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108 of 114 people found the following review helpful
5.0 out of 5 stars It really works!
I bought Rich Dad Poor Dad along with Rich Dad's Success stories and I am excited! I am investing in real estate and small cap stocks as recommended by Kiyosaki. Using leverage and already started by own business.
Rich Dad Poor Dad is the definitive wealth developing book and I highly recommend it.
Published on November 23, 2003

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655 of 676 people found the following review helpful
3.0 out of 5 stars Decent points from a self-promoter
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...
Published on October 15, 2004 by Hinkle Goldfarb


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655 of 676 people found the following review helpful
3.0 out of 5 stars Decent points from a self-promoter, October 15, 2004
By 
Hinkle Goldfarb (R.R. 1 Highway 162, Butte City, California) - See all my reviews
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 In this sense, the book is out of date, since the tax laws were changed in the late 90s to permit up to $250,000 in capital gains ($500,000 for married couples) from the sale of a primary residence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. Kiyosaki is even somewhat up-front about it, noting that royalties are one of the best assets for a person to have (p. 89). Therefore, you should be skeptical -- not cynical but merely skeptical -- about the advice he gives.

* For every Kiyosaki there's a multiple of people who crashed and burned in stock and real estate speculation, and the difference between the author and those people is due in some measure to chance.

* It is much easier to invest in undervalued, illiquid assets in downturns when you're already sitting on a pile of cash.

* Dropping our current jobs to do Kiyosaki's kind of analysis and investing does not make sense for most of us. After all, our jobs are, in Kiyosaki's sense, an "asset" because they generate positive cash flow.

* The principle of "paying yourself first" (p. 172) is not something to be applied inflexibly. Kiyosaki is giving everyone advice from a position that may not be applicable to everyone (p. 176). Yes, the idea of saving a portion of your income is a good idea, even an outstanding idea. But stiffing the tax man and your creditors is not, and unless you operate a business or are engaged in a profession where you can rapidly earn extra cash, it's not a good idea to try to scare yourself into coming up with a brilliant plan to pay them off. You might wind up with a solution like George Segal and Jane Fonda in "Fun With Dick and Jane."

* Beware the author's personal biases. If he truly believed that America is "on the course" to collapsing because the difference between the haves and have-nots is widening (p. 48), he'd be investing in foreign real estate, in gold and would hold a lot of money in cash. He's not. In fact, he does the exact opposite. He bets on American's long-term stability by purchasing real estate.

* The author casually talks about extremely risky investments, such as $5,000 investments returning $1,000,000, as if these were almost ordinary (p. 78). That's highly misleading. He does mention in the book that out of ten limited investments, a preponderance of his business investments "go nowhere" or completely fail, but that should be highlighted when those stratospheric returns are mentioned.

Overall, Kiyosaki has some good advice. However, do not think that you are likely to duplicate his personal experience to success. If you look at how he made his money, he essentially got rich holding real estate in the 70s, in Hawaii, as well as being one of the state's best salesmen. He was at the right place at the right time, with a particular important skill. He then had sufficient money in the 80s and 90s to be able to invest in real estate in the economic downturns. So his position does not correspond to most of ours.
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3,760 of 4,134 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. The way his "rich dad" kept people waiting and intimidated them with his power, the way Kiyosaki himself resented being left out of the parties held by the "rich kids." It's disturbing.
Fifth, for all the talk about spending less, Kiyosaki clearly lives up the high life (or claims to.) Rolex watches (why?), Porsches (again, why?)... all these are types of liabilities, which he spends most of the book saying you should avoid. It's flash, which I think ties into his rejection as a 'poor' child, and also meant to impress the reader by letting them think that, someday, they too will be able to show off their wealth.
Most millionaire's aren't this way. "The Millionaire Next Door", which cannot be recommended highly enough, has interviews with real millionaires who live modestly - in fact, probably living on less than you are - and yet they accumulated their fortunes through hard work. (Real estate and owning your own business qualifies as hard work!) It is a much more educational book, but is also more inspiring to see people like yourself who did make it.
Summary: this book has some decent information in it (but there are better books), is inspirational at points (but inspirational books are a dime a dozen!), and didn't really do squat for me.
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1,037 of 1,142 people found the following review helpful
1.0 out of 5 stars Inspiring to some, misleading and dangerous to most, April 26, 2005
By 
Student (Ann Arbor, MI USA) - See all my reviews
For the most part, it seems that people either love or hate the book and now having read it, I think I understand why. Most likely it seems that it depends on your personal situation and knowledge prior to reading the book.

