedom which most people would never think about. I recommend this book to every person because the earlier you understand your financial situation the better and no one is destine to suffer if you know the way to manage your finance. Robert Kiyosaki showed you how in this book.
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