261 of 286 people found the following review helpful
First of all, I'm not a Kiyosaki fan...his style of writing just tends to annoy me however, he is one of those authors that is able to effectively communicate with the average person and often has one or two gems that make it worthwhile to read his books. Having said that, this book is a bit different than his others both in terms of content and style. It is primarily compiled from his website which by this point, is both a work in progress as well as a day by day breakdown of the current economic crisis unfolding as history. The book contains comments by readers of the website/blog as well as more traditional insight and commentary by Kiyosaki et al.
As a college instructor as well as business writer, I'm quite familar with authors that "try out" or compose a book from class notes, lectures, journal submissions and articles etc...but few have used an online format as a pure marketing ploy to generate both interest and actual content. I suspect it takes a highly recognized name and a major economic melt-down to pull it off. Sales of this book will certainly determine if it is pure genius or merely a gimmick.
Aside from the collaborative nature of the book, the actual writing retains the same consumer friendly, conversational tone found in former "Rich Dad" books with the very pleasant lack of constant reference to the "dads" which was a personal pet peeve. Personally I found this to be more readable than most and equally interesting.
The author departs from the prior "real estate" emphasis into a much broader investment perspective which includes precious metals and other assets, proper use of debt, information and much more. I was fairly impressed by both the rationale and future trends as well as the very "do-able" information presented. It is obvious the author has taken time to create something within the grasp of average Americans by first providing a framework for safety then moving beyond to creating choices for potentially more rewarding investments. At each step of the way a solid rationale is provided...whether one agrees or disagrees, it is valuable to reflect upon where the author is "coming from" in order to make up your own mind as to the validity of the position or not.
Readers that enjoyed Ron Pauls' recent 'End the Fed" will be delighted by the straight-forward discussion about the status of the government, Fed and more in this recent book. Kiyosaki doesn't mince words this time around and does so in a purely equitable manner that doesn't offend - but is designed to enlighten the reader to the dangers surrounding them at every turn.
More savvy investors may not find a lot new however, those searching for a fresh start or trying to make sense of the current economic crisis and future financial trends in an easy to understand way will truly appreciate this book. There is overlap from prior books but also a surprising amount of newer or revised content that is well worth the time of former readers to review.
Bottom line...a surprisingly good book.
90 of 100 people found the following review helpful
on November 19, 2009
This remarkable book is filled with factual information, both current and historical, and although that information may discourage or frighten some readers the book is written in such a casual style that it is almost as if its story is being told by your best friend. Only, in this case your friend actually knows what he is talking about. It is a great read, and the information it conveys is simply too valuable to miss. I only wish such books had been available forty or fifty years ago.
In any event, if you are a product of America's public school system, you may very well have asked yourself, as I once did: "What have I learned in my twelve years of school that will help me get a job?" That's certainly an interesting question, but, strangely enough, the answer is far less important than the question itself. For that question reveals a mindset that has been instilled in America's children by our public education system, by conventional wisdom, and, in all probability, by almost every student's parents for generations. Namely: Get an education, get a job, work hard, buy a house, save for the future, and someday you will be able to retire and live happily ever after.
That mindset, according to this book's author, has doomed generations of Americans to a lifetime of hard work with little chance success, leading many to someday ask themselves: "Why is it that I have a good education and work hard at my job, but I never seem to be able to get ahead?" The answer, again according to this author, is that, despite the fact that America is a capitalist society, our public schools only train our children to be good employees, good soldiers, professionals, and small business owners, but teach them nothing about money and finance or how to properly invest and prosper in a capitalist system.
This book seeks to break that mindset by encouraging its readers to change their attitudes from "I can't do that" to "How can I do that" and offers fairly specific suggestions and guidelines as to how individual successes might be achieved. The trick, Mr. Kiyosaki avers, is to first change your way of thinking, then study your chosen direction, and finally work toward getting out of what he terms the "Employee/Small Business" (E/S) quadrants, in which the odds are stacked against you; and into the "Big Business/Investor" (B/I) quadrants wherein lies greater opportunity, lower taxes, cash flow without labor, and the opportunity to exploit those in the E/S quadrants.
After reading this book, I came to the conclusion that it is invaluable, especially to young adults, and should be read by every thinking American. I also came to the conclusion, however, that the book's title is something of a misnomer. It should really be entitled "The Conspiracy of the Super Rich," for they, the politicians they control, and the heads of America's largest banks are the ones who perpetrated and carry on the conspiracy.
So, yes, Virginia, there is a conspiracy of the rich, and if you reside in the E/S quadrants, as virtually all of us do, you are one of their Santa Clauses. But, strangely enough, "the rich" aren't really those we are led to believe they are. They aren't those making over $200,000 per year, who presumably should be punished for it, or minor millionaires. They are the anonymous "Super Rich" who make the rules and control the game. And they are well above it all.
