Rich Dad, Poor Dad
Rich Dad, Poor Dad, has been in my Kindle library for quite some time. I’ve attempted to read it a number of times, but inevitably end up giving up because I lose interest in it.
Recently, getting my financial home in order has become a bigger priority and so I figured I would give this bestseller another shot and power through to the end.
And power through is exactly what I did. I had to in order to finish it. I quickly remembered why I was ever unable to finish the book. So, here is another internet write up (like we another one, right?) of Robert Kiyosaki’s book.
The premise of the book is that you don’t need to earn a high income to become rich and that becoming wealthy is a relatively easy proposition as long as you find the “right deals” and assets. Unfortunately, for me, his story doesn’t back up his theory.
First, Kiyosaki argues that it doesn’t take much money to accrue assets. Yet, he also talks about how he was the leading Xerox salesman at one time. I hate to assume, but I highly doubt that distinction comes with a low income. The rest of the book is spent talking about how he has used his various real estate holdings to pad his net worth. Hardly, something a lot of people, and certainly someone on a minimum wage salary, can do easily.
Once he gets past this initial premise, the book kind of turns into a memoir of his accomplishments, and he really just seems to brag (despite saying he’s not doing that multiple times) about how good he is at finding deals no one else can. I’d be fine with this if he spent any time at all explaining more of how he finds these deals, other than just saying he has “financial intelligence.” Other principles Kiyosaki advocates for, like beginning a corporation to shelter yourself, aren’t easy to implement for the normal individual.
I found it hard to find any groundbreaking information in this book and I think that had a lot to do with my inability to finish it on so many occasions. Adults with responsibilities and financial hurdles to overcome will likely find it difficult to get anything from Kiyosaki’s book. I know I did.
The book does do a good job of explaining the kind of mindset you need to be successful in life, not just finance, but it does little else. Ultimately, I feel this book is best suited for younger people that are just beginning to learn about money and finances or for people with a positive net worth looking for ways to diversify their portfolio’s.
But, at least I finished it.