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Rich Dad, Poor Dad by Robert T. Kiyosaki

Rich Dad, Poor Dad (1997)

by Robert T. Kiyosaki, Sharon L. Lechter

Other authors: See the other authors section.

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5,410981,233 (3.6)27
Recently added byMike_Rose, driftwork, Tula2, private library, J.Boekie, JoshBulzan, John_T_Stewart, codylee13
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    Financial Peace Revisited by Dave Ramsey (fulner)
    fulner: I really feel like Ramsey and Kiyosaki's works compliment each other. Kiyosaki's is actually more challenging and has more intellectual reasons of HOW and WHY things work, while Ramsey is more nuts and bolts "do this or you are screwed" and works on them heart strings. Get both, and stay out of debt.… (more)
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2014 (7)

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Showing 1-5 of 88 (next | show all)
One of the best books I have ever read as it tells about the thinking of rich people and poor people. ( )
  Shashankhegde | Apr 8, 2019 |
Robert T. Kiyosaki's book "Rich Dad Poor Dad" is a mean book, in which the author talks of his TWO Dads - one who is his biological father, who raises and cares for him, and puts a roof over his head...and the other who is his friend's dad, who is financially rich. It's fairly obvious throughout the book that Kiyosaki hated his real, college professor father and instead idolized a complete stranger, simply because he had money.

The book itself is kindling at best, and at worst dangerous if taken seriously. Long story short, Robert's way to get rich is real estate. Robert talks a big game with fancy business dealings, but at the end of the day, it's all about flipping property, like every other person alive knows. I'm not sure if Kiyosaki's aware of this, but that behavior by a large number of people is what helped cause the Great Recession a decade ago. Everyone cannot be rich. It's a zero-sum game.

The other point of the book is to sell the reader on more Kiyosaki nonsense, such as his "Cashflow" boardgame and more importantly, his extremely expensive seminars. I would say as a reader who was interested in possibly investing/playing with the stock market before reading this book (which is recommended everywhere!...which means there's some paid editorial shenanigans going on), I immediately smelled something in the first few chapters.

You see, Kiyosaki claims to have had this detailed, long-term, ultra-useful mentor/student relationship with some highly successful Hawaiian plantation owner (think it was bananas or something) in the 50s/60s...and even at the age of 9 he was working in stores and putting these detailed conversations in his memory for retrieval decades later. That's the only way to explain the detailed dialog on nearly every page about his early life. How many detailed conversations so you remember from age 9? Suspicious about 9-yr old Robert's memory, I looked into this further...and apparently the "Rich Dad" mentioned repeatedly has never been proven to exist...and even worse, there's no record of Robert being successful or even rich at all before(!!!) his self-published Rich Dad, Poor Dad book went big. In short, he's a fabulist.

Regarding the awful content of his book, just look at some of these blurbs taken from the last third of it (thankfully, the version I read had study sections, which could be skipped, thereby reducing the overall page count from ~350 to about 225).

"Often I recommend joining a network-marketing company, also called multilevel marketing." (pg. 228)
"Only a person's doubts keep them poor.As I said, getting out of the Rat Race was technically easy." (pg. 258)
"Today, I often say, how would Donald Trump do this..." (pg. 284)
"WARNING: Don't listen to poor or frightened people." (pg. 286)
"It's all 'insider trading.' There are forms of insider trading that are illegal and there are forms of insider trading that are legal." (pg. 287)
"That is why, on a fairly regular basis, I make more in a day than many people will make in a lifetime." (pg. 289)
"...like when I bought the vacant land for $9,000 and sold it immediately for $25,000 so I could buy my Porsche quicker." (pg. 296)
"I also have heroes such as Donald Trump..." (pg. 304)
"Never specify who the business partner is. Most people don't know that my partner is my cat." (pg. 326)
"A neighbor bought a condominium for $100,000. I bought the identical condo next door for $50,000." (pg. 327)
"I occasionally hear someone say, "Youur educational games are expensive." (pg. 343)
"Spend it foolishly, and you choose to be poor." (pg. 345)

This is one of the worst books I have ever read because all it does is trick readers into thinking they can get rich too, and that house flipping is the best way to do it. The truth is Kiyosaki is a con-man (who pretends to be rich), makes up "business partners" and likely every other person and situation he mentions, and writes a book acting like he's successful...when in reality, his only business endeavor that held water ever so briefly was a failed surf wallet company in the late 70s. He was never rich before writing a glorified self-help book, and his words should not be absorbed. ( )
  scottcc | Feb 1, 2019 |
The book Rich Dad Poor Dad the book talks about the authors rich dad and poor dad. Before we get in the book his rich dad isn't really his dad he just calls him that since he teaches him about money; his poor dad is his real dad because, he gives him bad advice on money.

