While some readers have found this book inspirational and informative, others have criticized it for being overly simplistic and misleading. Recently several people have shared their views on the book’s teachings.
1. Rich Dad Poor Dad: Expert or Impostor?
Impostor! Cried the first user, suggesting that Robert Kiyosaki, the author of “Rich Dad Poor Dad,” only gained wealth by masquerading as a financial expert. The person implies that the author’s success is only due to his ability to market the book and not necessarily due to the content itself.
2. Financial Book Skepticism: A Joke or Reality?
Another person expressed their skepticism about financial books and their effectiveness. The person jokingly mentioned writing a book with apparent financial advice that people have heard multiple times. They added that such a book would likely be popular among readers, indicating that books like “Rich Dad Poor Dad” may not necessarily offer new or groundbreaking advice.
Related Reading: Personal Finance Lessons From The Richest Man in Babylon
3. Life-Changing Lessons From the Book
Expressing their enthusiasm for the book, ardent readers revealed how it influenced their life positively, setting them on the course to attain financial independence. As explained in the book, the concept of leverage was at the core of their strategy, and they found it to be successful even during difficult times.
4. Robert Kiyosaki’s Book: Overhyped or Superficial?
“Overhyped!” exclaimed another individual, confused about how Robert Kiyosaki gained much recognition for his book “Rich Dad Poor Dad,” which they considered basic and superficial. They contrasted Kiyosaki’s work with that of Dave Ramsey, whose book “Total Money Makeover” they felt had a better grasp of asset and liability principles.
Related Reading: Dave Ramsey’s 7 Baby Steps: Pros, Cons, & Our Take
5. Book Sales vs. Wealth Creation
Highlighting the book’s author’s riches, a book enthusiast suggested that the financial counsel in the book may not be the sole contributing factor. The person pointed out that the author wasn’t wealthy until after he wrote the book, suggesting that his success could have come from selling the book rather than following the principles he laid out in it.
They also drew an analogy, saying that taking financial advice from Kiyosaki is like seeking financial advice from a professional hockey player who may have wealth but have yet to gain it through financial prowess.
6. A Lucky Break or MLM Scheme?
An individual in the thread expressed that the book initially gained little traction as a self-published book. However, things changed when it became associated with a multi-level marketing (MLM) scheme, which raised some red flags.
To be a part of the MLM, people had to purchase copies of the book, which raised even more suspicion. Despite this, the book’s popularity grew, leading some to believe that the author caught a few lucky breaks to make it a financial classic.
7. An Important Lesson: Assets are Key
“Assets are the key!” commented another person, emphasizing the importance of collecting assets to generate income, a crucial message in the book. The book emphasizes the difference between assets and liabilities and the significance of accumulating income-generating assets like real estate, stocks, and businesses.
8. More Motivational than Personal Finance?
A savvy reader shared that while they wouldn’t classify this book as a personal finance book, it is a great tool for motivating individuals to start thinking about their future finances. According to the person, the book reads more like an entrepreneur-focused motivational book than a traditional personal finance guide.
9. A Catalyst for Real Estate Investing
Speaking of their affirmative encounter with ‘Rich Dad Poor Dad,’ a reader expressed how the book propelled them towards purchasing their initial property with a plan to convert it into a rental unit. This decision led them down the path of real estate investing, which they now view as a crucial part of their retirement strategy.
10. Rich Dad Poor Dad: Ideal for Personal Finance Beginners
Those new to personal finance and initiating steps to educate themselves can benefit from Robert’s masterpiece, as suggested by someone who recommends it as an excellent read. The book provides a comprehensive guide on creating wealth through financial education and taking calculated risks, making it an ideal read for beginners.
This thread inspired this post.
This article first appeared on The Cents of Money.
With a passion for investing and personal finance, I began The Cents of Money to help and teach others. My experience as an equity analyst, professor, and mom provide me with unique insights about money and wealth creation and a desire to share with you.