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Rich Dad, Poor Dad

M

MrsBugi

Platinum Member
Have you read it? If so, what did you think - agree/disagree, did it help improve or alter your investing habits at all?

I realize it's been in the NY Time's best seller list for 5+ years running now, but have recently been overwhelmed with recommendations to purchase and pore through it. I saw a PBS special with the author last night, and it seems interesting.
 
I read it, it's worth a read If you're looking to get a basic understanding of wealth building if you haven't studied it in the past.

The reason why it has been such a great seller is because Kiyosaki does an excellent job telling a story around the principles...

Worth a read.
 
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
 
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...

Yes the book is largely pro-real estate...

Seeing as the market appreciation has reached it's is definitely cooling down you might to take his assertations regarding the tremdous wealth building power of real estate with a grain of salt.
 
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...

Not explicitly. He pushes leveraged real estate. He talks about how he bought a condo by paying the down payment with a credit card and how his friends made fun of him for it. And then X months later he gloated how he made a gazillion percent by selling it. The guy's a moron. People should not be "investing" in levered real estate without due diligence, and his book has no DD or any intelligible instructions on how to go about doing it.

Right now he's pushing oil and commodity futures. Couple years he was pushing equity derivatives. He's a dangerous man in my book. The only thing people should get out of his book is something you already know - save money and don't spend it on stupid shvt.
 
Originally posted by: JS80
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...

Not explicitly. He pushes leveraged real estate. He talks about how he bought a condo by paying the down payment with a credit card and how his friends made fun of him for it. And then X months later he gloated how he made a gazillion percent by selling it. The guy's a moron. People should not be "investing" in levered real estate without due diligence, and his book has no DD or any intelligible instructions on how to go about doing it.

Right now he's pushing oil and commodity futures. Couple years he was pushing equity derivatives. He's a dangerous man in my book. The only thing people should get out of his book is something you already know - save money and don't spend it on stupid shvt.
Click to expand...

Well put.
 
Originally posted by: JS80
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...

Not explicitly. He pushes leveraged real estate. He talks about how he bought a condo by paying the down payment with a credit card and how his friends made fun of him for it. And then X months later he gloated how he made a gazillion percent by selling it. The guy's a moron. People should not be "investing" in levered real estate without due diligence, and his book has no DD or any intelligible instructions on how to go about doing it.

Right now he's pushing oil and commodity futures. Couple years he was pushing equity futures. He's a dangerous man in my book. The only thing people should get out of his book is something you already know - save money and don't spend it on stupid shvt.
Click to expand...

I did find it unsettling during the PBS special that he boasted of his and his wife's own accomplishments and success and encouraged others to do the same - but didn't go into exact details about how to go about doing so without being duped.

I am not seeking a "guaranteed step-by-step way to get rich quick" scheme, but it was disconcerting that he did more talking about his own achievements than how to help others increase their financial knowledge.

Is the book still worth a read if I disregard the pro-real estate messages he writes about?
 
Originally posted by: MrsBugi
Originally posted by: JS80
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...

Not explicitly. He pushes leveraged real estate. He talks about how he bought a condo by paying the down payment with a credit card and how his friends made fun of him for it. And then X months later he gloated how he made a gazillion percent by selling it. The guy's a moron. People should not be "investing" in levered real estate without due diligence, and his book has no DD or any intelligible instructions on how to go about doing it.

Right now he's pushing oil and commodity futures. Couple years he was pushing equity futures. He's a dangerous man in my book. The only thing people should get out of his book is something you already know - save money and don't spend it on stupid shvt.
Click to expand...

I did find it unsettling during the PBS special that he boasted of his and his wife's own accomplishments and success and encouraged others to do the same - but didn't go into exact details about how to go about doing so without being duped.

I am not seeking a "guaranteed step-by-step way to get rich quick" scheme, but it was disconcerting that he did more talking about his own achievements than how to help others increase their financial knowledge.

Is the book still worth a read if I disregard the pro-real estate messages he writes about?
Click to expand...

It's worth a read IMO.
 
Originally posted by: JS80
Originally posted by: Feldenak
It's a decent book. I got it as a gift, and while it is full of what should be common sense, it is helpful.
Click to expand...


first hit on google: kiyosaki fraud
Click to expand...

I'm going to read through that before I purchase - thank you for the link. I wonder if there are comparable stories attributing Kiyosaki's tips to their success.
 
Originally posted by: MrsBugi
Originally posted by: JS80
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...

Not explicitly. He pushes leveraged real estate. He talks about how he bought a condo by paying the down payment with a credit card and how his friends made fun of him for it. And then X months later he gloated how he made a gazillion percent by selling it. The guy's a moron. People should not be "investing" in levered real estate without due diligence, and his book has no DD or any intelligible instructions on how to go about doing it.

Right now he's pushing oil and commodity futures. Couple years he was pushing equity futures. He's a dangerous man in my book. The only thing people should get out of his book is something you already know - save money and don't spend it on stupid shvt.
Click to expand...

I did find it unsettling during the PBS special that he boasted of his and his wife's own accomplishments and success and encouraged others to do the same - but didn't go into exact details about how to go about doing so without being duped.

I am not seeking a "guaranteed step-by-step way to get rich quick" scheme, but it was disconcerting that he did more talking about his own achievements than how to help others increase their financial knowledge.

Is the book still worth a read if I disregard the pro-real estate messages he writes about?
Click to expand...

If you want "entertainment" or good story telling, then read it. Don't expect to come to an epiphany on how to become a millionaire by age 35.
 
