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 In brief, if you have read any of the other Rich Dad books then this does not add anything. The content is a rehash of the earlier Rich Dad books but with very annoying tendencies to shamelessly plug other Rich Dad books, a Rich Dad game and the website. If the author is as rich as he claims, why does he need to do this?All the Rich Dad books have as the central theme that people are wasting their time trying to become affluent or rich by means of working in a regular job. Instead the way to affluence is through entrepreneurial activity. This is a welcome change from the regular financial books that stress 401(k) investments in the stock market and the Rich Dad series are worth reading just to get this alternative perspective. There comes a point, however, when excessive hype can destroy the message and this point may have been reached in the Rich Dad series.
This book is more updated for this economy and has some interesting points in it. The main thing is to change your concept of what is possible. I have heard this saying many times, if you believe it is possible, then it will be possible for you. Next, he suggests that we get as much knowledge in the real estate rental business as possible. Take courses, read, and look at hundreds of houses. I would also suggest calling people who are advertising their homes in the paper, and ask them what response they are getting. I firmly believe that having some money in real estate is great. I don't think it is as passive as he says it is, but if you get great tenants, then it will be a lot better on your life. I know from my experience I was paying my landlords mortgage on both houses with my rent. He had almost no expenses on my part. I don't think real estate market will zoom up in the Bay Area in the next few years, in fact, I think it will go down. But, I do believe over the long run, this area will pick up. Robert says to make sure the house is cashflow positive as soon as you buy it. Don't hope for apprieciation to make it profitable. I like that idea. Also, he says, it is much better to buy in a down market than an up market. During the up market, learn the market well enough so that you can spot bargains. He did not say much about buying foreclosures. I guess if you have a good enough real estate agent, then he or she will be able to find some good deals for you. He talked about investments. I did not agree with him on options - they are risky and most people lose on them. If you really know what you are doing you can make money, but very few do. I did like that he says you should ask yourself what lifestyle do you want to live when you retire. I feel that I would love to have $500k annual income when I retire. That will let me live the lifestyle I desire to live. I highly agree that I need to have friends that have a bigger dream in their life. I need to hang around people that are going to make it in life, not ones that want to barely hang on. I have met very few in my age group who really have that attitude, and he says that these people are harder to find, but keep searching. The main idea I got out of this book is that it is possible for anyone to become financial independent if they really make it a goal and work intelligently towards it. I feel the real estate market will take a dive in the next year or so in the Bay Area, and I will be prepared to get some bargains and make some money. Beware of the sales stuff in this book. He is trying to sell his other books which I think are great.
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Rich Dad Series
This is the ultimate playbook, and instruction manual of how to retire rich. From the simple philosophy to practical reasoning and instructions, you can't get any more basic than Kiyosaki's words of wisdom. For the price of the book, against your financial future, this book is a bargain!
I know his purpose is to help readers learn by repetition and examples, but this is the forth book, I expect something new!
