Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!

Posted by jack_miller | Published 6 months ago

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!

The book is really easy to understand and to read, the message Robert gives is good and can help you change your mindset to be more financially independent but please beware of richdad education. After purchasing this book I immediately received ads all over social Media Facebook and instagram about Rich dad education seminars. I sign up for and went to one of their “free” seminars just to find a random guy talking about how rich and and wealthy he become after rich dad education and how now he is giving back to the community teaching them how they can become wealthy by doing all the real estate strategies promising that they will teach all this great strategies if you purchase a 3 day seminar for $700.00 ... and so I did purchase the 3 day seminar excited to find out what I was promised “real estate strategies” unfortunately after a few hours of being in the seminar I realized that all they were doing is talking about how you need and must invest on a 50k package plan. So you can have access to a mentor. 3 whole days just listening to an old lady talking about her life and how rich and wealthy she is, brainwashing you to invest in their plans to the point of asking for extreme personal financial information. wasted 3 days of my life and $700.00 just to give them the opportunity to talk about how I need to purchase their $50,000 legacy plan. They never talk about what I was promised at first on any real estate strategy. Please beware of this scam. I posted the packages they almost force to purchase and the questionnaire are you need to submit so they know how much money you have and or how you can get a loan to purchase their package.

- oaklynn_bennet

This is an enhanced reprint of the original, with additional study questions/ discussion and review added at the end of every chapter. I bought the original about 18 years ago and it changed my families destiny for the better. I am glad the reprint came out as it prompted me to reread it and deepen my understanding.
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.

- leighton_brown

I read this book about 11 years ago at 27 years old , had no money, I followed the advice in this book and now have 15 rental properties paid off free and clear, my assets more than cover all my expenses. I just bought this book again, I'm in the middle of reading it again now 11 years later and can't put it down. I hate reading btw. I plan on reading this book at least three more times over the next 20 years so I can keep all info fresh in my mind. People always ask me about success. I tell them to read this book...whats crazy is that they don't read it. You can lead a horse to water but can't make it drink. The book changed my life and it will change yours. Do you want change or do you just want to talk and think about change? There is a big difference , do it.

- rocco_cruz

I owned this book in the past and wanted to reorder it to read it again. Instead of getting the book I expected, I received a tiny, hand sized book, with print that is too small and that is, frankly, hard to open all the way in order to read the words near the binder. So the book is utterly useless. With all the complaints about this tiny book, I'm not sure why that is the book that automatically comes up when you search for the book. Instead, the normal sized book should be the default, and then people can select the pocket sized book if they want. So I would say that the content of the book is excellent. DO purchase the book; however, BE SURE TO SELECT THE LARGER, PAPERBACK VERSION if that's what you want (sorry for the all caps, just want to make sure people see that part).

- lucian_chavez

A very motivational book without a lot of practical steps to magically achieve the goals listed. Some inaccurate information such as Charles Schwab dying penniless. More important is the author filed for bankruptcy in 2012. Why is that? Research it on your own. For most people this will motivate them to THINK differently and think outside the box, but not necessarily ACT differently, as we still need money to live on and have to work some and not just dream big without action and income behind it. This books contrasts another book "The Millionaire Next Door." Some of the examples that seem to be his idols are a bit scary too, like Ray Kroc. I'd rather apply Biblical money principles from people like Dave Ramsey. All in all a fun good read for mental stimulation. Take it with a grain of salt and don't blindly follow it 100%

- ty_sanders

i am greatly dissatisfied with this product. There are 243 pages in the book I obtained from Amazon whose cost was Rs.299/-. But my colleague purchased the same book for same price containing 350 pages. Then what should I do this product. Why such thing is happening.

- florence_richardson

It is a fact that schools are mostly designed to produce employees and not employers of which I myself was a proof that I thought of job, security,avoid risks, and hated talking about money.
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.

