Tune into any personal finance programme these days and the vast majority of today's money experts will tell you that, in order to become wealthy, you have to cut your credit cards up immediately and save, save and save by putting the maximum amount of your salary into your retirement plan. While these plans might work for some people, Robert Kiyosaki urges readers to take a different approach to financial freedom. That starts by learning how to get rid of our what he calls 'bad debt' (such as credit card bills, health bills and other unsecured debt) and learning how to maximise 'good debt' such as a home mortgage or other investments. Kiyosaki outlines how you can accomplish this without having to resort to cutting up your credit cards.
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Book Description
Editorial Reviews
About the Author
Robert Kiyosaki founded an international financial education company and invented the board game Cashflow. Sharon Lechter is an accountant who now focuses her efforts on creating educational tools for anyone wishing to better their financial education.
From AudioFile
This installment of an enormously popular series delivers a hefty compendium of ideas, anecdotes, and money management policies that the author claims will change the fortunes of all who are disciplined enough to implement them. The affable Jim Ward guides listeners though the corridors of thrift, wise investment, and reinvestment, occasionally providing case histories and testimonials to validate and motivate. His delivery is sincere but never overbearing, perhaps reflective of the comfortable state of mind one reaches when rich. While some of the content boils down to common sense, the remainder offers listeners credible methods for gaining financial freedom. D.J.B. © AudioFile 2004, Portland, Maine-- Copyright © AudioFile, Portland, Maine
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Questions from Readers for Robert T. Kiyosaki
Q
It is an honor to have the opportunity to pose a question to you. I am an American attorney based permanently in Bangkok. I have a reasonable income but continue to occupy the wrong quadrant. My question: Foreigners (who are not married to Thai...
Mari-O
asked
Nov 20, 2011
Hello and thank you for the question, I want to start off by saying that this is your life, your money and your decision. Asking for advice is good, but you must do your own research and ultimately make the decision. While one great advantage for real estate in the US is the 1031 exchange, it is certainly not the only advantage. Real estate generally has many tax and legal advantages. It also has the ability for one to take on great debt, have someone else (your tenants) pay off your debt while you keep the asset. I do not know the taxes or laws in Bangkok, but I would take the time to get educated about them to know if investing there is good for you. The idea of your turning over your hard earned money and giving it to someone else is the mindset that has eroded our society. It is a lazy mindset and one that refuses to take responsibility. If you do not know what to due with your money, then find out! Look at the four assets (commodities, paper, real estate and business) find out what interest you, get educated, build a team and take control of your future. It sounds like you have the start to a good real estate team in Austin. Leading a great team is the way to wealth. From what you've written, it sounds like you are missing a good broker to bring you the deals. Ask your existing team members for recommendations. Interview until you find a broker who has access to deal flow, understands the cash flow investing mindset and who invests him/herself. Once your team is solid, you will get the deals you need and have the ability to take advantage of the laws and tax benefits to real estate. You are off to a good start. Keep getting educated and build up your team.
Robert T. Kiyosaki answered
Dec 6, 2011
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Most Helpful Customer Reviews
63 of 70 people found the following review helpful:
3.0 out of 5 stars
Guide to Becoming Rich -- Book Summary,
By
This review is from: Rich Dad's Guide to Becoming Rich...Without Cutting Up Your Credit Cards (Paperback)
Kiyosaki wrote this book as the eighth installment of his Rich Dad Series. The book serves to constantly remind us that the key to increasing our chances of becoming wealthy requires the willingness to the pay the price. Discussing all the get rich schemes, such as game shows or playing the lottery, Kiyosaki writes, "There are better ways to become rich, with much better odds, but most people are not willing to pay the price" (x). The price to pay is the time and money you spend investing in your financial intelligence.
Kiyosaki recalls a truism once observed by Rich Dad, "The only people who think life should be easy are lazy people" (3). Kiyosaki rejects frugality as the best way toward becoming rich. Instead he recommends paying the price for higher financial intelligence, "...another way to become a millionaire is to improve your financial literacy, your financial intelligence, and be willing to be accountable to yourself, your results, your continuing education, and your personal development in becoming a better human being...that was a price I was willing to pay to become a millionaire" (81). Adopting such a mindset becomes tantamount to swimming against the current. Possessing faith and the fortitude to dedicate your life to accumulating wealth in this manner is crucial to overcome such naysayers as friends and family. Rich Dad also observed, "One difference between a successful person and an average person is how much criticism they can take...Most people feel safer in the herd of the average" (150). Criticism tests one's resolve. You must be willing to make mistakes and to learn from them. Kiyosaki writes, "...the price of becoming rich is the willingness to make mistakes, to admit you made a mistake without blaming or justifying, and to learn" (18). A person who has risked little in life has also gained little. The book states clearly that the path to wealth is not to cut up your credit cards and decrease your means, but to work to increase your financial intelligence so that you can increase your means by acquiring income-generating assets. This strategy holds the greatest potential for accumulating wealth, but it also requires the heaviest investment in yourself.
34 of 38 people found the following review helpful:
5.0 out of 5 stars
Inspirational, Smart and Easy to read.,
By
This review is from: Rich Dad's Guide to Becoming Rich...Without Cutting Up Your Credit Cards (Paperback)
This is the second book I've read by Robert Kiyosaki. (Rich Dad, Poor Dad was the other book I've read). The ideas in the book are so valuable that it amazes me when people saw me read the book they would make comments on how the author is scamming people, making money on false hopes. I asked these people, and there were quite a few, if they read any of the author's books. Of course the answer was always a 'no'. I got the book out of the library, in hopes to build ideas. How are you going to learn becoming rich if you blame the rich for several of the world problems? This kind of generalization seems quite popular and creates a stop of the potential growth people have in ever attaining financial education. Am I rich, from reading this book? Not as much as I would like to be; however, the insight I've obtained is invaluable and is worth the price of the book. I also recommend: 'Think and Grow Rich' by Napolean Hill, 'The Secret of the Rich' by Ken Roberts and 'The 7 most Important Areas of Your Life' by Dr. Erwin Jay.
16 of 16 people found the following review helpful:
2.0 out of 5 stars
Don't waste your time or money on this...,
By
This review is from: Rich Dad's Guide to Becoming Rich...Without Cutting Up Your Credit Cards (Paperback)
...unless you've never read any of his other books. Don't get me wrong, I can't say enough good things about Robert Kiyosaki's books. If you haven't read them (Rich Dad Poor Dad, Cashflow Quadrant, etc.), I highly recomemd that you do. But there's nothing new in this book. It just a retread of ideas already presented in his other books, and not as well. If fact, reading it felt like a advertisment for his other books and products.
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First Sentence:
There are many books that popularize the idea of frugality and living below your means. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rich dad, financial report card, good debt, portfolio income, passive income, paper assets, financial literacy, financial education, financial intelligence Key Phrases - Capitalized Phrases (CAPs): (learn more)
Industrial Age, Learning Pyramid, Social Security New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
There are many books that popularize the idea of frugality and living below your means. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rich dad, financial report card, good debt, portfolio income, passive income, paper assets, financial literacy, financial education, financial intelligence Key Phrases - Capitalized Phrases (CAPs): (learn more)
Industrial Age, Learning Pyramid, Social Security New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Citations (learn more)
This book cites 4
books:
- The Stock Market (Economics for Today) by Robin R. Young in Front Matter, and Back Matter
- A Christmas Carol (Bantam Classic) by Charles Dickens on page 3
- Intellectual property handbook by Michael A Lechter in Back Matter
- Stock Market by Instructor Books in Front Matter
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