Summary: Rich Dads Guide to Investing: Review and Analysis of Kiyosaki and Lechters Book
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What happens if that profession becomes redundant? Where will you be then? Get over your fear, cynicism, laziness, bad habits and arrogance. Fear of losing, rejection, lack of money. We learn by making mistakes. Make some! Stop being a cynic and ask wealthy people you know how they did it. Find role models. Read books. Look for new ideas. Go to seminars. Get off your butt and do something about your situation. Without a little greed, the desire to have something better, progress is not made.
Give generously. Teach others what you know as you will learn more also. Help others to have what you want as you will gain also. Give money to charity.
Smile at people. Help others gain contacts and sales. What you give will come back. Jan 27, Archit Ojha rated it it was amazing Shelves: ebooks , books-we-own. A wonderful book for anyone who wants to be an entrepreneur. Enlightening about assets and liabilities, the book provides real life examples and scenarios. A must read for the beginners.
Dec 19, Leslie rated it liked it Shelves: nonfiction , business. There were things that I liked and things that I disliked about this book. Not many Americans are in this tax bracket, certainly not the person that would be reading this book! For instance he states that "Our staggering national debt is due in large part to highly educated p There were things that I liked and things that I disliked about this book. For instance he states that "Our staggering national debt is due in large part to highly educated politicians and government officials making financial decisions with little or no training on the subject of money" p.
I do not believe that our politicians lack education or training on money. I believe it is because our politicians lust after greed and power and are not willing to live within a budget. In regards to spending they are only thinking of the present, not the future. He says that we should always be looking to learn something new because things are always changing.
You have to stay educated so you can recognize an new opportunity. He encourages the reader to take matters into their own hands and make money work for you instead of working for money , investing and wealth. Although he presents "examples". He encourages us to give to charities and to people with less.
He believes in the American dream. He challenges the socialist ideas and entitlement mood of the country. I understood a main theme to be get out there and help yourself instead of relying upon government and society. He discourages any spending that is trying to "keep up with the Jones". He discourages buying luxuries on credit. He doesn't say that luxuries are bad, just wait until you can save up and afford them.
I have heard many opinions of this book. They seem to be love or hate. I like the book. Overall I found it inspiring and encouraging. The book has made me want to be more proactive in managing and investing in my own finances instead of relying on and waiting for my husband to get the next raise. Oct 06, The other John rated it liked it Shelves: borrowed , curiosity. This very night your soul is required of you; and now who will own what you have prepared? This book is about "what the rich teach their kids about money that the poor and middle class do not.
In it Mr. Kiyosaki contrasts his own father--Poor Dad--who got a good education, worked hard, but never quite made it big, with the father of one of his friends, who was quite successful and took Mr. Kiyosaki under his wing. I was moved to read this book because, as I've been looking over my finances, I wonder if I might not have been doing things wrong. It turns out that I'm not totally off Mr. Kiyosaki's track.
By the grace of God I've been able to avoid major debt and I tend to avoid transient luxuries such as fancy cars and the latest electronic gadgets. Of course, my two year "vacation" overseas was hardly a wealth building choice. On the other hand, I'm too lazy to work hard and invest my finances responsibly. I'm content to stick my excess cash in the bank and forget about it.
So has the book changed me? I don't know. I don't need to be rich, but I sure do covet the financial independence that wealth can buy. Even while I recognize the wisdom that Mr. Kiyosaki offers, I couldn't really buy into his world view. I'm going to have to think about this some more before I make any lifestyle changes. Could I recommend this book?
Well, it was an enjoyable read despite the fact that I find finances boring.
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But I have two big reservations about it. The first that it was written about ten years ago, in a different financial climate. The second is that Mr. Kiyosaki has other books and materials for sale. I sometimes wonder if maybe the unspoken secret to financial success is to get a lot of people to buy your books and attend your seminars. Caveat emptor! Jan 30, Jocylynn rated it did not like it.
