Posted by Tim Stobbs on March 3, 2008
Ok, I’ll admit I have been avoiding reading Rich Dad, Poor Dad by Robert Kiyosaki. Why? Because in the beginning when I started reading about personal finance there was too much negative comments on blogs about the book. Yet over time I also come across some good comments, so I thought I would take the chance and read the book.
First off I have to say it was one of the worst written books I have ever read (and given I read at least one book a week that will give you an idea of how poor it was). He couldn’t stay on a topic, he talked about this and then gave an example of that and then got back to this. It was painful to read due to a lack of organized thought.
In all fairness to Kiyosaki he does have some useful lessons like focus on getting income producing assets rather than debt and the fact that a corporation’s structure is a good thing to use if you have any business interests. He also does a fairly good job of motivation and trying to convince people to think outside of the box.
My basic complaint about the book is this: he does have some points, but frankly there are some much better books out there to achieve the same goals like the The Millionaire Next Door and Your Money or Your Life. I found his writing overly arrogant, his investing examples unreasonable for the average person and it annoyed me he didn’t provide one single solid piece of advice on how people should get started on anything.
All he did was go on about “You should do X and you too can be RICH.” Listen, I don’t care to be ‘rich’, all I want in financial independence I could care less if I ever drive a sports car. In reality his brand of fast talking bull is downright dangerous to a new person to reading about personal finance. It sets up unreasonable expectations and teaches people to take risks when potential it could be down right foolish for them to be taking risks (ie: already drowning in credit debt).
In my humble opinion most people would be better off never touching this book as there are a few lessons in it, but the negative parts far out way any usefulness I found in those pages.