Reveals how to actually speed up and maximize the return on investments to achieve total financial independence.
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Book Description
Editorial Reviews
From Booklist
The eighth book in the Rich Dad series reveals the financial wisdom of the rich, which is neither taught in schools nor discussed in the popular financial press. The authors begin with an example of the Zen master-student relationship that Kiyosaki had with his Rich Dad mentor. Kiyosaki had made the mistake of many inexperienced investors and bought into a mutual fund he knew nothing about; his Rich Dad let him stay with the bad investment for months to learn the lesson of patience. Kiyosaki also learned that the common advice to "invest for the long term, buy, hold and diversify" is not really advice but actually a sales pitch, and it teaches very little about how to become a smart investor. The reason most people continue to choose mutual-fund investing is because it is so easy, and that is also why it is inherently risky. Kiyosaki and his coauthor emphasize investing in asset classes other than equities, such as a business venture, real estate, and paper assets like hedge funds and options. These approaches require more thought, education, and effort than does simply handing one's money over to a financial company and allowing a stranger to control it, but the risks are lower and the potential financial rewards can be much greater. Certain to be in demand at the circulation desk. David Siegfried
Copyright © American Library Association. All rights reserved
Copyright © American Library Association. All rights reserved
Review
"More than a how-to audio, this program lays out the life and money decisions all individuals make, consciously or not....Watch out if you have any ambition because these possibilities could change your life direction."
--This text refers to an out of print or unavailable edition of this title.
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More About the Author
Questions from Readers for Robert T. Kiyosaki
Q
It is an honor to have the opportunity to pose a question to you. I am an American attorney based permanently in Bangkok. I have a reasonable income but continue to occupy the wrong quadrant. My question: Foreigners (who are not married to Thai...
Mari-O
asked
Nov 20, 2011
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.
Robert T. Kiyosaki answered
Dec 6, 2011
Customer Reviews
Most Helpful Customer Reviews
64 of 71 people found the following review helpful
Format:Paperback
People either love Kiyosaki or think he's a charlatan. This isn't his best book but its a solid addition to the series. I'd rank 3rd below "Rich dad, Poor Dad" and "Cashflow Quadrant". More than in any other of his books he gets into HOW to get rich. But this isn't the best part of the book. The best part is the first part which explains why 401Ks can be lousy investments.
I started contributing to a a tax defered annuity seven years ago. I noticed that seven years late there is LESS money in it than I contributed to it. Ditto for my pension fund. Kiyosaki goes over the reasons 401Ks and similar defered accounts may not be good investments:
1) They aren't guaranteed.
2) a 5% or 10% return is actually pretty lousy.
3) 401Ks are TAX DEFERED, which means you actually pay MORE taxes when you retire, assuming you made money.
4) The standard lines about the stock market going up an average of (insert %) per year is a sales pitch. Some companies go out of business and the Dow can flatline for a decade or more.
Kiysaki then explains a phenomenon which even his detractors have to admit is true: people tend to think 401Ks and mutual funds are SAFER investments than business and real estate. Try going to your bank and asking for a 100k loan to buy a piece of income-producing real estate. If you have good credit the answer will likely be "yes". Now try borrowing 100k to buy a mutal fund. The bank's answer will be laughter. That's because mutual funds are DANGEROUS!
Kiysaki's answer is to start your own business, use the proceeds to invest in income producing real estate and invest the cash flow into paper and other assets. This is the same as what Warren Buffet does. It's not easy but in the long run its safer and potentially more profitable.
Now, I wouldn't recommend anyone to stop contributing to a 401K. Especially novice investors in their early 20s. But for people who already own their own business or a piece of income producing real estate, this book gives you a lot more options.
Another fascinating thing he points out that's true: workers stealing money from themselves. I've been reading the financial pages for this week (June 6, 2005) and read the news that GM will lay off 25,000 workers. The stock, of course, jumped up in anticipation of higher earnings. A large number of those workers probably have some of their 401K money invested in GM. So their retirement money will be determined by the stock going up, BUT THAT NECCESSITATES FIRING WORKERS! Who took their money? THEY TOOK THEIR OWN MONEY! That's a problem with profit sharing I haven't heard anyone but Kiyosaki articulate. But if you think about it, it's probably true.
