Words from "Rich Dad Poor Dad" Author

Here's the first piece in a Yahoo series by Robert Kiyosaki, author of "Rich Dad Poor Dad".

Kiyosaki starts by stating what his column will be about:

In upcoming columns, I'll explain in detail why the standard financial advice of "work hard, save money, get out of debt, invest for the long term, and diversify" is bad financial advice because it's obsolete. The world has changed. The advice hasn't.

He then tells the story of "Rich Dad Poor Dad" and how it came to be a success:

The reason the book was self-published was because the major publishing houses rejected it. No one thought it would sell. Today "Rich Dad Poor Dad" has been on The New York Times bestseller list almost five years, a feat accomplished by only three other books in the history of The New York Times. The book has been published in over 44 languages and has sold nearly 23 million copies.

One of the reasons for the book's popularity is because it explains why the rich are getting richer and why millions of others are following risky and obsolete financial advice -- advice such as save money, invest for the long term, and diversify. Another reason for the book's popularity is because many of those who followed my rich dad's advice became very rich during the same period of time when millions of people were losing trillions of dollars in the stock market.

Here's what he's promising to provide in this series:

If you're looking for new ideas about the world of money, business, and investing then I believe this column will provide it. The information may not be comforting or popular, but it will be factual and come from real life experience. Also, this column is not about advice. What I invest in, while not risky for me, may be too risky for most people. Also, I have no investments to sell you. Although I have founded gold, oil, silver, publishing, manufacturing, and real estate companies, I am not writing to sell you shares in any of them. If I have anything to sell, it would be financial education products -- products that are created to support your financial education.

The reason I write is to enlighten, to open eyes, to entertain, and, most importantly, to educate those who are looking for new ideas about money -- even if unpopular. There are more opportunities to become rich today than ever before, but you may not get rich if you follow the obsolete advice of "work hard, save money, get out of debt, invest for the long term, and diversify." In fact, following that advice may make you poorer.

I'm interested in what he has to say. The book "Rich Dad Poor Dad", while not my most favorite one out there, is certainly one I would recommend. I think his advice will be something we'll all want to consider.

Comments

[P.]

Obviously the road to riches is flipping real estate and multi-level marketing, leavened with a dash of internet scam.

[DS Dan]

An interesting review of "Rich Dad Poor Dad" at
http://www.johntreed.com/Kiyosaki.html

[Duane Gran]

I used to be quite fond of Kiyosaki, but after graduating from his books to better resources, such as The Millionaire Mind, I find his ideas quaint and suspect. His flagship book, Rich Dad Poor Dad, was instrumental in opening many people's eye to thinking about their money, but this is a pretty low bar. A restaurant tab makes you think about money too, but I wouldn't call it financial advice.

The one take away that I got from his book (and a few others in the series I've read) is that wealthy people acquire assets. This shift in focus can make a remarkable difference in how one looks at life. Unfortunately, that author's constant badgering of basic principles, such as paying down debt and saving money, is a dangerous distraction to those of us who fair quite well by following this advice.

[JWM]

I find Kiyosaki's writing skills downright atrocioius. It seems as if his books (and he never fails to mention how many he's written and how successful they've become) missed the editor completely. They're devoid of spelling/grammatical errors, but the whole thought process is just not there. He tends to...ramble.

I don't know if I can stomach a column from him. Just reading the bits you quoted make me sick to my stomach. I agree with DS Dan - he has changed the way some people approach money - but that's about it.

The last and final thing: I just can't stand how he toots his own horn. I'll have to address this more in my (very good, awesome, the best! - sarcasm intended) blog.

[T UK]

Duane

I think you are talking a load of rubbish! His books are about ATTITUDE! Just look at what you have written above?

You have the wrong attitude and seem to be very angry about something? The fact is RICH DAD is making U QUESTION UR BELIEFS? and this is making you feel ANGRY!!!

Its hard to accept that you KNOW U NEED TO CHANGE!

Just take the book for what it is! Dont slate it cause you dont understand! Learn to have a better attitude and ACKNOWLEDGE his SUCCESS!

You cant be bitter or angry if people are doing well, and your not! Its JUST UR ATTITUDE!

No one likes negativity for NO REASON! Some people just always LOOK AT THINGS IN LIFE THE WRONG WAY!

[Dave]

For me, Rich Dad was one of the two most important books I've ever read. Regardless of what anyone things about Robert Kiyosaki the person, this book introduces a philosophy that many of us had never considered. And he makes it easy to grasp.

Admittedly, after reading a few of his books, it was time to move on because he doesn't actually teach you how to do anything. You have to learn HOW from other people. But I believe his philosophy is highly valuable. It led to a complete change in lifestyle for me, for the better.

You just need to separate the writer from the message in order to appreciate it.