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Lợi thế bất công
Độc giả Việt Nam đã biết đến tác giả Robert T. Kiyosaki thông qua bộ sách Dạy Con Làm Giàu. Bộ sách đó đã giúp độc giả thay đổi suy nghĩ tư duy về đồng tiền, cũng như tăng cường kiến thức về tài chính và tự tạo lập sự nghiệp thành công. Và bộ sách đó cũng dự đoán những cuộc khủng hoảng không thể tránh khỏi trong thập niên 2001-2010 ở Mỹ và trên thế giới.
Trong cuốn sách mới này, tác giả tiếp tục có những dự đoán cho thập niên đến năm 2020. Và điều quan trọng, để sống tốt và tự do tài chính trong thập niên mới này, bản thân mỗi người cần phải tăng cường kiến thức tài chính. Đó chính là con đường tạo ra cuộc sống mình mong muốn cho chính bản thân và gia đình mình. Robert khuyến khích bạn thay đổi chỉ một nhân tố: chính bạn.
Quyển sách viết về sức mạnh của giáo dục tài chính, và năm lợi thế bất công mà giáo dục tài chính mang lại. Đây là dạng lợi thế mà chính bản thân mình, nếu có kiến thức về tài chính bên ngoài trường học, sẽ có mà người khác không có.
Với cách viết đi thẳng vào vấn đề, thách thức độc giả với hai quan điểm khác nhau, và độc giả phải tự trải nghiệm để hiểu hết sức mạnh của giáo dục tài chính, quyển sách chắc chắn sẽ thu hút nhiều độc giả như bộ sách Dạy Con Làm Giàu.
Trong cuốn sách mới này, tác giả tiếp tục có những dự đoán cho thập niên đến năm 2020. Và điều quan trọng, để sống tốt và tự do tài chính trong thập niên mới này, bản thân mỗi người cần phải tăng cường kiến thức tài chính. Đó chính là con đường tạo ra cuộc sống mình mong muốn cho chính bản thân và gia đình mình. Robert khuyến khích bạn thay đổi chỉ một nhân tố: chính bạn.
Quyển sách viết về sức mạnh của giáo dục tài chính, và năm lợi thế bất công mà giáo dục tài chính mang lại. Đây là dạng lợi thế mà chính bản thân mình, nếu có kiến thức về tài chính bên ngoài trường học, sẽ có mà người khác không có.
Với cách viết đi thẳng vào vấn đề, thách thức độc giả với hai quan điểm khác nhau, và độc giả phải tự trải nghiệm để hiểu hết sức mạnh của giáo dục tài chính, quyển sách chắc chắn sẽ thu hút nhiều độc giả như bộ sách Dạy Con Làm Giàu.
369 pages, Paperback
Published January 1, 2016
233 people are currently reading
2912 people want to read
About the author
Robert T. Kiyosaki
529 books9,360 followersRobert Toru Kiyosaki is an American businessman and author, known for the Rich Dad Poor Dad series of personal finance books. He is the founder of the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos, and Rich Global LLC, which filed for bankruptcy in 2012.
Since 2010, Kiyosaki was the subject of a class action suit filed by people who attended his seminars, and the subject of investigative documentaries by the CBC, WTAE-TV and CBS News. In January 2024, Kiyosaki revealed that he was more than $1 billion dollars in debt.
Since 2010, Kiyosaki was the subject of a class action suit filed by people who attended his seminars, and the subject of investigative documentaries by the CBC, WTAE-TV and CBS News. In January 2024, Kiyosaki revealed that he was more than $1 billion dollars in debt.
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Displaying 1 - 30 of 182 reviews
July 3, 2019
Reading this book in 2019 was worth it in showing just how wrong RK can be in his advice.
Every once and a while I go back to reading Kiyosaki books to see if there is anything I'm missing on the investment side and also to somewhat confirm a benchmark to how I invest.
Reading this one from 2011, I realized just how far I had come and how easy it is to write personal finance books without regard for the success of your readers.
While I believe it safe to assume that many readers of this book have read his other books such as RDPD or Cashflow Quadrant, It's important to note that many of the messages, notably portrayed in this book, can (and would have if you followed them in 2011) result in notable losses and missing out in many ways in the greatest bull run on the stock market in history.
Some critical points that we can make in hindsight reading this book in 2019:
1) If you followed RK's message and loaded up on silver and gold in 2011 to "diversify" your risk as he explains, you would have bought gold between $1500 and $1890 an ounce. Not only would gold prices crash in September of 2011 due to margin calls on many firms when the market was on a down-slide, it showed that significant drops in the market would correlate to gold sales and the reverse was not necessarily true. If you held this gold, it would continue to fall to levels below $1100 an ounce at the end of 2015 while at the same time the S&P 500 would grow from around 1200 pts to over 2000. The S&P 500 would then continue to grow to almost 3000 pts at the time of writing this while gold would continue to move sideways to about $1400 an ounce at the time of writing. If you shared in RK's near conspiratorial claims of gold as currency and invested in this precious metal over a broad-based market ETF, you likely would have lost money and missed out on nearly tripling your capital.
2) The claim that the US Government is printing counterfeit dollars is downright absurd.
3) RK's understanding of a bank's reserve ratio (what has to be kept on the books relative to what can be lent out) is wrong. Banks are not legally authorize to create money as RK states. If a ratio is 1:5, the bank must have $1 cash able to cover withdrawls for every $5 lent out meaning that only $1 of money kept with the bank has to kept in the "vault" with the other $5 invested with the bank being turned around and loaned out. No money is printed.
4) RK bashes ponzi schemes - as we all should. It's worth noting that he firmly believes in multilevel marketing (pyramid schemes) and this appears in his Cashflow games. It has been argued that the majority of his book and game sales come from people in Amway selling them as "business tools" inside their MLM scheme. Just a bit of a pot calling the kettle on this one.
5) Bankrupcy - RK is no stranger. Do your homework on this one.
6) Technical Analysis in trading - He advises readers to become educated in this style of trading. Very risky and prone to leading people to day-trade with statistically horrible results. Learn some of the methods but be wary - if you want to know if it's for you, talk to previous day traders.
7) Get a coach - better than this, join free or low-cost investing groups in your area. Learn from each other and navigate dealflow together. Hiring a coach is a great way to spend a lot of cash and wonder what to do next. (This was a big part of RK's paid seminars which have some really mixed reviews - do your research)
8) RK blames Warran Buffett for the financial crisis. No really, it's in there. Overly simplistic and lacking the depth of knowledge of the major players in the financial crisis.
Other than that, if this book inspired you to learn more, perfect. Next step should be to meet up with like-minded people and start talking. Don't use this book as a recipe for success but rather talk to those who are navigating deals in your area and start changing your group of friends for your future success. All the best in your journey!
