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Rich Dad,
Poor Dad : What the Rich Teach Their Kids About Money
That the Poor & Middle Class Do Not!
Paperback - 184 pages (April 1, 2000) Other Editions: Audio Cassette (Abridged), Audio Download (Audible.com) Paul's Comments at the bottom Amazon.com
Sales Rank: 33 Avg. Customer Rating:
Editorial Reviews Customer Reviews of the Day 12 of 13
people found the following review helpful: To be as balanced as possible, here are some good and bad points. Everyone who hates this book always points out the misspellings and poor grammar. Yes, that bothered me too. Okay, let's get beyond that. This is a book about money. It's not about compassion. It's not about being nice. It's about money. People who hate this book instinctively feel that there's an element of insanity to all of it as if we're supposed to dedicate our lives to quitting school and getting rich. We'll then spend our entire life worrying about and protecting our ever growing hoard of cash. Somehow, we'll just become another rich snob who couldn't care less about anything other than our lack of education and abundance of money. This book, quite honestly, changed my life. I feel funny when I say that because people want to email me and ask just what in the heck am I talking about. Did I become rich because of it? Actually, what changed my life is not that it made me rich but because it's one of those few books where I (speaking for myself only) really, truly took action. I've read numerous investing books. They all say to "invest for the long term" "buy and hold" "dollar cost averaging" and all that stuff. They aren't terrible ideas, but they're so common you have to wonder why so many people these days are liquidating their mutual funds while the market is falling. Where are all the "buy and hold" investors now? Speaking strictly for myself, and I happen to love this book, some people don't, I would have to say the most important lesson that I learned was the concept of investing for cash flow. Now, the book is very slanted toward real estate and being self-employed. If you have a job, and you like having a job, and you never plan on doing anything other than having a job, there's not much in this book for you unless you're willing to change. There's reall nothing terrible about having a job. Somebody has to get up and work for a living. I think the author's point is misunderstood by many people. Times have changed, yet people don't. The rules are all different as stock market investors are just now finding out. When you invest for cash flow, you don't worry about the economy. That's the whole point, and that's what 9 out of 10 people don't get when they read this book. I had to read it 7 times to "get it." The problem of course is that there is much emphasis on real estate, and that is misleading. There are many other ways to invest for passive income other than real estate. The author doesn't say much other than start a business. What was that about 4 out of 5 business failing in the first five years...? Hmmm. Not much hope there. In terms of inspiration I loved this book. DO NOT read this book for "how to" type investment ideas. In fact, don't even read it for real estate investment advice. Read this book with an open mind. It's harsh at times. Yes, his real dad (aka "Poor Dad") had a Phd and a great job. The point isn't to put down his real dad or the educational system. The point is that our educational system doesn't adequately prepare young people for financial life. When I talk to people about investing for passive cash flow, I get blank stares. Most people have been told to "buy and hold" yet they buy, hold and the market crashes, so they sell at a loss. No cash flow, just capital losses. That's because all of the financial books talk about picking great growth stocks that will appreciate in value. Ask yourself this: When your mortgage is coming due, and you have no cash, what good is your mutual fund or Microsoft stock going to do you? Think about that. Do they produce cash flow? I'm giving this book five stars because I think the
author has taken a real risk in opening himself up to
criticism. I would read it with an open mind. If you
don't want to "waste" your money, borrow a copy
from someone. His emphasis on passive cash flow is
nothing new, but what fascinates me is how almost nobody
else talks about that. Everybody who hates this book
completely misses that point, and that's a real shame. Of
course, the author doesn't tell you exactly how to do
that, and that's a little annoying too. 1 of 1
people found the following review helpful: The principals in the book are simple and sound, and
the average person stuck in the rat race needs to read
this effective explanation about wealth building.
3 of 3
people found the following review helpful: Paul's recommendation This is a book that makes you think, as do the others by Robert and Sharon, very helpful! He covers the subject of financial intelligence and illustrates where it differs from school teaching, and why the rich have money work for them, rather than work for money. His difference in outlook is illustrated by not saying 'I can't afford that!', instead his attitude is 'How can I afford this!' but he doesn't mean buying on credit - how can you earn the money?. He takes us through his background and why his philosophy is the way it is. There are some how-to's but mostly he is saying 'Use these ideas to develop your own'. I bought this book for my daughters, will you take this as a recommendation? I'd also recommend Cashflow Quadrant, another book by these two authors. I hope this book can help you on the way to your dreams and ambitions for your lifestyle. Paul Ross |
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| Copyright 2001 |
Make a Passive Income --- Make a Smaller Income --- Save Time and Money --- Secrets of Success --- Paul's
Jokes
--- Duplicate Us --- Cheaper
telephone calls --- or if you came here via a
'breathemail' link, the full site is at > Share-the-Profits.net
Different to say the least, March 31,
2001 