55 of 66 people found the following review helpful
on September 21, 2009
Considering R. Kiyosaki is a wealthy man from his other books he is really providing a patriotic service to our country. As a student of the banking system and money in general, he does expose the fundamentals of who "prints" our money and to the private organization a large part of our federal taxes feed.
Because of his platform and fame, he really is exposing himself to risk on this one. He's really connecting the dots. I'm sure those in control will not appreciate this being in the mainstream. He clearly states that change isn't coming with Obama (or any President, rep. or dem) and we'll have to be the change. This book operates on this fundamental... in order to break the rules, you have to know them well. You need to know the fallacies of the "old" rules of money before you can apply the "new" rules.
This book will open your eyes to what money really is... shouldn't you know what most of the world goes to work for every day?
Pick this book up while you still can.
Thanks Robert for all of your books. My life has never been the same since reading Rich Dad Poor Dad. He has steered me clear of the "Rat Race" pitfalls most people fall into.
157 of 205 people found the following review helpful
on May 16, 2010
You want to know the secret to salesmanship? Agree with your customer philosophically so that he thinks you're a kindred spirit. Then when his emotional defenses are down, sell him garbage.
I thought that this would be an interesting book because I'm libertarian and anti-Fed, but it all came apart when it dealt with personal investment advice. And that was the reason to read it, wasn't it?
Let's get something straight. The banksters want you to go into debt. They manipulate the credit cycle to charge interest in boom times and foreclose in bust times. There's no such thing as 'good debt.'
The author emphasizes cash flow, and then he gives as example how much of his income is derived from royalties and licenses on his books and games. Now how is that supposed to apply to the rest of us?
About the only applicable advice he gives is to rent out properties for more than you pay in mortgage payments. Wow, never heard of that one before. I wonder what would happen if the renters couldn't pay. Hmm.
In the Author's vision of America, nobody actually produces anything. Instead, they simply make investments. The author pretty much comes out and says that anyone who works for a living is a chump. How food, clothing, housing, appliances, health care, electricity, etc., are to be provided when everyone is busy playing cash flow games is not explained. America may not want an explanation, but China is wondering.
28 of 35 people found the following review helpful
on September 22, 2009
I personally met Robert in 1991. I've always considered him a mentor who has good information to share.Although I have not always agreed with him 100 per cent, I think his essential ideas are very sound. I've followed his writing career with interest over the years. I haven't read every one of his books, but I thought Rich Dad, Poor Dad was great, and deserved to be such a huge bestseller.
Those who are fans of Robert's investing techniques will not find a lot of new ideas here for making money. The really important information in this book has more to do with the unholy alliance of the Federal government with the big banking houses --- and how that is impacting our economy now, and in the near term future.
It also takes a critical look at the history of our educational system,examining the WHY of"why don't the schools teach much about managing money?".
This book is a serious eye-opener, and I hope Robert's fame results in a lot of people reading it.
68 of 89 people found the following review helpful
This book is a scam. Most of the information is good enough, but it promises some new rules, and there are none.
What are the 8 rules?
1. You don't need money to make money. You only need ideas. Hmmm. It might be true if you can start a google, but most people need something to invest. He doesn't talk about Google, he talks about shorting shares. You need money to do that. So he's just full of crap here. However, someone with a good business idea can raise capital - that's true, and that would be a good point, a good example. Not new by any means, but at least not BS.
2. Learn how to use debt. He distinguishes between consumer debt and leveraged investment, which is right, but not new. He also fails to give any warning about the hazards of leverage. You'd think, given the events of the past year, it might've deserved a mention.
3. Control cash flow. Keeping a budget is a new idea?
4. Prepare for bad times. My grandparents lived through the Great Depression. They knew this. Nothign new here.
5. The need for speed. RK means you have to act quickly. Hasn't everyone noticed this? Remember all the globalization hype? Anyway, someone should ask Warren Buffet about speed.
6. Learn the language of money. Did anyone need to be told this?
7. Life is a team sport - choose your team carefully. Pure platitude.
8. Get educated about finance. This "rule" must be 300 years old, and if you couldn't think of it for yourself, no book - let alone this one - will help you.
All in all, don't spend your money on this book. Find a book with real information and less salesmanship.
Let me recommend instead one of the all-time great books on personal finance: Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Revised and Updated for the 21st Century.
5 of 5 people found the following review helpful
on February 6, 2011
This is the third book that I have read written by Robert Kiyosaki. Robert does outline some extremely important points about the future & some of the critical turning points in the USA's financial history.