Every once and a while I go back to reading Kiyosaki books to see if there is anything I'm missing on the investment side and also to somewhat confirm a benchmark to how I invest.
Reading this one from 2011, I realized just how far I had come and how easy it is to write personal finance books without regard for the success of your readers.
While I believe it safe to assume that many readers of this book have read his other books such as RDPD or Cashflow Quadrant, It's important to note that many of the messages, notably portrayed in this book, can (and would have if you followed them in 2011) result in notable losses and missing out in many ways in the greatest bull run on the stock market in history.
Some critical points that we can make in hindsight reading this book in 2019:
1) If you followed RK's message and loaded up on silver and gold in 2011 to "diversify" your risk as he explains, you would have bought gold between $1500 and $1890 an ounce. Not only would gold prices crash in September of 2011 due to margin calls on many firms when the market was on a down-slide, it showed that significant drops in the market would correlate to gold sales and the reverse was not necessarily true. If you held this gold, it would continue to fall to levels below $1100 an ounce at the end of 2015 while at the same time the S&P 500 would grow from around 1200 pts to over 2000. The S&P 500 would then continue to grow to almost 3000 pts at the time of writing this while gold would continue to move sideways to about $1400 an ounce at the time of writing. If you shared in RK's near conspiratorial claims of gold as currency and invested in this precious metal over a broad-based market ETF, you likely would have lost money and missed out on nearly tripling your capital.
2) The claim that the US Government is printing counterfeit dollars is downright absurd.
3) RK's understanding of a bank's reserve ratio (what has to be kept on the books relative to what can be lent out) is wrong. Banks are not legally authorize to create money as RK states. If a ratio is 1:5, the bank must have $1 cash able to cover withdrawls for every $5 lent out meaning that only $1 of money kept with the bank has to kept in the "vault" with the other $5 invested with the bank being turned around and loaned out. No money is printed.
4) RK bashes ponzi schemes - as we all should. It's worth noting that he firmly believes in multilevel marketing (pyramid schemes) and this appears in his Cashflow games. It has been argued that the majority of his book and game sales come from people in Amway selling them as "business tools" inside their MLM scheme. Just a bit of a pot calling the kettle on this one.
5) Bankrupcy - RK is no stranger. Do your homework on this one.
6) Technical Analysis in trading - He advises readers to become educated in this style of trading. Very risky and prone to leading people to day-trade with statistically horrible results. Learn some of the methods but be wary - if you want to know if it's for you, talk to previous day traders.
7) Get a coach - better than this, join free or low-cost investing groups in your area. Learn from each other and navigate dealflow together. Hiring a coach is a great way to spend a lot of cash and wonder what to do next. (This was a big part of RK's paid seminars which have some really mixed reviews - do your research)
8) RK blames Warran Buffett for the financial crisis. No really, it's in there. Overly simplistic and lacking the depth of knowledge of the major players in the financial crisis.
Other than that, if this book inspired you to learn more, perfect. Next step should be to meet up with like-minded people and start talking. Don't use this book as a recipe for success but rather talk to those who are navigating deals in your area and start changing your group of friends for your future success. All the best in your journey!
February 21, 2013
This is, frankly, such a well written book for the "average Joe" of average knowledge, who no longer wants to be "average"... that it appears to escape the grasp of too many looking for something that its not (at least according to the other reviews I see here.)
Kiyosaki neither "talk down to" nor "sells/pitches to" his readers here... the book appears to sincerely be an "opening of the kimono" attempt at candid disclosure of the methods & viewpoints he has used to accomplish his feats to date.
This is an outstanding book that I intend to make available to my financial advisory clients. (And no, it doesn't 'nudge' the reader into any direction that would particularly benefit my advisory practice... its just quality financial perspective & active knowledge to proceed from.)
Kiyosaki neither "talk down to" nor "sells/pitches to" his readers here... the book appears to sincerely be an "opening of the kimono" attempt at candid disclosure of the methods & viewpoints he has used to accomplish his feats to date.
This is an outstanding book that I intend to make available to my financial advisory clients. (And no, it doesn't 'nudge' the reader into any direction that would particularly benefit my advisory practice... its just quality financial perspective & active knowledge to proceed from.)
July 26, 2011
I really enjoy reading Kiyosaki. He's a great motivator and a money making genius. The fact that he loves to share his wealth of knowledge is more powerful than his love of sharing his financial wealth. His books do get a little repetitious but I find that through repetition I remember things better. Especially when this knowledge is put to work, AND has proven that it DOES work...
April 30, 2014
Kiyosaki is highly repetitive in this book, and he admits he is not a good writer. Still, very lucid and necessary financial advice in this era of fiat currency.
June 10, 2021
My favorite Kiyosaki book to date!
Key highlights:
- Pg 31 - The five components of financial education are: history, definitions, taxes, debt, two sides of every coin.
- Pg 44 - “I’m going to repeat the lesson now because it is worth repeating. In the game of monopoly, the lesson is cash flow. Whether it is a green house or a red hotel, cash flows in, which is how you win the game in monopoly and in real life.”
- Pg 57 - Three things to remember: “1. The harder you work for your money, the more you pay in taxes. 2. The harder your money works for you, the less you pay in taxes. 3. The harder other peoples money works for you, you pay even less in taxes.”
- Pg 85 - Taxes are your greatest single expense.
- Pg 109 - “Have you ever wondered why your checking account is free? Banks need your deposit so they can lend money. Banks can’t make money until they have your money to lend. At this point you have two choices: use bank debt to make you rich, or use bank debt to make others rich.”
- Pg 109 - “If you borrow money and spend it on something that goes up in value, that’s good debt. If you borrow money and spend it on something that will go down in value, that’s bad debt. You use good debt to enhance your situation and increase your net worth. You should avoid bad debt altogether.”
- Pg 114 - “The secret of the I quadrant is OPM: other people’s money. As you know many people invest, but they use their own money… We use OPM as much as possible because we want our money back, plus we want to keep the asset, plus we want the cash flow, and we want tax advantages. That is what true I quadrant investors do.”
- Pg 116 - “Most of our loans are non-recourse loans. If we cannot pay the loans, we give the property back to the bank. Non-recourse means the bank cannot go after any other assets we own.”
- Pg 116 - “No matter how much money you have, start small. Invest in many small deals, practicing to gain experience in managing debt, property, and tenants. Once a banker knows you have experience and a successful track record, they will lend you as much as you can handle.”
- Pg 140 - “I always chuckle when someone says to me, “I am debt-free. My house and car are paid for, and we pay off our credit cards the moment we use them.”… What I want to say is, “Have you seen the size of the national debt? How can you be debt-free when you and I are paying the principal and interest on nearly $75 trillion in debt? How can you be so naïve?“ In 2010, every US citizen share of national debt was $174,000 per person or $665,000 per family.”