Lastly, even some of positive reviews for this book say that Kiysaki advocates purchasing real estate. This isn't entirely accurate. He advocates starting a part time business and trying to grow it and THEN investing cash flow into INCOME PRODUCING real estate. The current real estate mania is being fueled by speculators who are trying to "flip" properties. That's not investing! And Kiysaki doesn't condone it. He's talking about buying houses than can be rented and will produce a few hundred dollars cash flow above and beyond their expenses. He warns not to bank on appreciation. That's just an added bonus.
So read this book with an open mind. Although the prose style is simple, it can make (or save) you a lot of money. It did for me.
I started contributing to a a tax defered annuity seven years ago. I noticed that seven years late there is LESS money in it than I contributed to it. Ditto for my pension fund. Kiyosaki goes over the reasons 401Ks and similar defered accounts may not be good investments:
1) They aren't guaranteed.
2) a 5% or 10% return is actually pretty lousy.
3) 401Ks are TAX DEFERED, which means you actually pay MORE taxes when you retire, assuming you made money.
4) The standard lines about the stock market going up an average of (insert %) per year is a sales pitch. Some companies go out of business and the Dow can flatline for a decade or more.
Kiysaki then explains a phenomenon which even his detractors have to admit is true: people tend to think 401Ks and mutual funds are SAFER investments than business and real estate. Try going to your bank and asking for a 100k loan to buy a piece of income-producing real estate. If you have good credit the answer will likely be "yes". Now try borrowing 100k to buy a mutal fund. The bank's answer will be laughter. That's because mutual funds are DANGEROUS!
Kiysaki's answer is to start your own business, use the proceeds to invest in income producing real estate and invest the cash flow into paper and other assets. This is the same as what Warren Buffet does. It's not easy but in the long run its safer and potentially more profitable.
Now, I wouldn't recommend anyone to stop contributing to a 401K. Especially novice investors in their early 20s. But for people who already own their own business or a piece of income producing real estate, this book gives you a lot more options.
Another fascinating thing he points out that's true: workers stealing money from themselves. I've been reading the financial pages for this week (June 6, 2005) and read the news that GM will lay off 25,000 workers. The stock, of course, jumped up in anticipation of higher earnings. A large number of those workers probably have some of their 401K money invested in GM. So their retirement money will be determined by the stock going up, BUT THAT NECCESSITATES FIRING WORKERS! Who took their money? THEY TOOK THEIR OWN MONEY! That's a problem with profit sharing I haven't heard anyone but Kiyosaki articulate. But if you think about it, it's probably true.
Lastly, even some of positive reviews for this book say that Kiysaki advocates purchasing real estate. This isn't entirely accurate. He advocates starting a part time business and trying to grow it and THEN investing cash flow into INCOME PRODUCING real estate. The current real estate mania is being fueled by speculators who are trying to "flip" properties. That's not investing! And Kiysaki doesn't condone it. He's talking about buying houses than can be rented and will produce a few hundred dollars cash flow above and beyond their expenses. He warns not to bank on appreciation. That's just an added bonus.
So read this book with an open mind. Although the prose style is simple, it can make (or save) you a lot of money. It did for me.
26 of 28 people found the following review helpful
Format:Paperback
...his last three books, BUT this was on the "money". "Who Took My Money" is Kiyosaki's best book by far since "Retire Young, Retire Rich". His last three books were good, but not like the top tier Rich Dad Books in my opinion (Rich Dad, Poor Dad; Cashflow Quadrant; Guide to Investing; Retire Young, Retire Rich and now Who Took My Money).
I was starting to get soooo bored with his material, based on his last few books(Prophecy had a good subject, but I was going to sleep; Success Stories had too many real estate stories, but needed other business stories without real estate, and an options success story would have been nice too. I was happy for the individuals in the book, but wanted more; Guide to Becoming Rich was a great overview of the Rich Dad principles, but let's be honest people, it was a bit redundant), I went to the library first to check this book out, that way if it was disappointing, I would not have to slam it in a review. I like this book so much, that after I returned it to the library I decided to purchase my own copy for reference.
