4,208 of 4,657 people found the following review helpful
Not worth the money or time,
This review is from: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! (Paperback)
I know this book was a best-seller and has a 4.5 star average on Amazon. This does not make it good, and I will explain why.
First, most people focus on his inspiration and pointing out that you need to save money instead of spending it. To put it bluntly, "Duh." To be more constructive, there are much better books on this subject - for instance, "Your Money or Your Life." It's easy to spout platitudes about why you should save, but Kiyosaki doesn't tell you how.
Second, his real estate advice. Kiyosaki emphasizes making money in real estate, since it seems clear that is how he made his fortune. But he does a terrible job explaining that as well. People have lost fortunes in real estate; Donald Trump went from being a billionaire to losing most of his empire. It isn't easy. Kiyosaki himself says that winners learn from their failures; where are his failures?
Perhaps he should refer people to other books about real estate, but one of the books he recommends was written by a man who had a half-million dollars in tax liens filed against him and declared bankruptcy - all before "Rich Dad" was written. That isn't exactly the kind of advice I was looking for!
Third, experts in the fields he talks about generally agree that his advice is bad. A review by an experienced real estate professional is here: [...] His advice on making money via IPOs is completely wrong; you can't invest that little money so close to the IPO filing for such a large discount. It just isn't done that way.
Fourth, his emphasis on making money. I like money, don't get me wrong. Like most people reading this review, I'd like to be a millionaire. But, I think, there is an underlying current of meanness in Kiyosaki's book. The way his "rich dad" kept people waiting and intimidated them with his power, the way Kiyosaki himself resented being left out of the parties held by the "rich kids." It's disturbing.
Fifth, for all the talk about spending less, Kiyosaki clearly lives up the high life (or claims to.) Rolex watches (why?), Porsches (again, why?)... all these are types of liabilities, which he spends most of the book saying you should avoid. It's flash, which I think ties into his rejection as a 'poor' child, and also meant to impress the reader by letting them think that, someday, they too will be able to show off their wealth.
Most millionaire's aren't this way. "The Millionaire Next Door", which cannot be recommended highly enough, has interviews with real millionaires who live modestly - in fact, probably living on less than you are - and yet they accumulated their fortunes through hard work. (Real estate and owning your own business qualifies as hard work!) It is a much more educational book, but is also more inspiring to see people like yourself who did make it.
Summary: this book has some decent information in it (but there are better books), is inspirational at points (but inspirational books are a dime a dozen!), and didn't really do squat for me.
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Showing 1-10 of 76 posts in this discussion
Initial post: Oct 2, 2006 8:44:08 AM PDT
Christina Gutierrez says:
Posted on Oct 6, 2006 2:51:58 AM PDT
Last edited by the author on Oct 6, 2006 2:56:01 AM PDT
Maxim Masiutin says:
This reviewer didn't catch the main idea of this book. Because of the author's excessive mixture of real names and thought out cases, some people may conclude that mr. Kiyosaki is trying to trick or deceive them (e.g. "John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad"). Please do not think this way about "Rich Dad Poor Dad", just treat it as a solid non-fiction framework with fiction illustrations. The most of the case vignettes of the book are fiction, and the author warns not to follow them literally but to use them as a source of inspiration and imagination and always use your own brain and your own judgment. Do not treat this book as the author's biography, as it may have seemed so. When I read a chapter about the childhood of mr. Kiyosaki and his next-door playmate, Mike, I've found so much interest, stimulation, liveliness and variety in this section that I've instantly realized that it is a literary work of imagination.
Posted on Nov 4, 2006 11:08:06 PM PST
I would also NOT recommend this book. It bothers me that Kiyosaki fabricates much of his material, and besides that THERE ARE SO MANY BETTER BOOKS out there for personal finance as this reviewer points out.
In reply to an earlier post on Nov 5, 2006 2:55:14 PM PST
[Deleted by the author on Nov 5, 2006 2:55:41 PM PST]
In reply to an earlier post on Nov 5, 2006 10:08:09 PM PST
I make six figures.
Kiyosaki, when asked by ABC news in a story they were doing on his methods actually said 9 out of 10 people fail. Not sure you want to buy 18 books from, and take the advice of, a guy who tells you to at the beginning you only have a 10% chance of success.
It's all spelled out for you right here.
In reply to an earlier post on Dec 16, 2006 4:59:46 PM PST
[Deleted by the author on Dec 16, 2006 5:00:15 PM PST]
Posted on Dec 29, 2006 8:23:42 AM PST
I totally agree with this review. The book is worth getting at the library, but not worth buying. After all, why pay the expense to have something that really isn't an asset (at least, the author wouldn't consider his own book an asset--and neither would I).
In reply to an earlier post on Jan 11, 2007 2:41:11 PM PST
Last edited by the author on Jan 11, 2007 2:58:51 PM PST
J. Kennedy says:
John T Reed??? The man who bashes EVERYONE else about how they got to be rich and says hes the only true way??? pfffft HAH whatever.
Oh and if Kiyosaki said "everyone can be rich" it would be such a farce. I've run across enough people to know that he's keeping it real when it comes to you knowing your chances, because most people fold at the first sign of a strong wind headed their way, not to mention there are a LOT of people who will NOT participate in their own rescue, they're waiting for someone to rescue without any work on their part...a "hand out" if you will. And lets not forget misery loves company, your friends might want you to succeed, but not so much so that they feel like a looser for not trying themselves. So you keep thinking that everyone can be rich and happy and maybe some day we can visit you in a padded cell.
Oh and "six figures" in rupiahs doesn't count.
Posted on Jan 12, 2007 10:35:53 AM PST
James P. Masessa says:
I agree with this reviewer. The money I spent on this book would have benefited me more had I placed it in an IRA. "Rich Dad Poor Dad" left me with the feeling that I had just watched a 2a.m. infomercial. I put up with all his vague money-making strategies in the beginning of the book expecting him to explain them in the end. Nope. This book was a very big let down and if you have any common sense, this book will read like a scam to you too. Don't buy it!
In reply to an earlier post on Jan 15, 2007 9:42:47 AM PST
Incoherent pablum, like what comes out of the mouth of most of Kiyosaki's cult-like following.
Reed's review of Kiyosaki is spot on. If you'd like actually learn something about personal finance there are plenty of excellent books I can recommend for you. Sadly, Kiyosaki's is not among them.
The only reason I included the six figure comment was that the first poster said she would only take advice from someone who makes more than she does. Just trying to help the kid out, you know?