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Rich Dad Poor Dad is the “quintessential” book for every person interested in personal finance, it seems. Everyone has heard of it. If you haven't, you've probably been living under a rock. So this site needs the Rich Dad Poor Dad Review in my mind! I have read a few financial books and have always wanted to read Rich Dad Poor Dad, especially since I see their free conventions/ seminars being hosted here so often (haven't gone to one, but I hear they are ploy to make you buy their merchandise and classes…)
Young And Thrifty's Rich Dad Poor Dad Review
He has a really clear and direct writing style and used many examples and vignettes that he says are true to draw the reader. Some of his stories seem almost “too good to be true”, if you know what I mean. He also mentions his CASHFLOW game and the importance of getting educated on financial literacy. The CASHFLOW (he capitalizes it in the book, so I guess I will too) game seemed pretty interesting, until I saw that it is $150 USD- but I guess education is priceless, right?). Some parts of the book seemed a bit propaganda-ish in relation to buying his board game and attending his Rich Dad Poor Dad seminars.
The book starts off describing his childhood and his influence from both his rich dad (his good friend's father) and his poor dad (his own father). Throughout the book he draws comparisons between the two. The rich dad is non-traditionally educated self employed and very entrepreneurial, the poor dad is highly educated in the traditional sense, works for the government, and values education and stability.
He then goes on to talk about the cashflow quadrants of wealthy people, poor people, his rich dad, and his poor dad. He emphasizes that wealthy people find a way to make their liabilities and expenses small, they manage to loop them back into assets to generate income.
In all sections he talks about avoid paying paying taxes to the government by working for yourself and not someone else. He writes about how he educated himself by experience, rather than traditional school.
Then to finish he gives more examples and suggestions on how to get out of the rat race. He emphasizes that most people think that their home is an asset, when it can actually be a liability as it is not generating cash flow, which is a pretty good insight, in my opinion.
Here's a breakdown of the pros and cons of this book in my perspective:
- easy to read, direct; good flow to the book (he tells you his story, then gives examples how of you can do it, and then gives even more direct instructions of how you can change your financial status
- “inspiring” for people who are “sick and tired of the rat race”- I think it's safe to say he is probably good at public speaking, it makes you want to take action and at least attempt to get your finances in order
- he makes a good point- there should be more education on personal finance in schools
- he had an interesting life path that he justifies (e.g. working in the marines first, then as a pilot, then as a xerox salesman)
- lots of talk about his boardgame and how you should buy it
- some of the stories that he mentions seem a bit too bizarro to be true (and apparantly he admits it)
- I feel bad that he dissed his biological “poor dad”, he also dissed a few other people in the book too- hope they don't mind
- his emphasis on working for yourself… I think there can be a balance- you can work for as an employee and have other ways of generating income in your spare time
- he made buying foreclosures or real estate and generating income sound so simple and easy when it really isn't
Young And Thrifty's Rich Dad poor Dad Review Rating from 0 to 10:
In terms of financial advice books, I would give it an 7.5 out of 10 because he is clear, has many stories/ examples that you can remember and try to apply to your own everyday life, and writes in a way that makes you want to follow his ideas and change your finances. I didn't like how some stories seemed exagerrated, or how he really made it sound like you don't need postsecondary education at all to go anywhere in life, and how he mentioned his CASHFLOW board game numerous times.
Makes you wonder, if he's so “rich” why is he resorting to selling CASHFLOW board games? This (the book, board game, seminars) must be his main source of income now, NOT real estate and equity investments. In it, he says he became financially free at the age of 47… you would wonder why it wasn't sooner?
Have you read Rich Dad Poor Dad? What did you think of it?
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