10 June 2009

Rich Dad, Poor Dad

Being another staple in many financial libraries my next read was Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter.  This book is subtitled ‘What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!’  This book left me with conflicted feelings.  While reading it was suggested that the Rich Dad was made up.  I did not have a problem as he was a means of teaching the points of the book.  For the first half of the book all the points are backed by a story of how Rich Dad taught through practice then followed up with the lecture.

The second half of the book the feeling changed.  The points were no longer about Rich Dad as much as they were “Here is how i did it through Real Estate speculation.”  Each example through real estate was followed with a caveat of don’t do it this way.  Just learn the principle.  The last couple of chapters suggest to learn the process for real estate speculation go to seminars.  I was not surprised to learn that Richard Kiyosaki has a series of seminars on learning real estate.

Anterior motives aside, the principles seem sound.  The book does not ever teach you how implement the principles.  This is a good thing.  It allows the book to remain relevant longer.  Implementation is also dependant on your situation.  Many other subjects teach in a similar way.  Computer Science is one; the implementations change over time so principles are more important than thing to do.  There is a chapter at the end on things to do.  It is sparse and seems an afterthought.

Have you read this book or The Millionaire Next Door (check out my review)?  Give your thoughts in the comments.

1 comment:

  1. Horrible, horrible book.

    Check out John Reed's criticism of the book: