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Customer Review

204 of 211 people found the following review helpful
3.0 out of 5 stars Mediocre Book for Fans--OK for Kiyosaki Newbies, March 26, 2008
This review is from: Rich Dad's Increase Your Financial IQ: Get Smarter with Your Money (Paperback)
I have been a great fan of Kiyosaki for some years now, and have made good money following his principles, so I owe him a debt of gratitude. Also, I have read the greater part of his increasing panoply of books.

This book was quite disappointing. Like most of Kiyosaki's books, this one was filled with repetition. Now, I do subscribe to the theory that "repetition is the mother of learning," and so a bit of repetition to reinforce an important point is quite acceptable, and indeed beneficial.

But this book is full of mind-numbing repetition, and the content of its nearly 200 pages could easily have been boiled down to 50 pages.

There may be a clue as to the reason why this book was written on page 89 where the author says, "One of the benefits of being an author is that when I want a new liability [read: luxury item], I first write a book, like this one, and the royalties from the book pay for the liability."

That might indeed explain why this particular book was written.

For those who have already read Kiyosaki's books, especially the first three-- RDPD, Cashflow Quadrant, and Rich Dad's Guide to Investing-- this book would be quite superfluous. On the other hand for those totally new to Kiyosaki's work, this book may serve as a valuable primer.

Still, there are a few excellent "take-aways" from this book:

1) The world no longer runs on Money (a medium of exchange backed by real value--traditionally silver and gold, or other hard assets), but on Currencies (totally fictitious media of exchange based on debt and manipulation by central banks). Historically, every currency has eventually gone to its intrinsic value--ZERO. Therefore, it is essential to NEVER SAVE A CURRENCY, but to keep a currency moving, buying real assets which generate cash flow, or buying items with a real intrinsic value. This insight, mentioned in other Kiyosaki books as well, is an extremely valuable bit of information, and is the one big gem to take away.

2) The greatest "asset" in today's world of economic change and volatility is Financial Intelligence itself. Only by developing "Financial IQ," will one be able to weather the storms which are shaping up on the world economic horizon. And the time to get educated is RIGHT NOW!

3) Kiyosaki's grouping of the five types of Financial IQ is also worthwhile, and gives a workable template for developing and IMPLEMENTING a greater financial awareness: 1) Making more money; 2) Protecting your Money; 3) Budgeting your money (there are some unique insights in this one!); 4) Leveraging your money; 5) Improving your financial information.

All in all, this book is useful for Kiyosaki newbies, although even they may be put off by the repetition. I think long-time Kiyosaki fans may be disappointed.
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Showing 1-7 of 7 posts in this discussion
Initial post: Aug 27, 2008, 10:47:35 PM PDT
Paul,
You write awesome reviews on the books you've read. It's been very helpful to me. Thanks for taking the extra time to write intelligently as well.
Another Rich Dad Fan

In reply to an earlier post on Sep 14, 2008, 5:43:06 PM PDT
Thanks, D.J. I am glad the reviews have been helpful for you.

all the best!

pg

In reply to an earlier post on Nov 8, 2008, 12:17:52 PM PST
ric says:
Paul,

I have been reading and following Robert for years and his book with Donald shows he has written all he really can, as far as new stuff. Maybe you can answer this question, how can you stay a float in a world when people may not have the money to buy your goods, services or real estate? I think in Why we Want You to be Rich both Robert and Donald miss that point. Sure they both have empires and have resoarces on hand but if we stop buying their goods and such they are as broke as a homeless person, except they have homes.

I have played the game and have had a bit a of a set back, lost my home and my family is split up while we we build. I keep looking at the problem with lack of money and as pointed out here money isn;t real how to build wealth with out a means to in plain temrs peddle your product or service?

I am not saying do nothing but long term being rich will go away when those that have the means will take from those that do not. This idea that getting rich is simply a matter of solving problems and learning how to make your money work for you sounds good but if money isn't real and no one has any to spend any ways, how does one buy anything?

I could go on and on but I hope you see my point.

Ric

Posted on Dec 5, 2008, 6:42:42 PM PST
O. Aldana says:
Great review Paul. I bought the book before reading your review. It's so repetitive, I can't get myself to read the whole thing. I have jumped around from page to page and easily managed to find the three "take-aways" listed in your review.

I found "Real Estate Riches: How to Become Rich Using Your Banker's Money" much more informative.

Posted on Mar 24, 2012, 11:30:19 PM PDT
Chris Kenst says:
I was considering writing a review of this book but seeing how I completely agree with your statements and rating I think I'll just say bravo on the review!

Posted on Jan 8, 2013, 1:39:45 PM PST
Clint says:
Thanks for the review. I Just finished reading Rich Dad Poor Dad, and am searching for the next Kiyosaki book to purchase. Since you have read all of his books and suggest skipping this one, which of his books would you suggest to buy next?

In reply to an earlier post on Sep 1, 2014, 7:13:18 AM PDT
Shelley_B says:
Ric,

I haven't read the book and to be honest, I'm not a Kyosaki fan, but I'll give you some direction on your question as to what to do when there is no one to buy your products. The problems with books from this author and many who write on the same topics is that they are more motivational speakers than intelligent investors. In Paul's review he mentioned five types of financial IQ but the most important one is never mentioned. Careful financial planning and management is the whole clue of it all; everything hinges on it. You must have a plan on how to make money, with which product and most importantly, get a clue when you may expect setbacks and how you will handle them. Economies have ups and downs. You must learn to time when the downs are at hand. There are clues in the market behavior that warn about pending gloom. You may not be able to prevent all damage from happening, but you can minimize it. But your real question is how to sell in a dry environment. You will never find that answer in books like these for the simple reason that they're motivational speeches and you need factual guidelines. I would be a hypocrite to just put his advice aside and not give you something better, but to me the answer to your question comes natural because I studied business management and if you did too, you wouldn't be asking them. My advice is to take a step back and read up on some management and marketing books. I said marketing because the true calculations as to when, where and how much of a product to sell is the core of it. Not production but marketing, you have to work backwards.
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