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My Views On Robert Kiyosaki’s Financial Books

 
Robert Kiyosaki

Why Robert Kiyosaki’s approach will not work for most of us!   

I read “Rich Dad, Poor Dad” a few years back, and today I’m going to talk about why for most people his approach will not work.  For one, you must be extremely desperate and somewhat conceited, both at the same time!  You have to believe that you are the cat’s meow, and the rest of the population is gullible sheep waiting to be slaughtered.  Unfortunately, the reality is different from the fantasy.  For someone with kids (like me), this could be detrimental to my marriage, and could potentially scar my children!   

What did I think of the “Rich Dad, Poor Dad” series of books?   

You’d think I would say they are trash, and not to read them.  However, I found them very entertaining and the 1st book “Rich Dad, Poor Dad”, I believe is worth reading.  He spins a good story, and if you want to believe his story, it’s very inspirational and motivational.  There are many half truth in his story, but overall it’s a feel good, you are only limited by your fears, kind of book.  I gained the most value out of the author’s attempts at success after a long chain of failures.  Of course, Robert doesn’t spin it that way!   

Another thing I like the the Cashflow game series (we have the “Cashflow for Kids” board game).   

I have to admit, I don’t like his attempt at changing the financial rules (a house is an asset, no matter what he says).  Another undesirable practice the author has is he likes to tell you only one side of the story, hoping you are not smart enough to rationalize or think of the negative aspects.   

Mr. Kiyosaki is very aggressive, but he is not a quitter!  And that is important!   

John T. Reed, (a real estate author) voices his option about Robert here.  I found his analysis of Mr. Kiyosaki very informative and worth a visit!  John present an argument that “Rich Dad” never existed!  And he even found evidence that Robert even said that to a certain extent.  I really encourage you to visit his site by clicking the link above! 

 But what I found interesting on John T. Reed’s site is how many times Mr. Kiyosaki has failed in life, before hitting it big (this fact alone make the 1st book an interesting read).  You can see a lot of failures in his life below:   

flunked sophomore year of high school and had to repeat
U.S. Merchant Marine Academy
3rd mate oil tanker (or was it “Love Boat” type cruise ship as he said in one of his books?)
Marine helicopter pilot (or was it fighters?)
refused to return to ship when it was ordered to return to combat (or just missed the boat)
Xerox salesman
Failed businessman (nylon surfer wallets)
Failed businessman (rock and roll memorabilia)
Failed author (1993 book If You Want to Be Rich & Happy, Don’t Go To School?)
Failed MBA applicant
Homeless person
Bankruptcy (or maybe not)   

So unless you have a personality that is extremely aggressive and you are willing to do practically anything, I pretty sure Mr. Kiyosaki’s approach will not work for you!  Or if you like to gamble big, then Mr. Kiyosaki’s approach might be for you too…, but not for me or most of the personal finance blogger’s out there!  I”m pretty sure a lot of people today in real estate that are regretting their move into it after reading the “Rich Dad, Poor Dad” series.   

For me personally, I’m more of a get rich slowly and steadily kind of guy.   

Readers, I would love to hear your take on the book series!  Mr. Kiyosaki’s approach is one of motivations and inspiration…  Did reading his book inspire you to go do something big?  Perhaps buy real estate?  I have a friend at worth that now owns real estate after reading Robert’s books!  So, even if the story is a fantasy, the end results sometimes justify the means!  Or does it?   

Please comment if you are one such reader that was prompted into action after reading his books!  Or even better, if you are now rich after reading his books!   

Thanks!   

-D   

 

9 Responses to My Views On Robert Kiyosaki’s Financial Books

  1. I pride myself on the fact that I read each of Robert Kiyosaki’s books, and many of the books written by other authors that he in his series.

    While some of the ideas that “Rich Dad” puts forth, the main thing is he gets me pumped up and puts some excitement in the boring financial realm!

    I clicked the John T. Reed link and I have to admit it was interesting. But for me, I believe what John wrote, but I ready another “Rich Dad” book if a new one comes out that looks interesting!

  2. Hi “Rich Dad Friend”

    I see your point! My main reason for the post was to put all the cards out on the table, so to speak. Based on “John T Reed’s” website says, most of Mr. Kiyosaki’s books are fiction.

    I still like the “Rich Dad, Poor Dad” book, but the rest I’ll borrow from the library if I ever feel the need to read one.

  3. I read the first book years ago, when I was still vaguely young, and liked it. They really go downhill — even by the third it’s all padding.

    If you’ve never thought about cashflow or passive income, or appreciated what an asset is before, it’s a really useful read. But I agree that swallowing the whole story isn’t going to work for most people, which is why we haven’t got an army of Rich Dad Millionaires a decade later I guess.
    .-= Monevator´s last blog ..Playing chicken with house prices =-.

    • @Monevators

      Great point about the lack of the army of Rich Dad Millionaires! LOL 🙂

      My base of personal financial learning started with “the Millionaire Next Door” and similar books. I just read “Rich Dad Poor Dad” a few years ago. It was an interesting read, but there were times when as I read certain parts that I would say “That’s not right!”, “Or no way” or even worse. I like John T. Reed’s research into the “Rich Dad” phenomon!

      Definitely most of the book is highly fictional, but inspirational and motivational all at the same time. Dare I call it a modern fairy tale?

  4. MR – I read Rich Dad Poor Dad and I REALLY liked it, as much for the philosophy as anything else. But I agree with what you’ve said, not only on this book, but on other success type books.

    The people who do these things often aren’t tethered in the way many of us are. Having a family to support definately limits options. You can’t go on a flight of fancy when you have young mouths to feed. There’s an element of risk in all of these books and programs that isn’t well suited to people with major domestic obligations.

    The other issue is personal composition. To do many of these things you’d have to be a risk taker at heart, willing to live with the consequences of failure, even catastrophic failure. Not everyone has the mindset and guts to do that.

    Another–what I think is the real key to success–is energy level. Let’s face it, some people can motor around 16-18 hours a day with top efficiency and only need 4-5 hours of sleep. That’s not most people. It isn’t just smarts and guts, it’s having the energy to carry it all out. Again, family obligations are a definate anchor here.

    But that said, I like this book and others like it because of the ideas they offer and the fact that I may be able to follow at least some of them. I may not have the time, guts or energy to do what Robert Kiyosaki or Tim Ferriss or Anthony Robbins can do, but if I can employ a few good ideas it can still have a positive impact on my life.

    Another benefit is the way they get us to think out of our little boxes. We all need as much inspiration in that direction as possible. Life is about habits, and the only way to break out of them is to replace them with better ones. But first we have to find them, and that’s what these authors offer.
    .-= Kevin@OutOfYourRut´s last blog ..Good Retirement Planning Should Include a Low Cost/Debt Free Lifestyle =-.

  5. Kevin@OutOfYourRut
    Welcome, and I agree with everything you said!

    I like Robert Kiyosaki, his techniques won’t work for me, but he does get some excitement around the finance topic. Just because I’m not willing to take the level of risks that he details, doesn’t mean that I don’t see the value he provides to those more adventurous than I am.

    I just want everybody to realize that Rich Dad’s techniques if followed to the T could potentially do more harm than good! However, if you understand the potential risks, and don’t have a family dependent upon you… Go for it!!!

    I’ve read most of his book too! But I realize that most of what he says is risky with some made up stuff, and that’s okay… I still enjoy reading (or listening) to him!

    I’ve never heard of Tim Ferriss before, but goggling him, he sounds fascinating… Plus he sounds like the real deal too!

    Thanks for the lead!

  6. I knew the story wasn’t real, it’s too “perfect”, in real life pieces don’t fall in it’s place like that, however like you said it has created some excitement about being truly financially independent, I quitted my job ( I’m young and still live with my parents so no big deal) an dedicated myself to develop my own business, I’ve to say, I don’t regret this, my income has increased at least 6 times ( in a bad month) working less and with less pressure, This month I will finish to pay my house and will have money to buy some furniture and perhaps start a new small business, so I think in part all of this was thanks to those books.

  7. @Emanuel
    It’s great to hear your story Emanuel! I know that going My Kiyosaki’s path could work for a small percentage of people, and apparently you are one of them!

    When you are young, you can take those chances and if you think and work hard… The sky is the limit!

    Congratulations to you, great job!!! 🙂

  8. Yes, I have read all of Robert kiyosaki’s books and yes, I did almost exactly what he suggest in is books.

    I started my approach into buying into rental properties about 4 years ago, right after the economy fell apart. over the last 4 years I have purchased 22 properties that are all rented and I am presently collecting $20,000 in monthly rent. Of which less than half is accounted for for monthly cost(taxes, ins, repairs, mortgages, lost rents,etc). since I followed his advice my life has become very easy.

    It is frustrating to hear so many bad mouth Robert Kiyosaki. I realize his advise is not for everyone but for the people it doesn’t apply to, most are employee mentality people anyway, and that’s ok.

    most people want to blame others for their short comings, few will have the strength to own their’s.