Rich Dad, Poor Dad: What the Rich Teach Their Children About Money That the Poor and Middle Class Don't

First, most people focus on his inspiration and pointing out that you need to save money instead of spending it. To put it bluntly, "Duh." To be more constructive, there are much better books on this subject - for instance, "Your Money or Your Life." It's easy to spout platitudes about why you should save, but Kiyosaki doesn't tell you how.

Second, his real estate advice. Kiyosaki emphasizes making money in real estate, since it seems clear that is how he made his fortune. But he does a terrible job explaining that as well. People have lost fortunes in real estate; Donald Trump went from being a billionaire to losing most of his empire. It isn't easy. Kiyosaki himself says that winners learn from their failures; where are his failures?

Perhaps he should refer people to other books about real estate, but one of the books he recommends was written by a man who had a half-million dollars in tax liens filed against him and declared bankruptcy - all before "Rich Dad" was written. That isn't exactly the kind of advice I was looking for!

Third, experts in the fields he talks about generally agree that his advice is bad. A review by an experienced real estate professional is here: http://www.johntreed.com/Kiyosaki.html. His advice on making money via IPOs is completely wrong; you can't invest that little money so close to the IPO filing for such a large discount. It just isn't done that way.

Fourth, his emphasis on making money. I like money, don't get me wrong. Like most people reading this review, I'd like to be a millionaire. But, I think, there is an underlying current of meanness in Kiyosaki's book. The way his "rich dad" kept people waiting and intimidated them with his power, the way Kiyosaki himself resented being left out of the parties held by the "rich kids." It's disturbing.

Fifth, for all the talk about spending less, Kiyosaki clearly lives up the high life (or claims to.) Rolex watches (why?), Porsches (again, why?)... all these are types of liabilities, which he spends most of the book saying you should avoid. It's flash, which I think ties into his rejection as a 'poor' child, and also meant to impress the reader by letting them think that, someday, they too will be able to show off their wealth.

Most millionaire's aren't this way. "The Millionaire Next Door", which cannot be recommended highly enough, has interviews with real millionaires who live modestly - in fact, probably living on less than you are - and yet they accumulated their fortunes through hard work. (Real estate and owning your own business qualifies as hard work!) It is a much more educational book, but is also more inspiring to see people like yourself who did make it.

Summary: this book has some decent information in it (but there are better books), is inspirational at points (but inspirational books are a dime a dozen!), and didn't really do squat for me.


Financial Literacy 101   June 19, 2002
barry kaufman (Mishawaka, IN)
966 out of 1004 found this review helpful

Where do you learn about money? School? No! Too busy memerizing war dates. Parents? Possibly, but not likely.If you dislike this book you have probably bought into the Great American Lie of go to school, get a job and after 40 years you get a gold watch. And you are in rat race my friend.I have a gold watch already. It says to Barry Kaufman the greatest guy in the world from Barry Kaufman the greatest guy in the world. I didn't have to wait 40 years for mine or sell my soul to corporate America for a little cup of soup (called wages)I also suggest reading Who Stole the American Dream, Wave 4 and Turner, Turner, Turner: The King of Network Marketing.


How the rich become rich   May 26, 2003
Carl Matthews (Traveling The USA)
909 out of 1127 found this review helpful

Rich Dad Poor Dad has been around long enough now so that everyone should know it's the true story of Robert Kiyosaki's 2 fathers; one rich, one poor and how Kiyosaki developed financial literacy.

This book will tell you some things that you don't want to hear like a house is not an asset. That financial literacy is different from educational literacy. That your income is not your wealth. Investors are different from savers and so on.

Easy to understand why some people fail to understand the concepts taught by Robert Kiyosaki.

The real question is: How are doing financially? I mean really?
You can live in a big house, have 3 cars, a nice job and a big income, but if you are living on 125% of your income, you are still a poor person.

It's cash flow that determines your wealth. If you spend all you make, plus some, you are in a negative cash flow.

As Kiyosaki explains, "assets feed you, liabilites bleed you." Too many people have too many liabilities and too few assets.
Unfortunately, some people feel this is normal because everyone else does it as well. ENT!

401 (k) plans are savings plans according to Kiyosaki and nothing wrong with that as long as you understand that you have a savings plan. Never call these programs investments. Unfortunately, most people do. Investers get in and get out and understand the risk. Investors also make money whether the market goes up or goes down.

