Robert Kiyosaki’s 1997 bestseller Rich Dad, Poor Dad seems to be a cult-classic in the world of financial literacy. As I was learning the basics of finance, this book popped up everywhere. Every blog, YouTube video, and Google search kept pulling up Rich Dad, Poor Dad.
So I conceded and bought the book. (It’s only $6.69 on Amazon!) In the spirit of the book reviews I’ve done on this blog previously of classic book, I thought I’d review this one as well. Turns out, I think these recommendations were warranted. Was it life-changing? Yes… but…
Kiyosaki explains his basic financial principles in short stories. As a child, he grew up with a PhD-educated government-employee father who made just enough money to survive. He spent quite a bit of time at his best friend’s house where his father was a dropout-with-financial-intuition business owner. He juxtaposes their advice to show what we all can learn about financial literacy.
Before I continue, Kiyosaki poses this us versus them sort of mentality when it comes describing the “rich” and the “poor.” While I know these terms are for shock factor, they’re most certainly stereotypes. What he really means when he says “poor” is “a person who isn’t good with their finances” and when he says “rich” is “a person who is good with their finances.” Okay, now that’s out of the way, let’s get into the meat and potatoes.
Kiyosaki divides his book up into lessons which are useful in getting you to think critically about your financial position. He focuses on basic principles like accumulating more assets than liabilities and learning to look for financial opportunities. He sprinkles in anecdotes (that may or may not be true) to make the book read like a story.
Love him or hate him, Kiyosaki is a good storyteller. He weaves the words of the rich dad with the poor dad to create a cohesive narrative that learning to have your money work for you, rather than working for someone else is the key to amassing riches.
And quite frankly, he’s not wrong. If you’re capable of it (and most of us are), accumulating wealth is learning to have your dollars be your employees. However, is there any real advice for how to start that? Not really.
This book is nothing short of a gateway drug. It’s not meant to teach you how to get rich, it’s meant to teach you to be money-minded. As long as you keep your notepad at the door, this book can be life-changing.
Have any of you read this book before? And for those that haven’t would you pick it up?