Another Rich Dad Poor Dad Post - Posted by TEW, NJ

Posted by Steve-Atl on June 02, 2000 at 07:55:28:

I agree this site has a lot of useful information, especially “how to” REI, but RDPD presents a different perspective from what we are traditionally taught (go to school, get a job, work hard, retire on company pension). RDPD illustrates the pattern of most of the people in society today (work hard, get a raise, go deeper in debt so then you have to work harder, and so on). The book contrasts the “rat race” with the alternative of building passive income.

I must admit, these are common sense observations that don’t sound earth shattering, but I’ve never heard it presented that way.

Another Rich Dad Poor Dad Post - Posted by TEW, NJ

Posted by TEW, NJ on June 01, 2000 at 19:20:59:

I’ve followed (speed reading) quite a few of the posts regarding RDPD and John T. Reed’s review (I’m being nice) of the book.

Forget Reed for a moment and let me ask the seasoned pros here, what do you feel are the best aspects of this book? What topics covered in this book make it credible. Like wise, what are the major shortcomings of it.

I purchased the book a few days ago and have gotten 2/3’rds the way through it. As one of the vast majority of our population’s financially illiterate, I find the simplicity of his descriptions educational and helped me to understand money matters that till now have been like a foreign language. I also realize that Kiyosaki offers some information that is not accurate and should not have been printed.

A short bullet list of pros and cons about the book, from those who know this stuff would be appreciated. If you’ve answered my question in a previous post, please reference it in a reply post.

Also, do you recommend his other books and his CashFlow game?

Reed is an absolute genius at missing a point… - Posted by HR

Posted by HR on June 03, 2000 at 06:56:34:

TEW,

Like any good, critical thinker, you should take the opinions of many sources, analyze them yourself, and determine your own opinion on the subject. Reed will give you his opinion of Kiyosaki. My opinion of Reed is there are few better in the world with an ax to grind, an ax so big it utterly distorts his ability to perform an objective, reasoned, balanced analysis. You decide for yourself, though.

I like RDPD for the reasons others have offered. It’s not a well written book, but the ideas are amazingly powerful and important. Just the importance of owning your own biz to transform personal expenses into legit business expenses… that’s eye opening for most people. While Fellman says it much better (and clearer) in Keep Your Hard Earned Money, I still give Kiyosaki credit for saying the message. For $20, the book can help create a mental paradigm shift for the person that is ready. So it’s not written as well as War and Peace and it has inaccuracies; it can change a life, or help cement an entrepreneur’s will that he/she is heading in the right direction. What’s wrong with that?

HR

Re: Another Rich Dad Poor Dad Post - Posted by Mark (SDCA)

Posted by Mark (SDCA) on June 02, 2000 at 11:20:09:

I think the best aspect is a theme that runs through most personal financing concepts: Get your money working FOR you.

I think the worst part is the part about your house being a liability. I don’t really think RDPD is at fault here (though I could be wrong). I tend to take the spirit in which it was written rather than taking it literally. There ARE a lot of literal interpretations of it running around which I think is somewhat dangerous.

A practical use for Rich Dad, Poor Dad (LONG) - Posted by soapymac

Posted by soapymac on June 02, 2000 at 09:11:52:

Jim Rayner, as posted below, has outlined the value of RK?s books and game series; I?ll add no more to his post except to emphasize one of the benefits he mentioned.

In playing “Cashflow,” it does get a family to talking about finances. My son lives in Australia with his wife. On his last visit home, Shirley (my wife) and I asked him want he wanted for a present. One word: “Cashflow.”

He was due to come home in April (he is a missionary with Youth With A Mission,) so we asked him if he could wait until then to get the game. He said “Perfect.” When he came home, we spent many a night getting out of “The Rat Race.” He learned more about finances. He learned more about his mom and dad?and in the context of a GAME, we were able to teach him financial lessons that will last him a long time.

That is just one use of Kiyosaki?s material. Here is another.

Some time back, I asked for and received permission from JP to post a series of articles entitled “Determining Net Worth.” The responses to that series was very heartening. In the series, I showed a practical, step-by-step method for discovering the amount of money we ALL dribble away?money that could be redirected to REI.

In fact, that series was the start of a ministry for me. I know, I know?this is a board about real estate investing, not religion. I mention this just to recall to your remembrance that we have other segments to our lives. Bud Branstetter?s posts about “business or compassion” prove the point. Ed Garcia?s “Thought for the Day” and his willingness to educate us through his posts prove the point. Terry and JP?s willingness to make the investment that keeps this board running proves the point.

