Comments on: Review: Rich Dad, Poor Dad

By: benjamin bbaale

benjamin bbaale — Mon, 12 Oct 2009 16:48:15 +0000

i read this book and it inspired me to have great interest in financial literacy. i have read cash flowquadrant, guide to investment and retire rich and retire young. these have made me a consultant in my country uganda.i have established a school, built comercial houses for rent. i have a secretarial beural and i am madly investing because i want to retier young

By: Chris

Chris — Sun, 05 Jul 2009 01:57:53 +0000

Thanks for the review. I’ve been consuming a ton of books lately including “Escape From Cubicle Nation”, “4 Hour Work-Week”, trying to figure out a way to break out in my own. RK’s book was the latest on my list and I enjoyed the attempt at changing the mindset the most. I’ve heard it all before, but for some reason, it hits me harder in this book. In fact, I’m actually more worried about my children working themselves to death for someone like I’m doing. I’m going to try the RK game for kids as a primer. You’ve also given me a few other book ideas. This is the first time I’ve stumbled onto your site and I’m hooked. Thank you!

By: azmil

azmil — Tue, 16 Jun 2009 07:52:08 +0000

Thanks a great review. As with all self help books read it with an open mind. Some parts can be followed some to avoid. I’ve found RK books to be helpful.Like I said in my own review, its not a get rich quick book. Nowdays most people want everything instant there’s instant noodles, coffee and so on. So everyone is looking for instant richness. So trent thanks again for the review.

By: Alex

Alex — Thu, 04 Jun 2009 08:47:37 +0000

This is kind of nitpicking to me. So some are blaming RK for not pointing out a specific step-by-step instructions to get rich? You know what, rich men dont do the same thing to become a rich. But they do share the same mindset. The book is to help people re-evaluate our education system today and setup a new way of thinking. He didn’t say it’s not worth it to go to college but the educational methods should be revised. He didn’t say rich people should not have a luxury lifestyle or something, but you should solidify your financial basis before doing that, and continue to evolve in the market. A luxury of life is the reward of finiance liberty, and that liberty is the aim of being rich, not the money.

re-read the book and think why the author particularly mentioned rich people cant be lazy. What that lady means?

By: anonimous

anonimous — Tue, 12 May 2009 15:29:27 +0000

I think that if you look at it with an open mind you may be able to get some fianacial knowledge.

By: Bob Barker

Bob Barker — Fri, 08 May 2009 04:49:33 +0000

you guys are all gay men that like to touch eachother virgourisly

By: Jerry

Jerry — Tue, 24 Mar 2009 14:44:27 +0000

Trent,

Thank you for your review of RDPD. I just finished it, am half way through The Cashflow Quadrant and have his Guide to Investing (I bought all three for US$15.00).

As a “hamster” for many many years, I’ve recently decided to look into starting my own business or investing in rental properties as a way of increasing my wealth. I’ve looked into several MLM businesses and found their sales pitch to be a bit high pressure. As hard as they work to sell me on their system they sure make it sound like I could just sit back and the money will roll in. RK’s books give me the same feeling without the substance of HOW to actually do it.

While I found RDPD inspiring it also set off alarm bells when he talked about writing off his Porsche and vacations as “business trips.” I still have an open mind on how useful the books as a whole are, but I wont be quitting my day job anytime soon to jump head first into the make money fast and easy hype that the books portray.

By: Ren

Ren — Sun, 15 Feb 2009 13:44:47 +0000

I read several of his books. I have to say he was quite repetitive in his books. However I think “Rich Dad Poor Dad” is still great book, at least for me, to open up idea about why you should work for yourself (own business) and what does it really mean to be “wealthy”.
Each person has a different background. It’s a matter of how do you get there. I think you really need to read his book with an intelligent mind instead of blindly follow.
Also I believe he also mentioned a lot about the tax advantage on owning business in his books, which can be quite insightful.
Great post and a lot of good discussions.

By: Donzel

Donzel — Mon, 26 Jan 2009 09:51:43 +0000

One of the fairest reviews of the book that I’ve come across, though I’m far less forgiving, and see many of the principles and methods Kiyosaki advocates as having fostered the subprime meltdown and numerous other financial catastrophes.