- Pg 145 - “Earlier I stated that my rich dad advised me to learn three things if I wanted to follow in his footsteps. Those are: 1. Learn to sell (control income). 2. Learn to invest in real estate (control debt). 3. Learned technical investing (control markets).”
- Pg 150 - “ The ability to sell, manage that, and analyze market trends is essential to all for asset classes.” The four asset classes are: business, real estate, paper assets, and commodities.
- Pg 182 - “Leverage the power of compounding financial education.… In other words, you earn more and more with less and less effort. This is the true power of financial education.”
- Pg 204 - “The lowest return I will consider is 28%. On many of my investments, even a 100% or 250% return is not good enough. I want an infinite return.”
- Pg 217 - “The longer your money is parked with them, the more they get paid. The reality is that real investors do not park their money. They move their money. It is a strategy known as ‘velocity of money.’”
- Pg 232 - “In my world, the world of a level for an level five investor, and infinite return is expected and with low risk. And infinite return means: money for nothing. In other words, the investor receives income without having any of their own money in the investment.”
- Pg 243 - “Emotions are your biggest cause of financial problems. As Warren Buffett often says, ‘If you cannot control your emotions, you cannot control your money.’”
- Pg 264 - “Which quadrant is the hardest? They all are… At the start. I recommend starting in the S quadrant, then moving to the B, and then the I quadrant. It is the same process as a baby learning to stand, then walk, then run.”
Key highlights:
- Pg 31 - The five components of financial education are: history, definitions, taxes, debt, two sides of every coin.
- Pg 44 - “I’m going to repeat the lesson now because it is worth repeating. In the game of monopoly, the lesson is cash flow. Whether it is a green house or a red hotel, cash flows in, which is how you win the game in monopoly and in real life.”
- Pg 57 - Three things to remember: “1. The harder you work for your money, the more you pay in taxes. 2. The harder your money works for you, the less you pay in taxes. 3. The harder other peoples money works for you, you pay even less in taxes.”
- Pg 85 - Taxes are your greatest single expense.
- Pg 109 - “Have you ever wondered why your checking account is free? Banks need your deposit so they can lend money. Banks can’t make money until they have your money to lend. At this point you have two choices: use bank debt to make you rich, or use bank debt to make others rich.”
- Pg 109 - “If you borrow money and spend it on something that goes up in value, that’s good debt. If you borrow money and spend it on something that will go down in value, that’s bad debt. You use good debt to enhance your situation and increase your net worth. You should avoid bad debt altogether.”
- Pg 114 - “The secret of the I quadrant is OPM: other people’s money. As you know many people invest, but they use their own money… We use OPM as much as possible because we want our money back, plus we want to keep the asset, plus we want the cash flow, and we want tax advantages. That is what true I quadrant investors do.”
- Pg 116 - “Most of our loans are non-recourse loans. If we cannot pay the loans, we give the property back to the bank. Non-recourse means the bank cannot go after any other assets we own.”
- Pg 116 - “No matter how much money you have, start small. Invest in many small deals, practicing to gain experience in managing debt, property, and tenants. Once a banker knows you have experience and a successful track record, they will lend you as much as you can handle.”
- Pg 140 - “I always chuckle when someone says to me, “I am debt-free. My house and car are paid for, and we pay off our credit cards the moment we use them.”… What I want to say is, “Have you seen the size of the national debt? How can you be debt-free when you and I are paying the principal and interest on nearly $75 trillion in debt? How can you be so naïve?“ In 2010, every US citizen share of national debt was $174,000 per person or $665,000 per family.”
- Pg 145 - “Earlier I stated that my rich dad advised me to learn three things if I wanted to follow in his footsteps. Those are: 1. Learn to sell (control income). 2. Learn to invest in real estate (control debt). 3. Learned technical investing (control markets).”
- Pg 150 - “ The ability to sell, manage that, and analyze market trends is essential to all for asset classes.” The four asset classes are: business, real estate, paper assets, and commodities.
- Pg 182 - “Leverage the power of compounding financial education.… In other words, you earn more and more with less and less effort. This is the true power of financial education.”
- Pg 204 - “The lowest return I will consider is 28%. On many of my investments, even a 100% or 250% return is not good enough. I want an infinite return.”
- Pg 217 - “The longer your money is parked with them, the more they get paid. The reality is that real investors do not park their money. They move their money. It is a strategy known as ‘velocity of money.’”
- Pg 232 - “In my world, the world of a level for an level five investor, and infinite return is expected and with low risk. And infinite return means: money for nothing. In other words, the investor receives income without having any of their own money in the investment.”
- Pg 243 - “Emotions are your biggest cause of financial problems. As Warren Buffett often says, ‘If you cannot control your emotions, you cannot control your money.’”
- Pg 264 - “Which quadrant is the hardest? They all are… At the start. I recommend starting in the S quadrant, then moving to the B, and then the I quadrant. It is the same process as a baby learning to stand, then walk, then run.”
January 18, 2012
I do not think Kiyosaki talks down to anyone as some have accused him. I do think most people lack financial education, he realizes this and is trying to breakthrough the rhetoric and fog that has clouded most people's thoughts on finances which contributes to them being in their present financial state which is not good. In order to breakthrough the mental barriers put up by decades of bad financial teaching and advice, things need to be repeated and broken down into an understandable vocabulary. His audience are those person with little to no financial education so of course he is going to present the information as clear and as concise as possible. So far, it is a great read and all of his books and games should be taught in schools across America, even beginning in elementary grades. Enough of glamorizing and romanticizing being poor. Let's all increase our financial education and thereby our financial standing and become part of the solution, by not adding to the problem.
July 24, 2014
Be a capitalist, not a socialist.
Work on increasing your assets and decreasing your liabilities.
Work on increasing your assets and decreasing your liabilities.
January 6, 2024
This book is excellent for both those want to continue their financial education with the Rich Dad series and also first time readers of the author. Every book of the author is complete in itself. Robert continues his theme of the dangers of the proletariat clinging to their job security, possessions and savings. He believes a financial education and cash flowing assets leads to long term financial success. The author is against the masses and believe most spend their lives as wage slaves of capitalists and tax slaves of the government.
He advocates making a living as a business owner or investor and to avoid the rat race. As per the author, earning a paycheck and spend it is the worst debt spiral.
Robert points out the many unfair advantages the rich have over the rest of the population and how he came to posses these advantages. This book speaks about the author's real life successes. While people shy away from it because it sometimes seems arrogant. His concepts are real life examples and not theories or academic opinions.