- ishaan_wilson

Almost ALL the financial mistakes that I make are listed in this book! This book shows how we, the majority of the people think, & that's why we remain poor all our life. All of us think of becoming rich, but do the same thing, practice the same financial activities that all the people around us are doing. So how can we become rich by using money like a poor?

Pros:
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!

Cons:
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.

If you liked our review, do give it a Helpful vote...it helps:)

- colten_gray

This short book does provide a few points that are worth taking home. These include basic concepts on money which I never really thought about so there is some value here.
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.

- eric_nelson

This author shared lessons that I wish I'd learnt earlier - but rather than regret; it provided me comfort. As a Christian my Heavenly Father, who is also a rich Abba taught me one lesson that 'Rich Dad' taught the author on page 305, third paragraph; 'He (the Rich Dad) believed firmly in tithing. "If you want something, you first need to give," he would always say. In Malachi 3:10, Abba said; "Bring the tithes into the storehouse that there may be food in my house; and prove me - as I will open up the windows of heaven and pour you out blessings that you cannot contain". I have proved my Abba and He has rewarded me. I was very pleased that this lesson was passed down and proven in this book.

- madilyn_nguyen

In diesem Buch wiederholt sich alles bis zum Erbrechen. Wenn man den Inhalt knackig verpackt hätte, wäre das Buch etwa 40 Seiten dick.
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.

Fazit:
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.

- carolyn_green

My friend recommended this book to me as he was also interested in money making and buisness. Robert really gives some foundations in thinking how money should work 'for' people and people are working 'for' it. Here he desribes, in the most simple way possible, the accumulation of assets that provide positive 'cashflow' (liquid cash).
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.

- kaiden_green

Look at Money very different now! Should be part of global school curriculums

- augustus_thompson

Reading this book has helped me understand the science behind making money, which is that it takes money to make money, rather than time for money. Robert Koyosaki talks about investing in your asset column rather than your liability column. The majority of people, even if a percentage of them have a high salary job end up with a lot of liabilities and therefore have a lot of money going out, and in the end their cashflow is out of balance.

- gordon_moore

What has to be kept in mind is that the author is American so his discussion is based on the American economy.

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.

- jasmine_robinson

I’m not sure what I was looking for from this book - but I didn’t find anything new or inspirational. There were a few pointers to thinking outside the box in terms of assets and liabilities; that is to make sure your assets make you money rather than just cost you money, but nothing I hadn’t come across before. My opinion is that specific examples werenot really that relatable to today’s economic environment in the UK. (I.e. making money from areal Estate Foreclosures)

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.

- franco_ramirez

If the sentence above made you wonder, you should totally buy this book. The book is totally about its tagline. I read 100 pages in just two days (103 to be exact), this book is really interesting if you truly wanna know that what the rich teach their kids about money. Coz surely if you belong to a middle class family, you're familiar with this statement "job are secure, businesses are too risky". Well the book beautifully explains that how many more variables the above statement has. With simple language used, the way it teaches is quite impressive. Highly recommended for anyone who is thinking of a start-up, to give him a better insight about what it actually is, and how to make it work. Coz you know at the end of the day, it's all about execution. No idea is good or bad it's the proper execution that matters. A must read for graduates. If the tag line of the book made you wonder, well, you should totally buy it to know the answer.

- zelda_carter

Best for here to buy ..... good quality paper quality should be high in my mind,

- sloane_martin

 Book is very small and tiny. While reading create problem to maintain book to hold. As well as page quality is not up to the mark. In this book all charts and graph is not visible. This is Xerox copy. Don't buy this book from this seller.

- vance_nguyen

I chose to read this book after reading "Rich Dad, Poor Dad" and finding it a good read. Kiyosaki's ideas are great and throughout the two of his books he often refers to people having read the series. I actually think reading more than one of the books is where the issue lies, as each one is far too similar to the other and it starts to seem as though the same message is constantly on repeat. "Thats financial intelligence" and "buy real estate" etc etc.

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.

- nataly_white

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