Rich Dad Poor Dad: What The Rich Teach Their Kids About Money - That The Poor And Middle Class Do Not! Paperback – 30 Jun 2011
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On the other hand this book reads as very insincere and the stories which the author tries to portray as real life examples all come across as hypotheticals. I'm tempted to say that this best selling author who is supposedly an investor has probably made the bulk of his profits through this book and not investments. I say this because his own personal investments relayed in the book are not very detailed and provide no lessons. They are simply a repetition of - I bought a property at a cheap price and sold it at a profit... every time.
I'm disappointed in myself for having contributed to the authors business but there was a little benefit, though maybe not worth the investment. This is my first exposure to business related books. I'm sure there are better out there so my advice would be to start elsewhere.
He gives numerous examples of excellent 'deals'. In one, he took advantage of comics going to waste collection to create a fee based library inside a person's house while hiring his sister to manage it. He gets kids around the neighbourhood to pay into it, getting positive cashflow without much work. In resemblence, later in life, he took advantage of a depressed housing market by bidding in bankrupcy auctions, getting excess of 1000% gains reselling it to a buyer using borrowed money.
While I have to disagree with not diversifying your assets into other places, I can't deny he didn't do a good job of making money in optimal market conditions (for housing, low borrowing standards and high housing inflation). It should also be pointed out that Robert lost a lot of money by leveraging himself in the estate market, 'blowing up' in the 2008 housing crash. His message was pretty obvious upon reflection, leverage was key to his wealth, but also a key to his demise. Be careful in taking too much risk without understanding that you could become non-liquid pretty fast with large leverage multiples.
I agree with a lot of what is said.
Who really wants to work hard for lot of hours for mediocre pay to make someone else rich?
Rather than spending time reading gossip magazines and fiction, use the time to read and learn about money and earning large quantities of it.
If you want an appraisal of the author's career, have a read of his entry on Wikipedia.
Claims that he was forging coins pouring molten metal on his driveway at 11 year old however made alarm bells ring and my suspicions continued through the book, which marred the overall experience. Above all, the two Dads (or at least one!), don't exist. It's just a fabrication to convey a point.