Anyone read "RichDad - PoorDad?

[asphaltgambler]

What did you think overall about the content?

[BGCarrera32]

The book is not a play by play of what to do with your finances and how to invest; Kiyosaki is often criticized as their aren't specific financial instructions in the book per say, and reviewers of the book often question if there really is a "Rich Dad" or if he's making it up, which isn't really the point anyway.

I found the book thought provoking. His lessons on what "assets" and "liabilities" truly are and what good debt vs. bad debt is makes the book worth the read in my opinion. His other books offer more depth and are pretty good, but in a way sort of rehash the same material.

Another good one is the "Millionaire Next Door" by Stanley and Danko, which is more of a research compilation into the doings/status/composition of millionaires.

#1 Vehicle driven by millionaires = Ford
and of that, 3 in 10 drive the F150

[legion]

If you have a good plan, you use it.

If you have a bad plan, you sell it.

[McLovin]

I've read both.

Rich Dad Poor Dad is IMO for the most part a "gimmick" that sells books. In a nutshell, he presumes great general conclusions, but that's about it. Yeah, it's better to be a small business owner with an awesomely profitable business, than it is to be a 2-bit employee somewhere. But anyone who has owned a small business knows that's easier said than done, and the bky courts are filled with small business owners.

Yeah, it's better to own great cash flowing investment properties than it is to not. But that is also easier said than done, take a look at all the apt complexes in foreclosure b/c they don't cash flow.

The conclusions are fairly obvious, it's getting there that is the difficult part, and IMO he doesn't really address any of that.

Millionaire Next Door is more interesting to me, but really can be summed up in one sentence: Most self made millionaires got there by having a good (although not nec. awesome) income, living below their means (spending less than they make) and saving.

[Rob Channell]

I did like his definitions of assets and liabilities.

asset - something that puts money into my pocket
liability - something that takes money out of my pocket

Other than that I agree with the above comments about lack of content and instruction in actually "getting there" and making it work for a business. I'd love to own my own business but most of the people I know that do so successfully only work a little over half days. (they get to pick which 12-14 hours each day they want to work).

[KevinP73]

Originally Posted by McLovin

I've read both.

Rich Dad Poor Dad is IMO for the most part a "gimmick" that sells books. In a nutshell, he presumes great general conclusions, but that's about it. Yeah, it's better to be a small business owner with an awesomely profitable business, than it is to be a 2-bit employee somewhere. But anyone who has owned a small business knows that's easier said than done, and the bky courts are filled with small business owners.

Yeah, it's better to own great cash flowing investment properties than it is to not. But that is also easier said than done, take a look at all the apt complexes in foreclosure b/c they don't cash flow.

The conclusions are fairly obvious, it's getting there that is the difficult part, and IMO he doesn't really address any of that.

Millionaire Next Door is more interesting to me, but really can be summed up in one sentence: Most self made millionaires got there by having a good (although not nec. awesome) income, living below their means (spending less than they make) and saving.

+1 RD/PD was really just a waste of time and money. MND at least gives a realistic look at a practicle method of improving ones finances.

[daepp]

+10 for Millionaire Next Door

[alf]

Wonder if his poor dad is in fact the millionaire next door and his rich dad the dude in bkc court at the end of the day...

[911Rob]

I've read all Kiyosaki's books and I liked them all. He does repeat himself alot through each book though, but I find it very inspiring.

I read RD/PD over 10 years ago and bought dozens of copies and gave them out. I quickly realized that it was only the tip of the ice berg, but a great start imo. Just like the movie "the Secret" is only a start, but a good one too.

Thing I remember about the book is the concept called "ifcome" and "income";
income you've earned and its banked; if come might come?
Dont spend your ifcome; especially if investing.

Kiyosaki's explanations of proper investments is excellent too; he's a student and teacher of the business. I really found his Conspiracy of the Rich good too; a new book about our new money. His Real Book on Real Estate is a must read too. It's 1+1=2 stuff, but without it you'll never do fractions or algebra.

As for Millionare next door; blah. Didn't do anything for me and yet everyone raved about it.
I choose to enjoy my life; everyday! Scrimping on pennies and such, not for me.

I'd recommend RD/PD to any young reader out there; it's a great start.
Then read all the books about sales and marketing you can get your hands on!!!
Life is sales

[Porsche-O-Phile]

I've read several of Kiyosaki's books including RD/PD - he makes some valid points but some poor ones as well.

As mentioned above, "Millionaire Next Door" is a lot more insightful and specific, even if it is considered "dated" by many. I tend to follow the advice of that one more.

The new situation in the markets has made a lot of Kiyosaki's advice irrelevant. It was much more pertinent in a bull economy - it is far less so in a bear economy.

[on2wheels52]

"most of the people I know that do so successfully only work a little over half days. (they get to pick which 12-14 hours each day they want to work)."

I do ok on 9 hour days; saturdays only 4.
Jim

[turbo6bar]

RD/PD was a decent intro into the mindset of being wealthy. If this book is the nexus of one's success, that is great, but IMO, you must grow beyond Kiyosaki's simplistist mantra. If you try to emulate the book, you'll have a hard time. You gotta find your niche and find balance between your dreams and reality.

Millionaire Next Door was a bit more to my liking, but still nothing revolutionary. That probably is due to my parents being the typical MND variety.

In short, I place less emphasis on the spoken word than actions. If you want to expand and grow, find successful people and learn from them. Then, grow your experience, boost your confidence, and find a path that matches your style and personality. Write your own book (figuratively) and leave the best-seller books for precious thinking time on the toilet.

[asphaltgambler]

I do get his point - for the most part - I thought the beginning of the book was overly self-indulgent where he was 9 years old - for all the stuff he's claimed to have accomplished he would have to be 80 by now

[126coupe]

Read both books, learned a lot. I love the part in RMPM where he questions financial planners. The first question you should ask a potential financial planners is, "How much of your income is passive?"

For what it is worth, I do not use FP's all my income is passive.

[MT930]

Originally Posted by McLovin

I've read both.

Rich Dad Poor Dad is IMO for the most part a "gimmick" that sells books. In a nutshell, he presumes great general conclusions, but that's about it. Yeah, it's better to be a small business owner with an awesomely profitable business, than it is to be a 2-bit employee somewhere. But anyone who has owned a small business knows that's easier said than done, and the bky courts are filled with small business owners.

Yeah, it's better to own great cash flowing investment properties than it is to not. But that is also easier said than done, take a look at all the apt complexes in foreclosure b/c they don't cash flow.

The conclusions are fairly obvious, it's getting there that is the difficult part, and IMO he doesn't really address any of that.

Millionaire Next Door is more interesting to me, but really can be summed up in one sentence: Most self made millionaires got there by having a good (although not nec. awesome) income, living below their means (spending less than they make) and saving.

Agree completely

The research profiles In Millionaire Next door of spenders, is spot on from my experience's

The largest wealth holders are often hard to spot in our culture.