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Questions from Readers for Robert T. Kiyosaki
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.
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Most Helpful Customer Reviews
16 of 16 people found the following review helpful:
3.0 out of 5 stars
Not wholly successful but intriguing memoir of a brother and sister,
By
This review is from: Rich Brother Rich Sister (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
Having just finished this book, I think the title- Rich Brother, Rich sister: Two Different Paths to God, Money and Happiness is an apt one. For those who may already be familiar with Robert Kiyosaki, here is what this book is NOT - a guide to business success, written primarily from his viewpoint.
Instead, it seems to be an attempt to reveal more about the Kiyosaki family and how both Robert, a successful businessman and financial guide, and his sister, Emi - a spiritual director at the Dhargve Ling Buddhist Center in California - found meaning in different ways. A major focus of this book seems to be about how they rediscover what they have in common and reconcile some of the extremely different ways they approach life and living. Emi discovers some benefits, including peace and well being, that can come from money while Robert shares some of his spiritual views, from going through EST to having Buckminster Fuller as a mentor. Emi's early life is turbulent and she makes her way through the hippie movement, an early marriage and birth of a child before finding her way to the Dalai Lama and a spiritual path that deepens and grows. The main problem with all this? For me, it was the flow of the book. In theory, going back and forth between the two views of brother and sister could have worked well, especially given Robert Kiyoaski's reputations as a financial guru. But to me the book was both overly long and often a confused jumble, hard to follow. At the very end of the book, Robert Kiyosaki tries to tie God and money together and then there is a list of his previous books. Of course, Emi (his sister) also puts in her viewpoint and it should all balance nicely. For me, however, it did not. I did find the personal disclosures of Kiyoaski's wild ways and war adventures (early in his life) to be interesting and intriguing, as well as the revelations about the Kiyosaki family. For those seeking spiritual growth and/or information about financial stability and/or balancing financial health with spiritual well being, it could provide some food for thought but I was left with far more questions than answers or guidelines.
45 of 54 people found the following review helpful:
2.0 out of 5 stars
Would not categorize as inspirational reading, but an autobiography,
By Dean! (Dallas, TX) - See all my reviews
This review is from: Rich Brother Rich Sister (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
It hurts me to give this Two Stars, since I love the Rich Dad Poor Dad book so much, but it's the only justice I can give to this book and prevent you from buying something you thought would be an uplifting or inspirational read.
This book is essentially an autobiography of Robert Kiyosaki and his sister Emi (referred to as Tenzin, a name given by the Dalai Lama when she became ordained) as they took different paths to "God, Money, and Happiness". They state there's a biological family that everyone has, and also a spiritual family that most people don't have; unfortunately the theme doesn't really carry through - the book's overall message is simply...unclear. Some things that simply did not make sense: 1. You learn that Robert was kicked out of the Merchant Marines (honorably discharged) for improper use of government property (flying military helicopters (with high-pressure scuba tanks onboard) to remote islands in Hawaii to impress women) for what I feel is a court-martial offense. Also, he purposely missed a ship returning to sea because he was tired of fighting for the government - veterans call that "desertion" which is another court-martial offense. 2. He makes millions, then loses everything, twice. 3. He goes homeless in 1985 with his "soulmate" he had to chase for 6 months, yet retires in 1994, then he writes Rich Dad, Poor Dad about growing up with a Poor Dad 4. His "Poor Dad" I find out is Superintendent of Schools of Hawaii and went to Stanford, Chicago, and Northwestern, was a valedictorian, and was a community leader in Civil Defense, and prior to his death received an award as one of the top 2 educators in Hawaii history. 5. He doesn't give much regard to higher education, yet his dad was a recognized educator and his sister has a Master's degree. 6. He states success in business is not the same as success in academics, but see points #2 and #3 above! 7. He says he would never work for a tobacco company as a principle, because lung cancer is what accelerated his father's death, yet in the same paragraph he states he enjoys a fine cigar every now and then ?! 