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)
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
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!