It only took me two days to read Rich Dad, Poor Dad by Robert Kiyosaki & Sharon Lechter, as it is relatively short and an easy read. And Kiyosaki likes to say things over and over… and over. This supposedly non-fiction book deals with the conflicting teachings of his “Poor Dad”, his real educated paycheck-to-paycheck father, and his “Rich Dad”, a middle-school drop-out who is a millionaire. There are two basic themes that I got out of the book, after wading through the hokey stories:
1) People need to learn “financial literacy” more than book learning taught at school. I can agree that money matters are not taught in school nearly enough, but I’m certainly glad I went to ninth grade.
2) You should buy assets, not liabilities. Assets, such as real estate (especially real estate), stocks, and bonds, make you money. Liabilities, such as your house, car, gadgets, take away your money. This is probably the one thing to get out of this book, perhaps minus the real estate focus.
He includes very many vague stories about buying real estate properties for cheap with little or no money down and flipping them for great profits. Or investing in start-ups with great results. Many of these stories have been investigated with little proof found to support them. Overall, I see the book is more of an inspirational book on entrepreneurialism (is that a word?). Basically, try to think outside the box, and invest your money in something that grow instead of letting it sit in a bank account or spending it on that nice car. He just makes it sound way too easy to become a millionaire, just like any infomercial you see at 2am in the morning. Also, the book plugs expensive ‘get-rich’ seminars and his Cashflow game way too much.
Still, if the book gets your off your ass and thinking about making yourself some money, it’ll be worth the ten bucks and two days of reading during football commercials.
By Jonathan Ping | Book Reviews | 1/18/05, 7:25pm