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

by Robert T. Kiyosaki, Sharon L. Lechter
3.9 out of 5 stars  See all reviews (3,165 customer reviews)

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Book Description

April 1, 2000 0446677450 978-0446677455 1
Rich Dad, Poor Dad chronicles the story of the authors two dads, his own father, who wa the superintendent of education in Hawaii and who ended up dying penniless and his best friends father who dropped out of school at age 13 and went on to become one of the wealthiest men in Hawaii. Kiyosaki uses the story of these two men and their varying financial strategies to illustrate the need for a new financial paradigm in order to achieve financial success in the new millennium.

Editorial Reviews Review

Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" (whose weekly paychecks, while respectable, were never quite sufficient to meet family needs) pounded home the counterpoint communicated by his "rich dad" (that "the poor and the middle class work for money," but "the rich have money work for them"). Taking that message to heart, Kiyosaki was able to retire at 47. Rich Dad, Poor Dad, written with consultant and CPA Sharon L. Lechter, lays out his the philosophy behind his relationship with money. Although Kiyosaki can take a frustratingly long time to make his points, his book nonetheless compellingly advocates for the type of "financial literacy" that's never taught in schools. Based on the principle that income-generating assets always provide healthier bottom-line results than even the best of traditional jobs, it explains how those assets might be acquired so that the jobs can eventually be shed. --Howard Rothman --This text refers to an alternate Paperback edition.

From Library Journal

Reissuing a self-published best seller.
Copyright 1999 Reed Business Information, Inc. --This text refers to the Hardcover edition.

Product Details

  • Series: Rich Dad
  • Paperback: 207 pages
  • Publisher: Business Plus; 1 edition (April 1, 2000)
  • Language: English
  • ISBN-10: 0446677450
  • ISBN-13: 978-0446677455
  • Product Dimensions: 9 x 6 x 0.6 inches
  • Shipping Weight: 10.4 ounces
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (3,165 customer reviews)
  • Amazon Best Sellers Rank: #11,390 in Books (See Top 100 in Books)

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Questions from Readers for Robert T. Kiyosaki

Hi Robert! Ive been involved with a few network marketing companies, and none of them has panned out to making me any money at all! I live very rurally and know few people. Extended family is non supportive. My hubby was unemployed for a year, and...
Robin Brostovski asked Sep 2, 2012
Author Answered

Hello Robin. Thank you for the question. When I get in a situation that feels like a "no win" I do two things: I look at all the failures and all the losses and all the mistakes. I look at them hard and long, then I turn each failure, loss and mistake into a lesson. I learn. Mistakes are the best teachers so I learn a lot. After I've learned my many painful lessons, I reorganize, rethink and revise my opportunity. Then I act. Many times I've had to repeat this cycle over and over. But once learned, you'll never forget these painful lessons that are the keys to your success.

Robert T. Kiyosaki answered Sep 4, 2012

Customer Reviews

Most Helpful Customer Reviews
461 of 475 people found the following review helpful
3.0 out of 5 stars Decent points from a self-promoter October 15, 2004
When he isn't engaged in his nearly incessant showboating, Kiyosaki actually gets down to some practical, all be it general, guidance on how to think about money:

* Probably the greatest insight is how to think about assets and liabilities. A million accountants scream in anguish, but a primary residence, with a large mortgage, high taxes and high fixed costs to top it off, is not an "asset" for Kiyosaki because it doesn't produce a positive cash flow. Instead, he lists several items, such as rental property, stocks, bonds, mutual funds, business partnerships with limited involvement, promissory notes and royalties (p. 89), that generate money and should be invested in.

* Don't get into large debt positions for non-necessities. Buy your luxury items for cash (p. 176). This is part of any sound financial planning and is taken to its logical endpoint by the authors of "The Millionaire Next Door."

* Watch out for the tax effect of your sales of real estate. In this sense, the book is out of date, since the tax laws were changed in the late 90s to permit up to $250,000 in capital gains ($500,000 for married couples) from the sale of a primary residence be exempt from federal tax, under certain circumstances. No longer must you rely on the 1031 "trading up" provision he describes, at least not exclusively.

* Fear can be utilized as a great motivator to act, as opposed to fear causing you to be a deer in the headlights of life.

However, before we all run off to leverage real estate to become gentlepeople of leisure, let's try to remember a few things.

