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Sunday, September 19, 2010

Rich Dad Poor Dad - Robert T. Kiyosaki

Entertaining, informative and above all, it works!

Millions of people have read this book by now. It is the true story of Kiyosaki's two fathers. One, his real dad had a high income but was poor. The other, his friend's dad, was a high school drop out and ended up filthy rich. This man became Kiyosaki's mentor and Rich Dad.

The strength of this book is Kiyosaki's elaboration of his basic premise, that rich people take different decisions about their life and money than poor people do. The basis of getting rich is creating or buying assets. A business is one of the best examples of an asset.

The book is riddled with examples of the different decisions that rich and poor people make and how the choices one makes influence one's prosperity. Kiyosaki argues the importance of financial literacy, a skill that is even more gravely needed in financially turbulent times.

The "rich dad" refered to in that book was an angel investor. Many of the lessons Robert Kyosaki talks about in the Rich Dad books are a result of what he learned from that angel investor.

Although the book contains a lot of useful information and tips and the author sort of guides the reader to a new of thinking, it is disappointing to know that much of the ideas seem to be virtually copied from previous books, such as E-Myth by Michael Gerber.

Nonetheless, just reading this Kiyosaki book can be very useful. The backbone of his argument is the story of his two dads, one highly educated and poor, the other a college dropout who became rich. Whether this story is basically true or not, is really irrelevant. Kiyosaki's use as an educational device is a masterstroke of true genius.

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