My father handed me this book two nights ago, and said something to the effect of "interesting read--not very informative, but not bad". After reading 36 out of pages, I've already gotten a grasp of the overall message make your money work for you.
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I've also become bored with it. I will admit freely that self-help books can be and are a legitimate help to many people. But the fact that Kiyosaki continues to make so much money off of a book full of relatively obvious "revelations" is off-putting to say the least. This book will sit on my bedside table a few more days for the sake of my father's dignity. But I'll be damned if I spend another spare moment reading it. Sep 05, Meutia added it Shelves: not-recommended.
This book is more a motivational book rather than personal finance book. It talks about general things that people knew already. Plus, after reading the analysis of this book by John Reed, I became increasingly skeptical about it: the author is making money out of writing this kind of book instead of through managing his own finances. You can read this book for leisure but it won't help much in managing your personal finance. And if possible, don't buy it, just borrow from local library. Persona This book is more a motivational book rather than personal finance book.
Personally i won't recommend buying this book to be used as reference or practical guide on personal finance, but if you need a little motivation and self-help guide, go ahead. Dec 04, Scott rated it it was ok Shelves: non-fic. Sixteen years ago I met some people who read this book and put its lessons into practice, getting out of the rat-race and into business for themselves, looking to move into the world of big deals and Kiyosaki-style financial freedom.
Now, over a decade and half later their lives have been transformed - their business has failed and they live in a van. That's not to say that there is no useful advice in Rich Dad, Poor Dad , but there' Sixteen years ago I met some people who read this book and put its lessons into practice, getting out of the rat-race and into business for themselves, looking to move into the world of big deals and Kiyosaki-style financial freedom.
That's not to say that there is no useful advice in Rich Dad, Poor Dad , but there's also some that seems pretty get-rich-quick, and I would read more widely if you really want to learn about investing, creating wealth and establishing a solid financial future. Feb 22, Amanda rated it it was ok. Interpretation: 2-stars is more like "meh". This book has been repeatedly referenced by authors I respect, and the curiosity got the better of me. Because I read the whole book, thinking there must be something salvageable somewhere.
However, I finished it disappointed. The author's greatest weakness is not that he doesn't understand money. He does well.
Rather, he gets on the cusp of cracking a code for his readers Edited down, this is what you need to know: Have assets, not liabilities. There are far better books available with simpler, straight-forward, steps to follow when building financial security. Bottom line: look elsewhere. Aug 06, Spencer rated it it was ok. This book shares the same fundamental problem that plagues most business how-to's like The E-Myth : terrible, corny writing. You would think smart, successful people like Kiyosaki and E-Myth 's Michael Gerber would be able to retain a decent ghost writer, but you'd be wrong.
As for the content, there are a few nuggets of wisdom here but the major revalations and practical guidance that the word of mouth for Rich Dad promised just never materialized. Here's the entire book in a nutshell, "When li This book shares the same fundamental problem that plagues most business how-to's like The E-Myth : terrible, corny writing. Here's the entire book in a nutshell, "When life give you lemons, make lemonade. Wow, what ideologically driven, poorly written, paternalistic rubbish!
The poor should take their paychecks, and buy some property! He also admits that McDonalds is the most popular fast food joint not because they sell a superior product, but because they have a superior business model.
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The lesson to be taken from this, I guess, is that business is not there to provide a better product than their competitor seemingly against his libertarian-best widget mythology , but rather, to simply run a business. Finally, some realism is injected into the fantasy. Kiyosaki fails to acknowledge of the role privilege plays in this libertarian game. But I will spare you. Not everyone can be wealthy, because, who would make the wealth?
There would be no workers for the wealthy to exploit to increase their own wealth, while patting themselves on the back for what a good rich person they are. This type of faulty logic and inability to accurately comprehend reality should give anyone pause. Especially if this is the type of person you are taking financial advice from. How many bankruptcies has that guy had? Here is a good review about this fraud himself May 31, Dr Osama rated it liked it. The book seems interesting from the beginning e. There are good points in the book e. However, the author seems to see money and being rich as an ultimate goal in life for people.