The book starts off with Robert seeing that a kid at his school had a party but the kid only invited the rich kids. When Robert arrived home he asked his dad how could he be rich. The dad looks at him and says you have to keep working and you should start off working at a early age instead of waiting until your 18 to get a job because, if you wait until your 18 you will not be prepared when you live by yourself. It states when the teenagers become adults they have a lot of mail which says get a credit card today. Since the kids never had a job or any money they will get a credit card and max it out. Credit cards can mess up your life by making you go into serious debt. Also it states you shouldn't give kids allowances you should make them actually work for their money since it gives them feel for the real world. You should never have more liabilities then assets because, you want assets to overpower your liabilities. Robert finally figures that even if you have a high GPA doesn't automatically make you rich. He makes that theory since the schools don't talk about credit cards.

In the adult portion in the book it talks about how you spend money on your kids when you don't even have to. If you have no money and your kids are hungry don't go and just use your credit card so that you could please your kids just go home and make them something else. The main reasons most people are in debt is wants, and college. Now that you paid your debt off if you don't got any kids the key to making money is to keep working but, you don't just keep working you need an emergency account and a savings account. You should at least put 25% of your money per month into the emergency account and with the savings, all the money that you had left over goes into your savings account. If you have kids you want to put 20% in the emergency fund, 25% into savings and 20% into college fund. You shouldn't want your kid to have everything because, that will start to make him/she lazy and keep asking you for money instead of working where they should be at the age of 16. If your kid is 18 and living with you and not working or looking for a job you should kick them out since they are adults. By investing into stocks you will get more money for an example if you buy stocks into apple if the sales go up you want to sell that stock so that you could get more money then you invested in and wait for it to lower so you could invest in it and get more and more money. ( )
  AsaJ.G3 | Jan 12, 2019 |
** spoiler alert ** Really loved the smooth flow of the book and explanatory nature, although a lot of emphasis is on two things either starting a business or entering into real estate, which everyone may not want to do. Also immensely liked the world view that 4 months out of 12 we work for government and rest for ourselves. Really powerful insights. ( )
  Varun.Sayal | Nov 15, 2018 |
Total though changing writing. ( )
  siddharthabayye | Aug 29, 2018 |
Showing 1-5 of 88 (next | show all)
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» Add other authors (2 possible)

Author nameRoleType of authorWork?Status
Robert T. Kiyosakiprimary authorall editionscalculated
Lechter, Sharon L.main authorall editionsconfirmed
Hoye, StephenNarratormain authorsome editionsconfirmed
Biseth, DagTranslatorsecondary authorsome editionsconfirmed
Meskó, KrisztinaTranslatorsecondary authorsome editionsconfirmed
Panster, AndreaÜbersetzersecondary authorsome editionsconfirmed
Sau, SiiriTÕlkijasecondary authorsome editionsconfirmed
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This book is dedicated to all parents everywhere, a child's most important teachers.
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I had two fathers, a rich one and a poor one.
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(Click to show. Warning: May contain spoilers.)
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"How I got rich" is

the book's main theme, with folk-y

stories to prove points.


Amazon.com Amazon.com Review (ISBN 0446677450, Paperback)

Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" (whose weekly paychecks, while respectable, were never quite sufficient to meet family needs) pounded home the counterpoint communicated by his "rich dad" (that "the poor and the middle class work for money," but "the rich have money work for them"). Taking that message to heart, Kiyosaki was able to retire at 47. Rich Dad, Poor Dad, written with consultant and CPA Sharon L. Lechter, lays out his the philosophy behind his relationship with money. Although Kiyosaki can take a frustratingly long time to make his points, his book nonetheless compellingly advocates for the type of "financial literacy" that's never taught in schools. Based on the principle that income-generating assets always provide healthier bottom-line results than even the best of traditional jobs, it explains how those assets might be acquired so that the jobs can eventually be shed. --Howard Rothman

(retrieved from Amazon Thu, 12 Mar 2015 18:14:30 -0400)

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Argues that a good education and a secure job are not guarantees for financial success, and describes six guidelines for making money work for you.

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