The book unfair advantages shares:
1. True financial knowledge
2. Paying taxes as a business owner is much different than paying taxes as an employee.
3. Understanding the real nature of financial risk.
4. The wealthy get compensated for providing homes, jobs, and products to consumers.
This book warns the reader against the old advice to get a good education, work hard, save money, and buy a house thinking it is an asset. Robert Kiyosaki challenges conventional wisdom headon.
I have been reading his books for the past two decades, and he is right in saying your house is not an asset keeping in view of the 2008 sub-prime fiasco proved to many homeowners. He was right about the upcoming stock market meltdown predicted in the book Rich Dad's prophecy in 2002. He was also correct about investing in gold instead of holding cash because of the US Dollar devaluation. Readers followed his advice did very well.
He advocates making a living as a business owner or investor and to avoid the rat race. As per the author, earning a paycheck and spend it is the worst debt spiral.
Robert points out the many unfair advantages the rich have over the rest of the population and how he came to posses these advantages. This book speaks about the author's real life successes. While people shy away from it because it sometimes seems arrogant. His concepts are real life examples and not theories or academic opinions.
The book unfair advantages shares:
1. True financial knowledge
2. Paying taxes as a business owner is much different than paying taxes as an employee.
3. Understanding the real nature of financial risk.
4. The wealthy get compensated for providing homes, jobs, and products to consumers.
This book warns the reader against the old advice to get a good education, work hard, save money, and buy a house thinking it is an asset. Robert Kiyosaki challenges conventional wisdom headon.
I have been reading his books for the past two decades, and he is right in saying your house is not an asset keeping in view of the 2008 sub-prime fiasco proved to many homeowners. He was right about the upcoming stock market meltdown predicted in the book Rich Dad's prophecy in 2002. He was also correct about investing in gold instead of holding cash because of the US Dollar devaluation. Readers followed his advice did very well.
July 1, 2022
As much as mind-blowing Rich Dad Poor Dad was for me. This book didn't have much to add. Maybe because it has so many details that are supposed to be practical steps and I am not in the right mindset to really understand and act upon them. However, it had its inspirational moments and yeah it's always beneficial knowing how successful people think.
September 15, 2020
Good read, but it seems some there was repitition, either that or may be I have just started to learn the Rich Dad teachings. Loved the Q&A style.
Do read and iive the Laws of Compensation.
Do read and iive the Laws of Compensation.
August 6, 2021
Honestly? The content of this book could fit in a small brochure at best. RK keeps repeating the same points over and over again, in every chapter, adding nothing new with each repetition.
There are clear contradictions in his statements at times, e.g. constant quotations of Warren Buffet, while still blaming him for the 2008 financial crisis.
The book only focuses on investing in one type of assets - real estate, however, this is not very sound advice. Do your own research on this one, as many examples he uses as successful ventures of his turned out to be either bankrupt or not successful at all.
Some advice is borderline illegal. I feel like you have to fact check most of the statements in this book, which is not how a book on financial advice should be.
There are clear contradictions in his statements at times, e.g. constant quotations of Warren Buffet, while still blaming him for the 2008 financial crisis.
The book only focuses on investing in one type of assets - real estate, however, this is not very sound advice. Do your own research on this one, as many examples he uses as successful ventures of his turned out to be either bankrupt or not successful at all.
Some advice is borderline illegal. I feel like you have to fact check most of the statements in this book, which is not how a book on financial advice should be.
December 28, 2023
Sometimes I find Roberts book a tad bit repetitive, and slightly re-hashed versions of his other work, but one thing that will remain true is this mans ability to call it very accurately and say how it is - and based on that just alone and his emphasis on the need of good financial education makes it worth while for anyone to be constantly reminded of his warnings aswell as solutions of the problems we all face today
So I would recommend it nevertheless, and you do sometimes pick a new story from his 'rich dad days / childhood' which you may have not heard before, and with a book of this nature, one golden nugget can be worth its weight in gold for your long term financial future and success
keep it up Robert :)
To Our Continued Success!
Seemy
www.Waseem.tv/Blog
👆🏼 P.S -
If you found this review helpful - I’d like to invite you to discover more on our blog. Where the community share some of our most important insights to level up each others knowledge 💡- from experience in studying books like this, training programs, podcasts and much more - visit the blog link above to find out more.
P.P.S 😅 - You probably noticed from my profile that I’ve reviewed a LOT of books over the years now - if you love seeking knowledge like me I’d love to connect with you further as a like minded person (send me a friend invite! 😀) - Also if you are curious - here is my preferred and recommended resource for seeking timeless wisdom - Check it out via the website invite link below 👇🏼 (You’ll be able to claim some awesome books for free 📚)
https://Waseem.tv/GoodReadsBookInvite
So I would recommend it nevertheless, and you do sometimes pick a new story from his 'rich dad days / childhood' which you may have not heard before, and with a book of this nature, one golden nugget can be worth its weight in gold for your long term financial future and success
keep it up Robert :)
To Our Continued Success!
Seemy
www.Waseem.tv/Blog
👆🏼 P.S -
If you found this review helpful - I’d like to invite you to discover more on our blog. Where the community share some of our most important insights to level up each others knowledge 💡- from experience in studying books like this, training programs, podcasts and much more - visit the blog link above to find out more.
P.P.S 😅 - You probably noticed from my profile that I’ve reviewed a LOT of books over the years now - if you love seeking knowledge like me I’d love to connect with you further as a like minded person (send me a friend invite! 😀) - Also if you are curious - here is my preferred and recommended resource for seeking timeless wisdom - Check it out via the website invite link below 👇🏼 (You’ll be able to claim some awesome books for free 📚)
https://Waseem.tv/GoodReadsBookInvite
September 7, 2020
The author’s a real estate investor with a core message that encourages you to intelligently take on debt in order to acquire wealth through cashflow generating assets. He models his investment strategy off the game of monopoly.
A key feature of how he operates is established by first distinguishing between assets and liabilities. An asset is anything that puts money in your pocket. A liability is anything that takes money out of your pocket. Common examples of liabilities include your home and your car.
According to the author, there are 3 different types of income: ordinary income (e.g. salary), portfolio income (aka capital gains) and passive income. And which one you generate typically determines your prospects in the race to financial freedom.
He places people/businesses into four distinct quadrants: 1. Employees (E Quadrant). 2. Small business (S Quadrant) 3. Big Business (B Quadrant) (500+ employees). 4. Investor (I Quadrant). Many occupy the E & S Quadrants. These are your typical employees, self-employed individuals, and small businesses with average income. Note that one can fall into one or more quadrants. The rich among us fall into the I & B quadrants. It’s important to understand which quadrant you fall into so that you can go about improving your situation. You can improve your situation by improving your mindset. Any reader will very quickly identify where they belong and why. Using myself as example; I am in the E & S Quadrant because I believe it provides me with stability and security. According to the book, my thinking is flawed and I will not find financial independence with this mindset... Ouch!