In reality it's really complicated to understand t The book seems interesting from the beginning e.
In reality it's really complicated to understand the relationship between money and happiness. I'm not finished yet with the book so still not sure about the message which the author try to deliver. We only memorise historical dates and names, not the lesson" page Money without financial intelligence is money soon gone" 'Wealth is a person's ability to survive so many number of days forward - or, if I stopped working today, how long could I survive? Yet the one thing that holds all of us back is some degree of self doubt, ' Yet if you look at the way humans are designed to learn, we learn by making mistakes.
We learn to walk by falling down. Our world progresses because we all desire a better life'. Yousif Al Zeera I agree. Dec 29, PM. Aug 08, Girish rated it really liked it. Way back, when I was in college, one of my teachers recommended this book to me as a must read before I started earning. Characteristic of a college student, I ignored it completely. Wish I had read this way back! Needless to say, when I finished it, I recommended it to everyone I cared about. This book is like a must read for Financial literacy not education - what is not taught in school nor the social set-up.
Using anecdotes and simplified explanations, the author drives home the point of h Way back, when I was in college, one of my teachers recommended this book to me as a must read before I started earning. Using anecdotes and simplified explanations, the author drives home the point of how becoming rich is a choice and how money can work for you. Using the two polar opposite viewpoints of Rich Dad and Poor Dad, the author explains his understanding of how to develop a healthy attitude towards money which is basically a concept and getting rich is a lot more mindset change and self control than opportuities.
The leasons were hard hitting and you feel a bit restless of what the book is doing to you.
Rich Dad Poor Dad (Book Review) - Words | Bartleby
A must read! May 26, T. Inane, self-righteous congratulatory drivel best left to the rubbish heaps. Rich Dad, Poor Dad is easily one of the most insightful and useful books of our generation. In an ever changing economy it is important for people to have not just academic intelligence but financial intelligence in order to be successful. This book gives so much information that many people never learned in school, college or from their parents. This book teaches smart ways to invest and ways to make your money work for you instead of having to work for your money.
This book appeals to all types Rich Dad, Poor Dad is easily one of the most insightful and useful books of our generation. This book appeals to all types of people. Kiyosaki gives many examples of why people fail to succeed with their financing and how people can better themselves in the long run. He also presents all his information in a very simple and easy to understand way and there was never a time where I felt lost in what he was saying. Some of the down sides to this book are that he gives very few examples of the different ways you can invest.
Since the author is big into real estate most of his examples are based on things that he has done. However, real estate is not easy to get into and many people would not enjoy doing this kind of investing. Overall this book is a very good read and it is important that everyone read some kind of book, if not this one, that relates to financing in order to have a better future. I was oblivious to the information provided in this book but now that I know how real finances work I feel prepared to face my financial situation head on.
View all 3 comments. May 04, K. Shelves: self-development. After reading the book, I thought it would be nice to do that but it is easier said than done. How about the security of my home? How about if those boys do not take good care of the machine? How about if my daughter would like to use it? To some extent, I agree with what critics say about this book — that it almost has no concrete advice. On the other hand, the anecdotal lessons make this book easier to understand and like compared to investment books with all the business formulas and theories. First thing you notice is how it is written in a conversational manner.
It peaks your curiosity and then you just get sucked into it. Readers also enjoyed. Self Help. About Robert T. Robert T. He has now had at least a dozen books published. A partial list of his books is included below.
Rich Dad Poor Dad (Book Review)
Other books in the series. Rich Dad 1 - 10 of 13 books. This book shatters all these mindsets. An additional spin on this movie, which often makes the actors and directors work more difficult, the book became popular prior to the movie being created. Very often when books are in place prior to the movie, readers have visualizations of what the characters look like, how they will sound, etc.
