Hello, I just began reading this book today and had alot of questions and/or thoughts about it. Does anyone else follow the principles set forth in this book and would you want to discuss it? TIA!

Hi Carolyn,

I am not sure if I really 'follow' Robert K's principles, but I do like what he says because he makes a lot of sense to me. I read the one for teens also. and agree with that as well.

I am sure that I have used some of his ideas. As I am typing I am wondering the book is. :confused:

Here is good column http://finance.yahoo.com/columnist/bio/richricher

I have both books, Rich Dad, Poor Dad and Rich Dad Poor Dad for Teens. My 14 year old is reading the book for Teens. I also have The Automatic Millionaire. All are good books. Following them is the key........LOL

Gee, it's been a while since I read the book. But all the investing in real estate and rolling over appreciations into other properties, was too risky for my taste. I know people who have gone bankrupt in real estate - granted those who didn't give up then made a go of it the second time. But it's not my personality. I know I'd worry too much and wouldn't like the stress.

I enjoyed the book and didn't he also write "The Millionaire Next Door?" Also a great book. I think I follow the principles of the latter book. It has been a while since I read the first one, although it is still on my bookshelf. I don't recall a lot about real estate investing. I'll have to go check it out again!

He discusses real estate investment as an asset. But, he is more so talking of a real estate investment company that he founded. Basically, he bought the properties, and manages them while others "buy" into it in essence "lending" money to him to buy new properties. This is a type of the mini-corporation that he speaks of. This also works because of the tax advantages of buying-up. If you sell a property and use the money to buy a property of better value (only) you do not pay taxes on the sale. Oh, how I wish I had the money to do that!

Originally posted by madhen
I enjoyed the book and didn't he also write "The Millionaire Next Door?" Also a great book. I think I follow the principles of the latter book. It has been a while since I read the first one, although it is still on my bookshelf. I don't recall a lot about real estate investing. I'll have to go check it out again!


The Millionaire Next Door was written by Thomas J. Stanley, PhD. Stanley also wrote The Millionaire Women Next Door

What happened to my post from last night? I had replied to this thread. Anyhoo...

I have read both "The Millionaire Next Door" and "Rich Dad Poor Dad". They are not by the same author. Stanley (TMND) also wrote "The Millionaire Mind".

The thing I came away with from RDPD is the idea of creating income streams to increase your wealth. And the idea that you don't do the work, but organize other people to do the work for you. You own the businesses, you don't run them.

This idea has merit, but, from working in small private businesses I can tell you, it is not always easy to find someone to run your business for you! In fact, most of them went through office managers on a revolving door basis.

Dh and I are currently working on the concept of increasing our income streams in a variety of areas. Particularly improving skills to increase chances of developing income streams in retirement.

I think the real estate example the author of RDPD gives is good for some people. However, a lot of people get burned in real estate too. You really have to know what to buy, which involves predicting the market.

Dsis#2, the financial whiz in our family, claims the' big thing is to find a business that can increase in size and income without appreciable input from you. In other words, don't tie it to skills just you have. Expand it by involving other people and their skills.

Jean

I read a couple of his books including Rich Dad.
We own two homes so far...we will see what happens.
We may sell one in 5 years to pay off our primary. So many options!
And, not BK yet! Glad to say we are far from it, I just like the concept of using other people's money, and like to have a cushion in the bank. No harm done as long as our ccards are 0%...and we are not charging anymore, and are actively paying it off. I just cannot see pulling out our savings to pay off the debt. It is not worth it!

Anybody thinking of following Robert Kiyosaki's advice should read the well thought-out critique at http://www.johntreed.com/Kiyosaki.html . Also, foldedspace has an excellent summary of the most popular "get rich slowly" books (richest man in babylon, total money makeover, your money or your life, etc) at
http://www.foldedspace.org/weblog/2005/04/get_rich_slowly.html

I looked at John Reed's site last night. It was quite passionate and vituperative. If I were Kiyosaki I'd for sure be keeping any information I could from Reed!

As far as I can tell Reed has an axe to grind with Kiyosaki because he is associated with Amway and must therefore be involved in something shady.

I also got the impression that Reed was really pushing things. He claims Kiyosaki wasn't a pilot, but admits he can't find all his records and doesn't understand the ones he does have!

FWIW, if I was an author I'd be very careful to keep my private life as private as possible too. And I certainly wouldn't want people nosing into my finances. It's none of their business. Granted Kiyosaki writes about financial stuff, but really, when you read these books you have to read them with a critical eye. If he sounds off base, then just don't do it. What works for one person isn't going to necessarily work for another. There's no way I'm going to do the real estate thing to the extent Kiyosaki suggests. I just don't have the interest.

As for Kiyosaki's claims about higher education not being the be-all and end-all, he's right. Even Thomas Stanley agrees with him in his analysis of American millionaires based on actual studies of said millionaires.

As a homeschooler with children successfully employed, earning good salaries and living frugally, I can speak from experience...even though my dh and I both have university degrees (I still maintain mine was a waste of good money). DD#1 and her dh just purchased brand new leather furniture, Sealy posturepedic bed, etc. for a very good deal. They are planning a trip to England for the summer. They aren't suffering financially. DD#1 told me how much they earned last year and I was surprised. They are 21 and 24 yo. They are doing just fine thank-you. They have significant savings and RRSPs already.

There are a lot of people without further education out there making more money than university graduates. And I know of a lot of university graduates like me making little or no money. The engineering graduate driving a city bus and me as a SAHM. It's a choice for me, not for the engineering student I can assure you!

Anyways, while I didn't think too much about Kiyosaki and his book initially. I'm giving it more weight after reading such an impassioned critique of it. If Reed took some of the passion out of the critique, it would be more believable.

JMHO.

Jean