Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

It's a very pretentious book but it deliver the mindset of someone ready to learn any education, in order to become rich, not so much the honorable rich. But the kind of rich that only thinks about money as their end goal in life.

I believe there's the good nature people that become rich like Mr beast. Who don't think about money as their end goal, and somehow become extremely rich. And then there's Kyosaki, who thinks like a blue collar conglomerate, very self centered and shames his poor Dad while prasing his rich Dad. The book in and of itself left me with a resolute understanding of the fact that to become rich you don't need a special secret but just give out great value to the world.

3/30/22. Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kiyosaki

Why I picked this book up: Since downloading TikTok and watching people make money on the internet learning the importance of multi-sources of income and an add for this book I excitedly picked it up.

Thoughts: Overall I really enjoyed this book. I used to get paid well, I always worked, put money away, paid bills, had fun but never really learned how to use money as a resource to help build wealth. This book was fun to read, he learned from childhood about money from different perspectives, what to do with money and how to utilize finances. I now see it is possible, wish I learned earlier and want to pass show more this knowledge onto my children.

Why I finished this read: I took this as a self help book and found it useful, enjoyable and relatable to my life.

Stars rating: 4.5/5 stars. I can learn more about this. show less

I have long heard of the author and of the Rich Dad Poor Dad series but have only just finally read it and so glad that I did. He presents compelling arguments on how the wealthy obtain their wealth, and makes you rethink the goals of money and financial gain. He takes the mathematics, and makes it simple however to change behaviours is very difficult. The book is best suited for the younger generation, but its ideas and concepts are not out of reach for an educated individual. Simply keep an open mind and you will realize that most of what he says is spot on. I am not in agreement and going to say that everything he believes is right but then I don't think that everything people believe is right, including me. Having an open mind and show more not being steadfast is in my opinion what I think everyone needs in order to be successful. People who are not amiable and able to adapt to the ever growing ideas and concepts of others than you will be left behind because it shows they do not listen. Beliefs and thoughts are what make us human and there is more and more research that supports those ideas. If we are all human, and have the same physiological wiring, I see no reason why we cannot all be wealthy beyond our own believes. Kudo’s on a well written book! I plan on reading it again. show less

Mil veces empezado y nunca terminado, este libro al final vale la pena. Los consejos concretos que da (cómprate una casa y cuando suba de precio la vendes y compras otra más grande y así sucesivamente mientras los alquileres te van pagando la hipoteca) no necesariamente son recomendables, pero el concepto de "la carrera de la rata" y varios otros son poderosos y útiles para cambiar nuestra manera de pensar sobre el dinero. Lectura interesante, aunque a veces roce el pasteleo, el buenismo e incluso la ilegalidad (al hablar de crear empresas para evadir impuestos) y otros fallos achacables en general a los libros de autoayuda. Aun así recomendable.

I read two older financial books while stuck in long delays on Christmas travel, and thus I confess to possibly merging the two in my mind.

After trudging through The Millionaire Next Door, I started Rich Dad, Poor Dad and what a contrast. In MND, the authors pointed out many people with expensive cars are not truly wealthy, but in RDPD, here we have the author flaunting his Porsche (several of them, it would seem). Whereas the first book had detailed statistics, the second book was an autobiography of sorts.

There are a few quality points in this book. I particularly liked his statement to "buy assets that are assets, not assets that are liabilities," as my book collection (a middling asset, accounting-wise) is not actually making me any show more money, and will be a pain in the neck to move should that happen in the next few years. (Of course, he's really talking about a residential house; he made -- and has lost -- his fortune in commercial real estate.) He's also not wrong in pointing out how important selling -- your product, or yourself -- is in today's world. I emphatically agree that, in order to know more about a topic, one needs to continually educate himself or herself, although perhaps not to the extreme that Kiyosaki has done (he joined the military to learn leadership skills).

Yet, in reading this, I just couldn't shake the feeling that any minute he was going to say that his master plan was available now for a low, low price of only $99.99, but only if you act now. (Indeed, there are day- and week-long seminars available, but those appear to be farmed out to another company.) The odd fables he scatters through the chapters weren't entirely easy to decipher, and some sounded just like a big hustle.

Moreover, I just felt like I didn't like the guy, just from his writing. He wasn't particularly kind to his biological father; each time the "poor dad" was mentioned, it was just short of sneering. (The father died in the 1990s, about a decade before the book was published. I wonder if Kiyosaki would have published the same stories were his father alive.) He clearly doesn't care what anyone else thinks; he's found his own way and his wealth has made him happy.

Personally, I'd recommend reading any other finance book before this one. Once you've got some of the basics down, and have some "careless" money freed up, you can then read this to get some contrarian pointers.

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LT Haiku:

"How I got rich" is
the book's main theme, with folk-y
stories to prove points. show less

I understand this book opened a lot of people's eyes to their personal hamster wheel and the need to make a plan for financial independence. Good for them! This book remains a dangerous and misleading financial text whose errors and sales pitches vastly outweigh its moments of clarity. There are many better books about building wealth that won't slippery-slope you into chucking your life savings into real estate seminars and debt-based business deals. Start here: If You Can

I made a twitter thread while reading the book here if you want examples of the book's lesser moments.

There are a few interesting and useful ideas in here, if you can get past all the pull-yourself-up-by-your-bootstraps waffle. (And much of the book really is repetitive waffle.)

The point that in practical terms "assets put money in your pocket; liabilities take money out of your pocket" seems a very important one. Thus, the house you live in is a liability (you pay the mortgage, maintenance, property tax, etc) while the house you rent out is an asset (you gain rent). Not that owning your own house is therefore a bad thing, but it's not putting money in your pocket so if your goal is to get rich then buying a bigger one isn't going to forward your goal.

But it's hard to get past the fact that it would have been better titled "Rich Dad, show more Average-income Dad". Occasionally the author acknowledges that people who are really poor can't choose to save money; but ultimately the book is aimed at the kind of person who's got a secure job, would be perfectly comfortable if they didn't keep trying to keep up with the Joneses, but wants to know how to get rich so they could keep up with the Joneses after all. show less