Four assets categories are described in the book and these are: Businesses, Real Estate, Paper Assets (e.g. stocks and bonds) and Commodities. One very interesting point the author raised was on diversification and how usually when financial planners are encouraging you to diversify, they are referring to diversification of paper assets. Their expectation is for you to spread your risk across paper assets which are all still in the same asset group. Real diversification takes place across the different asset categories, namely business, real estate, paper assets and commodities. You can’t purchase different kind of stocks, bonds and mutual funds and think you’re diversifying. That’s a misconception. I was very impressed with this perspective on diversification and I expect it to serve me well in my financial affairs.
An investor invests for two outcomes, either for cash flows or for capital gains. You’re advised to prioritize cash flows over capital gains in all investments. In the author’s opinion, capital gains are no different to gambling and I’m inclined to agree. You have no guarantees and you simply hold on to hope that whatever stock you’ve purchased will appreciate in value over time. However, if you invest in stock with the primary goal of obtaining dividends then your thinking is sound because this will provide you with cash flow. Interest on savings is another form of cash flow but it is an unwise investment because the margins are too low to matter and are usually always below inflation. Your money will be worth less the longer you keep it there just lying around. The interest gained from savings won’t protect the value of your money. The author provides this alternative to saving: “If you have limited financial education, rather than save money, I would save gold and silver. I would buy a little gold and silver with every paycheck and hang on to it.”
Taxes
There’s a whole chapter on taxes and it’s very enlightening. It highlights the fact that taxes are by quadrant (employees, small business, big businesses & investors) and not by profession. Tax laws certainly are there to raise revenue for the government. However, they are also used extensively to provide stimulus packages to certain parts of the economy that the government wants to encourage. Similarly, governments throughout the world use tax laws to encourage people to follow the social and energy policies of the government.
If you want to pay less taxes, align your objectives with those of the government and present yourself as an investor.
If you’re a big business and want to pay less tax you need to appreciate the fact that most expenses are tax deductible, other opportunities are when you’re given tax credits for providing employment or for increasing research and development, and for investing in green technology. There’s many different ways to legally lower your tax obligation, just read and understand the tax laws of your country. Or hire that someone that is competent and already understands them to guide you.
There is a reason that the tax law rewards those who make their money and other people’s money work for them. It’s simply because these are the people who invest directly in the economy. The government wants us to invest in the economy to create jobs, housing, and opportunities for others. In countries all over the world, governments reward producers and punish consumers who work for money.
Conclusion:
In order to be financially independent, you need to focus more on acquiring assets that generate cash flows and focus less on income (e.g. academic education & promotions at work). As you do so be sure to insure your assets. If you have a leased apartment for example, make sure that you obtain house/rental insurance. Should anything happen to your assets such as a fire, your losses will be covered. Insurance for the paper assets category would be hedging with contract items such as put options.
Whatever asset you decide to invest in, ensure that it provides you with cash flows. You must never forget the definition of an asset and strive to acquire as many assets as possible.
*A tip for small businesses and entrepreneurs looking to become big businesses: The ability to raise capital is the most important skill of an entrepreneur. The inability to raise capital keeps most small businesses small. The ability to sell is essential for entrepreneurs. The reason most businesses fail is because the entrepreneur lacks adequate sales skills.
A key feature of how he operates is established by first distinguishing between assets and liabilities. An asset is anything that puts money in your pocket. A liability is anything that takes money out of your pocket. Common examples of liabilities include your home and your car.
According to the author, there are 3 different types of income: ordinary income (e.g. salary), portfolio income (aka capital gains) and passive income. And which one you generate typically determines your prospects in the race to financial freedom.
He places people/businesses into four distinct quadrants: 1. Employees (E Quadrant). 2. Small business (S Quadrant) 3. Big Business (B Quadrant) (500+ employees). 4. Investor (I Quadrant). Many occupy the E & S Quadrants. These are your typical employees, self-employed individuals, and small businesses with average income. Note that one can fall into one or more quadrants. The rich among us fall into the I & B quadrants. It’s important to understand which quadrant you fall into so that you can go about improving your situation. You can improve your situation by improving your mindset. Any reader will very quickly identify where they belong and why. Using myself as example; I am in the E & S Quadrant because I believe it provides me with stability and security. According to the book, my thinking is flawed and I will not find financial independence with this mindset... Ouch!
Four assets categories are described in the book and these are: Businesses, Real Estate, Paper Assets (e.g. stocks and bonds) and Commodities. One very interesting point the author raised was on diversification and how usually when financial planners are encouraging you to diversify, they are referring to diversification of paper assets. Their expectation is for you to spread your risk across paper assets which are all still in the same asset group. Real diversification takes place across the different asset categories, namely business, real estate, paper assets and commodities. You can’t purchase different kind of stocks, bonds and mutual funds and think you’re diversifying. That’s a misconception. I was very impressed with this perspective on diversification and I expect it to serve me well in my financial affairs.
An investor invests for two outcomes, either for cash flows or for capital gains. You’re advised to prioritize cash flows over capital gains in all investments. In the author’s opinion, capital gains are no different to gambling and I’m inclined to agree. You have no guarantees and you simply hold on to hope that whatever stock you’ve purchased will appreciate in value over time. However, if you invest in stock with the primary goal of obtaining dividends then your thinking is sound because this will provide you with cash flow. Interest on savings is another form of cash flow but it is an unwise investment because the margins are too low to matter and are usually always below inflation. Your money will be worth less the longer you keep it there just lying around. The interest gained from savings won’t protect the value of your money. The author provides this alternative to saving: “If you have limited financial education, rather than save money, I would save gold and silver. I would buy a little gold and silver with every paycheck and hang on to it.”
Taxes
There’s a whole chapter on taxes and it’s very enlightening. It highlights the fact that taxes are by quadrant (employees, small business, big businesses & investors) and not by profession. Tax laws certainly are there to raise revenue for the government. However, they are also used extensively to provide stimulus packages to certain parts of the economy that the government wants to encourage. Similarly, governments throughout the world use tax laws to encourage people to follow the social and energy policies of the government.
If you want to pay less taxes, align your objectives with those of the government and present yourself as an investor.
If you’re a big business and want to pay less tax you need to appreciate the fact that most expenses are tax deductible, other opportunities are when you’re given tax credits for providing employment or for increasing research and development, and for investing in green technology. There’s many different ways to legally lower your tax obligation, just read and understand the tax laws of your country. Or hire that someone that is competent and already understands them to guide you.
There is a reason that the tax law rewards those who make their money and other people’s money work for them. It’s simply because these are the people who invest directly in the economy. The government wants us to invest in the economy to create jobs, housing, and opportunities for others. In countries all over the world, governments reward producers and punish consumers who work for money.
