Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the… (1997 original; edició 2017)

Decent books to read - I've heard so much about how great a book this is to read. Truth be told, I didn't really find it all that fantastic a book. Perhaps because it was written in 1997 and right now it's 2020. :( I would rate this as 3.5/5)

While I would recommend that everyone reads this book once, don't get your hopes too high on what you will achieve by reading it. For instant, Robert talks about purchasing real estate (by making a down payment) and then selling it off to the next buyer even before you've paid for the house in full - that's not really an easy thing to do or try, because with a house there is a lot of stamp-duty and red tapism that needs to be complete before you get possession of it. It would be easier and make more sense to start an online business (buy from Alibaba, dropshipping, sell on Amazon, flipping websites, stock market, Travel blogger etc). Now although this is not as profitable as real estate, you'd probably agree that these online options are more doable than real estate. That being said, you should always keep it in the back of your mind that a house for investment is a great way to get cash flowing in, rather than buying a house.


Few points that I would definitely agree on with Robert:

-We all lack financial education However, there is no mention of what entails this education - it is earning about balance sheets, or income statements or is it understanding what is the % of promoter holding or why is a REIT better than a mutual fund? I had to just keep guessing on these... He fails to give any concrete goals or objectives (like for ex - 'you should try and understand which companies have a strong free cash flow and how this positively impacts the profits' or ensure that a company is growing it's YoY revenue by at least 20%)

-The middle class buy liabilities thinking they are assets - ABSOLUTELY TRUE. Most of us spend on office parties and iPhones and Macbooks, when we could have invested that money into the share market. But then again, what isn't mentioned in the book is how we ourselves define what is considered an asset vs a liability. For instance a Macbook for a school teacher is a liability (and he should invest that money into the sharemarket instead as then it's an asset) whereas for a graphic / annimation designer a high end MacBook is an asset since it's configuration would save the designers time and effort (but he'd be poorer than the schoolteacher since he has lost an opportunity to invest this money, right? So is that still an asset or is it a liability now?).

I'm reminded of a story where a guy said that if his uncle had put the Rs 3 lakh, which he spent on purchasing a a Maruti car in 1998, into the market instead rather- then in 2018 his investment could have compounded 20x-30x whereas the car simply depreciated & lost value (or was probably already sold off). But what is not mentioned in this story is the numerous trips or vacations he could have taken with his family in the car or picking up his daughter from school or how much easier and time saving driving would have been rather than take the public transport. All these are only possible due to the car, not the investment ( )

It's a nice sort of inspiration.
You don't go expecting big revelations here. It's rather simple really.
If you read, be prepared to keep your mind open. There's just common sense - which doesn't seem quite so common anymore.
I can see why there would be a lot of hype about this book. It does count among best-sellers and top-score guides to self-perfection.
Just don't be too harsh judging. ( )

Fantastic financial advice. ( )

3/30/22. Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kiyosaki

Why I picked this book up: Since downloading TikTok and watching people make money on the internet learning the importance of multi-sources of income and an add for this book I excitedly picked it up.

Thoughts: Overall I really enjoyed this book. I used to get paid well, I always worked, put money away, paid bills, had fun but never really learned how to use money as a resource to help build wealth. This book was fun to read, he learned from childhood about money from different perspectives, what to do with money and how to utilize finances. I now see it is possible, wish I learned earlier and want to pass this knowledge onto my children.

Why I finished this read: I took this as a self help book and found it useful, enjoyable and relatable to my life.

Stars rating: 4.5/5 stars. I can learn more about this. ( )

Quick read and easy to understand. Explains the need for everyone to have financial literacy and how most of us work for money (being in the rat race of go to college, get a job, buy a house, acquire debt, die poor) instead of our money working for us. Biggest thing I learned: A house is not an asset but a liability. Not that I needed him to tell me that after 3 years of owning a home. What I would have liked to learn more about: explanations of his thoughts on investments as a way to get richer and more info on his considerations of assets. ( )