Wednesday, October 13, 2010

Book Review: Rich Dad Poor Dad

Rich Dad Poor Dad by Robert T. Kiyosaki: A guide to learning financial intelligence. Robert explains that as a child he had two "dads" teaching him about finance. His poor dad, his real father was a educated man who worked for the government. He taught Robert that getting a education was important, and finding a successful career path with a safe job outlook was the most important thing he could do. Roberts rich "dad", who was really a friends father, taught him that learning how to make money work for him was the financial intelligence that he needed to be successful.

Rich Dad Poor Dad spells out how to gain financial intelligence. The book explains why it is important to know how money works and make it work for you. Robert gives great examples of how the rich are able to "legally" avoid excessive taxes and build more wealth. He advises individuals to take risk, so that they can find reward. Many of the Stocks or Bonds invested in by Robert are high risk. I found this book to be a easy read with fun real examples from his life. I enjoyed the the information contained and I have already begun looking into how I can apply its principles. However I was disappointed in the lack of actionable items to do. Many of his ideas are broad concepts that are hard to put into action.

What do you prefer broad concepts, that require you to investigate solutions, or actionable items that you can test out?

1 comment:

  1. I listened to this book on tape last year and really enjoyed it. I thought the funnest part was they way he looked at the contrast of his dad verses his friends. Lots of times we look at the "poor" dad and say his ideas are completely wrong but I think there is wisdom in both sides - I don't believe we should be too risky but if you can get to where you have money to risk that is when the real reward starts.

    I like broad concepts for big picture things because I feel they stand the test of time better however I LOVE actionable items for things that are more simple and occur early on in personal finance. If you are looking for a great book that gives 6 weeks to personal finance I'd recommend "I will teach you to be rich" http://www.amazon.com/gp/product/0761147489?ie=UTF8&tag=chrhesblo-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0761147489 as well as Ramit's blog of the same name. I've been reading his stuff for the last few years and it is awesome.

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