NF

3.5 stars. Interesting blend of anecdotes, weasel tactics and solid advice on personal finance. ( )

Information value: 7 / 10
Prose: 7
Content density: 2

I would strongly suggest reading a one-page summary of this book. It has more filler than anything I've encountered before. Rich Dad, Poor Dad is effectively unreadable.

The most important piece of advice in the book is that the rich create corporations to limit their tax exposure. ( )

I remember reading this book in middle school and being unimpressed. You won't learn anything in this book that you otherwise could learn in your high school economics class. Just knowing that you should maximize your assets, minimize your liabilities, increase your income, and decrease your expenses means you've read half the book already. If you know the difference between an income statement and a balance statement as well, you've basically read 3/4 of the book. He does briefly mention the *idea* of leveraging real estate and corporation deductions for taxes, but he doesn't delve deep (or even shallow) in either of them. I could potentially see the benefit of this book for someone who has absolutely no control over their finances, but even then there are much better alternatives out there. ( )

Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter is a book that came out in 1997 and focuses on the importance of financial literacy from an early age. Throughout the book, the author explains how a person can increase their wealth by investing in assets and by being smart with money ( )

Where: Ubud

A helpful read! ( )

A must read ( )

Great ( )

Otro de autoayuda barata ( )

student ( )

Reading Rich Dad, Poor Dad is an amazing investment of time. You get more returns than your investment the moment you start devouring page after page of this book. For the beginners who desire to achieve economic prosperity, Kiyosaki offers workable insights based on real life experiences. It teaches us ideas about applied economics that should have been taught to us in schools or at home. The principles of financial literacy- Accounting, Investing, Understanding markets and relevant laws are explained in a way that even a layman can fully relate to them. The author emphasizes the importance of sound finances for a better meaningful life. He argues that while one may be academic genius, a topper, a gold medalist, there is every possibility of ending up as a failure without financial know-how. The book teaches the difference between assets and liabilities in a way we never imagined. The author says that while the rich invest in assets and let money work for them, the middle class invests in liabilities naively considering them as assets and work for money. For example, expensive house/car is a liability for rich and an asset for the poor. The rich take risk, but the poor always play safe when it comes to investment and returns. The rich create assets to pay their expenses, the poor balance income and expenses without ever pondering about it. The difference, the author says lies in thinking. "If you have to invest in something, invest in financial literacy", the author asserts. It is lack of financial literacy that middle class salaried people think Mutual funds as a safe option for investment, reposing more faith in the fund manager than their own understanding of finances. All this, the author mentions, was taught to him by his rich dad, a man whom he met in childhood. The Poor Dad tells him "I can't afford it", while as Rich Dad teaches him "How I can afford it." This difference of mindset between the two Dads emerges from an understanding of finances. He expects his experiences will help others in arriving at better financial decisions.

However, i would like to add that after reading this book, i also read The Richest Man in Babylon by George S. Clason. First of all, Clason's book is a masterpiece. I don't know why people who suggest things like 'five books you must read before you die' never bother to mention Clason's book. You can't compare Clason with any other author on the same subject when it comes to language, expression, thought and message. Infact, after reading Clason, i thought for a moment that Rich Dad Poor Dad is inspired to a great extent by the theme of the Clason classic.
I would suggest reading this book.

Thank you. ( )

The overarching theme of Rich Dad Poor Dad is how to use money as a tool for wealth development.

Great for thinking about money differently. There is no formula because it there was one, we'd all be rich and wouldn't need his book. This is a fantastic read for those looking into finance and investing, but also great for anyone trying to understand money and learn various perspectives about increasing wealth.

I enjoyed it so much that I bought the whole series. Very easy to read no matter how much/little you understand about finance.

My favorite part was the reflection questions at the end of each study guide; they really get you thinking about your view towards money and help you see where you could be improving when making financial decisions.
my family found this helpful.

good book ( )

This is the book that originally got me into reading so it will always have a special place in my heart.

A financial book that is different than most I have read. Kiyosaki believes in the power learning other strategies than what many of us have learned. If you are a Dave Ramsey disciple this book probably is not for you. ( )

Real estate is the way to make money and not with your money. This is a good guide to learn from alright it could be made a few pages shorter. He repeated . ( )

Don't associate with the poors lol. Passive income = best income. That's it. That's the book. ( )

Decent books to read - I've heard so much about how great a book this is to read. Truth be told, I didn't really find it all that fantastic a book. Perhaps because it was written in 1997 and right now it's 2020. :( I would rate this as 3.5/5)

While I would recommend that everyone reads this book once, don't get your hopes too high on what you will achieve by reading it. For instant, Robert talks about purchasing real estate (by making a down payment) and then selling it off to the next buyer even before you've paid for the house in full - that's not really an easy thing to do or try, because with a house there is a lot of stamp-duty and red tapism that needs to be complete before you get possession of it. It would be easier and make more sense to start an online business (buy from Alibaba, dropshipping, sell on Amazon, flipping websites, stock market, Travel blogger etc). Now although this is not as profitable as real estate, you'd probably agree that these online options are more doable than real estate. That being said, you should always keep it in the back of your mind that a house for investment is a great way to get cash flowing in, rather than buying a house.


Few points that I would definitely agree on with Robert:

-We all lack financial education However, there is no mention of what entails this education - it is earning about balance sheets, or income statements or is it understanding what is the % of promoter holding or why is a REIT better than a mutual fund? I had to just keep guessing on these... He fails to give any concrete goals or objectives (like for ex - 'you should try and understand which companies have a strong free cash flow and how this positively impacts the profits' or ensure that a company is growing it's YoY revenue by at least 20%)

-The middle class buy liabilities thinking they are assets - ABSOLUTELY TRUE. Most of us spend on office parties and iPhones and Macbooks, when we could have invested that money into the share market. But then again, what isn't mentioned in the book is how we ourselves define what is considered an asset vs a liability. For instance a Macbook for a school teacher is a liability (and he should invest that money into the sharemarket instead as then it's an asset) whereas for a graphic / annimation designer a high end MacBook is an asset since it's configuration would save the designers time and effort (but he'd be poorer than the schoolteacher since he has lost an opportunity to invest this money, right? So is that still an asset or is it a liability now?).

I'm reminded of a story where a guy said that if his uncle had put the Rs 3 lakh, which he spent on purchasing a a Maruti car in 1998, into the market instead rather- then in 2018 his investment could have compounded 20x-30x whereas the car simply depreciated & lost value (or was probably already sold off). But what is not mentioned in this story is the numerous trips or vacations he could have taken with his family in the car or picking up his daughter from school or how much easier and time saving driving would have been rather than take the public transport. All these are only possible due to the car, not the investment

( )

It's a nice sort of inspiration.
You don't go expecting big revelations here. It's rather simple really.
If you read, be prepared to keep your mind open. There's just common sense - which doesn't seem quite so common anymore.
I can see why there would be a lot of hype about this book. It does count among best-sellers and top-score guides to self-perfection.
Just don't be too harsh judging. ( )

Fantastic financial advice. ( )

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 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. ( )

Quick read and easy to understand. Explains the need for everyone to have financial literacy and how most of us work for money (being in the rat race of go to college, get a job, buy a house, acquire debt, die poor) instead of our money working for us. Biggest thing I learned: A house is not an asset but a liability. Not that I needed him to tell me that after 3 years of owning a home. What I would have liked to learn more about: explanations of his thoughts on investments as a way to get richer and more info on his considerations of assets. ( )

Just reread this. Even better the second time. ( )