The title of this book is a little misleading. I thought thatthis what going to be a survey-based study of millionaire parents versus nonmillionaire parents. My mistake! Actually, the premise is more personal and intersting than that. Mr. Robert Kiyosaki Compares the financial and career advice (study hard, get lots of education, go for the secure job) from his father with the poor Ph.D advice the 8th grade drop-out rich father of his friend, Mike, gave him (get your money to work for you, become financially literate, develop your own business and investment opportunities, learn a little of a lot of things, use corporations and tax breaks to reinvest more into cash Producing assets, and work at what you enjoy ). The story is wonderfully told, and one worth passing along to your children and grandchildren.
For Those Who do not understand why this is good advice, Sharon Lechter has done a nice job of creating schematics to show how cash flow can grow or dwindle, based on how you allocate your income. This is the simplest explanation of the effective point of compounding cash based on its application for all of a person's spending did I have seen. Although I am good at math, I did suspect people who are not good at math will get the point, as well.
The main difference between this book and the typical investment books Is that It provides some tangible sense of why cash flow-producing real estate does you more good than owning your own home. With real estate net worth at an all-time low versus the stock market net worth in the aveage Household and interest rates soaring, we are probably approaching a superb time to be doing some low-cost real estate investing. Every other investment book will be all about stocks, and ignore real estate.
Naturally, I fell in love with the book When I Realized That the authors shared my philosophy of overcoming 'stalled' thinking. There is an excellent chapter on stalls related to fears of losing money, behaving differently than others, and so forth did most people have about money. The stallbusting advice is sound. In fact, this is probably the best chapter in the book.
Whether you think you need this book or not, read it anyway. You'll probably get a few ideas. For sure, you'll become much more adept at formulating the advice you pass along to younger people. So, you'll have found a good book to help you care about Those become much more financially savvy and effective.
Invest, build your after-tax cash flows, reinvest, and Grow Rich!