In practice, the advice to “accumulate assets” should work out somewhat like more traditional advice to “invest in retirement” – the problem is that Kiyosaki offers get-rich-quick thinking (focus on real estate over equities or other investments) – which can work during a real estate bubble, but is hardly prudent.

As for the other lessons – concur: they’re a wash. Either he’s offering trite, well-tread advice better rendered elsewhere, or he’s offering misleading/mistaken advice. Best to pass.

By: John James

John James — Wed, 22 Oct 2008 23:03:27 +0000

I read the book twice. And i do find it motivating, and i have applied several of the principles. I think some people already have their mind made up that these things/ life stye cant be achieved. Thus, it wont be. I am a Financial planner, and have taken alot of courses on Trusts, wills, Corporate tax structure,…etc There are so many legal ways to move huge amounts of money without being taxed on it.
I started a business in the evening and am on track to make 24k this year, start up cost were about 1500. I started doing much of the work myself but now have 2 people to help me out. I take the money(mostly passive Income) and have started to invest it into growing the business and looking to start other businesses. I think when he refers to most people as hamsters, he means basically the heard mentality. We work, we incur expenses and assume debt, and never get out. Our lifestyle thus means we have to get promoted/ work harder if we want to buy anything else. But instead of working harder, seek to expand your means (intellectually). As i say work smart, not hard….actually i try to do both. As far as Jack welch being a hamster, no. But the odds of anyone making it to that level are so uncommon. Instead of playing the odds that you can become the CEO of GE, try for wealth other ways. My brother has spent years trying to climb the corporate ladder. And now he is in the housing industry, not sure for how much longer, but he has 2 kids, mortgage, and a bundle of debt. All Robert K is trying to do is help people implement a system of self reliance.(and make some money for himself.)
Owning Real estate is the ultimate goal, but in my opinion its tough to buy when you dont have a chunk of change in the bank to hold you over for possible repairs, or when its not being rented.

By: Sheila

Sheila — Mon, 13 Oct 2008 20:35:33 +0000

I read this book twice, and I have to say that it seemed like one giant sales pitch for other products by this company. Everyone has a story and everyone has a different method that works for them. I just don’t have the personality it takes to go knocking door to door ripping off some poor sap who can’t make his next mortgage payment. I guess I just don’t have what it takes to be the Kizosaki-type real estate investor. I’ll stick with my 2 rentals, and even though I can’t quit my day job, at least I’ll be able to sleep at night.

By: Sara

Sara — Thu, 04 Sep 2008 23:07:05 +0000

I think the “good” that I took from the book, was an increased awareness of the cash flow implications of my purchases. Although like you said… many better books out there that deal with the same topic. But, this was the first one that got me thinking about different options. Like, if I bought a house, how could i potential end up with a cash flow from it while still living there? Buy a multifamily? Have extra rooms I can rent? And it also shifted me from thinking about buying the cheapest possibly thing… to thinking about the lasting value of an object.
Although I do definitely hate the salesman tone of the book. I can’t stand being SOLD to. Ugh. I much preferred Your Money or Your Life, and also the Four Hour Work Week by Tim Ferris.

By: Denise

Denise — Fri, 27 Jun 2008 13:08:51 +0000

Thanks for this insigtful review. The first time I read the book, I found it very, very motivating … and a few months later saw it on my bookshelf, remembered the ‘good motivating feeling,’ and read it again.

I got the feeling again, but didn’t find very much concrete info in there that I didn’t already know. (I also found the material wealth ‘flaunts,’ like the Porsche, incongruous with the Rich Dad philosophy … if it’s a compelling philosophy, Kiyosaki doesn’t need to sprinkle in mentions of Porsches to sell it!)

All that said, I did take some good things from his book – one, that I have to control how I generate my assets, instead of waiting on an employer to give me wages … and he made me think seriously about starting a business and all that entails.

I also think his discussion of ERISA and pensions vs. 401(k)s is useful … altho he uses it as a bit of a scare tactic (some of my opinion on how he treats that is from watching one of his seminars, as well as from the actual book). What he says about this is just a starting point – a Frontline documentary gave a really good analysis on how ERISA has changed things.

I also agree that “Your Money or Your Life” is an excellent book – IMO if you’re going to get anything at all our of RDPD (besides good feelings), read it with or right after “Your Money or Your Life.”