Conclusion:
In order to be financially independent, you need to focus more on acquiring assets that generate cash flows and focus less on income (e.g. academic education & promotions at work). As you do so be sure to insure your assets. If you have a leased apartment for example, make sure that you obtain house/rental insurance. Should anything happen to your assets such as a fire, your losses will be covered. Insurance for the paper assets category would be hedging with contract items such as put options.
Whatever asset you decide to invest in, ensure that it provides you with cash flows. You must never forget the definition of an asset and strive to acquire as many assets as possible.
*A tip for small businesses and entrepreneurs looking to become big businesses: The ability to raise capital is the most important skill of an entrepreneur. The inability to raise capital keeps most small businesses small. The ability to sell is essential for entrepreneurs. The reason most businesses fail is because the entrepreneur lacks adequate sales skills.
May 6, 2014
By far one of the best Audiobooks I have listened to in 2013. My obsession with audiobooks came from an article I read from a dear Friend Ahmad Moshrif, Who I believe is a really talented writer. He has inspired me to read listen to Audiobooks and write. Today I am thankful to him for opening a whole new world of knowledge to me. If you would like to follow him this is his blog:
http://amoshrif.com/
The below Audiobook is an advantage you will gain by reading or listening. I suggest you get your kids, wife, husband, brother, sister, mother or father to read it. I learned some very important lessons from this Audiobook. For a successful investor or entrepreneur you need to have financial knowledge to take you to your desired goals in life. Without knowledge we are just in the dark. I leaned that in 1971 the dollar was no longer pegged to gold! Hence the american dollar lost since then 95% of its value and gold prices increased from 34$ in 1971 to $1200 today. There are many important lessons to learn from this book. I hope it can add to your knowledge.
http://amoshrif.com/
The below Audiobook is an advantage you will gain by reading or listening. I suggest you get your kids, wife, husband, brother, sister, mother or father to read it. I learned some very important lessons from this Audiobook. For a successful investor or entrepreneur you need to have financial knowledge to take you to your desired goals in life. Without knowledge we are just in the dark. I leaned that in 1971 the dollar was no longer pegged to gold! Hence the american dollar lost since then 95% of its value and gold prices increased from 34$ in 1971 to $1200 today. There are many important lessons to learn from this book. I hope it can add to your knowledge.
March 15, 2012
In the past, when I still young about personal financial subject, I can't catch up with Kiyosaki's book very well so that make me not impress with his book very much. But, as my financial literacy go up to higher level, I can understand him quite better with this book and can got some useful information from him a lot. If I have to summarized the main idea of this book that is it doesn't matter what financial literacy level that you are now, anyway, you still have to have a good, really good, financial education. Highly financial educated guy has the unfair advantage over others, which is the main citizen of the world. If you want to survive from the economic chaos (Kiyosaki called it 'exceited') that will come, you have to get yourselves to become better in financial education.
January 23, 2022
Prepare for the future inevitable financial collapse, financial apocalypse, financial disaster, financial death, financial bankruptcy, financial chaos, financial armageddon by acquiring financial knowledge, financial skill, financial education, financial literacy, financial training. Survive the inevitable financial catastrophe, financial doom, financial apocalypse through financial literacy and financial education. The author is a fraud and conman, thus his advice should not be followed or preferred. But his advice regarding financial education and literary is good. Each and every human being must be financially educated and literate.
April 3, 2012
Very good book! I have read some of Roberts previous books and this is just one the best works that he has done. Really showing not only Americans but the rest of the world that financial education is essential to live a happy and prosperous life. I am Brazilian and his ideas fully apply in my country as well as any other country. We all need to educate ourselves better. Because lets face it economic crises will always happen no matter where you are or what you do it will affect you. How it affects you and what you do about it depends on how well educated you are financially.
April 12, 2015
Excellent, professional handbook to understand the investment for beginners. It is the essence of Rich Dad, Poor Dad books and Summary: The CashFlow Quadrant - Robert Kiyosaki and Sharon Lechter.
It provides real life examples and explains the consequences of financial crisis in 2008.
It provides real life examples and explains the consequences of financial crisis in 2008.
May 28, 2014
After Rich Dad Poor Dad I was excited to read everything else Robert Kiyosaki had to say. But this book disappointed me. Although The processes that he lays out are good and worked for him. In my mind they lacked the common sense factor.
Don't get me wrong, it was an excellent read. But, I disagree with the methods he sugguested.
Don't get me wrong, it was an excellent read. But, I disagree with the methods he sugguested.
March 25, 2014
Kinda repeat from what he is trying to say in all his previous book. Its a good read if you are a first timer for Robert's book, but if you are those who have finished a series of his book, its getting boring
December 21, 2014
A very to-the-point, extremely digestible book that intends to educate the average investor, though mostly about the US investment climate. Written in a little bit of an angsty way, but I guess that was supposed to jolt people into revelation and action.
December 30, 2014
This book really has opened my eyes. Robert does a really good job explaining what is wrong with our financial system and what can be done to survive and do well despite how things are run. I would recommend this book to anyone.
September 16, 2015
It a great book, Robert is actually emphasizing on how having financial education will open you to more opportunities and give you an unfair advantage. He goes into details talking about your knowledge on taxes, debt, risk and compensation
July 31, 2014
3.5 stars here
tempted to put this in an 'important to take a look at' category
though much of it is his personal perspective, there is plenty that is quite sound as well
tempted to put this in an 'important to take a look at' category
though much of it is his personal perspective, there is plenty that is quite sound as well
February 14, 2021
I can summarize this book without really missing anything important in 3 words: Get financial education.
May 18, 2020
Most important of all is financial education. The power of financial education is to earn more and pay less taxes legally. It is to have an infinite return and have people to send money to you.
The book is in a FAQ format. It talked about knowledge, taxes, debt, risk, and compensation. It also has inputs from Rich Dad advisors (tax, legal, and investment).
Knowledge reduces risk and you have greater control.
Taxes are incentives. Do what your government wants you to do and you'll earn a lot of money and pay less in taxes.
When more money are printed, taxes and inflation increases. Possibly hyperinflation which is when no one wants the money.
Debt crisis is solved by creating more debts.
It discussed the financial history briefly, and the fractional reserve system. The world is heading for disaster. It is running on debts by printing money, dropping interest rates in hope that more people will borrow more money, increasing national debt rather than increasing production, propping up the stock market and housing markets, and lying to the financially uneducated.
Money is debt and is rapidly being devalued with more national debt.
Mutual funds, 401k, and retirement plans uses your money to invest and you take 100% of the risk. There's also a big fee and tax you need to pay. The funds make money even if you lose money.
