Rich Dad Poor Dad by Robert Kiyosaki - Mestizo Review

• Author: johnnymestizo
• Filed under: Books, Films & Live Entertainment, Review
• Date: Dec 29,2007
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Rich Dad Poor Dad by Robert Kiyosaki is aimed to motivate readers to increase their financial literacy. This first book in the successful Rich Dad series first published in 1997 and Kiyosaki hopes to impart financial wisdom through simply worded dialogues with ‘his real dad’ and ‘his rich dad’.

Robert Kiyosaki background before writing the Rich Dad series spans from joining the Marines as a pilot, to selling Xerox machines and to starting his own Velcro wallet company. No doubt his story is famous enough now for me not to bore you with specifics.

Kiyosaki raises important points in an easy to digest repetitive way. He does this by putting the reader in his shoes - A young kid growing up with a real father and his friend’s rich father. His poor father said and lived by the motto - study hard, get an education, get a safe secure job where the company will look after you, whereas his rich father would say - learn as much as you can, create your own assets to generate income.

He has decided to stick with six main points to reinforce and are delivered in lessons:

1. The Rich Don’t Work for Money - Not settling for a paycheck and a secure job but finding money making opportunities.
2. Why Teach Financial Literacy? - Kiyosaki clearly points out the basics such as knowing the difference between assets and liabilities through profit and loss/income statements and their rich/poor person derivatives.
3. Mind Your Own Business - Managing your personal finances and acquiring income generating assets such as self-running businesses, stocks and positive income real estate.
4. The History of Taxes and The Power of Corporations - A simplified introduction to Kiyosaki’s cashflow quadrant, being an employee/employer pros/cons and protecting assets in a corporate entity.
5. The Rich Invent Money - Changing your mindset to tackle financial problems, for example, buying real estate with little money down.
6. Work to Learn - Don’t Work for Money - Kiyosaki reinforces that the education is archaeic, use work to get the skills and experience you need to become rich and avoid safe stable in your comfort-zone jobs.

Fear. Cynicism. Laziness. Bad Habits. Arrogance. Kiyosaki’s five obstacles to getting rich after you’ve learnt financial literacy. I particularly enjoyed this part of the book. “Unchecked doubt and fear creates a cynic. Cynics criticize, and winners analyze.” Basically this area of the book motivates you to achieve and help tackle doubts, criticism and fear you may encounter on the way.

Kiyosaki tends to quote both what his rich and poor dad would say and then let the reader stew on these as he reiterates them several times. It is a drawn out process but does tend to convey the message effectively. His language is simplistic and at the rare times where he does get financially technical he has both dads reiterating in even simpler words until the point is driven home. Whilst reading the Rich Dad series his in-depth quotations of entire conversations with both his Dad’s does become frustratingly monotonous but bearable.

The underlying financial theory is great but if you are looking for specifics look elsewhere. The main reason I would recommend you read this is changing your mindset. If you have read this far you must want a financial change in your life. Rich Dad Poor Dad helps give you the mindset to continually expand your knowledge and embrace opportunities when they arise.

I give this book 4.5 out of 5.

John Forfar

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