The Help is categorized as a drama, and portrays excellent examples of race, social class. Back then love was seen as a perfect and pure concept. Cervantes did not agree with this and challenged and mocked it in his writings. Due to this type of thinking. The book has pages in total and I am currently on page The book is not hard to read, but the fact that it switches from different times and perspectives every chapter, which are not consistent or within a certain pattern occasionally makes it confusing.
This book is also different from the books I am used to reading, giving me a unique and interesting change in perspective. Aside from food, he additionally describes the emotional impact that living out of a dumpster can have on a person. He describes finding sad things such as "abandoned teddy bears, shredded wedding books, and pets lying in state. Rummaging causes. The essence of each character is:. The author compares his poor dad to the millions of fathers who encourage their sons to do well in school so they could get a good job with a good company.
Poor dad believed in the traditional principles of working hard, saving money, and not buying material things that one cannot afford. He believed that having a good job with a solid company is what one should aspire for; hence he expresses disappointment when his son leaves the employ of a large, reputable corporation. Poor dad looks to education as the passport to success.
He held a doctorate degree, went to Ivy League universities, but was always struggling financially. He believed he would never be a rich man and the author points out that this became a self-fulfilling prophecy. Poor dad was more interested in a good education than the subject of money.
The author points out that poor dad was preoccupied with things like job tenure and security, Social Security, vacation and sick leaves, company insurance and salary raises and promotions. The author felt that his poor dad was more interested in these factors rather than on the job itself. This is what the author calls being trapped in the Rat Race. His poor dad worked hard incessantly but somehow never made it ahead financially. The author wrote that it was when he was nine years old that he started realizing that his rich dad made much more sense than his poor dad.
Rich dad paid them very low wages deliberately so that would stir anger and a sense of injustice in them and eventually for them to realize that in order to get ahead, one must work for himself and not for others. It therefore kills initiative and promotes passivity. The author adds that while his poor dad invested time and effort in education, he did not have any knowledge on investing. According to the author, rich dad also nurtured the idea that taxes punished producers and rewarded the non-producers.
He was the type who encouraged money talk at the dinner table and was portrayed by the author as someone who learned to manage risk, instead of not taking risks. The author begins his book, Rich Dad, Poor Dad, by saying that he is fortunate in having had two fathers.
He learned valuable lessons from both of them, but in Chapter One it becomes evident which father had the more sensible approach towards money. He attributes his financial acumen through the many conversations he carried out with his rich dad. The author takes a common sense approach to the subject of money and emphasizes the need for accounting knowledge so that the reader clearly understands what assets and liabilities are. He makes simple diagrams that show the inflow and outflow of money and how the rich build up the asset column and the poor build up the liability column expenses.
By using numerous examples and anecdotes, the author drives home his messages effectively, revealing his pro-capitalist stance. The author also shows his understanding of the mechanisms employed by the government and the tax man and concludes that it is the middle class that actually pay for the poor.
The rich are the ones who are hardly taxed because they have the knowledge to use tax legislation to their advantage. The story of Robert Kiyosaki and Mike starts in Hawaii, when both boys were a nine years old. Their first get-rich scheme was a counterfeit nickel making company. They made plaster molds of the nickels and melted lead toothpaste tubes and filled the molds to produce the nickels. Their plan was foiled by Mike's father, who informed the boys of their illegal activity.
He was able to achieve this by making the boys work in one of his grocery stores for three hours for ten cents an hour pay. Eventually, both boys tired of being under appreciated and unpaid and they met individually with Mike's father. In their meetings with rich dad, he apologized for lack of pay and he offered them either the moral of the lesson or a pay raise.
Both boys chose to learn the moral of the lesson, while rich dad offered them pay raises. He started at twenty-five cents, a dollar, two dollars, and even five dollars, which would have been considered a large amount of money for an hourly wage, but the boys still remained strong with their decision to learn the moral of the lesson. Out of all the lessons that were taught to the boys, this one was the most important.
Kiyosaki and Lechter The author tells his readers to forget the notion that life teaches. This chapter talks about people who are more comfortable in playing it safe because they were not taught early to take risks.