Rich Dad Poor Dad......creditability debate

**freedom.project** · 08-02-2007 11:21 PM

In my personal opinion, I enjoyed Rich Dad Poor Dad and some of his other books. He got me motivated into business and investing.

The thing that I liked in RDPD series is that he never actually gave me a "magical formula" for getting rich. He taught me basic concepts that I didn't know about before and then taught them to me in a way that I can understand.. It forced me to do some research on my own about the subjects and has pushed to a point where I am about to be in business for myself.

The failing comment, in my opinion, isn't so much that he thinks its good to fail, he just knows, from his personal experience, that when he failed he took from that failure. I know someone here mentioned that he gave up a chance to profit 148 million dollars on a 2 million dollar investment. I would be pissed if I did that and I bet he was too, its just that fact that he look back on that situation and realized a flaw within himself that, when correct, has the potential to make him more that 148 million dollars.

Just my two cents, any rebuttals or comments. I always up for a good debate

**biz-doggy** · 08-31-2007 01:10 PM

Let me go read the book first......

**masterrh** · 09-08-2007 03:43 PM

So, since some hate and some love this book, does anyone have advice on agreed upon good 'current' finance books to read?

Ideally geared towards a recent college grad who was raised without any financial 'common sense' background advice/investing etc. Thanks

**Cognition** · 09-08-2007 04:06 PM

Originally Posted by masterrh

So, since some hate and some love this book, does anyone have advice on agreed upon good 'current' finance books to read?

Ideally geared towards a recent college grad who was raised without any financial 'common sense' background advice/investing etc. Thanks

There are lots of individuals like what you describe - those with college degrees but without basic knowledge of finance management, investing, and wealth creation.

I suggest reading The Richest Man in Babylon, as it is a great introduction to financial literacy. In fact, that book lies on my desk as we "speak". It's a great read, and I suggest you purchase it/borrow it immediately.

You'll be glad you did.

**wully00** · 09-08-2007 06:14 PM

Regardless of whether or not you like RK, he still sold of 26 million books... and that makes him a smart man in my book.

**wully00** · 09-08-2007 06:25 PM

While I don't agree with all his theories, RK does a great job at changing mainstream views on things. Just as the Millionaire Next Door showed us that not all people in huge houses are rich and that most millionaires don't appear as Hollywood would portray them.

Rich Dad Poor Dad was recommend to me by a relative whose started two successful companies. And I assume has an IQ higher than 100.

**zumzug** · 09-08-2007 10:38 PM

Here is what he did for me:
-Motivated me into looking things from a different perspective
-Gets me excited enough to start my own venture
Here is what i forgave him:
-Mostly all talk
-Could be a loser in real life

Point is I benefited from his books(all library rented). He is very suitable for beginners; after which dedicated how-to books is read and Kiyo discarded. Its something like weening, baby food/soft meals first then later the real deal.

**Cognition** · 09-09-2007 12:59 AM

Originally Posted by wully00

Just as the Millionaire Next Door showed us that not all people in huge houses are rich and that most millionaires don't appear as Hollywood would portray them.

I read that book - it's a great read also. And Thomas Stanley's research just proves that the genuienly rich are not great spenders/consumers, indulged with the acquistion of vast possessions.

The truly rich seek not material goods [like bigger, fancier houses, luxury/exotic cars, or jewelry], but their "inner man" is satisifed by the simple, basic things of life - enjoying family and friends, doing charitable work, and attending religious services/events.

Rich Dad Poor Dad was recommend to me by a relative whose started two successful companies. And I assume has an IQ higher than 100.

Same for me. RDPD was [indirectly] recommended to me by a young man who became a millionaire by successful business ventures - by the tender age of only 21.

**Cognition** · 09-09-2007 01:11 AM

Originally Posted by wully00

Regardless of whether or not you like RK, he still sold of 26 million books... and that makes him a smart man in my book.

Yep, you can't deny that 26 million have been sold. What amazes me is how the intellectual jerks that "laugh" at his material, allegedly have more personal finance/investing savvy, and possess more intelligence than Mr. Kiyosaki - where are their best selling books? If they are smarter, have more credible experience, and supposedly "qualify" more for giving financial advice, how come I don't see their material being marketed and sold? They should be able to sell 50 million books!

**biz-doggy** · 09-09-2007 06:50 AM

hi TheCDAllenGroup,

Interesting point you made. Just to be sure that I understand you correctly, are you saying that you prefer to "teach a person to fish, than to give the person a fish"? As giving him a fish settles only one meal. But teaching him to fish enables him to fish to survive for life. Did I understand you correctly?

**Cognition** · 09-09-2007 02:47 PM

Originally Posted by biz-doggy

Interesting point you made. Just to be sure that I understand you correctly, are you saying that you prefer to "teach a person to fish, than to give the person a fish"? As giving him a fish settles only one meal. But teaching him to fish enables him to fish to survive for life. Did I understand you correctly?

Financial education [personal finance management, wealth creation, and investing] should start at home. Unfortunately, for the most part, that isn't occurring and our youth are being exposed to their parents' spending habits [going deeper into bad consumer debt]. The youth are instead learning how to spend, not how to properly grow and manage money.

**biz-doggy** · 09-09-2007 11:31 PM

That's a valid point. I agree that managing and growing of money, should start from young at home. Otherwise, one may end up like you said, spending money to satisfy oneself, without knowing how to grow money.

**Dylan Phelan** · 09-12-2007 09:18 AM

I haven't had time to read all these post, but one of the things that RK always mentions which I think is really relevant is a shift in mindset... or a person's reality.
I know so many micro and small business owners who although their business have great potential - their limited scope does not enable them to take advantage of the opportunities that exist....

RK's also big on Leverage. Important!!

**Aly** · 09-14-2007 04:26 AM

Well I've always been interested in business and investing, but reading his books put a new light on things for me. So, regardless on whether he became successful through his books or through other means, I think his books bring up some good points and point people in the right direction.