The good thing is I was already moving in the right direction in terms of accelerating my money. This book clarifies that I am doing the right thing. It also reinforces what Kiyosaki has said for a long time: DO WHAT IS BEST FOR YOU! There are some Rich Dad followers (idiots in my opinion) who think everybody who reads the Rich Dad books, should immediately go into real estate, and that is not right. These individuals do not respect their fellow Rich Dad readers dreams, because they think they know everything. If someone wants to go into real estate good for them, but for me at this time, I am concentrating on creating my own businesses (other than real estate), options trading and intellectual property. I plan on investing in real estate in a few years. This is definitely a book people should check out and read, but read the first three Rich Dad books and "Retire Young, Retire Rich" first, before you read this one, you will be glad you did! For the simple fact it will prepare your mindset to accelerate your money!!!
I was starting to get soooo bored with his material, based on his last few books(Prophecy had a good subject, but I was going to sleep; Success Stories had too many real estate stories, but needed other business stories without real estate, and an options success story would have been nice too. I was happy for the individuals in the book, but wanted more; Guide to Becoming Rich was a great overview of the Rich Dad principles, but let's be honest people, it was a bit redundant), I went to the library first to check this book out, that way if it was disappointing, I would not have to slam it in a review. I like this book so much, that after I returned it to the library I decided to purchase my own copy for reference.
The good thing is I was already moving in the right direction in terms of accelerating my money. This book clarifies that I am doing the right thing. It also reinforces what Kiyosaki has said for a long time: DO WHAT IS BEST FOR YOU! There are some Rich Dad followers (idiots in my opinion) who think everybody who reads the Rich Dad books, should immediately go into real estate, and that is not right. These individuals do not respect their fellow Rich Dad readers dreams, because they think they know everything. If someone wants to go into real estate good for them, but for me at this time, I am concentrating on creating my own businesses (other than real estate), options trading and intellectual property. I plan on investing in real estate in a few years. This is definitely a book people should check out and read, but read the first three Rich Dad books and "Retire Young, Retire Rich" first, before you read this one, you will be glad you did! For the simple fact it will prepare your mindset to accelerate your money!!!
38 of 43 people found the following review helpful
Format:Paperback
Finally, Robert Kiyosaki gets around and communicate somewhat clearly and concretely, ways to attain financial success. The writing here is still awkward and repetitive, but at least, there's Sharon Lechter to summarize his points in a clear and straightforward manner. You'll get around understanding what Kiyosaki says by the end of each chapter.
Questions on his credibility aside, this book is much more helpful than most of his previous books, which tend to be redundant and circuitious. It shows how you can accelerate your finances by using good debt, leveraging it to other assets so you can create income pipelines. Although some people say his methods are very risky (which being a sole income provider, I wholeheartedly agree), the book opened my mind on methods possible to attain wealth. I may temper Kiyosaki's approach but his book has truly made me aware of the possibilities of attaining a secure and prosperous tomorrow without waiting too long.
Now, if only he allows the editor to improve his writing...
Questions on his credibility aside, this book is much more helpful than most of his previous books, which tend to be redundant and circuitious. It shows how you can accelerate your finances by using good debt, leveraging it to other assets so you can create income pipelines. Although some people say his methods are very risky (which being a sole income provider, I wholeheartedly agree), the book opened my mind on methods possible to attain wealth. I may temper Kiyosaki's approach but his book has truly made me aware of the possibilities of attaining a secure and prosperous tomorrow without waiting too long.
Now, if only he allows the editor to improve his writing...
Most Recent Customer Reviews
One of the four Gospels...
This amongst the first of the Rich Dad 4 books is great. It sort of puts powder on the fingerprints of macro cash flow. It shows where money goes, why, and to whom, and from where? Read more
Published 9 months ago by Jamiel Cotman
On time and in great condition
I listened to this book on CD and decided to order a used hard copy. It arrived on time and was is excellent condition!
Published on February 14, 2010 by C. Rogers
A book about nothing!
This book is a total waste of time, there is no information of any value inside. It is just the author talking about the military, meeting rich dad for a fancy lunch and then... Read more
Published on September 5, 2008 by G. W. Wade
Too Much Fluff
Leverage. Imagine "turbocharging" your finances.