By: frugalchoice

frugalchoice — Mon, 23 Jun 2008 17:03:28 +0000

I actually could not stand the book Rich Dad Poor Dad. I read it this past weekend and then did a search for review of it to see if anyone felt the way I did. What was disheartening was his assertion that you have to take giant risks to get anywhere financially, and admitted near the end that he has more debt than 99% of Americans. I am not going to take advice from someone who is risking his net worth chasing deals that involve finder’s fees and amassing personal debt. I liked his initial premise to find ways to make money, but felt that the way he went about it was wrong.

By: Dimitri

Dimitri — Sat, 24 May 2008 06:57:20 +0000

Thank you for the overview and your prospective. I found the book revolutionary and started to implement the overall strategy and I am successful at that. Good point about taxes though…again thanks.

By: Jassal S S

Jassal S S — Tue, 22 Apr 2008 04:09:41 +0000

I’ve read the book , it helped me to understand lot of things , mainly i loved the description about increase your assets instead of your liabilities, thanks a lot , I appreaciate your work.

By: Gerry King

Gerry King — Thu, 13 Mar 2008 00:33:16 +0000

hi,
I found this review fascinting, possibly the best book review I’ve ever read. I’ve just returned this evening fom a seminar with Rich dad in the UK. having read 2 of the books which i found motivational in as much as they present many sound theories about the futility of chasing happiness in the universal manner of consumerism and choosing to invest instead. The books were worth buying for this if nothing else.

The seminar tonite focused on real estate and took things a step further than the books with specific theories on tax advantages of building a property portfolio. However I had resolved before attending not to sign up for anything on offer, what was on offer was a £600 3 day course, you had to sign up on the night so I declined. The course could well pay for itself if you go on to build a portfolio but on searching the net I seem to have found similar courses for a lot less money. my advice would be read the books and others and make your own mind up.

gerry

By: Jerry

Jerry — Fri, 29 Feb 2008 05:13:40 +0000

Hi Trent,
Great review. I do agree with your comments about the examples. However, the ideas are good. RDPD is more an inspirational book than a how to book, and we must forgive him for that.
The guy created a publishing empire doing what he preaches and I respect him for that. The other important aspect of the book, that I think you only gloss about, is that is trying to teach people that the old way of thinking (I go to work, I am middle class, I have a nice pension, I leave a house for my kids, I die) will not cut it anymore in the next 20 years.
1. Most unskilled jobs will put you not even close to middle class anymore. You need to learn new skills or be outsourced. I am not saying it is fair, but it is the way the American society is going, so warning people about it, seems to me a good thing to do.
2. Most companies do not provide pensions any longer. Instead, you have 401Ks, in which your employer tells you “I am going to match your contribution if you invest in my company, or some other company”. So having people who never thought about these issues to start thinking is a good thing as well.
If you can take two valuable lessons from a 20 dollar book, I think you made a good deal. A better deal yet is to get the book from your library. That way you keep the asset (what you learned) and the cash.
Thanks again for a great article!

By: Orlando

Orlando — Tue, 29 Jan 2008 00:23:18 +0000

The book isn’t for everyone, just like sky diving isn’t for everyone.

I could spend all day talking about why it’s awesome to jump off a plane…and someone else could spend the whole day talking about why it’s stupid to jump of a plane.

Different mindsets.

If you tell the sky diver ‘but…you could die!’
the sky diver will tell you ‘well…there is risk, yes, but it’s calculated. Plus, there’s safety messures, a lot of people have donne it, and it just feels sooooo damn good’.

Different mindsets. These two people just wont understand each other. Neither of them is right nor wrong. It’s just different mindsets.

If you didn’t like Kiyosaki’s book, there’s a lot of books out there that talk about ‘Keep your job, spend low, and save a little bit on every pay check for 20 years’. Some people wont like it, some people will.

Is not right nor wrong…it’s just different mentalities. Different tastes. Different views.
Different paths…different results.

- Orlando.

By: Personal Checks Unlimited

Personal Checks Unlimited — Tue, 08 Jan 2008 00:52:13 +0000

I agree with Wendy’s comments. Everyone obviously has a different lifestyle goal. I think Kiyosaki is just at the “extreme freedom” end of the spectrum. To some this may sound offensive because it seems to contradict a mindset that may have more of a financial security focus. I believe his books really are written more for those who want no strings attached way of living and are willing to take the “risks” to have it.

-Alan