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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 – April 11, 2017
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Some people complain that this book does not give a step by step process for change. I would counter that one size shoe does not fit all feet. There are many individual paths to wealth, and Kiyosaki sets the guiding stars to navigate by, but you have to walk your own individual road.
Some key concepts of this book are: 1) Assets put money in your pocket even when you are on vacation. Liabilities take money out of your pocket, therefore your house is a liability [unless you rent out rooms and the garage as one person I know did while rebuilding his asset base].
2) Wealthy people buy assets first, and then let their assets buy their luxuries from the surplus cash flow.
3) Wealthy people continuously increase their assets by reinvesting their surplus cash flow in more assets.
4) There are 3 primary asset classes: Real Estate, Businesses, and Paper assets (stocks bonds notes, etc)
5) Cash Flow is more important than Net Worth. Net Worth is similar to potential energy, to use it you have to spend it, then it is gone. Cash Flow is like power from a hydroelectric dam, constantly replenished.
The rich don't work for money, they work for assets.
The tax laws are fair from the standpoint that the laws that the rich spent billions of dollars to have modified and interpreted apply to everyone who learns how to use them.
A great foundation book for beginning to improve your financial intelligence so that you don't work 4 or more month's of every year for the Tax man, more months for the banks that hold your mortgage and credit cards, and whatever is left making the company you work for wealthy. Good luck on your journey to being Rich, poor, or middle class.
Now, after a quick and easy read, I can say I actually enjoyed the book and the messages Kiyosaki conveyed. Many have debated whether this is a story based on reality, or if the two dads - Kiyosaki's traditional and conservative "real dad" vs. his friend's dad who taught him a new way of thinking about wealth and entrepreneurism -were real at all. Frankly I don't care. The stories were interesting and entertaining and I feel that the intended lessons were good ones for readers of all types.
If you want an enjoyable and somewhat inspirational book that shares alternative views on money, wealth and happiness woven into a pseudo-autobiography (fictional or otherwise), I'd recommend Rich Dad Poor Dad. I appreciate the author's perspective on how to change your mindset in order to grow. But if you want a get rich quick manual, you should continue helping others like Kiyosaki get rich quick by buying all their products with misguided expectations.
Most recent customer reviews
truly, the book can be summarized in 10-20 pages.Read more