Rich Dad Poor Dad

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Rich Dad Poor Dad  
Author(s)Robert Kiyosaki
Sharon Lechter
CountryUSA
LanguageEnglish
SeriesRich Dad Series
Genre(s)Self-help
PublisherWarner Books Ed
Publication dateApril 1, 2001
Media typeHardback and paperback
Pages207
ISBN0-446-67745-0
OCLC Number43946801
Dewey Decimal332.024 22
LC ClassificationHG179 .K565 2000
 
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Rich Dad Poor Dad  
Author(s)Robert Kiyosaki
Sharon Lechter
CountryUSA
LanguageEnglish
SeriesRich Dad Series
Genre(s)Self-help
PublisherWarner Books Ed
Publication dateApril 1, 2001
Media typeHardback and paperback
Pages207
ISBN0-446-67745-0
OCLC Number43946801
Dewey Decimal332.024 22
LC ClassificationHG179 .K565 2000

Rich Dad Poor Dad is a book by Robert Kiyosaki. It advocates financial independence through investing, real estate, owning businesses, and increasing one's financial intelligence.

Rich Dad Poor Dad is written in the style of a set of parables, ostensibly based on Kiyosaki's life.[1] Kiyosaki stresses the ownership of high value assets, rather than being an employee as a recurring theme in the book's chapters.

Contents

Summary

The book is largely based on Kiyosaki's upbringing and education in Hawaii. The book highlights the different attitudes to money work and life of two men (His rich dad and his poor dad), and how they in turn influenced key decisions in Kiyosaki's life.

Among some of the book's topics are:

Kiyosaki advocated Dr. Buckminster Fuller's views on wealth, that wealth is measured by the number of days the income from your assets can sustain you, and financial independence is achieved when your monthly income from assets exceeds your monthly expenses.

Criticism and Reviews

John T. Reed, an outspoken critic[according to whom?] of Robert Kiyosaki, says, "Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred."[2] Kiyosaki has provided a rebuttal to some of Reed's statements, but failed to address any of the in-depth technical points raised by Reed.[3] Slate reviewer Rob Walker called the book full of nonsense, and said that Kiyosaki's claims were often vague, the narrative "fablelike", and that much of the book was "self help boilerplate", noting the predictable common features of such books were present in Rich Dad, Poor Dad. He also criticizes Kiyosaki's conclusions about Americans, American culture, and Kiyosaki's methods.[1] Despite the many negative reviews, the book was favored among some critics [4] but perhaps its biggest fan was Oprah Winfrey, who endorsed the book on her show. Another celebrity sponsor is Will Smith, who said he is teaching his son about financial responsibility by reading this book. [5]

Definition of Assets

One statement made throughout the book was the cause of both criticism and praise in the media. In the book, Kiyosaki claims that an individual's house is not an asset, despite the fact that the bank permits people to enlist it as such. In fact, a house is a liability. His definition of assets and liabilities are somewhat simplistic, and are written as such: "During hard times assets feed you, and liabilities eat you". Kiyosaki was indicating that liabilities are, by definition: "anything that takes money out of your pocket"; while assets, are "properties that bring money into your pocket." Therefore a house that cost you money is a liability, and a rental property that produce positive cash flow income is considered to be an asset. A profitable business is also an asset, while a business that loses money is considered a liability. [6]

Publishing Success

The book was originally self-published before being picked up commercially to become a NY-Times bestseller, the book have sold 26 million copies and became a household name. [7] In his audiobook Choose to be Rich, Kiyosaki said that every publisher turned him down, and Barnes & Noble refused to stock the book initially. He places his focus upon talk shows and radio show appearances, which had the biggest influence on book sales. [8]

Bibliography

References

External links