Customer Reviews

Rich Dad's Prophecy: Why the Biggest Stock Market Crash in History Is Still Coming...and How You Can Prepare Yourself and Profit from It!

5 star:		(47)
4 star:		(16)
3 star:		(14)
2 star:		(27)
1 star:		(22)

 

 

How do you rate a book that has some excellent advice, but 90% of the text is redundant filler? I chose three stars because even one good idea is worth a few hours of your time. I think I would have enjoyed the audio CD more because it's probably more condensed.

The book warns of many financial obstacles, but has little in the way of strategies to avoid them.

Here. . . I'll save you some time:

The stock market is going to crash around 2016 because of a law called ERISA, so prepare yourself accordingly.

You can make money in up and down markets if you know what to do.

Don't trust your money to mutual fund managers.

Buy, hold, and diversify is not the great strategy you think it is.

Educate yourself financially, but if you don't, stick with buy, hold, and diversify.

Real estate is a better investment for many because you can control it more readily.

There. . . now you don't have to read the book. That'll be twelve dollars.

I did not expect to get much out of this book. I expected the usual litany of admonitions and suggestions available in hundreds of articles and basic books on finance for the masses. Despite that low expectation, the first chapter had me hooked.

With an aging population, turmoil in the stock markets, and lack of knowledge about how much money is needed for retirement, author Robert Kiyosaki gives specifics to support his theory about predictable problems facing those who hope to retire.

The book won't appeal to people who are satisfied with their current job and have no plans to change in the future. But for those who care about government policy and how these policies and demographics are impacting our society, the book is eye-opening as well as easy-to read.

The "rich dad, poor dad" vehicle gets old but is stiff an effective and sometimes entertaining vehicle for conveying information.

After reading several 1 star reviews in a row (same person no doubt with lts of free time and a agenda) I had to go down to my local bookstore and chek out Rich Dads Prophecy.After browsing through it, I had to buy it and after buying it, I stayed up all night reading it.This is possibly Kiyosaki's best book to date. While at the bookstore I also noticed an article about pensions and other retirement accounts in Newsweek by Jane Bryant Quinn. All I can say is, thank God for people like RTK and books like Rich Dads Prophecy.Oh by the way, I didn't buy Newsweek. That article by Quinn was the only thing ever partly interesting and even that was a big clunker. The only thing worse than her articles is her book.Rich Dads Prophecy is a good read. I highly recommend it.

I read Mr. Kiyosaki's first book and felt it was generally solid and a good start for the 90% of the population that is not focused on their personal finances.

This book takes his "buy income producing property" mantra a step further. He identifies a potentially real issue (massive decline in the value of the stock market) and offers his solution (buy assets that produce cashflow).

The book didn't offer a single solid idea on how to prepare for this disaster (except for repeating the idea of investing in income producing real estate over and over again). I find his brand of financial education very misleading and, based on the back pages of the book, he appears to be hocking a slew of additional "get rich quick" merchandise to gullible consumers.

He seems to equate value to the amount of cashflow that is produced and proclaims stock investments to be just paper value that can evaporate. I disagree heartly as a real estate investment is just as risky and can evaporate just as quickly.

I think he oversimplifies the process of investing in real estate rental properties. If the stock market does crash and the unprepared Baby Boomers will have to live poorly, then it is safe to assume that rental income from real estate investments could be reduced. In addition, there are hundreds of pitfalls to real estate investments that could turn them into losers that Mr Kiyosaki ignores or assumes away.

In addition, he professes to make money by receiving rental income on from his investments that provide 15-30% returns as well as profiting when he sells or re-finances the property when its value increases. He ignores that the real estate boom experienced over the last 20 years is in large part due to affluent baby boomers. If their affluence disappears, the demand for real estate will also disappear and the real estate market will experience a decline in value similar to the stock market. In the same manner, the rental income that is earned could be reduced if usage goes down or costs go up. In fact it could turn negative requiring the owner to put up more cash to save the investment.

None of this is discussed, as this world of investing is for serious real estate investors who spend all of their time on these types of opportunities. These people usually are able to avoid the bad investments and make the good investments (leaving all the bad investment to those amateurs who try to follow the book's advice).

Overall, I find it difficult to believe that there are investment opportuniuties available to 'Joe Public' that offer 20% returns without risks that justify those potential returns. I reminded of a saying of how if something sounds too good to be true ........

Although I enjoy Kiyosaki's entertaining writing style, I really enjoy how informative his books and this one in particular are.

In Rich Dad's Prophecy we learn why we shouldn't trust mutual fund managers (although this book was written over a year ago, look at what is happening right now with mutual funds), why "buy and hold" and "diversificiation" are not the best strategies to use and also why passively listening to your brokers (really jokers) can cause you to lose masses of money.

More importantly to the subject of this book is what is going to happen in 2016 when baby boomers liquidate their equity holdings.

Oh, and by the way, this is not a "doom and gloom" book as one individual wrote (probably a broker)this is just good, solid advice for anyone who is investing now and plans on having money invested over the next 13 years.

Some people warned about the "internet and tech bubble" a few years ago. Detractors called that "doom and gloom" thinking too but what happened?

I highly recommend Rich Dad's Prophecy. I also recommend Retire Young Retire Rich and Rich Dad's Guide to Investing.

If you are investing in this millenium and planning to retire within the next 25 years, read this book.I also recommend Retire Young, Retire Rich.

I am a full time real estate investor. Today, I out in the field and secured a no money down deal in my area squeezing out a bid by another investor.