The book has been exposed as being largely fiction, & some of his advice is of dubious value (to say the least). I once read a short article of his that basically suggested that having money (specifically in the form of gold) attracted money, and that you could stimulate income simply by hoarding gold.

:roll:

The guy is a nut-job, stick with the original.

Millionaire Next Door

Viper GTS
 
Listened to the audio book and a few more of his audio book series.

I think he got quite a bit of good ideas about how you should run your businesses: make money when you buy the deal or invest (instead of waiting for it to appreciate), use good debt to make money and leverage, keep trying when you fail, look at passive income, etc.

What I do not agree with him is his idea of multi-level marketting being good, value salesmanship more than technical advantage (despite both being important), and the whole bunch of con artists lurking on his forums. I wouldn't trust everything he said, but if you take it with a few other good books like The Art of War, Only the Paranoid Survive, The Mythical Man Month, etc, it is pretty good.

BTW, his recent post on his website clearly state that the real estate is overheated and people start leaving real estate (and currency) and he now suggest Gold. WTF is that? Can't he understand gold is just a currency and it is not an asset that generate income, so it will never grow faster than inflation in the long run?
 
Originally posted by: JS80
Originally posted by: Feldenak
It's a decent book. I got it as a gift, and while it is full of what should be common sense, it is helpful.
Click to expand...


first hit on google: kiyosaki fraud
Click to expand...

The fact that Kiyosaki was one of the more successful recent pledge break offerings also reveals that the PBS audience is nowhere near as bright as PBS would have us believe. Most people know that when something sounds too good to be true, it?s not true. Apparently, a significant percentage of PBS viewers are not smart enough to know that. And that situation sure as heck is not improved by PBS recommending Kiyosaki for their financial education.
Click to expand...

I guess the people who give money to the public broadcasting pledges are pretty stupid cause they take full advantage the free-rider/tradegy of the commons effect :laugh:
 
Originally posted by: MrsBugi
Originally posted by: JS80
Originally posted by: Feldenak
It's a decent book. I got it as a gift, and while it is full of what should be common sense, it is helpful.
Click to expand...


first hit on google: kiyosaki fraud
Click to expand...

I'm going to read through that before I purchase - thank you for the link. I wonder if there are comparable stories attributing Kiyosaki's tips to their success.
Click to expand...

I highly doubt. Look, real estate was a GREAT investment before 3 years ago. Rents covered mortgage payments and you got steady capital appreciation. But even back then when the book was out he says nothing about how to actually go about investing in real estate. He just talks mad shvt on his father and idolizes his friend's dad (rich dad) who didn't even go to college.

The guy is a fraudster who made his millions selling books. If he does have a real estate portfolio (public records show he doesn't) it's purchased with money he made from the book.
 
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...


First, I want to say that all these guys are business people out to make a buck. If they had a get-rich quick method that works ... why the hell would they share it with people? Anyone who has a system to get rich through real estate, investing, etc would be doing that instead of on television sharing the "secret" with the world.

Anyway, recently, Kiyosaki - the advocate for passive income through real estate has been moving away from real estate and into precious metals and oil and betting against the US dollar.

Is he right, who knows. Just read a lot and decide how risk adverse with your money/investments.
 
Originally posted by: JS80
The guy is a con artist. He makes most of his money by selling books.

first hit on google: kiyosaki fraud
Click to expand...

I read Reed's bio. This guy doesn't inspire me one way or the other with his little website. You have anybody more persuasive?

Kiyosaki is a salesman, that's easy to see. His book has some fairly good points and would be a good beginning investment book to read, but obviously if you want technical how-to you have to go somewhere else. Know that Kiyosaki's books are very basic and geared to filling the void in the public education system about handling money, and as such, fills a niche market.
 
Originally posted by: chowderhead
Originally posted by: MrsBugi
On the PBS special I watched, he recommended against mutual funds, stocks, savings accounts, and even 401k's. His wife was also on the program, and she boasted about how she owns multimillion dollar investments in real estate and retired by the age of 35. It appears they are both strongly pro-real estate/being an entrepreneur and anti-savings, does the book mirror this attitude?
Click to expand...


First, I want to say that all these guys are business people out to make a buck. If they had a get-rich quick method that works ... why the hell would they share it with people? Anyone who has a system to get rich through real estate, investing, etc would be doing that instead of on television sharing the "secret" with the world.
Click to expand...


Agreed. I'm about to do the same thing(write a book on how to make money a certain way) Usually by the time the author writes the book, the way to make money using that method is about to become oversaturated, and much harder to accomplish.

Kyosaki's book is a good read if the reader has a hard time grasping how to becaume wealthy, and the meaning of money. A lot of us never get taught how to really use money fo make money.
 
this guy is nut job, stay away.

he is a scam artist just wanting to sell FICTION books, he should be in the sci-fi section.
 
Originally posted by: gigapet
common sense live below you means and save and invest your extra cash. it will add up.
Click to expand...

exactly...I put all these guys in the Tom Vu,Anthony Robins category....its the books thats makin them all rich
 
Originally posted by: mrrman
Originally posted by: gigapet
common sense live below you means and save and invest your extra cash. it will add up.
Click to expand...
exactly...I put all these guys in the Tom Vu,Anthony Robins category....its the books thats makin them all rich
Click to expand...
Quoted for Correctness :thumbsup:

I read the book a few years ago... the only things worth reading are already common sense, and everything else is just worthless babbling showing how full of himself the guy is - including a few recommendations of things that are unethical and/or illegal. Totally worthless, IMHO.
 
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