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Rich Dad's Rich Kid, Smart Kid: Giving Your Child a Financial Head Start Paperback – January 1, 2001
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Most helpful, in my opinion, are the parent-child interactive activities recommended by the book. For example, one suggestion is to take your child to the bank and ask the banker what interest rate they pay on savings as well as what they charge to borrow. Without the need to understand complicated math formulas, your child will quickly see that banks charge more than they pay, which will hopefully prompt questions in the mind of your child. Those questions will inspire your child to get answers that inevitably increase your child's financial intelligence.
One knock I often hear about this book, or any self-help title for that matter, is that the ideas are obvious. Some people wish to argue that because a concept is simple it is not useful. I couldn't disagree more. I try to judge the value of a thing by whether or not I get enough out of it to justify the cost, be it in dollars or time. If you cannot get the purchase price of this book back out of it in value, then you just aren't trying very hard.
While some of the concepts may seem obvious or simple in nature, it is the application of these concepts that produces real results. Some of the most complicated subjects in our world can involve very simple ideas. Think "What goes up, must come down." Simple, yes, but the practical applications involving gravity occupy a great deal of study time among physicists of the world.
My point is simple. This book gives you a variety of ideas and suggestions that will help you improve your child's financial education, but YOU have to be the one to do the work. Is it the world's greatest book and ultimate problem solver in the universe? No. Is it worth the purchase price? Without a doubt, absolutely yes.
"Rich Dad" made such an impact with me that I have shared it with many others over the past two years. That said, my wife and I have struggled with how to take what we've learned and pass it on to our children.
This book is it! As we all struggle to ensure our children get the best education possible, we're facing an ironic trend in the school systems where teachers are teaching our children how to pass standardized tests instead of focusing on what children need to thrive in this new century (this is not a knock on that practice - if that's what it takes today, that's what it takes, but our children need more and it's our responsiblity as parents to provide the rest - we cannot rely on our school systems to be the sole educators of our children (sorry for the sermon)). This book was designed to fill in the gaps, to give your kids what they're missing from school - inspiring and practical financial knowledge.
It's not about turning little Johnny into a power stock-broker, but rather awakening his love of learning so that doors will open for him - it's a way of empowering our children by giving them the skills they'll need to succeed in every aspect of their lives.
I can't recommend a book more than I do this one!
The best to you and yours!