You can do this in the commodity markets, the currency markets, stock options and real estate. Read more
You can do this in the commodity markets, the currency markets, stock options and real estate. Read more
Published on September 29, 2007 by David Etenburn
One of Kiyosaki's Best!
I loved this book! It was recomended by a close friend that is like my rich dad, I've read his others, but this one is great as far as people needing to know where their money is... Read more
Published on June 11, 2007 by Tim Dye
Not useful at all
Same thing gets repeated over and over without a real insight of any thing. Waste of time.
Published on May 10, 2007 by Tom
Avoid this book!!!
I cant believe Kiyosaki is getting rich writing this garbage.
In the book,he laughs at the general advice of "have a diversified portfolio,invest for the long term,buy... Read more
In the book,he laughs at the general advice of "have a diversified portfolio,invest for the long term,buy... Read more
Published on March 6, 2007 by David Rubio Mallen
I have read other books on the issue much more useful
The book spends first half of it explaining why people is so critic with the marvellous principles of investment criteria that are going to be explained. Read more
Published on January 9, 2007 by Enrique Gracia Colldeforns
Not for everyone
Kiyosaki warns you stright away that this book will not suit 9/10 people. Still I proceeded to read the book and found the information presented to lack substance and detail. Read more
Published on August 13, 2006 by Martin
Slow and repetitive
I agreed with previous low rating reviewers, while this book is good motivation read it lacks detail on how to find and evaluate good business opportunities. Read more
Published on April 30, 2006 by Nicholas Trinh
Inside This Book
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First Sentence:
In December of 2002, a local newspaper in Phoenix, Arizona, ran an article on my book Rich Dad's Prophecy, which had just been released in October of the same year. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
phantom cash flow, rich dad, quadrant business, biggest stock market crash, three asset classes, paper assets, little investor, power investing, network marketing business, power investors, rich invest, amateur investors, financial education, one asset class, better investor, financial intelligence, right advisors, money off the table, great investor, investing plan, magic money, poor dad, passive income, professional investor Key Phrases - Capitalized Phrases (CAPs): (learn more)
Warren Buffett, Social Security, Father Time, New York, Wall Street, Federal Reserve, Cape Town, Bill Gates, Waikiki Beach, Alan Greenspan, General Motors, Merrill Lynch, Mother Nature, Arthur Levitt, Asset Accelerator Job, Depreciation Mutual Funds, Entity Selection Business, First Amendment, Las Vegas, President Nixon, World War, Garrett Sutton, Gordon Gekko, Hedge Funds Paper Options, Own Your Own Corporation New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
In December of 2002, a local newspaper in Phoenix, Arizona, ran an article on my book Rich Dad's Prophecy, which had just been released in October of the same year. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
phantom cash flow, rich dad, quadrant business, biggest stock market crash, three asset classes, paper assets, little investor, power investing, network marketing business, power investors, rich invest, amateur investors, financial education, one asset class, better investor, financial intelligence, right advisors, money off the table, great investor, investing plan, magic money, poor dad, passive income, professional investor Key Phrases - Capitalized Phrases (CAPs): (learn more)
Warren Buffett, Social Security, Father Time, New York, Wall Street, Federal Reserve, Cape Town, Bill Gates, Waikiki Beach, Alan Greenspan, General Motors, Merrill Lynch, Mother Nature, Arthur Levitt, Asset Accelerator Job, Depreciation Mutual Funds, Entity Selection Business, First Amendment, Las Vegas, President Nixon, World War, Garrett Sutton, Gordon Gekko, Hedge Funds Paper Options, Own Your Own Corporation New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
Citations (learn more)
This book cites 7
books:
See all 7 books this book cites
- The Stock Market (Economics for Today) by Robin R. Young in Front Matter, and Back Matter
- The New New Thing: A Silicon Valley Story by Michael Lewis on page 12
- Stock Market by Instructor Books in Front Matter
- The Lexus and the Olive Tree: Understanding Globalization by Thomas L. Friedman on page 97
- Intellectual property handbook by Michael A Lechter in Back Matter
See all 7 books this book cites
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