Like:
- Quick and clear introduction to value of money, assets, budgeting, etc.
People Should Learn more about it. I know so so so many folks who are busy and stuck with day to day jobs (no matter what level: low or high tech) so They are not in control of planning Their pennies. But it is so with caution, you have to be very careful what you are doing with your $$$, there are emotions, etc.
- House as liability, very eye-opening.
- Nicely Explained Rich Dad vs Poor Dad (Later on calls him dad educated, more respectful indeed.)
- It is extremely helpful to see the concept in little charts, whichwill be eye-opening to many readers. Of course the concepts of salary, into / outs, assets, liabilities, etc.
- Both dad's give many helpful ways of thinking about things, and the reader can learn a lot from this presentation. It is indeed true That One Should collect experiences (eg internships in young years for a small venture please) in different sectors, different people, different worlds, so did evaluation is possible based on what has been learned (advice from Rich Dad). But so educated dad is very right in talking about having a decent paying position. I would say educated dad just Took no risks, not bad, but no learning of course.
Questions / bug:
- I did some math, and there must be a mistake on a page 120, where Kiyosaki apparently earned some $ 49k in 1969. If you do the maths, This Means by today (inflation-corrected) this is something like $ 300k for 7 months ? Sorry, not possible. Check for 1969 Data Reveals some average US wage in the area of $ 8-5k, Hence I believe it should read $ 4.900.
Dislike:
- CLEARLY Kiyosaki points out the housing market and assets in terms of stocks, bonds, etc.
Let me tell you, this does not work for everybody or in fact only very few people and it is with luck. With the 2013 Nobel Prize in Economics (just released!), You can read about yourself Mr Shiller, who is himself the authority for Predicting bubbles / crashes and Hence today it is very difficult. Especially the housing marked in your county, country might have just crashed (eg Florida) or is going into a new bubble fashion (London ...) or, based on current financial market conditions it is unclear what comes next.
If you search Google for Mr Shiller housing bubble you want to learn your lesson. Or search Forbes.com "Rich Neighborhoods Riddled With Foreclosures". I Know That HI is the Most Desirable place to be in the US and I believe did Mr Kiyosaki knew how to make his fortune.
- Basically Kiyosaki points out That his wife is driving a cool Mercedes, Which she bought from money invested.
Now seriously, showing off in a Mercs is really something you are not going to DO. You drive a Volkswagen Actually if you are rich (Zuckerberg). I see many women driving Their SUVs down the road, ridic, or a sign of fear passing by? The head engineer of the Ranger Rover Never Understood this. Why? Of course he is an engineer, Which brings me to the next point ...
- Poor / Educated dad is not the way to be rich. I would not be so sure about that.
This is an old fashioned model That would last until the release of 56k modems, When human knowledge started to grow exponentially and in return you are richer in your head every single day, EC Roughly knowing about When this Mercs will fail (at milage x) and can do something about it without having risked a penny. Basically saved. Maybe re-invested by education. You can drive your Mercs Easily without headache if you are sitting comfortable on $ 10M :)
Back to Education: Education is THE WAY. There is NO other way for 95%. Was not it Prince William Recently Completing his helicopter pilot training for the RAF or how about the many Oxbridge students? Would They need to study, really? But beware the traps: Student Loans, job perspectives, high specialization (-> Unions; loss of potential jobs due to over-education) etc.
But Mr Kiyosaki is very right: Many people are not financially / mathematically trained and once They add up On Their salary, the next fancy car can come. As we all know, there is a car for every budget waiting. Particular if you are unhappy and need to compensate.
- Lot of discussion and talking about assets, but you will not find this book helpful in finding what can be on asset (expect if you realize the book itself is an asset of Mr Kiyosaki)
Conclusion:
The book is very stimulating. I am thankful to Mr Kiyosaki. Everybody should read this book or discuss it.
