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Rich Dad's Who Took My Money?: Why Slow Investors Lose and Fast Money Wins! Paperback – December 4, 2012
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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.Read more ›
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.Read more ›
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...
In this ninth installment of the Rich Dad Series, Kiyosaki addresses the issue of which specific investment vehicles people should invest their money in. The need for such information remains greater than ever. Millions of investors lost nearly 9 trillion dollars during the stock market crash that lasted from 2000 to 2003. This marked one of the greatest wealth transfers ever. Remarking on this cataclysmic event, Kiyosaki writes, "The question is, How can so many millions of people be deluded into the idea that losing money every month, for years on end, without a money-back guarantee or insurance against catastrophic loss can be considered smart investing? It has to be one of the biggest mass sales jobs in the history of the world...a sales job that could only occur with a financially naïve population (203)." The answer of course is greater financial literacy. For example, many of those stock investors who lost money in the market may have avoided the misfortune if they had seen the graph illustrated below.
The primary reason why real estate values have appreciated more than the S&P during the ten years between 1992 and 2002 is largely attributable to the power of leverage and the fact that real estate is indexed for inflation while the S&P is not.Read more ›
Most Recent Customer Reviews
This is a great book.. I have nothing bad to say about anything from the rich dad crew; I have read over 4 of their books and am on my way to financial freedom.Published 4 months ago by kenneth
Boy' the things that were slipping through our budget, were stealing us blind... But Not Anymore!Published 10 months ago by jrmcgovern1959
Robert Kiyosakui's books and CD's are always good. They always teach you something valuable.Published 12 months ago by AmazonGuru789
This will open your eyes to see what is happening around you.Published 15 months ago by Christopher
this provides a very easy to understand description of this subject matter.....it was great for me as i knew nothing about investing. Read morePublished 19 months ago by Conservative girl
The Rich Dad series is excellent and this book doesn't disappoint. It will change the way you look at your 401k and mutual funds.Published 21 months ago by S. Rife
Yet another great book from Robert, he tells it like it is and makes you think differently about retirement. Read morePublished on November 24, 2013 by Lori