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Rich Dad, Poor Dad

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Rich Dad, Poor Dad

Postby RyanK » Wed Feb 27, 2008 4:17 pm

I got this book the other day out of curiosity over what all the buzz was when it came out years ago. Im about half way through it right now and am enjoying it as a read. Ive drawn some insightful information, but is there validity?

http://www.johntreed.com/Kiyosaki.html
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Re: Rich Dad, Poor Dad

Postby Art Vandelay » Wed Feb 27, 2008 5:09 pm

I read it a few years ago and wasn't really impressed. I mean, there was some good information in it, but it was very repetitive and basic. I felt like all of the information in the book could have been condensed to a pamphlet.
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Re: Rich Dad, Poor Dad

Postby The Artful Dodger » Wed Feb 27, 2008 6:33 pm

I haven't read Rich Dad, Poor Dad but a few years ago I had seen Robert Kiyosaki's show on PBS during one of those corny pledge drives. I take it that what he was presenting was in essence Cliffs notes to his book. A couple of things he says are right (i.e. people should worry about their retirement, middle class going nowhere but deep in debt, investing in things where you have "control" over risk), but seems to me he's a false prophet. Thing is, he's insinuating people should work to become wealthy and that they can, but the avenues to wealth are limited anyway and not everyone has the time/skill/energy to pursue it.
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Re: Rich Dad, Poor Dad

Postby RugbyD » Wed Feb 27, 2008 7:14 pm

The Artful Dodger wrote:I haven't read Rich Dad, Poor Dad but a few years ago I had seen Robert Kiyosaki's show on PBS during one of those corny pledge drives. I take it that what he was presenting was in essence Cliffs notes to his book. A couple of things he says are right (i.e. people should worry about their retirement, middle class going nowhere but deep in debt, investing in things where you have "control" over risk), but seems to me he's a false prophet. Thing is, he's insinuating people should work to become wealthy and that they can, but the avenues to wealth are limited anyway and not everyone has the time/skill/energy to pursue it.

I have read the book and I tend to concur. I think the most important thing to take away from the book is that you need to take risk to reap rewards. The way he portrays this in his book is by suggesting that people should not be so focused on getting a stable job with benefits. It is true that you limit your upside in this manner.

At the same time some people missed out on getting a good enough education to pursue a high-paying job with benefits, to get a job that is scalable, or do not have the capacity outside of their normal responsibilities to better educate/train themselves or take additional risk with current resources.

He is quite right that the majority of people don't understand personal finance very well at all. Networking is also extremely important.
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Re: Rich Dad, Poor Dad

Postby The Artful Dodger » Thu Feb 28, 2008 2:27 pm

RugbyD wrote:
The Artful Dodger wrote:I haven't read Rich Dad, Poor Dad but a few years ago I had seen Robert Kiyosaki's show on PBS during one of those corny pledge drives. I take it that what he was presenting was in essence Cliffs notes to his book. A couple of things he says are right (i.e. people should worry about their retirement, middle class going nowhere but deep in debt, investing in things where you have "control" over risk), but seems to me he's a false prophet. Thing is, he's insinuating people should work to become wealthy and that they can, but the avenues to wealth are limited anyway and not everyone has the time/skill/energy to pursue it.

I have read the book and I tend to concur. I think the most important thing to take away from the book is that you need to take risk to reap rewards. The way he portrays this in his book is by suggesting that people should not be so focused on getting a stable job with benefits. It is true that you limit your upside in this manner.

At the same time some people missed out on getting a good enough education to pursue a high-paying job with benefits, to get a job that is scalable, or do not have the capacity outside of their normal responsibilities to better educate/train themselves or take additional risk with current resources.

He is quite right that the majority of people don't understand personal finance very well at all. Networking is also extremely important.


I agree with him on those three points: 1) less focus on getting a good job just for the steady pay and so-called stability, 2) there should be education when it comes to managing personal finances at the least, and 3) taking the risks, the right risks to reap a big reward.

The fact remains that 85% of people perceive that the only way they can better their chances at attaining wealth is by moving up the ladder, so to speak because more likely than not, they won't have the mobility to do something else for whatever reason. Another thing learned from the lecture and from my personal work experience is that there's just as much risk, if not greater, with trying to move up as opposed to say, starting up a business or investing in commercial real estate. You may lose more money by being self-employed and "living the dream", but by the same token, you run the risk of being mired into a job, company, and culture where there are impediments to moving up in your title and skillset for whatever reason. Running from job to job thinking things can improve isn't a good philosophy in my opinion, but that's how it is. At least, being self-employed, you have the freedom to fail, but a lot of people won't have such freedom.
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