Rich Dad, Poor Dad
Ratings224
Average rating3.5
A worthy best-seller. Must-read for both financial and non-financial people, to learn and ground themselves in the basics of the habits of the wealthy. A good primer to get started with, and move on to more advanced books in the series, as well as other books on saving, investing, trading, and basically creating indestructible, old-money wealth.
I get why a lot of people recommend reading this book.
It has some great insight into managing your finances but does not provide any means to do so.
(Of course, it doesn't. If it would, everybody would be rich.)
Although it lists the harsh realities of life and how from a young age we are conditioned to follow a certain path which so many before us have followed, the book fails to wow me.
What it did though, was make me think and look at money in a different light.
Think and grow rich is next on the list.
When did I transition from reading fiction to philosophical books?
I blame the pandemic.
I remember reading this book before turning 23, The book seems like a self-help book but the ideas in it are pretty universal, one of them being the importance of upbringing in shaping one's mindset, after reading it, I was on the path towards a point where I would start questioning and doubting my deeply held beliefs.
Leído por segunda vez.
La primera vez, cuando tenia menos de 17 años, me pareció interesante pero no ha sido hasta esta segunda vez, a mis 36 años y después de haber leído otros varios libros sobre el tema y tener mis primeras inversiones, cuando he conseguido extraer todo el conocimiento que ofrece.
Una lectura muy recomendable para educar a los jovenes sobre el dinero. Pero, a mi parecer, no basta con regalarles el libro como hicieron conmigo. Sino que tiene que venir acompañado de una charla, un debate, un intercambio, preferiblemente con un adulto educado en el tema, para profundizar sobre las enseñanzas del libro.
Nope. This book is pretty terrible. I'm abandoning it for now. If I finish it I'll summarize my thoughts a little better.
I thought I'd get my personal finances in check and check out this book but apparently you can't get rich AND want to prevent suffering in others.
First 4 chapters were good. Then on, it was all survivorship bias based on property flipping and insider trading, which apparently is “financial literacy”
I had read this book nearly two decades back and had almost forgotten about this book. Of course, some of the basic concepts of this book have stayed with me forever. It is one of my foundation texts for finance planning. The details and number crunching can be a bit dry, but it is nonetheless important to be informed. An OG book in getting the right mindset about your finances - Pick and choose, though, as the author himself warns.
Oh how I cringed throughout some parts of this book, excreting will power not to abandon it half-way.
There are some kernels of truth in it, like asset vs liability, financial literacy, importance of investment and passive income. But despite many backstories and allegories presented, these points are so shallow that quickly loose applicability when you move out of the book and into the real life. These were the good parts.
The book is full of biases, survivorship, hindsight, etc. And in many parts it looses touch with the intended audience of lower to middle income class, in couple of stories you hear “all it took to start on the path of financial independence was $70k and willingness to risk it all for a big win”. Well, that amount is the annual net income of many middle class families around the world, and even if they could set such amount aside, couldn't be as risk-taking with it as the author suggests. A lot of examples of inventing money in this book either rely on existing financial affluence and network of rich friends, or are borderline immoral (like preying of laid off people to buy their houses half the price of market).
So to summarize:
* Is this a good read? depends, if this is your intro into thinking about money, probably, if you have basic knowledge of finance and money, no!
* Is reading this beneficial for financial education? only if the reader read throughout the book with adequate skepticism, take the new point of views presented and make strong moral and financial judgements before using them in life.
I need financial freedom. I started thinking about investing. This was the 1st book I read after many years. This helps you to gain financial literacy that we dont get in schools. Make you think to be independent and to retire at the time you wish. Learn as much as you can about everything before 30's bcz 20's is the period to take risk and know many things. From the experience you can make one a goal and achieve it. He said freedom of being a self dependent. He says the difference between employer and employee. Just read to gain basic financial knowledge. After reading this book I started learning more about Investing, stocks, business. I really advice everyone to read it.
He was right when he said he wasn't a good writer; there were a few places he repeated the same sentence twice in a row.
The first two chapters were the best and the rest started to feel like he was talking in circles. However, he did make me feel like slowly learning about the real estate market. I have bumped up my investing just before starting this book but it has inspired me to try for a bit more. I will look on YouTube for advice on stocks and which books to read up on them.
If you search for the best non-fiction (business) books list, the one that is popular even today is “Rich Dad, Poor Dad” and after reading it, I understand why. It's one of the best books on finance and it changed my perspective of looking at money.
Told in an interesting and engaging manner, Robert Kiyosaki advocates the importance of financial literacy. By using anecdotes from his life and the lessons he learned from his two father figures, the author explains the difference between the mindset of rich and poor regarding money.
In this book, the author points out the traditional mistakes people make while handling their finances and how the educational system does not focus on financial literacy. Therefore, he encourages people to learn about accounting, financial market, taxes and investing.
One of the fascinating things that stands out in this book is the stark difference between the point of view of the rich and poor person of looking at money. The rich dad sees money in a positive light which is at odds with the popular opinion about money.
Overall, this is an informative book. It made me interested in learning about finance and managing money in a better way. If you want to learn about finance, I highly recommend this book.
This book changed the way I look at money and investing. I could say it was groundbreaking for me at a time when I read it. Very easy to read, good tempo and an interesting message.
Great read that really changes your views about the world of money and the way of living that we are taught to0 aspire for.
It's been a while since I actually finished this book, but I figured I should get my review up before I finish reading my current book. Rich Dad, Poor Dad is not a book I would have chosen on my own, although the premise seems intriguing; do the rich really have some insider knowledge that the rest of the world doesn't, thereby furthering the economic divide between the rich and the poor? Trust me, a book on finances and money would almost never be voluntary reading for me - I only read this at the strong recommendation of a friend, who had it and offered to lend it to me.
If you're looking for a how-to book that will teach you the tricks of the rich, this is not the book for you. If you're looking for a book that will introduce financial literacy through childhood experiences, this is more your speed. Most of the lessons are simple, like don't spend more than you earn. Some of the more thought provoking points, though, involved how one defines concepts like wealth, assets, liabilities and financial independence.
Overall, I was somewhat disappointed in this book, mostly because it wasn't what I expected. What financial advice there is comes in the form of anecdotes, which seem ill-suited for a book on money. I understand the use of anecdotes to make the topic more approachable, but in this case it seems to have been the worst of both worlds; the stories were so dry as to not hold my interest, and most of the advice distilled from the stories was overly simplified. Basically, the book gets you motivated to make money work for you, without really giving you a direction.
The real value of Rich Dad, Poor Dad, however, was not in the financial advice, but in the inspiration and motivation it provided. Before reading this book, I'd never really thought of how to make my money work for me, beyond a simple savings account. I'd never thought about investments, or whether a house was an asset or a liability. What this book did, was make me think about money in a new way, and motivate me to start planning financially for my future.
For me, at least, this will require multiple readings. But I loved the lessons within.