An infinite return is receiving income without having any of your own money in the investment.
An investment goal is to get your money back within 3 years, a free asset, free cash flow, and tax breaks.
The tax law is a series of stimulus packages for business owners and investors.
Use debt to acquire assets that produce cash flow for an infinite return.
There are 4 asset classes: Business, Real Estate, Paper Assets, and Commodities.
Business requires the highest level of financial education.
Real estate requires the 2nd highest level of financial education.
Paper assets are the easiest to get into and the riskiest of all the asset classes.
Commodities requires the least financial education.
Get some financial education before starting.
Learn to sell (control income). This skill is important for entrepreneur to raise capital.
Learn to invest in real estate (control debt)
Learn technical investing (control markets)
The rich does not work for money.
There are 3 laws of compensation:
1. Reciprocity: Give and you shall receive.
2. Learn to give more.
3. Leverage the power of compounding financial education.
"I do not work for money. I have dedicated my life to the service of others. The more people I serve, the more effective I become." Dr. R. Buckminster Fuller.
A true capitalist only profit if and when they make life better, often saving us time and money. They are generous. They produce a lot and receive a lot.
The book goes over the 5 level of investors:
1. The Zero-Financial-Intelligence Level: Spending more than you earn. Look rich but with bad debts.
2. The Savers-Are-Losers Level: Dollars are declining in value.
3. The I'm-Too-Busy Level: Turning their money over to expert
4. The I'm-a-Professional Level: Do-it-yourself. With a sound financial education, you can climb to Level 5.
5. The Capitalist Level: A capitalist skilled as a business owner from the B quadrant investing in the I quadrant.
ROI is Return On Information. The more information you have, the higher your returns - and the lower your risk.
The book discussed about the 8 Integrities of a Business which makes up the B-I Triangle.
1. Mission - The foundation, the business's reason for existence.
2. Team - A successful business is made up of a team of different people with different professions. Working with people is hard.
3. Leadership - Focus on people and resource to produce a result on time and on budget. Responsible for the successful integration of all 8 integrities to operate together.Know a little about a lot.
4. Cash Flow - If the leader done a great job, there should be plenty of cash flow for salaries, profits, dividends, and capital to keep the business going forward. Managed by CFO, an accountant or a bookkeeper.
5. Communication - Impacts cash flow. Organizations with poor internal and external communications suffer in all 8 integrities, especially cash flow.
6. Systems - A business is a system of systems. If one of the systems is out or damaged, the business falters or dies.
7. Legal - Contracts, agreements, and knowledge of the laws are essential to business success. Legal agreements create and define assets. Have sound processes and systems in place for agreements and a good attorney to guide you.
8. Product - The least important integrity. The business is far more important than the product because business is an asset.
"When you lose a person's money, you lose a part of their life." -Rich Dad
Use your financial education to solve your own financial challenges and the financial challenges of others.
The book is in a FAQ format. It talked about knowledge, taxes, debt, risk, and compensation. It also has inputs from Rich Dad advisors (tax, legal, and investment).
Knowledge reduces risk and you have greater control.
Taxes are incentives. Do what your government wants you to do and you'll earn a lot of money and pay less in taxes.
When more money are printed, taxes and inflation increases. Possibly hyperinflation which is when no one wants the money.
Debt crisis is solved by creating more debts.
It discussed the financial history briefly, and the fractional reserve system. The world is heading for disaster. It is running on debts by printing money, dropping interest rates in hope that more people will borrow more money, increasing national debt rather than increasing production, propping up the stock market and housing markets, and lying to the financially uneducated.
Money is debt and is rapidly being devalued with more national debt.
Mutual funds, 401k, and retirement plans uses your money to invest and you take 100% of the risk. There's also a big fee and tax you need to pay. The funds make money even if you lose money.
An infinite return is receiving income without having any of your own money in the investment.
An investment goal is to get your money back within 3 years, a free asset, free cash flow, and tax breaks.
The tax law is a series of stimulus packages for business owners and investors.
Use debt to acquire assets that produce cash flow for an infinite return.
There are 4 asset classes: Business, Real Estate, Paper Assets, and Commodities.
Business requires the highest level of financial education.
Real estate requires the 2nd highest level of financial education.
Paper assets are the easiest to get into and the riskiest of all the asset classes.
Commodities requires the least financial education.
Get some financial education before starting.
Learn to sell (control income). This skill is important for entrepreneur to raise capital.
Learn to invest in real estate (control debt)
Learn technical investing (control markets)
The rich does not work for money.
There are 3 laws of compensation:
1. Reciprocity: Give and you shall receive.
2. Learn to give more.
3. Leverage the power of compounding financial education.
"I do not work for money. I have dedicated my life to the service of others. The more people I serve, the more effective I become." Dr. R. Buckminster Fuller.
A true capitalist only profit if and when they make life better, often saving us time and money. They are generous. They produce a lot and receive a lot.
The book goes over the 5 level of investors:
1. The Zero-Financial-Intelligence Level: Spending more than you earn. Look rich but with bad debts.
2. The Savers-Are-Losers Level: Dollars are declining in value.
3. The I'm-Too-Busy Level: Turning their money over to expert
4. The I'm-a-Professional Level: Do-it-yourself. With a sound financial education, you can climb to Level 5.
5. The Capitalist Level: A capitalist skilled as a business owner from the B quadrant investing in the I quadrant.
ROI is Return On Information. The more information you have, the higher your returns - and the lower your risk.
The book discussed about the 8 Integrities of a Business which makes up the B-I Triangle.
1. Mission - The foundation, the business's reason for existence.
2. Team - A successful business is made up of a team of different people with different professions. Working with people is hard.
3. Leadership - Focus on people and resource to produce a result on time and on budget. Responsible for the successful integration of all 8 integrities to operate together.Know a little about a lot.
4. Cash Flow - If the leader done a great job, there should be plenty of cash flow for salaries, profits, dividends, and capital to keep the business going forward. Managed by CFO, an accountant or a bookkeeper.
5. Communication - Impacts cash flow. Organizations with poor internal and external communications suffer in all 8 integrities, especially cash flow.
6. Systems - A business is a system of systems. If one of the systems is out or damaged, the business falters or dies.
7. Legal - Contracts, agreements, and knowledge of the laws are essential to business success. Legal agreements create and define assets. Have sound processes and systems in place for agreements and a good attorney to guide you.
8. Product - The least important integrity. The business is far more important than the product because business is an asset.
"When you lose a person's money, you lose a part of their life." -Rich Dad
Use your financial education to solve your own financial challenges and the financial challenges of others.
September 22, 2018
While I like to overall message, I felt like he just repeated himself over and over and over and over. The book could've been half as long as it was if he would stop telling the same story. There were a lot of grammatical errors in the book, which is weird because you think editors would've grabbed that.