I think that if you were someone who was just making ends meet, using all of your salary to support your lifestyle (in Kiyosakian parlance, buying "liabilities") and doing little to save and invest (buying "assets"), I can see that this book might serve as a wake up call and can inspire and motivate people to look for ways to possibly change their situation. Furthermore, the book's various claims, (however misleading or unrealistic as I point out below) plays right into such people's desires to learn the "secret of success" of the rich that if only they knew, they could quit (or abandon their plans) to go to school, quit their jobs and just invest and live off of investments the rest of their lives without working.

OTOH, if like many of us, you were making a good salary WORKING but spending responsibly (i.e. limiting "liabilities) and meanwhile trying to invest aggressively as much as we know how to do based on our unique circumstances and preferences (buying "assets"), the book really provides no substance and stretches credibility. For us, you don't need inspiration and what specific info the book provides is either dated, incorrect, or misleading. Also for many of us, we didn't read it realizing ahead of time that it was entirely a motivational book rather than a "methods" book since the title alludes to "methods" that that rich possess that we of humbler backgrounds lack.

This book makes fantastic claims. There is a quick and easy "secret of success" that "the rich" (always treated as a monolithic group) know and the rest of us don't; this "secret information" is far more important than hard work, getting a good education, investing wisely, or any traditional method to become rich and successful; and if you only learn "the secret" (translation: buy Kiyosaki's book) you, too, will be rich.

According to Kiyosaki, "the rich" become rich by using three different strategies: 1). They form and own corporations, thus paying less taxes than people who get their income as employees. 2). They invest in real estate in certain "secret" ways that let them earn a lot of money with little risk or tax liability; 3). They use tips from friends for insider's trading to make a killing in the stock market. Kiyosaki's advice, in essence, is to suggest to the reader to emulate "the rich" by using the same tax-avoidance strategies, real-estate schemes, and insider's trading "they" supposedly use to get rich.

There are only two tiny problems with Kiyosaki's advice. First of all, these "secret strategies" are NOT the way the rich actually make money; it is rather the LAYMAN'S IMPRESSION of how the rich make money, an impression based mainly on numerous TV shows and movies which portray "the rich" in this way. As the (excellent) book "the millionaire next door" shows, this description bears no more relation to how the rich actually make money than James Bond films have to actual espionage work.

Second, not surprisingly, the "strategies" Kiyosaki proposes could work only in the movies - where, of course, the government and police are all in the millionaire's pocket, and let him "get away with it". If you actually try them in the real world, you will be laughed at, waste your time and money, get audited by the IRS, or worse.

For example, in reality, coroprations are *not* good tax shelters. In reality, you *cannot* deduct your personal expenses as "business expenses", or have your corporation give you "tax-free gifts" such as trips to Hawai or Rolex watches, as Kiyosaki claims. Doing so would get you audited and stiffly fined (or worse.) Also, in reality, "insider's trading" is a felony which could land you in jail. Finally, in reality, Koyisaki's real-estate advice is either illegal (as in his claim of using his cat as a "business partner"), immoral (as in getting "good deals" from unsophisticated sellers, apparently based on the principle of "it is immoral to let a sucker keep his money"), or doesn't work in the real world (such as his claims that he offered 275K for a 450K building and "they agreed to 300K", or that a bank agreed to take 50K instead of 60K for property he bought "simply because it was a cashier's check.")...This book, in summary, paints a fantasy picture of the world, and gives "financial advice" that will make you a laughing stock at best and put you in jail for insider's trading or tax evasion at worse.