Dismayed at losing the deal that I had won, my competitor asked me where I learned about real estate and why I was an investor.

I told him that I was inspired by the Rich Dad, Poor Dad book and Real Estate Riches but also had a library of other books and had a local mentor who showed me the ropes to get me started.

This man became furious. You guys are sapping the market", he shouted. "Too much competition...you can only slice so many pieces out of the pie", etc., etc.

Interesting because we live in a city with a metro population in excess of 2 million people. Lots of homes. Later I found out that besides us, there were only two other bitters! I suggested that he rethink that "Too much competition" theory of his.

In any event, it became crystal clear to me why so many people are bashing Kiyosaki and his book. They are afraid of "too much competition" In short, they are trying to monopolize the markets and keep it all for themselves.

In another regard, the media is after Kiyosaki as well and for good reason. The media doesn't like a hero and to millions of people, Kiyosaki is a hero, bigger than life. Rich Dad, Poor Dad has been on the best seller lists now for what 133 weeks? I bet that other authors who have never made the best seller lists and write financial books and articles are not too happy either.

Kiyosaki makes millions while they made thousands. Hello!

There are also masses of people addicted to the media. While they applaud when someone wins the lottery, they look with ambivalence upon someone like Kiyosaki with self earned wealth and look forward to seeing them fall.

How many times have we heard that Kiyosaki filed bankruptcy and failed in business before? Hello!!!

I think the fact that Kiyosaki came back andis sharing the wealth is significant. Sharing is a key word. My real estate competitor needs to lear some lesson here about sharing.

I didn't see the articles published in the magazines mentioned. I stopped reading those publications long ago because to me they are just catalogues for their advertisers and offered very little in the way of personal finance or wealth building info.

Ditto for websites that purport to have some inside information on people. These websites are like The cheap tabloids sold in supermarkets and like other forms of the media have an audience addicted to their product.

I don't buy those magazines or visit those websites, instead, I prefer to get good solid advice from local mentors who are actually succeeding and have a desire to help others, just like Mr. Kiyosaki.

Mr. Kiyosaki is ahaking things up. I suspect the media blitz on him will get even worse before it gets better. Regardless of the outcome, I am grateful to Mr. Kiyosaki for at least inspiring me to start in this carrer, to create passive income, to get out of the rat race.

In closing, I feel that the average Kiyosaki student is making far more money and is far happier than the bashers who attack him.

Good luck and Godspeed.

The big bull market.

In the 1980's, some wise investors warned of a coming crash. Unfortunately, many disregarded this warning and got nailed in October 1987.

During the 90's, again some were warning about a "bubble", "markets had gone up too far", "some dot.com stocks had taken the "e" out of "p/e" were without earnings."

Nonetheless, some people chose not to listen and got burned again by the biggest stock market crash (so far) in history.

Robert Kiyosaki, despite the erroneous comments by some reviewers who obviously didn't even read the book, is not just advocating real estate. He also advocates stock market investing, hedgeing and other strategies. Kiyosaki did say that there would be a boomin the markets and this was at a time when the bear market was at it's peak. Many of us will recall just one year ago when this book came out how widely critized Kiyosaki was for suggesting that the markets would rebound. But what happened in 2003?

I am not in any way associated with Robert Kiyosaki. For my money, I see a 1990's type of growth in the stock market. MArkets go down and markets go up again. With President Bush's tax plan which is already stimulating the economy and the stock market, the wheels are already in motion.

Then I see another March 2000 selloff coming at the end of the decade interspersed with bullish and bearish type markets like we saw in 1994 and 1998.

Then when babyboomers retire.....??? We'll be prepared for that, er, unlike those who were not prepared in March 2000 or October 1987.

You would think that by now everybody would have learned. You would think that the '87 crash taught investors a lesson and you would certaintly think that the Clinton Bear Markets followed by the Big Crash in 2000 would have really taugh everybody a lesson. What lesson? Every expansion is followed by a crash. Everytime. It happened in 1927 and as already mentioned, it happened in '87, there was the Asian crisis and two bear markets in '97 and '98 and then 'buy and hold' investors really got wiped in 2000

I am all for the stock market. I am invested. But I am not a 'buy and hold', listen to my broker and cross my fingers type hoping for the best. Robert Kiyosaki is not bearish on the stock market either. He is only cautioning people on what is going to happen again when the baby boomers retire. And just for your information, it has already started. The first leg of the baby boomers are already retiring or retired.

Rich Dad's Prophecy is not a 'Doom and Gloom', the world is crashing type of book. But it does offer words of advice on how to prepare for the coming crash.

Kiyosaki indicates that there will be another major bull market first and others such as Harry S. Dent have predicted the same thing. Dent predicted the 1990's boom before anyone else and the subsequent bust that came in 2000. Dent has predicted another bubble that will take the Dow to as high as 40,000 and the Nasdaq to 13,000 by late 2009 or early 2010. But guess what is going to follow that expansion?

I highly recommend reading Rich Dad's Prophecy, Rich Dad's Guide to Investing and The Next Great Bubble Boom by Harry S. Dent.

Remember, hope is not a strategy!

If you are a serious investor. A baby boomer hoing you can retire in the next decade, then you must read this book by Kiyosaki.I also recommend Rich Dad's Guide to investing and Retire Yound, Retire Rich.And please ignore the 1 star reviewers with an aggenda.As a greater power than me once said; "Forgive them for they know not what they do."