Savers since March 2000 look at their 401 (k), mutual fund statements, brokerage accounts which they mispronounce "investments" and all they see is red. Typical "Poor Dad" mentality.

Kiyosaki also enlightens on income vs expence ratio. The role that taxes plays on slowing wealth accumulation. "It's not what you make, it's what you keep" says Kiyosaki.

Rich Dad Poor Dad teaches you to act like, be like and think like a Rich person instead of a poor person.

13 years ago was the first time I recieved training from a truly rich person. This guys net worth was in excess of 1/4 of a billion dollars. I had the gall to tell this guy that his advice was interesting but my concern was that it did not coincide with with I had been taught by parents, relatives and other family members (Poor Dad mentality).

This man was kind, smiled and asked me politely and seriously; "How many of those people who taught you were rich?"

Good question and I got it right away. The fact is, no one in my family was rich. There were sincere and meant well, but not rich. This guy was. I wanted wealth, not just security.

Robert Kiyosaki is offering the same advice. If you want to be rich, listen to a rich person.

Rich Dad Poor Dad is a excellent book to get you started on the road to wealth. I highly recommend it.


Excellent book - ignore paid bashers   April 4, 2004
811 out of 853 found this review helpful

Rich Dad Poor Dad is a life changing book that is why this incredible book has been a best seller now for over 8 years and is still in the top 20 of all books being sold right now.

Kiyosaki will tell you some things you don't want to hear. He is controversial. So is Donald Trump. Rich people are always controversial, but who are the people that make Kiyosaki and others controversial? Certaintly it's not the wealthy. The wealthy agree with Kiysosaki becuase that is how they became rich.

Kiyosaki tells us that a house is not an asset. I have to admit that I had a problem with that one myself. I a lways felt that real estate was the one safe have out there and like most, was taught by parents and other early mentors that a house is an asset. Then I got a house and found out that Kiyosaki is absolutely right and so were my mentors. A house is not an asset for the buyers, people like you and me but it certaintly is an asset for the banks, real estate agents, insurance people, the local government who wack you with high city taxes and so on.

The biggest problem is that many people think that a big house is a symbol of wealth. It is a symbol of wealth to the bank. Most people tyupically take out 30 year mortgages. How much do you think banks make on that while you are paying for the equalivent of three house payments over time?

Conventional wisdom tells us to get a great education and you'll get a great job. Well it started in the Clinton era and has been escalating ever since---downsizing. People who spent tons of $$$ on a college education, invested years in their jobs being servants to their employers and for what, to be downsized?

And then there is the typical way that people invest. Conventional wisdom tries to tell us that we can't do it on oour own. We need brokers (so named because they make us broker with their advice) or other financial advice. Those who do try it on their own usually get bad advice and go to deep, deep discount brokers looking for the lowest commissions or on the other end pay fees for loaded mutual funds which are supposed to be better managed (HINT: They are not!)

Kiyosaki offers a newer, better, more effective way. Unfortunately like some others who have come before him, Kiyosaki has stepped on some toes, the very people who are using your ignorance for their bliss.

Rich Dad Poor Dad is a life changing book. It is highly recommend for anyone who really wants to survive the new millenium.

I highly recommend Rich Dad Poor Dad, Rich Dad's Guide to Investing and Rich Dad's Success Stories (prooves that Kiyosaki's naysayers are wrong as usual)

Good luck!


Take charge of your mind, take charge of your life!   July 19, 2002
Ted Daniels (Jacksonville, FL)
772 out of 912 found this review helpful

I really can't understand the negative reviews of this book. Here is a man who lost a fortune, came back and now is sharing his secrets. This book reminds me of a newer and much larger version of The Richest Man in Bablyon. Mr. Kiwosaki makes the book interesting with the story telling and it's fun to read as well as informative.The negative reviewers I suppose are the same people giving high reviews to those doom and gloom books that are coming out now enmasse and they probably spend most of their time watching the news and reading the newspapers and fil their minds with all of the rapes, murders, robberies and deaths. They are also probably unhappy with their lives and their boring jobs.I highly recommend Rich Dad, Poor Dad as well as Cash Flow Quadrant and Rich Dad's Guide to Investing. These books are urgently needed to nourish the minds of Americans who want more from life. But I guess Americans and readers all over the world allready know that because the books are still best sellers.Thank you Mr. Kiwosaki for sharing your knowledge. We needed this.