A review of Rich Dad, Poor Dad, by Robert Kiyosaki. I finally bought this book (the audio version for the trips back and forth to school), due to several recommendations. It has made quite an impact on several people I know (when I say impact, I mean they love to talk about it… I have yet to see any financial impact). There is basically one good idea in the book: residual income is a good thing. If you already know that, then skip this book. Kiyosaki expresses the idea that residual income is a good thing by saying that you shouldn’t work to make money. Rather, money should work for you. With that concept in mind, this book will help you refocus the way you think about money. It’s basically a pep talk to get you to go out into the world and find ways to establish continual income sources. Of course, Kiyosaki offers very little information about how to actually do it.
Bottom Line: I do not recommend this book. Pass this one up.
Other than that, I found the book to be arrogant and demeaning. His “rich dad” is actually his friend’s dad that he hung out with because his real dad was not rich. His “poor dad” is his biological dad, who had a PhD and was a teacher. The entire book demeans the biological dad for choosing to be a poor school teacher. I just kept thinking… “that poor dad, to have such a son.”
He also has a very negative image of the lower class as demonstrated by his philosophy for paying employees. He believes that if he were to give raises to his lower class workers, they would just waste it. According to him, being lower class is their own fault. This is only one example of some of the questionable morals taught in this book.
So, this is like many typical self help books. It offers inspiration and motivation, but falls short in the how-to details. It also offers tactics that are financially sound, but morally questionable.