I've been a Dave Ramsey fan for a long time and wanting to do my part to learn as much as I can about personal finance, my business finances, etc. This is why I've begun reading widely in personal finance, so Kiyosaki was at the top of the list. This was my first book by him and probably the last. I feel like the stories will all be the same (much like Dave Ramsey go to for me). Even in the "special section at the end" that previewed his next book, it was the same stories.
I feel like he tried to pack in as much as he could. A 1 page section at the very end on how much he hates traditional education? We know. Sharing more about how much you love Steve Jobs? We get it!
Again, great message and a lot to think about. However, it bothers me he recently filed bankruptcy and that he spent this whole book saying the economy would never recover from 2007 (wrote this in 2010) - yet here in 2018 it's the best economy we've seen in over 100 years.
I've been a Dave Ramsey fan for a long time and wanting to do my part to learn as much as I can about personal finance, my business finances, etc. This is why I've begun reading widely in personal finance, so Kiyosaki was at the top of the list. This was my first book by him and probably the last. I feel like the stories will all be the same (much like Dave Ramsey go to for me). Even in the "special section at the end" that previewed his next book, it was the same stories.
I feel like he tried to pack in as much as he could. A 1 page section at the very end on how much he hates traditional education? We know. Sharing more about how much you love Steve Jobs? We get it!
Again, great message and a lot to think about. However, it bothers me he recently filed bankruptcy and that he spent this whole book saying the economy would never recover from 2007 (wrote this in 2010) - yet here in 2018 it's the best economy we've seen in over 100 years.
December 4, 2021
Идва краят на една епоха и началото на нова. Как ще се справи всеки с тези промени си зависи само от него. Капиталистите ще са добре, но за социалистите перспективата не е толкова добра. Защо ли? Защото социалистите са обучени (да, направо дресирани) да вярват, че богатите са алчни и гадни хора. Искате ли да чуете истината социалисти? Богатите са точно обратното, а алчните сте вие. Разликата между капиталистите и социалистите е, че едните допринасят за развитието на икономиката, а другите стоят със стиснати юмруци(като маймуната) и чакат "безплатния обяд". В живота, за да получиш, трябва първо да дадеш. И не, да имаш сигурна работа, да пестиш пари, да си плащаш изрядно данъците, не е даване, а очакване на базата на нищо да се даде нещо. Икономиката обича богатите, защото те допринасят за нейното развитие и естествено получават нещо в замяна. Лошото е, че повечето хора са отгледани да бъдат социалисти и промяната към това да бъдеш капиталист идва с осъзнаването и финансовото образование. Но тук искам да припомня съвета на Кийосаки, че ако смятате, че знаете всичко свързано с финансовото образование, е, грешите. Разбира се, всеки си преценява какъв иска да бъде и точно затова държавата няма вина. Начинът ви на мислене има.
April 12, 2024
Mamma mia, this must have been one of the worst books I've read in a long while.
First of all, the author repeats himself A LOT. Like when in the first chapter he introduces us to the metaphor of a person without financial knowledge being like a monkey waiting to be caught by a hunter. Do you know how many times he then repeated this? I know, I've counted: at least 20 times. I just know he was really proud of himself when he came up with the "the only difference between 'monkey' and 'money' is 'k' aka 'knowledge'". Oooph.
Then, he makes it seem as if not using debt for investments (which can always fail, leaving you with payments you can't afford) is the most foolish thing you can do. I'd argue it's the other way around.
He also constantly brags about not paying taxes.
Kiyosaki keeps on highlighting the importance of gaining financial knowledge, but doesn't provide us with specifics about how to gain it. But don't worry, the final chapter is a giant ad for his products!
I'm giving it 2/5 only because I got intrigued by the idea of creating more cashflow instead of simply keeping my investments "on paper" by owning shares. Despite that, I wouldn't recommend this book and I was thrilled to finish it so I could handle it back to the library and never see it again.
First of all, the author repeats himself A LOT. Like when in the first chapter he introduces us to the metaphor of a person without financial knowledge being like a monkey waiting to be caught by a hunter. Do you know how many times he then repeated this? I know, I've counted: at least 20 times. I just know he was really proud of himself when he came up with the "the only difference between 'monkey' and 'money' is 'k' aka 'knowledge'". Oooph.
Then, he makes it seem as if not using debt for investments (which can always fail, leaving you with payments you can't afford) is the most foolish thing you can do. I'd argue it's the other way around.
He also constantly brags about not paying taxes.
Kiyosaki keeps on highlighting the importance of gaining financial knowledge, but doesn't provide us with specifics about how to gain it. But don't worry, the final chapter is a giant ad for his products!
I'm giving it 2/5 only because I got intrigued by the idea of creating more cashflow instead of simply keeping my investments "on paper" by owning shares. Despite that, I wouldn't recommend this book and I was thrilled to finish it so I could handle it back to the library and never see it again.
November 17, 2019
Let me start this review by saying that Rich Dad Poor Dad (Kiyosaki's most famous work) is brilliant. Its first principles are amazing to build a mindset that supports wealth building.
This was... not so amazing. And by "not so amazing" I mean that for the most part it was bloody terrible, and a waste of time. Kiyosaki likes to self-aggrandise his knowledge and project it in a larger than life way, but it becomes annoying and boring very quickly. The book repeats a lot from his previous books - scratch that, it's just a near complete recycle of the ideas with a little bit more anecdotes sprinkled here and there for good measure.
Also, another thing that was bad was that for all of Kiyosaki's claims of his amazing financial education and what not, frankly, a lot of times he had no idea what he was talking about. His claims about how reserve banking works are flat out wrong. His fixation on 2008 being a Warren Buffet job is laughable, if not downright lunatic.
The book's only saving grace is that at times, some paragraphs are brilliant and very quotable. But that's all there is to it. If you've read Rich Dad Poor Dad, my opinion is skip this. You won't be losing much.
This was... not so amazing. And by "not so amazing" I mean that for the most part it was bloody terrible, and a waste of time. Kiyosaki likes to self-aggrandise his knowledge and project it in a larger than life way, but it becomes annoying and boring very quickly. The book repeats a lot from his previous books - scratch that, it's just a near complete recycle of the ideas with a little bit more anecdotes sprinkled here and there for good measure.
Also, another thing that was bad was that for all of Kiyosaki's claims of his amazing financial education and what not, frankly, a lot of times he had no idea what he was talking about. His claims about how reserve banking works are flat out wrong. His fixation on 2008 being a Warren Buffet job is laughable, if not downright lunatic.
The book's only saving grace is that at times, some paragraphs are brilliant and very quotable. But that's all there is to it. If you've read Rich Dad Poor Dad, my opinion is skip this. You won't be losing much.
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