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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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Rich Dad's Who Took My Money?: Why Slow Investors Lose and Fast Money Wins! + Retire Young Retire Rich: How to Get Rich Quickly and Stay Rich Forever! (Rich Dad's) + Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!
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Product Details

  • Series: Rich Dad's
  • Paperback: 272 pages
  • Publisher: Plata Publishing; Reissue edition (December 4, 2012)
  • Language: English
  • ISBN-10: 1612680453
  • ISBN-13: 978-1612680453
  • Product Dimensions: 8.9 x 5.9 x 0.7 inches
  • Shipping Weight: 9.9 ounces (View shipping rates and policies)
  • Average Customer Review: 3.3 out of 5 stars  See all reviews (35 customer reviews)
  • Amazon Best Sellers Rank: #715,081 in Books (See Top 100 in Books)

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 --This text refers to an out of print or unavailable edition of this title.

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.

More About the Author

Questions from Readers for Robert T. Kiyosaki

Q
Hi Robert! Ive been involved with a few network marketing companies, and none of them has panned out to making me any money at all! I live very rurally and know few people. Extended family is non supportive. My hubby was unemployed for a year, and...
Robin Brostovski asked Sep 2, 2012
Author Answered

Hello Robin. Thank you for the question. When I get in a situation that feels like a "no win" I do two things: I look at all the failures and all the losses and all the mistakes. I look at them hard and long, then I turn each failure, loss and mistake into a lesson. I learn. Mistakes are the best teachers so I learn a lot. After I've learned my many painful lessons, I reorganize, rethink and revise my opportunity. Then I act. Many times I've had to repeat this cycle over and over. But once learned, you'll never forget these painful lessons that are the keys to your success.

Robert T. Kiyosaki answered Sep 4, 2012

Customer Reviews

3.3 out of 5 stars
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Most Helpful Customer Reviews

65 of 72 people found the following review helpful By D. DeFazio on June 11, 2005
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.
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28 of 30 people found the following review helpful By JJ on July 25, 2004
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.
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38 of 43 people found the following review helpful By Hizon on November 3, 2004
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...
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28 of 31 people found the following review helpful By A Customer on May 20, 2004
Format: Paperback
I have about 8-books by Kiyosaki, and find they all add to my financial perspective. What I liked the most about this book is his discussion between a capital gains investor and a cashflow investor. Most average investors are capital gains investors, but successful investors are cashflow investors.
Although I like the Kiyosaki books, I give it only 3-stars because when I finished the book, I'm left with "that sounds great, so how do I do it??" Well, I found some great answers in Van Tharp's new book "Safe Strategies for Financial Freedom". Van Tharp was a fan of Kiyosaki, and his influence is obvious. But Van Tharp finally reveals exactly how to get some investment/passive income from some experts.
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