deepstash

Beta

deepstash

Beta

This book about how to get rich sold more than 32 million copies-here are 5 essential lessons you need to know

Rich Dad, Poor Dad

.no-js-aHR0cHM6Ly9pYW5yYW5kbWNrZW56aWUuY29tL2RmX21lZGlhL1cxc2laaUlzSWpJd01Ua3ZNRGt2TWpndk1UUXZNek12TlRBdk9XVTFNV1UzT0RndE9ESTJOaTAwT0RsaUxUa3dOREl0WXpFNU9HVmpNVFkzT0RWaEwzSnBZMmd0WkdGa0xYQnZiM0l0WkdGa0xtcHdaeUpkTEZzaWNDSXNJblJvZFcxaUlpd2lNVFV3TUhnM09EUmNkVEF3TTJVaVhWMC9yaWNoLWRhZC1wb29yLWRhZC5qcGc_c2hhPWUzM2ZmMzUxNWJmYjU5YzQ { display: none !important; }

"Rich Dad, Poor Dad" is a best-selling personal finance book, written by Robert T. Kiyosaki and Sharon L. Lechter.

It reads like an allegorical story about Robert Kiyosaki and his two dads : a “poor dad”, a highly educated college professor & the “rich dad”, a wealthy entrepreneur who owns dozens of businesses. Both dads offer conflicting advice on money.

155 SAVES

393 READS

EXPLORE MORE AROUND THESE TOPICS:

Is Rich Dad Poor Dad Still Relevant to You for Financial Freedom? You Decide.

.no-js-favicons?domain=drwealth { display: none !important; }

drwealth.com

First published around 2000s, Robert Kiyosaki's Rich Dad Poor Dad quickly became an international best-seller. Translated into 51 languages across more than 109 countries, it has been on the New York Times bestseller list for over six years.

Key Ideas

.no-js-25125 { display: none !important; }

“A person can be highly educated, professionally successful, and financially illiterate.”

Robert Kiyosaki

Financial Literacy Questions

A financially literate person should be able to answer these questions:

How much are they earning after tax and after saving for retirement? Is it fair considering their education level and job title?
Are they earning above sector median rates, below, or on par?
How much goes to their retirement accounts?
How much goes into their investments?
What are the rates of return on their investments when benchmarked against an index like the S&P 500?
What are their financial plans?
Can they read a company's financial statement?
Do they understand their tax benefits?
Do they understand their retirement requirements?
Do they have a plan for retiring?

.no-js-aHR0cDovL2Nkbi5zaG9waWZ5LmNvbS9zL2ZpbGVzLzEvMDk1OC85OTI0L2ZpbGVzL0JQRklSRWNvdmVyMjAwX2xhcmdlLmdpZj85MzM0OTg5MjE3NjU5ODIxNzk0 { display: none !important; }

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad, Part 1

.no-js-favicons?domain=johntreed { display: none !important; }

johntreed.com

A number of people asked me about Robert T. Kiyosaki and his book Rich Dad, Poor Dad. When I said I didn't think he was a real-estate guru, they insisted he was. Several told me I would like him, that he preaches a message like mine.

Key Ideas

"Rich Dad, Poor Dad" is Fiction

John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:

The Rich Dad is most likely an invention. ...

"Rich Dad, Poor Dad" contains dangerous advice

According to John T. Reed the famous book is filled with bad advice:

Dangerous advice

"If you're gonna go broke, go broke big"
Convinces people that college is for suckers

Law-breaking advice

Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for."
Recommends tax fraud by deducting vacations and health club dues
Brags about using a partner weasel clause in which his cat is his partner

Kiyosaki is making money from a personality cult

Many critics pointed out that Kiyosaki is selling a cult, not financial advice.

He is accused of tapping into the fantasies of the masses & being short on specifics, both attributes of religious cults.