If you have dreams of being the next Gates, Trump, etc, I'd say go for it. But don't give up your day job just yet based on Kiyosaki's fantasy notions because the real world doesn't work that way. The bottom line is that whether you work hard at a profession as an employee or whether you work hard to invest and build businesses, you will need to work. It is safe to say that while a few people will be able to invest and build businesses and live off of their assets without working, many of us won't be able to pull it off. There's nothing wrong with trying but don't do it with the mistaken notion that you'll automatically be better off than if you kept your job and invested carefully over a lifetime because you probably won't be.
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108 of 114 people found the following review helpful
5.0 out of 5 stars It really works!, November 23, 2003
By A Customer
I bought Rich Dad Poor Dad along with Rich Dad's Success stories and I am excited! I am investing in real estate and small cap stocks as recommended by Kiyosaki. Using leverage and already started by own business.
Rich Dad Poor Dad is the definitive wealth developing book and I highly recommend it.
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108 of 114 people found the following review helpful
5.0 out of 5 stars Happy Easter Robert and Thank You!, April 10, 2004
By A Customer
Mr. Kiyosaki, Happy Easter to you and your family and thank you so much for creating a new and better life for our entire family.
I have to admit I was more than a little taken back by your concepts initially....untill I tried them and found out how great they work.
Thank you Mr. Kiyosaki.
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114 of 121 people found the following review helpful
5.0 out of 5 stars Rich Dad Poor Dad is unbelievable!, March 11, 2004
By A Customer
I cannot believe the powerful benefits of following the Rich Dad Philosophy. Before reading RDPD, I too was a member of the rat race and feeling like a rat. I really believed that my house was an asset and felt lucky to be working and was grateful for my college education.
When my company became a victim of a hostile takeover and m assive downsizing insued, I became aware of what Rich Dad taught Robert Kiyosaki so many years ago. Although I had heard about this book before, I dismissed it as "get rich quick" quackery appropiate for the naive. I had been to college. To smart for this junk, or so I thought.
Then I was downsized and hit the streets with my resume. While waiting for employers to call me, I took the time to read Rich Dad Poor Dad. I hated it at first and even though it was so small, it took me an inordinate amount of time to read the book.
After being turned down time after time after time for jobs, I decided to pour into RDPD after seeing Mr. Kiyosaki on tv. To wit, I also went out and bought Cashflow Quadrant and Rich Dad Success Stories.
Out of curiosity, I called a few real estate ads for homes for sale in my area and found plenty of "don't wanters." I also found several business opportunities including network marketing.
I jumped on an opportunity to take over a business on lease purchase deal with nothing down. I also became a landlord buying a home with nothing down. I am still considering that network marketing opportunity.
Best of all, one of the companies that I applied for a job with called me offering me a position with their company and I happily told them that I didn't need their job and I had found the perfect boss. When they asked me who I was working for I said "Myself!" and went on to tell them that I would never work for a employer again.
I am happier and more content than I have been in years. To fully appreciate the value of Rich Dad's advice, pick up a copy of Rich Dad Poor Dad and Rich Dad's Success Stories. I also recommend Kiyosaki's Rich Dad Poor Dad website.
Kiyosaki changed my life. Previously I was discouraged and frustrated hopelessly depending on a company to take care of me. Now I realize that nobody will take care of me better than I will.
Rich Dad Poor Dad started it all for me. Thank you Rich Dad! Thank you Mr. Kiyosaki!
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116 of 123 people found the following review helpful
5.0 out of 5 stars My favorite financial book, by far, December 9, 2003
By 
Arnold Spaniel (Bakersfield, Cal-E-fornia) - See all my reviews
Most of the other books out there spew out the same information, have a lot of writing and still say absolutely nothing. Rich Dad Poor Dad is different and does offer a fresh approach and one that actually works.
Another thing I like is the multiple learning systems available via audio or book or both. I enjoyed the book and the audio program as well.
Good stuff. Highly recommended. On the other hand, you can always buy one of those other books and go nowhere.
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189 of 204 people found the following review helpful
5.0 out of 5 stars Good book - easy reading, September 22, 2005
By 
I bouoght this book earlier tonite and read it in a few hours. It is an easy read. Fun. Enjoyable and educational. It made me realize that I threw away many years of commonality, of doing what felt good. What Uncle George and Aunt Martha and cousin Billy and brother Jim told me was the right thing to do, but really wasn't.

I am now setting up a plan of action to go into real estate, the Rich Dad way. Yeah, I know everybody thinks that the real estate game is over and that is because like me they are getting the wrong information from the wrong people. How in the world can you expect people making $50,000-$75,000 year, chained to their employers coat tails to tell you how to become financially independent and earn over $100,000 a year? It doesn't make sense.

This book was very enlightening for me. I highly recommend it. Regarding my real estate plans, I'll let you know how I make out!
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346 of 378 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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115 of 122 people found the following review helpful
5.0 out of 5 stars Still a best seller for a reason...IT WORKS!, February 28, 2004
By A Customer
For a book to stay on the best seller lists as long as Rich Dad Poor Dad has is ample proof that the information is for real. What some of these 1 star reviewers hope you never realize is that word of mouth is the most powerful form of advertising in the world. If in fact this book was as bad as they (or is that he??) would like you to believe, don't you think the people who actually bought and read the book would have communicated that to everyone they know.
This book works for those who are willing to use it. BUT DON'T TAKE MY WORD FOR IT--Read Rich Dad's Success Stories for real life true stories on how Rich Dad and RTK's philosophy has positively impacted the lives of so many people.
Great book. But only for winners.
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Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
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