* This book is written for one reason: to be earn the author money.
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3,621 of 3,968 people found the following review helpful
1.0 out of 5 stars Not worth the money or time October 15, 2000
I know this book was a best-seller and has a 4.5 star average on Amazon. This does not make it good, and I will explain why.
First, most people focus on his inspiration and pointing out that you need to save money instead of spending it. To put it bluntly, "Duh." To be more constructive, there are much better books on this subject - for instance, "Your Money or Your Life." It's easy to spout platitudes about why you should save, but Kiyosaki doesn't tell you how.
Second, his real estate advice. Kiyosaki emphasizes making money in real estate, since it seems clear that is how he made his fortune. But he does a terrible job explaining that as well. People have lost fortunes in real estate; Donald Trump went from being a billionaire to losing most of his empire. It isn't easy. Kiyosaki himself says that winners learn from their failures; where are his failures?
Perhaps he should refer people to other books about real estate, but one of the books he recommends was written by a man who had a half-million dollars in tax liens filed against him and declared bankruptcy - all before "Rich Dad" was written. That isn't exactly the kind of advice I was looking for!
Third, experts in the fields he talks about generally agree that his advice is bad. A review by an experienced real estate professional is here: [...] His advice on making money via IPOs is completely wrong; you can't invest that little money so close to the IPO filing for such a large discount. It just isn't done that way.
Fourth, his emphasis on making money. I like money, don't get me wrong. Like most people reading this review, I'd like to be a millionaire. But, I think, there is an underlying current of meanness in Kiyosaki's book.
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345 of 375 people found the following review helpful
5.0 out of 5 stars 1 star reviewers suffering from homeostasis? February 1, 2003
That is the inability to release old beliefs.Ralph Waldo Emerson once said that "A foolish consistency is the hobgoblin of little minds."RTK teaches adaptability; to see beyond the norm and to open your mind to new beliefs.I also found many of the reviews to contain errors. For example one reviewers states that RTK encourages one to invest in small cap stocks (true) and penny stocks (not true).There is a world of difference between small caps and penny stocks that I don't have time to explain here. T o make it short and simple, Dell and Microsoft were once small caps and as a person who actually read Rich Dad Poor Dad this what I got from RTK--to buy current small cap stocks with huge upside potential not stocks trading from a penny to a quarter that roll up and down in a range and are basically garbage stocks.Also, in reference to the Smart Money (talk about misnomers for a magazine title!), RTK did repeatedly and politely indicate that he did not want to release the name of Rich Dad to protect his confidentality and I applaud him for that. It was only after repeated requests that RTK "Lost his cool" and went into the Harry Potter thing. The other reviewers have it backwards (as usual)Personally, I don't care who Rich Dad really is....but do you have any earthly idea how much this man (Rich Dad) would have to go through from reporters if his identity was released?Bravo RTK and I don't blame you for "losing your cool".If you have an open mind and not suffering from homeostasis, you will find Rich Dad Poor Dad an enlighteningread.
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Most Recent Customer Reviews
4.0 out of 5 stars Get out of the rat race
I thought it was an interesting book. Opens your eyes to the way our society lives. Shares some interesting concepts of money management.
Published 46 minutes ago by John Bratta
5.0 out of 5 stars Much to think about
One should read this book and think about what you read... It makes your brain "think" about the words he writes.
Published 8 hours ago by Marian R Mitchell
5.0 out of 5 stars Great Book for the Economy we are in Today.
Great book especially for this day and age. Smart man, gives you a push on the right direction as far as assets.
Published 19 hours ago by Tirel J Mitchell
1.0 out of 5 stars Do Not Buy This Book
This guy is a scam artist. He is neither an expert in finance or real estate. But, he's giving out advice on these topics in this book. Read more
Published 20 hours ago by Elijah
3.0 out of 5 stars Motivational but not that practicle
This is really a very motivational book. The technique to comparing and contrasting two approaching to money by using image of two "Dads" really captures the readers... Read more
Published 20 hours ago by JP III
5.0 out of 5 stars one of the best books ever written
This will change your life! Read it! The principles in it are very easily understood and can change your life if you let them! Read more
Published 2 days ago by Brandon Ketron
4.0 out of 5 stars Great book
This book re emphasizes what most persons should know and practice. It highlights how we can overcome many misnomer such as repetitively saying I can't afford it but rather... Read more
Published 2 days ago by BrownSugar
5.0 out of 5 stars Basic steps to curiosity
I don't have parents that can teach me something eye opening like this.
The book use a childhood experience of the author which makes me understand the concept much easier
Published 4 days ago by reyzell
5.0 out of 5 stars Financial principles for the average person
Easy to read and easy to understand..positive thinking joined with financial wisdom is successfully promoted for the non-financially educated people
Published 4 days ago by JORGE VILLARREAL CAREAGA
5.0 out of 5 stars Must read
Excellent book to change your thinking about money and your outlook on working for money. Just wish there were clear tips and examples but a definite must read.
Published 4 days ago by Paul H.
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Topic From this Discussion
Rich Dad is not real?
I know this is an old post, but I'm a huge fan of Robert Kiyosaki. Based on my research, I have concluded that "Rich Dad" is real and that he is likely to be Richard Kimi (Founder of Sand and Seaside Hotels, see links... Read more
Dec 26, 2013 by Tracy E. Mills |  See all 6 posts
What is up with all these negative comments?
1. Everyone does know that, they just don't because they would rather buy consumer crap. Anyone that picks up a book right-side-up should know this, especially if it is a finance book.
2. It is relevant because if that is the case, it should be put in the Fiction section, or Kiyosaki should... Read more
Feb 13, 2007 by Kevin E. Beling |  See all 27 posts
How the book helped me
Totally agree, I read the book in spanish and I live in Mexico so all the things and laws about real state are different and I just browse them but the point I think he makes is "you should take care of your money", so read the law, search for deal, educate yourself on the way your are... Read more
Jan 19, 2007 by Alfonso Paredes |  See all 3 posts
This book turned my 12-hour boring flight time into the most valuable...
Yep, multilevel marketing BS really does brainwash "intelligent" people...
Apr 16, 2011 by T. Buys |  See all 3 posts
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