Rich Dad, Poor Dad
Encyclopedia
Rich Dad Poor Dad is a book by Robert Kiyosaki
and Sharon Lechter
. It advocates financial independence
through investing, real estate, owning businesses, and the use of finance protection tactics.
Rich Dad Poor Dad is written in the style of a set of parables, ostensibly based on Kiyosaki's life. Kiyosaki stresses the ownership of high value assets, rather than being an employee as a recurring theme in the book's chapters.
. The book highlights the different attitudes to money, work and life of two men, and how they in turn influenced key decisions in Kiyosaki's life.
Among some of the book's topics are:
According to Kiyosaki and Lechter, wealth is measured as the number of days the income from your assets will sustain you, and financial independence is achieved when your monthly income from assets exceeds your monthly expenses. Each dad had a different way of teaching his son.
, an outspoken critic of Robert Kiyosaki, says, "Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred." Kiyosaki has provided a rebuttal to some of Reed's statements.
Slate reviewer Rob Walker
called the book full of nonsense, and said that Kiyosaki's claims were often vague, the narrative "fablelike", and that much of the book was "self help boilerplate", noting the predictable common features of such books were present in Rich Dad, Poor Dad. He also criticizes Kiyosaki's conclusions about Americans, American culture, and Kiyosaki's methods.
Robert Kiyosaki
Robert Toru Kiyosaki, born April 8, 1947) is an American investor, businessman, self-help author and motivational speaker. Kiyosaki is best known for his Rich Dad Poor Dad series of motivational books and other material published under the Rich Dad brand. He has written 15 books which have combined...
and Sharon Lechter
Sharon Lechter
Sharon L. Lechter is an American accountant, author, businesswoman, investor, international speaker, and philanthropist. Lechter is best known as the co-author of the international best-selling book Rich Dad, Poor Dad and the Rich Dad series of books as well as one of the founders of the Rich Dad...
. It advocates financial independence
Financial independence
Financial independence is a term generally used to describe the state of having sufficient personal wealth to live indefinitely without having to work actively for basic necessities . In the case of many individuals whose financial circumstances fit this description, their assets generate income...
through investing, real estate, owning businesses, and the use of finance protection tactics.
Rich Dad Poor Dad is written in the style of a set of parables, ostensibly based on Kiyosaki's life. Kiyosaki stresses the ownership of high value assets, rather than being an employee as a recurring theme in the book's chapters.
Summary
The book is largely based on Kiyosaki's upbringing and education in HawaiiHawaii
Hawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...
. The book highlights the different attitudes to money, work and life of two men, and how they in turn influenced key decisions in Kiyosaki's life.
Among some of the book's topics are:
- the value of financial intelligence
- that corporations spend first, then pay taxes, while individuals must pay taxes first
- that corporations are artificial entities that anyone can use, but the poor usually do not know how
According to Kiyosaki and Lechter, wealth is measured as the number of days the income from your assets will sustain you, and financial independence is achieved when your monthly income from assets exceeds your monthly expenses. Each dad had a different way of teaching his son.
Criticisms
John T. ReedJohn T. Reed
John T. Reed is an American author and investor. He is a former real estate investor who has authored and self-published books on real estate investing, football coaching, baseball coaching, success, and self-publishing...
, an outspoken critic of Robert Kiyosaki, says, "Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred." Kiyosaki has provided a rebuttal to some of Reed's statements.
Slate reviewer Rob Walker
Rob Walker (journalist)
Rob Walker is an American author and freelance journalist. He is a contributing writer to The New York Times Magazine and blogger for Design Observer....
called the book full of nonsense, and said that Kiyosaki's claims were often vague, the narrative "fablelike", and that much of the book was "self help boilerplate", noting the predictable common features of such books were present in Rich Dad, Poor Dad. He also criticizes Kiyosaki's conclusions about Americans, American culture, and Kiyosaki's methods.