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Customer Review

142 of 154 people found the following review helpful
1.0 out of 5 stars Read this review and you won't need to read the book, October 15, 2005
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)
Don't spend all of your income. Consider setting aside money to invest in assets that grow in value or can generate income to amass a net worth so eventually you don't need to be completely dependent on your job.

For those who learned this lesson through Kiyosaki's book and thus praise it, good for you. Its easier said than done but through disciplined spending and wise investing, one can achieve it to some extent.

But this message is nothing earth shattering and its no great secret of the "rich" either! If anything its embarrassing that so many people don't know something so simple and common sense. But that's all that's worthwhile about this book because even most of the 5-star "reviewers" don't bother denying that he doesn't really tell you anything more detailed and substantive than that!

And the book is very dangerous because it mentions or alludes to such nonsense such as:

1. A house is a "liability" because it cost money to own and run. (Yet he fails to explain how the same expenses and also lost opportunity in home equity if you had bought a house that you incur by renting is mysteriously not a "liability". oh brother!)

2. Form corporations and deduct large personal expenses as business write-offs (1 illegal; 2 tax write-offs at most result in items being effectively discounted but not free!)

3. Make friends to get insider trading tips. (illegal)

4. Make deals subject to your business partner who is your cat. Then if you need to back out of a deal claim your cat vetoed the deal (rollseyes, yeah I'd like to see someone pull this crap in front of a judge)

5. Make real lowball offers (such as 275K for a 450K house) so you can meet in the middle (at 300K). (unless the house actually is worth 300K and 450K was way overpriced, good luck finding idiots willing to give you a 150K discount; purposely making ridiculous low-ball offers will only annoy people and shut you out as sellers assume you'd not a real buyer)

(more nonsense not mentioned for brevity)

No one expected this book to be a "complete how-to book" so for the last "reviewer" to attack negative reviewers on this lame strawman argument basis is insulting. But what readers can and should expect is a book that has at least some useful information, not a lot of badly written drivel and dangerous nonsense that could actually be harmful! And the fact that I too have seen Kiyosaki hawking his "Choose To Be Rich" package using informercials at 3am just like BS con-artists like Don Lapre further diminishes his credibility in my eyes.

I recommend you avoid this book and avoid Kiyosaki and his whole "Rich Dad" brand altogether. There are much better writers and much better books that will provide a lot more useful, detailed information than this book!
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Showing 1-4 of 4 posts in this discussion
Initial post: May 19, 2011 9:49:36 PM PDT
There are much better writers and much better books that will provide a lot more useful, detailed information than this book!

Please name some.

In reply to an earlier post on Nov 28, 2012 9:32:57 AM PST
Since this is the first book on this matter I read I though I was under good reliable advice, so if you are certain it ids full of bad and dangerous advise and comment there are better writers and books to rely on, please name them, I would really appreciate it.

Posted on Dec 3, 2012 2:15:48 AM PST
Engineer says:
To elgaber: I suggest "Making the Most of Your Money Now" by Jane Bryant Quinn

In reply to an earlier post on Dec 3, 2012 11:43:34 AM PST
Thank you so much for the reply, I will look for this book. Cheers
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