Book Review: Rich Dad, Poor Dad

Rich Dad, Poor Dad (16 August, 2013)
© Timothy Tye using this photo

Rich Dad, Poor Dad is the first and most famous of all the books by Robert T. Kiyosaki. Although I do not always agree with everything that Kiyosaki taught, I do acknowledge that he taught me a great deal.

I bought this book on April Fool's Day in the year 2000. As I write this book, I realise I have had it for thirteen years. I have since read many other books by Kiyosaki, but this one remains my favourite.

The most important thing that Robert Kiyosaki taught me - and that comes from this book - is how to identify assets and liabilities. I've always believed that books are the building blocks of a person's paradigm, and this book is one of the cornerstones of mine.

I said that I do not always agree with everything Kiyosaki taught, and that's true. I learned a great deal from him. Apart from the aforementioned, I learn that we should sometimes withhold gratification (in a world that seeks instant gratification). I am fine with that. However, there are instances where I felt Kiyosaki was a bit too materialistic for me. I have friends who would slave themselves so that they can drive a flashy car. To me, that is utterly materialistic. What for a flashy car? That sort of message is right for a material world, but not for people seeking a fulfilling, purposeful life. Nonetheless, Kiyosaki also taught me financial intelligence, and for that, I am highly indebted to him.

The media made a big splash when one of Kiyosaki's companies, Rich Global LLC, filed for bankruptcy on 20 August, 2012. There was a lot of buzz on online forums saying Kiyosaki didn't take his own medicine. People who thought that way missed an important lesson. Kiyosaki is too smart to be ruined by bankruptcy. In fact, he used bankruptcy (of a company, not of himself) to protect his own properties. Think about it, when it's time to cut your loses, it's better to lose some face than to lose personal assets - and that, my friends, is the unwritten lesson from the whole bankruptcy exercise.

I have read critics of Rich Dad, Poor Dad that are merciless and mean. I hope you would not push this book away because of what others - and even myself - have said, but rather, pick it up, read it, and gain lessons from it. It taught me a great deal, and if you approach it with an open mind, it will you too.

Details

Title: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and the Middle Class Do Not!
Author: Robert T. Kiyosaki and Sharon L. Lechter
ISBN: 0-9643856-1-9
Publisher: TechPress, Inc., Arizona, USA
Year of First Publication: 1997

Buying this book

Rich Dad, Poor Dad is available on my Amazon affiliate link below.