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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.
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Top Customer Reviews
I think it should be concerning to potential buyers that most of the recent 5-star reviews are overly short, vague, and look likely to have been solicited to artificially improve this book's rating. I have no proof of this, but it is suspicious.
In any event, I can see why people are drawn into this book and the Rich Dad company that Robert Kiyosaki has built for himself. I consider myself financially savvy, and even I found myself drawn into his works. The general ideas sounded great, and lined up nicely with what I have been learning over the years in teaching myself how to manage my money. Additionally, the whole book is given a great big vote of confidence by "rich dad," Kiyosaki's personal financial advisor and super-successful father to his childhood friend.
The problem is, there is no rich dad. Everything about how Kiyosaki had this childhood mentor who taught him all these great life lessons about personal wealth is a work of fantasy. Here is an exact quote from Kiyosaki himself when pressed by SmartMoney Magazine about who rich dad really was: "Is Harry Potter real? Why don’t you let Rich Dad be a myth, like Harry Potter?" He boasts of several major real estate flips of which there are no public records. He also claims to buy the majority of small companies right before their share price sky rockets, then makes big money on the proceeds. Except, anyone that owns more than 5% of any publicly traded company is required to report the sale to the SEC. Kiyosaki's name is not on any of these reports. There is also a large pile of evidence that Kiyosaki became wealthy only after this book and his subsequent line of financial-advice products became best-sellers. To be sure, that is one way to get rich, but it is notably absent from the rest of his "profound" advice.
Admittedly, he does have some good points. Ones that I personally think are worth remembering for anyone trying to build their personal wealth are: Learn how to make your money work for you through wise investments, understand your tax obligations and ways to (legally!) reduce your tax liability, failure is all part of the process, and school (and a sad number of parents) will leave you woefully unprepared to manage your personal finances so you'll have to learn about this area of your life on your own. That last sentence is pretty much all that can be gleaned from this book, and all of it you'd probably figure out on your own anyway.
Long story short, please read this website: http://www.johntreed.com/Kiyosaki.html before you buy into his empire. There are much better resources on Amazon and elsewhere that can teach you about money management from authors that actually built their wealth instead of selling you a bunch of false promises.
Over all I would recommend this book
My personal favorite finance books are The Wealthy Barber and the Millionaire Next Door.
The book also contains some sixteen pages of sales and advertisements of the author's other publications and a few from his friends.
This an interesting take of a successfully entrepreneur's life. It reads rather like an autobiographical sketch of his childhood and the persons who influenced him the most.
The author also criticizes the American education system for not providing what he describes as a 'financial education'. Actually, that is not what the 'free' public education system was designed to provide.
Public education is designed to insure that all Americans receive a fair and complete education so as to be able to exercise their freedom to pursue higher goals beyond public education--read, write, problem solve, perform mathematical calculations, think, and create. My Dad and family never expected public education, that was designed for the masses, to go beyond what it was designed to do.
This is what a carefully chosen institute of higher education is designed to provide, and this is also where parental guidance comes into play.
I began learning about the land acquisition success of my family when I was but 3 years old. I always wondered why we always owned so much land that other people lived on while other families owned just one house. It's how we made our living, and my Grandmother was the brain behind this premise. We are now just carrying the torch. Her two sisters also were magnificent examples. Her daughter, my 80 year old aunt, has been a fiercely independent business woman by implementing what she calls the land baron mentality that she learned from her mother and aunts.
When I was about 5 years old, I went with my Dad to collect rents. Although he also held down 2 full time jobs (corporate janitor and landscaping), I knew that rent collection was a very important part of my Dad's life. He didn't just collect rent for the properties my Grandmother owned, but he also collected for my Aunt's properties as well.
Hence, the acquisition of real property feels as natural to me as owning a closet full of shoes is for most woman. I once heard an elderly man state, "Don't invest in things that depreciate (clothing, cars, and material things that have no real value), but rather invest in things that appreciate (land, commodities, businesses, precious metals, and precious stones)." I took this to heart because tit reminded me so much of my family.
The comparisons the author makes between his rich Dad (uneducated) and his poor Dad (educated) strike me as somewhat narrow. It rather suggests that education is a hindrance to obtaining assets and financial freedom. But rather consider that his parent my have been someone who may not have had vision or fortitude--not a risk taker and fearful of setbacks.
I wouldn't necessarily blame the American education system for this obvious personality flaw. My siblings and I grew up in the same household listening to the same mantras, but not everyone made the decision to follow the template.
My Dad gave me a financial education and financial alternatives beyond just merely having a j-o-b.
If you are looking for information or a guide to how to achieve success in this particular instance, you will not find it in this publication. I actually didn't learn anything beyond what my Grandmother, Great Aunts, Dad, and my Aunt taught me about obtaining wealth and becoming independent of the rat race.
I was hoping to learn something new and fascinating from this very successful person. My family has been in the land acquisition business for centuries and that is how they've survived and flourished. They have bought, sold, rented, and flipped real estate prior to my birth. Many of my siblings and relatives continue to carry the torch.
It's a nice read if you like autobiographies, but other than that it lacks genuine insightfulness and any real information that could actual translated into true systematic action.