Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!
With 16732 ratings
By: Robert T. Kiyosaki, Tim Wheeler, et al.
Purchased At: $7.99
Rich Dad Poor Dad will….
- Explode 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
Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. With perspectives that often contradict conventional wisdom, Robert has earned a reputation for straight talk, irreverence, and courage. He is regarded worldwide as a passionate advocate for financial education.
"The main reason people struggle financially is because they have spent years in school but learned nothing about money. The result is that people learn to work for money… but never learn to have money work for them."
—Robert Kiyosaki Rich Dad Poor Dad – The #1 Personal Finance Book of All Time!
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.
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.
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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.
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.
I would also point out that this is not a "get rich quick" scheme to any potential readers, its a realistic way of managing and spending your money so the title is a bit misleading. Firstly, the book pretty much revolves around using real estate to make money and if you're here in the UK than you need significant capital in the first place to even consider buying any property. Kiyosaki make money in a high paying sales job in the early days, so if you're working minimum wage today and hope this can help you then you may be in for a disappointment.
Key take away from both the books I have read is how to spend more intelligently on assets that make money rather than the liabilities that dont. Its amazing the way the book makes you realise how everybody falls into the trap of earning well but having none left at the end of each pay day.
I would recommend this book if you have not read the others and similarly if you havent then I would recommend buying "Rich Dsd, Poor Dad" instead.