Rich Dad Poor Dad by Robert T. Kiyosaki Review

Rich Dad Poor Dad Book Review

I left work today and it was pouring down rain.  As I pulled out of the parking lot and into the office park, traffic came to a stop.  As I crept along, I passed different roads that could have taken me to my final destination.  When traffic was good, I never took these roads because they were longer.  Now that traffic was bad, I was afraid to take an unknown path because I was unsure of the outcome.  Would it get me where I wanted to go faster or would it be a big mistake?  I followed my comfortable path because it was known and safe.  It would get me to my destination slowly but surely.  I may be a little late, but I would get there.

Does this sound like your investments?  If you want the courage to take a different route to arrive at your destination faster (financial independence, retirement, college savings, etc) then Rich Dad Poor Dad should be the next book you buy.

In the Book, Rich Dad Poor Dad, What the rich teach their kids about money that the poor and and the middle class do not, Robert Kiyosaki begins by telling the following story.  His family grew up on the edge of the poor part of town.  The district lines allowed him to go to the better school with the rich kids.  One day when he was nine years-old, he came home from school very sad.  One of his friends was going to his family’s beach house for the weekend and told him that he could not come because he was not rich.  He walked in the front door of their modest house and his dad was sitting in the recliner reading the newspaper.  Robert stood in the doorway and blurted out, “Dad, how do you make money?”  His Dad, a highly educated professional, put down his paper, looked at his son, but did not answer the question.  He did not know how to answer it.  Robert teamed up with his friend Mike, another poor kid, to figure out how to make money.  The two 9 year-old boys formed a partnership and went to work.  After failing in their first business venture, the two boys talked to Mike’s Dad, a budding entrepreneur.  Mike’s Dad took the two boys under his Rich Dad wing and began their education.

Rich Dad Poor Dad Review

Rich Dad Poor Dad is filled with many wonderful stories that teach real lessons.  In the story above, I left out most of the meat and potatoes because it is one of the most endearing stories in the book and you need to read it for yourself.

Who is Rich Dad Poor Dad For?

Robert Kiyosaki is a risk taker.  He has built his fortune buying and selling real estate and riskier stocks.   Are you ready to take more risk with your money to get a bigger payoff?  Do you desire to be they guy who puts together the big deal and reaps the financial reward?  If so, this book is for you.  Kiyosaki provides a structure for learning to be a bigger risk taker with your money.

What you will get out of the Rich Dad Poor Dad?

In Rich Dad Poor Dad, Kiyosaki walks you through story after story of his lessons in how to make money and what he has taught others.  The number one principle through out the book is that most people work for money, but the rich make money work for them.  For example, his first successful business venture with Mike was salvaging old comic books and opening a comic book library.  They charged their friends an entrance fee and in return his friends were able to read many more comic books then they could buy (I wonder where Netflix got their idea?)

In Rich Dad Poor Dad, Kiyosaki discusses making money using the following methods:

  • Rental Income
  • Flipping Properties
  • Tax Liens
  • Small Cap Stocks
  • Initial Public Offerings
  • Buying Businesses
  • Paying yourself first

The tone of the Rich Dad Poor Dad book is, “The rich are doing this.  Get over yourself and you can do this too.”  Growing up with a Rich Dad and a Poor Dad, Kiyosaki presents both sides of the coin.  While he chose to follow his Rich Dad, he still struggles with the dogma that his Poor Dad instilled in him.

Should I Read Rich Dad Poor Dad

Total Money Makeover By Dave Ramsey Receives a 5 Star Rating

There is a big difference between the approaches in the Total Money Makeover and Rich Dad Poor Dad.  Dave Ramsey is a play it safe kinds of guy.  Live like no other so you can live like no other is Ramsey’s tag line.  Robert Kiyosaki is a risk taker who says that the rich don’t work for money, instead they make their money work for them.  Ramsey believes in sacrificing everything so you can pay off of your debt.  Kiyosaki believes in sacrificing everything so you can buy assets that will make you money.

After reading Rich Dad Poor Dad I went to the www.richdad.com website and signed up for their email updates.  The title of my third and fourth were, “Savers and Losers,” and “Your House is Not an Asset.”  These titles alone should give you a sense of the Rich Dad Poor Dad financial philosophy.

 

Rich Dad Poor Dad Book’s Table of Contents

  1. Rich Dad Poor Dad
  2. Lesson 1 – The Rich Don’t Work For Money
  3. Lesson 2 – Why Teach Financial Literacy
  4. Lesson 3 – Mind Your Own Business
  5. Lesson 4 – The History of Taxes and The Power of Corporations
  6. Lesson 5 – The Rich Invent Money
  7. Lesson 6 – Work to Learn, Don’t Work To Earn
  8. Overcoming Obstacles
  9. Getting Started
  10. Still Want More
If you have read the Rich Dad Poor Dad by Robert Kiyosaki, let me know your thoughts in the Comments below.

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