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Second Chance: for Your Money, Your Life and Our World Paperback – January 6, 2015
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About the Author
With perspectives on money and investing that often contradict conventional wisdom, Robert has earned an international reputation for straight talk, irreverence, and courage and has become a passionate and outspoken advocate for financial education.
His most recent book, Why A” Students Work for C” Studentsand B” Students Work for the Government, a Guide to Financial Education for Parents, was released in April 2013. He is currently working on a book titled 8 Lessons in Leadership that will publish in the Fall of 2014 as well as a new book titled Second Chance.
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Top Customer Reviews
The basic philosophy of this book is that "a coin has three sides. Heads, tails and the edge." If you learn to live on the edge, you will see both sides of a situation. You can then decide what is right for you. He also makes some good arguments as to the inadequacy of our education system and our government. His theories provoke you to think. It is a very interesting read and I cannot wait for his next. If you are new to Robert, my favorites are Rich Dad Poor Dad, the Cash Flow Quadrant, The Midas Touch and Second Chance. They have all changed my business and led to much success both financially and in quality of my life.
I've read all of his books liking most books but some not so much. I felt his best work was RDPD and CASHFLOW QUADRANT. In fact, he quotes a lot of CASHFLOW QUADRANT in this book. This is not neccessary a bad thing, especially if you have not read it. A lot of this book is about his relationship with Buckminster Fuller who was a very unique person and who, apparently, affected Kiyosaki a great deal.
BTW - I had always heard that RDPD had started out a 4 page pamphlet so it was nice to hear that from the authors own pen.
Just a little about myself for a moment - my wife and I are both pharmacists. As many of you know this has been a hot area for a couple of decades in terms of salary, etc. We were in the right place at the right time with the right skill set. When we started out in 1982 we had a negative net worth of around -$50,000 including our student loans and our cars. We were able to buy our 1st house 13 months after we got married because were able to save almost $12,000. Due to some luck, much hard work (for example I've worked 26 Thanksgivings since 1982) and living below what we could have we now have a NW (net worth not including my paid off home) of around $2,000,000. My grandfather taught me much of this way of life but Kiyosaki motivated me to use his teachings. I don't always agree with what he says but his books always make me think.
Don't believe everything you read REGARDLESS OF WHO WROTE IT - do you own thinking and fact checking then use that to make choices. ANYONE who really wants it can get to $1,000,000 NW. It won't happen in a week or 6 months but it CAN happen. You must continue to grow and expand your knowledge AND you must use that knowledge. Find youself a mentor and then work your butt off. You will notice a huge difference in 10 or 15 years between where you are and where most other people are. Most people want to be rich without understanding what that means or how to get there. You must write down what your goal is and then achieve it in small steps. That might mean things like I will be worth $25,000 in 2 years. Start small and have a much bigger goal in mind.
I would rate this book a sold 8 to 8.5 out of 10.
The author quotes extensively from CASHFLOW QUADRANT. Most people do not truly understand the difference between assets and liabilities, nor do they understand the tax advantages to owning your own business: "Employees and self employed people work for money; business owner owners and investors work for assets."
The vast majority of people are not well educated, in a financial sense. Even though there's lots of information out there, most people don't know how to use it: "Without financial education, a person cannot convert that information into knowledge." Furthermore, Robert continues, the banking system is rigged against the middle class: "The money system is designed to keep people poor, not to make them rich. The monetary system is designed to keep people working hard for money."
The author bases his thinking on the writings of R. Buckminster Fuller. Robert attended a philanthropic lecture by Dr Fuller in 1981. He admits he did not go to this lecture for any altruistic purpose; instead, he really was out there to figure out how to get rich. He explains that "Bucky" was actually a boring speaker. So, instead of falling asleep sitting in the audience, he volunteered to work the camera. Then, as he was looking through the eyepiece, he had a vision: "A gentle wave of energy went through me. I could feel my heart open and I begin to cry. They weren't tears of sadness or pain, but tears of gratitude for this man's courage to do what he had been doing for years: guiding and teaching and looking into the future."
And so, the author embraced the teachings of Dr Fuller, and based his whole philosophy of life on his writings. In particular, Dr. Fuller believed that the world is based on critical "generalized principles." Fuller wrote that humanity is at a critical stage in the evolutionary process. Will humans embrace generosity, or will they become ensnared in greed?
And so, the Rich Dad Company was founded on one of these generalized principles, discovered by the author: "The more people I serve, the more effective I become." The author wants people to have another chance at money and life. Quoting Dr. Fuller, "The Great Spirit wants all humans to be rich." Against those striving to succeed, the rich and powerful are scheming to steal the wealth of the middle class via the banking system.
As in prior books, the author repeats his assertion that America is on the brink of a huge financial catastrophe; a giant crash will occur around 2016, and so he cautions about investments in stocks, bonds, mutual funds, and savings. "I'd be very suspicious of anything that's printed on paper. "
The author wraps up SECOND CHANCE with these three questions.
1. Rather than look for a job, look for problems that need solving.
2. Rather than work hard for money, work hard to serve more people.
3. Rather than ask god for help, find ways you can help god.
The author speaks at length about the imminent collapse of the financial system; however, his reasoning seems weak at times. For example, when discussing laws passed by one recent president, he admits that he is using "a rumor" about him. Then, he concludes that this new law "virtually guaranteed the bankruptcy of the United States." Similarly, in many places, the author quotes extensively from Wikipedia, as though an internet website is a definitive reference.
✔ All in all, SECOND CHANCE is a fascinating book, covering a lot more than just investment advice. The first part of the book reads very much like an autobiography. Robert explains his philosophy, and his spiritual approach to life. The last two parts of SECOND CHANCE present advice similar to the CASHFLOW QUADRANT. One very interesting tidbit of information is that RICH DAD, POOR DAD actually began as a brochure for marketing the CASHFLOW game.
Advance copy for review courtesy of distributor.