8. Though Robert and his wife helped Emi with her high medical bills for her own chemotheraphy, she also got help from a government agency, which he's not a big fan of the US. Govt. at all. I didn't like that he stated Barack Obama would not/could not help the Middle Class - where does that political opinion fit in with the vision of the book? What is the vision of the book? 9. Then, through out the book, all you hear about is EST (Erhard Seminar Training) and Dr. Buckminster Fuller. He put himself through it, his Dad through it, his sister, etc, yet see #2 and #3 above. Also he states he cheated on his first wife Janet, well after the EST seminars. My soapbox to Mr. Kiyosaki: 1. If you're going to preach trustworthiness and integrity, you have to establish credentials. You lose all respect when apparently you proclaim you are a changed man in 1974, you take EST seminars, yet you lose millions on 2 businesses, cheat on your wife in 1981, and go homeless in 1985 - all after these "EST" seminars that you stated changed your life. 2. Your "Poor Dad" (top 2 educator in Hawaii history) seemed like a pretty good dad. 3. You state you and wife will "never give to the needy or poor" only to trusted organizations that manage their money well, but what about education, ala, your father's legacy ? 4. On a hunch since it felt like "Product Placement" throughout the book, I did some research and turns out Robert Kiyosaki teaches those exact EST/Money & You seminars, ie. he's promoting his own seminars. They collaborate a lot with the Fuller Institute (ala. Dr. Buckminster Fuller). Final Thought: 1. What is this book? What was the intent? Autobiography or inspirational ? Whatever it is, it reads very.... scattered. The Robert, then Emi dialogue is very disjointed and doesn't flow well. The repeating of the same things from 1974 from chapter to chapter and going backwards and forwards in time is confusing and disrupts flow. 2. Finally, there's a "Change of Heart" chapter that makes no sense, and ME coming from a military and medical background, basically you state that a cardiologist was trying to take your money by giving you immediate surgery and you needed to find alternative health - you don't find this discrediting to medical professionals with 12+years of medical schooling/experience ? You state you needed the surgery *anyway* and 1 month later, you're back in the hospital because you didn't change your ways?? Maybe people don't fundamentally change...ever. As far as my military opinion - you were discharged (should have been dishonorable) and you admitted to "desertion" by not boarding your ship under order. 3. I don't think my final thoughts leave me as a convinced reader in the end... :(
29 of 35 people found the following review helpful:
2.0 out of 5 stars
What a Jumble....,
This review is from: Rich Brother Rich Sister (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
The premise of this book is a challenge at best--to integrate entrepreneurial motivational money man Robert Kiyosaki's life stories (and, arguably, life lessons) together with those of his sister, an ordained Buddhist nun. And, from their supposedly parallel-in-many-ways values and ideas (although following such obviously different actions) to yield some meaningful insights for the reader.
Too bad it doesn't really work out that way. Part of the reason it doesn't is the "why" this book was written--because Robert's sister, Emi, had medical problems, couldn't cover the big deductible/co-pay, he'd loaned her money for it, but wanted her to see how to become financially independent herself by co-writing a book. I don't think that's a very good reason to write a book--certainly not much of a reason to read one--and it leads to the fundamental problem of this book. This is, that the two people have very little in common and whatever insights they have acquired independently don't mesh together at all, despite the chapters trying to impose chronological or thematic unity as each tells his/her own story for half of every chapter. The book also suffers from overly consistent "tone" in that I never feel we really hear Emi's voice (and hers are, in my opinion, the more interesting insights and experiences.) It also suffers from a slant toward Robert's lifestyle and choices, a kind of flowing, "Isn't he awesome and successful!" message. It's a little too easily accepted that all of us are impressed by--and covetous of--lots and lots of money. But that really isn't always the case. This goes along with Robert's seeming looking down on his "Poor Dad" and Mom--two well educated, hard-working professionals (his dad was Hawaii's Superintendent of Schools) who supported their 4 children but apparently were never financially secure. While both reveal personal mistakes and embarrassments, there are still important moral areas that go unaddressed--Emi's life as a largely absentee parent; Robert's never, ever confronting the deaths of not just his Marine buddies, but in his role (as a self-proclaimed "warrior") in the deaths of many innocent Vietnamese people. In the latter instance, bragging about the past, while claiming to be embarrassed by it, doesn't really work. (Also, while Emi includes quite a bit about Buddhist teachings, Robert doesn't really give any practical advice about making money.) This book -might- still have succeeded if they'd taken their individual life choices and biases and just followed them through, laid them out without trying to show "look how similar they are". Because....they aren't really similar. They're not similar at all.
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