Last item, then I?ll get off my soapbox (now you know why my nickname is “soapymac.”) There is a young lady living in our apartment complex who has been blind since birth. She has been taken advantage of by strangers and financially cheated by friends and family. Her TOTAL income (all supplied by the state) is just over $1,000 per month.

Because of the “other side of the coin” that Kiyosaki presents, which led to the contribution of the Networth Series, she was able to rearrange her income stream. By the end of this year, she will be totally debt free from the obligations she is responsible for?because of the selfish advice she received from her “friends.”

All because I read a series of books.

Off my soapbox now?love to you all.

Cordially,

Roy MacLean
"soapymac"

Re: Another Rich Dad Poor Dad Post - Posted by Steve (Vancouver, WA)

Posted by Steve (Vancouver, WA) on June 02, 2000 at 08:04:40:

I am just about finished reading it also, and I agree with the others that it is not step-by-step but a general philosophy. I personally like the simplistic diagrams of cash flow (pictures help when you’re financially illiterate like me)!

My question to you is: what is it in the book that you feel “is not accurate and should not have been printed”?

Steve

Re: Another Rich Dad Poor Dad Post - Posted by Rob FL

Posted by Rob FL on June 02, 2000 at 08:03:30:

I think the main point of the book (which RK reiterated on Oprah) is that Rich Dad and Poor Dad had 2 completely different thought patterns. This is very true of people today. In order to get rich in America, you generally have to completely change your thinking about money.

Most poor and middle-class people think their car, boat, golf clubs, and house are assets, while in fact they actually are liabilties and drain your wallet. I disagree slightly with RK’s idea on a house not being an asset, but let’s not get into that. On the other hand most rich people (which I am not one…yet) think that true assets are things that produce income or appreciate in value like stocks, bonds, real estate, businesses, etc.

I think one of the big pros for the book is that it is written in simple terms with diagrams. This makes it very understandable for lay-people.

Re: Another Rich Dad Poor Dad Post - Posted by Doug Pretorius

Posted by Doug Pretorius on June 01, 2000 at 22:03:07:

If you’re looking for a step-by-step guide, techniques or methods, you might as well skip this book.

If however you want to change your view of the relationship between work and wealth (which is the exact opposite of what most people believe,) then there is none better.

Re: Another Rich Dad Poor Dad Post - Posted by Jim Rayner

Posted by Jim Rayner on June 01, 2000 at 21:32:54:

I’ve heard the book reviewed as a poor how to and as a bad novel my response is usually did you really read it? Its not intended to be a how to and its certainly not a novel what I find most people who have read it several times over say is that its a philosophy that he’s trying to get across and nothing more. I share that opinion.
I have used both the books message and believe it or not actual portions of the book in my own life over the past year too get my age of entitlement son to realize there’s a better way of life if you just take the right attitude and make it a way of life.
we have all his books and the cashflow games and highly recommend them all.

Re: Another Rich Dad Poor Dad Post - Posted by Robert

Posted by Robert on June 01, 2000 at 19:49:57:

I read rich dad poor dad and came away feeling like there was no earth shatering revelation. The book talks more about his dads and himself than any hardcore strategies.
True it was enlightning to have someone tell you to buy investments or “assets”,like the rich do.
Wow! Nobody poor ever thought of that.
Just go talk to a renter.Of course he would rather be the landlord.
I guess some people are in need of basic motivation which this book has.But bestseller?
I garner more useful info and motivation from this site
and the pros that post here day in and day out.

May it continue to grow.

I’m going to look for assets!

Just one mans opinion…

Bingo!Bingo!Bingo! You articulated my feelings exactly… - Posted by Stew(NE)

Posted by Stew(NE) on June 03, 2000 at 15:53:55:

I couldn’t have said it better myself.

Re: Another Rich Dad Poor Dad Post - Posted by Steve (Vancouver, WA)

Posted by Steve (Vancouver, WA) on June 02, 2000 at 08:11:51:

Oh man, I had no idea that RK had been on OPRAH! Now I’ve lost all respect for his ideas…I don’t even know if I can finish the book now…LOL!

Re: Another Rich Dad Poor Dad Post - Posted by JB in MD

Posted by JB in MD on June 01, 2000 at 23:02:19:

Doug is absolutely correct. Kiyosaki did not write this book to be a step by step guide for investing or how to get rich. He designed it, based on his life experiences, to cause a shift in the thought pattern of the average American worker. From working for the ‘man’ for your measley dollars he gives you to minding your own business and being responsible for your own financial well being. This book certainly was a wake up call for me, and helps to keep me motivated through these initial stages of entering the world of REI.

Jason