For several years now, I’ve been reading books that straddle the topics of investing, psychology, and self-development. This title has been on every list of recommended books in this category. I don’t understand why. It’s one of the worst books I’ve ever read.
The author presents the mentality and approach to finance from the perspective of two people (fathers). Rich dad is an entrepreneur who believes in making money work for you. Poor dad works full-time. He teaches his children this so they can learn and find good, stable jobs. Kiyosaki, in a rather bizarre way, promotes the rich dad approach here. According to him, a person can only achieve success and fulfillment by running their own business, avoiding taxes, and taking advantage of market opportunities (stocks, real estate). Why bizarre in my opinion? According to the author, each of us should:
- start a company (not just one, but several),
- list some of the companies on the stock exchange,
- take advantage of investment opportunities to speculate in real estate,
- monitor the stock market and use more advanced (and risky) financial instruments.
The stupidest advice the author offers, in my opinion, is related to real estate. According to him, he once spotted a house for sale while on his morning run and decided to immediately buy it and resell it at a higher price. After all, every average person has $100,000 in spare cash, right?
As the author himself admits in one chapter, “I’m a terrible writer but a great salesman.” This quote sums up this book. It’s a poorly written collection of advice from a millionaire who, by writing this type of coaching nonsense, profits from unsuspecting readers. The author advertises his other “works,” a board game, and investment and entrepreneurship courses in numerous places. The author oversimplified and devoid of logic the rules of economics and the market.
I found no value in this book. A terrible book written by a very bad person.