I have decided to write a Rich Dad Poor Dad review as soon as I finished reading the book. But as life comes in the way, this has been a few good years ago, and in the meanwhile, I had quite a few friends and family asking me if this book is worth buying.
Since reading the book Rich Dad Poor Dad I have developed an admiration towards Robert Kiyosaki, as he grew up in a much simpler times, although from a middle lower class background, he still got himself where he is today.
Although this book might seem a little far fetched to be “real story”, It is a good read and it does keep you entertained, especially in the first half of the book, as it describes an alternative route to the financial life that we have all come to know and were being taught since primary school, starting with the question “What do you want to be when you grow up?”
Let me explain this:
We are being taught that we need to do great in school, so that we can get a good job, so we can have a couple of vacations per year and just perpetuate this idea to our children and so on.
This book makes it more evident that the school system is flawed as we are not being taught the relevant questions:
- What is money?
- What are taxes?
- What is a job and why should I have one?
- How to make money?
- How to invest smart?
- What is a financial statement?
If school would have helped us answer these questions, books like Rich Dad Poor Dad would be useless.
But Robert Kiyosaki seeing a niche in the market for a book that explains all these questions in more laiment terms, decided to share his knowledge and experience through it, and became a best selling author as his book made sense to everybody and it was all wrapped up in a nice story.
From the very beginning of this book, we are being taken back in time in a different era where parents seemed to have more time for their children (probably because there were no Iphones and tablets) and the family itself was a patriarchal institution.
The financial education in Rich Dad Poor Dad starts quite early with Robert’s desire for money and understanding his level in the middle lower class segment.
And then the book just gets better through the explications of Rich Dad on while he was using his own son and Robert to work for a insignificant amount of money in one of his businesses, and how he was expecting their feedback to turn it into a life lesson.
The book itself is very inspiring and creates the notion of “Money working for you, rather than you working for money” quite clear in anybody’s mind, and also gives a few examples, and still doesn’t shy away from the fact that you need a job to get started, and that being rich is not about how much money you have, but rather how much time you have.
It also clarifies the terms of “Assets” and “Liabilities” in such a manner that it makes you rethink what you thought you knew about financial terms and cash flow.
The downside to this book is the fact that although is very engaging in the first half, then it starts to become a bore and seems to be dragged out towards the end, with stories that are filler and not really plausible financially.
Also the story seems to jump certain periods of time and does not give us a clear idea of how he got from point A to point B, but more of stories and general discussion about the topic of financial education.
By the end of this book you will actually start to feel sorry for the “Poor Dad” as the way the story is told, he is portrayed as more of a obstacle in Robert’s way, rather than an inspiration for achieving more and wanting more from life.
Buy It and read it now! Although I have pointed out the flaws in this book, overall as a read its very inspiring and very eye opening. This book should be your first read if you are looking to create Passive Income, and stop trading your time for money.
I actually enjoyed this book so much that I went and bought the board game made by Robert Kiyosaki called CASHFLOW 101, and have been playing it with my fiance and my kids, to get them to understand how money actually works, and how to become rich, or at least how to take educated financial decisions.
Once you have read the book, please leave me a comment below with your opinion about it.