November 1, 2019

Rich Dad Poor Dad Review

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You don't need to earn a high income to be rich. That's the moral of Kiyosaki's bestselling book. Is Rich Dad, Poor Dad worth reading? Find out in our review.

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Robert Kiyosaki had both a "rich dad" and a "poor" one. His real father, the poor one, had a PhD, while the rich dad was a friend's father and high school dropout. He writes about both in his New York Times bestseller Rich Dad, Poor Dad.

The book offers insights into Kiyosaki's personal life and what led to his philosophy about money. Rich Dad, Poor Dad is meant for the "average American" who wants to take control of their finances. Read on to see what the book has to offer.

Reasons We Like Rich Dad, Poor Dad

Easy Read
Kiyosaki did a great job of keeping complicated financial jargon out of the book. Anyone can read and understand this book without having a dictionary nearby.

Encourages Accumulation of Assets
Kiyosaki promotes accumulating assets and letting those assets produce cash flow. This is a different take on saving just to save, as he teaches you how to live off your assets.

Relatable Personal Experiences
Kiyosaki uses personal examples that many can relate to, such as getting a raise. He doesn't use examples of complicated investments or scenarios that the average American wouldn't experience, making the book relatable.

Emphasizes Taking Risks
Kiyosaki frequently reminds readers of the importance of taking risks. He motivates readers to take risks so that they can potentially reap the rewards.

Unique Take on Investments
Kiyosaki understands that it is hard to risk hard-earned money in the stock market. He recommends treating the invested money as if it's gone forever. This way you won't worry as much about the investment even if you start with just $100.

Encourages Smart Spending
Kiyosaki encourages readers to use their money to obtain assets, not liabilities. It's human nature to use your money to purchase cars, homes, and luxury items. Instead, he advises buying assets that will work for you, such as stocks, bonds, or real estate.

Reasons Not to Read Rich Dad, Poor Dad

Doesn't Offer Actionable Steps
You'll find a lot of advice in the book, but it doesn't give you step-by-step instructions on how to put that advice to use. This could leave you with inspiration, but without the knowledge on how to move forward.

Emphasis on Real Estate Investments
Beginning investors may not have the money or experience to start investing in real estate. With a lot of emphasis on this topic, you may want to avoid the read if real estate investing is not suitable for you.

Questionable Authenticity
While the story itself is motivating and helpful, many people claim it's fiction. This could turn some people off from reading the story, knowing that the author didn't put his own advice into action.

Who Should Read Rich Dad, Poor Dad

Consider reading Rich Dad, Poor Dad if you are:

A Parent
Kiyosaki parents to teach their kids about money, rather than leaving it to the educational system. He believes that leaving the subject to the educational system may set your kids up for failure.

Looking for a Thorough Understanding of Finances
If you don't know the difference between an asset and a liability, this book may help.

Interested in Becoming an Entrepreneur
Kiyosaki is a big proponent of "getting off the hamster wheel" and starting your own business. If this is something you've considered, you may want to read his take on the process.

How It Compares

Vs Think Rich and Grow Rich
Like Rich Dad, Poor Dad, Think Rich and Grow Rich focuses on ideas rather than actions. It is a motivational book that might get you inspired to do something about your financial future, but it lacks the advice to get you there.

If you lack motivation and need that push to help you gain confidence in yourself, though, this book may do the trick.

Vs Dave Ramsey
Kiyosaki and Dave Ramsey have opposing views when it comes to finances. Ramsey hates debt and only recommends investing in safe investments such as mutual funds. Kiyosaki doesn't hate debt, but he does encourage the purchase of risky investments, such as stocks.

Vs Cashflow Quadrant
Cashflow Quadrant is the second book in Kiyosaki's series. This book emphasizes the importance of becoming a "big business" rather than just being self-employed. He also prioritizes investments over working for someone else.

It's a continuance of the topics discussed in Rich Dad, Poor Dad, but it still lacks the step-by-step guidance many people desire.

Bottom Line

Rich Dad, Poor Dad is an easy read that can give you valuable advice on making your money work for you. It is an excellent book for the average American looking to secure their financial future.

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