- Mass Market Paperback: 274 pages
- Publisher: Plata Publishing; 1 edition (August 16, 2011)
- Language: English
- ISBN-10: 1612680011
- ISBN-13: 978-1612680019
- Product Dimensions: 0.2 x 4.2 x 7 inches
- Shipping Weight: 5 ounces (View shipping rates and policies)
- Average Customer Review: 4.4 out of 5 stars See all reviews (5,789 customer reviews)
- Amazon Best Sellers Rank: #164 in Books (See Top 100 in Books)
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Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! Mass Market Paperback – August 16, 2011
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RICH DAD, POOR DAD is a starting point for anyone looking to gain control of their financial future USA TODAY Robert Kiyosaki's work in education is powerful, profound, and life changing. I salute his efforts and recommend him highly Anthony Robbins --This text refers to an out of print or unavailable edition of this title.
About the Author
A 4th-generation Japanese American, Kiyosaki was educated in New York before joining the U.S. Marines and serving in Vietnam as a helicopter gunship pilot. In 1977 he founded a company producing Nylon and Velcro 'surfer' wallets which became a multi-million dollar business. --This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
* Probably the greatest insight is how to think about assets and liabilities. A million accountants scream in anguish, but a primary residence, with a large mortgage, high taxes and high fixed costs to top it off, is not an "asset" for Kiyosaki because it doesn't produce a positive cash flow. Instead, he lists several items, such as rental property, stocks, bonds, mutual funds, business partnerships with limited involvement, promissory notes and royalties (p. 89), that generate money and should be invested in.
* Don't get into large debt positions for non-necessities. Buy your luxury items for cash (p. 176). This is part of any sound financial planning and is taken to its logical endpoint by the authors of "The Millionaire Next Door."
* Watch out for the tax effect of your sales of real estate. In this sense, the book is out of date, since the tax laws were changed in the late 90s to permit up to $250,000 in capital gains ($500,000 for married couples) from the sale of a primary residence be exempt from federal tax, under certain circumstances. No longer must you rely on the 1031 "trading up" provision he describes, at least not exclusively.
* Fear can be utilized as a great motivator to act, as opposed to fear causing you to be a deer in the headlights of life.
However, before we all run off to leverage real estate to become gentlepeople of leisure, let's try to remember a few things.
* This book is written for one reason: to be earn the author money.Read more ›
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.Read more ›
I think that if you were someone who was just making ends meet, using all of your salary to support your lifestyle (in Kiyosakian parlance, buying "liabilities") and doing little to save and invest (buying "assets"), I can see that this book might serve as a wake up call and can inspire and motivate people to look for ways to possibly change their situation. Furthermore, the book's various claims, (however misleading or unrealistic as I point out below) plays right into such people's desires to learn the "secret of success" of the rich that if only they knew, they could quit (or abandon their plans) to go to school, quit their jobs and just invest and live off of investments the rest of their lives without working.
OTOH, if like many of us, you were making a good salary WORKING but spending responsibly (i.e. limiting "liabilities) and meanwhile trying to invest aggressively as much as we know how to do based on our unique circumstances and preferences (buying "assets"), the book really provides no substance and stretches credibility. For us, you don't need inspiration and what specific info the book provides is either dated, incorrect, or misleading. Also for many of us, we didn't read it realizing ahead of time that it was entirely a motivational book rather than a "methods" book since the title alludes to "methods" that that rich possess that we of humbler backgrounds lack.
This book makes fantastic claims.Read more ›
Most Recent Customer Reviews
I only wish I would have read it 20 years ago but my boys will read it before they're 20Published 1 hour ago by Amy
This book was really informative. I learned things without getting bored. You kept my mind engaged which is harder than what people think. I can't wait to learn more.Published 1 day ago by Amazon Customer
This book really helped me think and focus. If you looking for specifics or details on how to make money look somewhere else. Read morePublished 1 day ago by Edward Grey
Great book to dip your feet into investing philosophy and attitude, but it has little substance as to how you invest and earn from it.Published 1 day ago by Amazon Customer
Very easy read but covers challenging topics. It will change your views on money and what you are doing, or not doing with it.Published 1 day ago by Kindle Customer
Wow! I think everyone should read this. They should teach this in high school.Published 1 day ago by Dae
This is a great book! I would encourage anyone to read it. It's simple and forces you to think the entire time. It will be empowering for you. Read morePublished 1 day ago by Matthew
This is a must read for anyone interested in getting out of the rat race. Robert's writing is easy to follow and inspiring at the same time. Read it.Published 3 days ago by Amazon Customer