Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!

Everyone should read this.

Excellent book.

Financial Literacy 101

How the rich become rich

This book will tell you some things that you don't want to hear like a house is not an asset. That financial literacy is different from educational literacy. That your income is not your wealth. Investors are different from savers and so on.

Easy to understand why some people fail to understand the concepts taught by Robert Kiyosaki.

The real question is: How are doing financially? I mean really?
You can live in a big house, have 3 cars, a nice job and a big income, but if you are living on 125% of your income, you are still a poor person.

It's cash flow that determines your wealth. If you spend all you make, plus some, you are in a negative cash flow.

As Kiyosaki explains, "assets feed you, liabilites bleed you." Too many people have too many liabilities and too few assets.
Unfortunately, some people feel this is normal because everyone else does it as well. ENT!

401 (k) plans are savings plans according to Kiyosaki and nothing wrong with that as long as you understand that you have a savings plan. Never call these programs investments. Unfortunately, most people do. Investers get in and get out and understand the risk. Investors also make money whether the market goes up or goes down.

Savers since March 2000 look at their 401 (k), mutual fund statements, brokerage accounts which they mispronounce "investments" and all they see is red. Typical "Poor Dad" mentality.

Kiyosaki also enlightens on income vs expence ratio. The role that taxes plays on slowing wealth accumulation. "It's not what you make, it's what you keep" says Kiyosaki.

Rich Dad Poor Dad teaches you to act like, be like and think like a Rich person instead of a poor person.

13 years ago was the first time I recieved training from a truly rich person. This guys net worth was in excess of 1/4 of a billion dollars. I had the gall to tell this guy that his advice was interesting but my concern was that it did not coincide with with I had been taught by parents, relatives and other family members (Poor Dad mentality).

This man was kind, smiled and asked me politely and seriously; "How many of those people who taught you were rich?"

Good question and I got it right away. The fact is, no one in my family was rich. There were sincere and meant well, but not rich. This guy was. I wanted wealth, not just security.

Robert Kiyosaki is offering the same advice. If you want to be rich, listen to a rich person.

Rich Dad Poor Dad is a excellent book to get you started on the road to wealth. I highly recommend it.

Excellent book - ignore paid bashers

Kiyosaki will tell you some things you don't want to hear. He is controversial. So is Donald Trump. Rich people are always controversial, but who are the people that make Kiyosaki and others controversial? Certaintly it's not the wealthy. The wealthy agree with Kiysosaki becuase that is how they became rich.

Kiyosaki tells us that a house is not an asset. I have to admit that I had a problem with that one myself. I a lways felt that real estate was the one safe have out there and like most, was taught by parents and other early mentors that a house is an asset. Then I got a house and found out that Kiyosaki is absolutely right and so were my mentors. A house is not an asset for the buyers, people like you and me but it certaintly is an asset for the banks, real estate agents, insurance people, the local government who wack you with high city taxes and so on.

The biggest problem is that many people think that a big house is a symbol of wealth. It is a symbol of wealth to the bank. Most people tyupically take out 30 year mortgages. How much do you think banks make on that while you are paying for the equalivent of three house payments over time?

Conventional wisdom tells us to get a great education and you'll get a great job. Well it started in the Clinton era and has been escalating ever since---downsizing. People who spent tons of $$$ on a college education, invested years in their jobs being servants to their employers and for what, to be downsized?

And then there is the typical way that people invest. Conventional wisdom tries to tell us that we can't do it on oour own. We need brokers (so named because they make us broker with their advice) or other financial advice. Those who do try it on their own usually get bad advice and go to deep, deep discount brokers looking for the lowest commissions or on the other end pay fees for loaded mutual funds which are supposed to be better managed (HINT: They are not!)

Kiyosaki offers a newer, better, more effective way. Unfortunately like some others who have come before him, Kiyosaki has stepped on some toes, the very people who are using your ignorance for their bliss.

Rich Dad Poor Dad is a life changing book. It is highly recommend for anyone who really wants to survive the new millenium.

I highly recommend Rich Dad Poor Dad, Rich Dad's Guide to Investing and Rich Dad's Success Stories (prooves that Kiyosaki's naysayers are wrong as usual)

Good luck!

Take charge of your mind, take charge of your life!

Well worth reading with no downside

And I can relate very well to Mr. Kiyosaki. I well remember discussions my parents had with our family when I was 9 and younger. Our parents really drove the need to be financially responsible and we had an uncle who was an entrepneneur and drove the entrepneneurship philosophy. I can can still hear Uncle Sam saying; "Whatever you do kids, make sure you go in business for yourselves. No employer will ever pay you as well as you will pay yourselves." Uncle Sam also emphasized saving 10% of what we made. Giving 10% to our church and taking another 10% and using that for capital money to expand our business. We were taught this as 9 years olds.

For that reason, I and my 2 brothers and 1 sister have been self employed since graduating from college. My parents and my Uncle Sam both emphasized education. Although it has taken a major portion of my life to unlearn what the teachers told us and use what really works.

What Kiyosaki says about a house not being an aseet is also true. Fortunately, I never got caught up in keeping up with the Joneses. I own a home. Enjoyed nice appreciation but have fared far better with the rentals that I own than with the home that we live in. I have also made 1,000% plus returns in stocks (small cap stocks as Mr.Kiyosaki recommends) and didn't have to deal with points, fees and other nonsense that banks charge.

Owning rental properties has also offered me tremendous tax benefits so I agree 100% with Kiyosaki in recommending real estate as an investment.

The problem with home ownership is that people are investing all their money in their home and constantly tied to a job to pay for it. Then you have the points and fees. Sure their are tax benefits but after all costs are included it's like paying a dollar to get 30 cents back. Not a winning strategy. Conversely, you can live in a smaller home and take the cash that you would be paying for that bigger home, the alligator and use that to buy rental properties, small cap stocks, invest in your own business etc to generate cash flow now.

As far as appreciation, you can earn those kinds of appreciation immediately in rental properties if you buy right.

As I understand Kiyosaki, he is not against owning a home as long as you realize that it is more of a liability than an asset. I have turned my home into more of an asset by taking advantage of tax benefits of a home based business and renting out a room that we no longer use.

Rich Dad Poor Dad is an excellent book. I am as grateful to Mr. Kiyosaki for sharing these ideas as I am to my parents and my Uncle Sam for reering me and my family to correct financial strategies when we were as little as 9 years old.

WARNING! This book could make you very wealthy...

Pick up a copy of "Rich Dad's Success Stories" and "Rich Dad Poor Dad." You'll be glad you did!

I love the CD's

I have the book too, but the cd's really rock. Read the book but listen to the cd audio as well. You'lll earn faster and since this is the subject of wealth, doesn't it make sense to maximize your learning? Yeah! I knew you would agree.

Great book and cd program.