The problem I have with his writing style is that he is highly repetitive. 75-90% of the content in his books cover the same material & therefore only 10-25% of all the content in his books have something original or new to convey. Even so, I highly recommend reading one of his books. If you are not familiar with Robert Kiyosaki, the following are some of his central themes: make money through cash flow, not capital gains, learn to be a salesman, use debt to make money, an asset is something that puts money into your pocket & a liability is something that takes money out of your pocket, do not work for money & instead be a businessman &/ an educated investor. Robert refers back to his experiences as a young person growing up with his poor Dad who was his real Dad & his rich Dad who was his best friend's Dad. I actually like that he does this & how he compares their philosophies towards money.
The 3 most important things that you will get out of this book are:
1. The US money supply has exploded since the global financial crisis which will most likely lead to hyperinflation.
2. The future US federal budget deficits will grow exponentially for at least the next 10 years primarily due to increased expenditure in social security, medicare & medicaid. This is due to the demographic problem of the baby boomers retiring.
3. mortgage interest rate resets will peak a second time in November 2011.
What this boils down to is financial turmoil this decade & dare I say it, for at least the next 2 after this one. Robert Kiyosaki harpers on about opportunities that arise from problems, however I do not see it that way. Robert focuses in on finance because that is what he is an expert on, however I would argue that he is not telling the full story because he isn't an expert in other fields.
The other important issues to look out for in the future are:
1. Global peak oil is most likely to occur in 2014 & we are hopelessly unprepared for it.
2. Food shortages due to 7 reasons (1 of which is biofuels) will occur this decade in many nations.
3. Global peak fresh water is most likely to occur in or around the year 2025, according to the UN.
Behind this back drop, I do not see opportunity, I see a malthusian trap.
Some of Robert's concepts that I can't get my head around are that you can create cash flow immediately from an investment property. I live in Australia & the median house price to median income ratio is between 7 & 9 depending in which major metropolitan area you live in & the interest rate is more or less average. Unless you have a large deposit, how can rent yield be larger than the interest payment plus a minute fraction of the principal plus expenses (e.g. insurance, water, land tax) minus depreciation? Also, if everyone tries to be a business owner & investor & everybody quits being an employee, how is all the work going to get done? I would love an explanation of these points.
I do highly recommend reading at least one of his books, any book will do. Robert does make you think differently about how to make money, the world we live in & economics. He is trying to create a paradigm shift in your mind. The world needs more people like him who challenge conventional wisdom & make us think. Thanks Robert.
8 of 9 people found the following review helpful
on June 17, 2010
This book is a double edged sword. It alerts you that an asteroid is about to strike the planet (metaphorically) but instead of issuing any real instruction it simply yells... RUUUUNNNNN!!!!! It's amazing that the author can open your eyes to all the tricks the rich use while at the same time spoon feeding information and repeating the same stuff over and over again when he could use that time to instruct and fill in the gaping holes. What the author does do is plug his Cash Flow game, other books and follow up services. This is not a "How To" book. This is a "You Need To Figure Out A Way To" book.
Only reason I gave it 3 stars is because it did open my eyes. But once my eyes opened I was all, "Hey, you're one of them!" Dude, next time you write a book to help people. Help them. Just a thought.
8 of 9 people found the following review helpful
on March 28, 2010
Great book, everyone should read it, it will change your financial life. Very glad that Robert Kiyosaki wrote this in plain english about how money really works, and let me tell you that ignorance about that is not bliss. If you're tired of trading your hours for money (your hours ARE your life) and learn how to have your money make you money no matter what you are doing with your time, read it. Then summon the guts to apply what you know. You won't be sorry. I just wish I had gotten this information when I was 20 instead of 50. What a huge difference it would have made in my life.
48 of 64 people found the following review helpful
on November 30, 2009
What a waste of time and money. Wow. To say that this book is repetitive is like saying this book is repetitive. Did I mention it was repetitive? If you enjoy reading the sentence "When President Nixon severed the U.S. dollar from the gold standard in 1971" repeatedly (SEVEN TIMES that I recalled) or that "Go to school," "Get a job," "Work hard," and "Save money" are useless bits of advice (FIVE(?)TIMES), then maybe this book is for you....or maybe an Alzheimer-afflicted relative. Don't even get me started on the shameless down-your-throat, "buy my game, CASHFLOW" and "visit my website" refrains. Wow. Maybe 30 pages of actual content (which doesn't even provide any technical "how to" information), packaged ever so neatly in to 257 pages of text. Clearly, selling the license to print this book to 50 publishers and collecting royalties (which he also says at least FIVE TIMES...) was the only reason to write it. As Kiyosaki himself says on page 171, "I am not a best-writing author; I am a best-selling author." Amen to that.