Rich Dad, Poor Dad
1 • 228 pages

Ratings224

Average rating3.5

15

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.

August 2, 2020