​Rich Dad, Poor Dad Review - Lies and Deception Within

77 Replies

Originally posted by @Katie Brewer :

I just read the book and it's the reason I am here! Right book at the right time. I have been a stay at home home school mom for years (after career in sales and management) and the kids are finally getting old enough to be on their own, so I have been researching and thinking about what I wanted to do. Before "Rich Dad, Poor Dad", it was always who do I want to work for.... Now it's myself and real estate investing. I am in the "building your foundation" and my financial IQ stage. Reading ad much as I can get my hands on and listening to audiobooks. Not jumping in to fast but cant wait to finally make the jump!

 I 'm glad it motivated you. Here are a few good books:

Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches

-The second part is the good part. The first one is repetitive and used as space-filler. 

What Every Real Estate Investor Needs to Know About Cash Flow

- Outstanding math review.

Every Landlord’'s Tax Deduction Guide

- Must know your tax benefits and liabilities

There are many more out there, but the ones above provide a good foundation without RPDP fairy-tales.

Then, of course, BPs guides,podcasts, and forums.  

Good luck! 

@Michaela G.

LOL! I believe in working smart also, but I think that there is a separate gain in being someone who is not afraid to get there hands dirty and put in the hours necessary to become successful. I don't believe in working hard for the sake of working hard. I wonder if you agree.

I listened to RDPD on a long drive. Definitely something to be taken with more than a grain of salt.  I think the big take away for me is the rich think about money differently and play be a different set of rules than those with "earned income". I did not really see the details of how the rules are different just that they are.

Originally posted by @Shmuel Harris :

@Michaela G.

LOL! I believe in working smart also, but I think that there is a separate gain in being someone who is not afraid to get there hands dirty and put in the hours necessary to become successful. I don't believe in working hard for the sake of working hard. I wonder if you agree.

Of course I've done my share of time with hammer or paintbrush in hand, but I'd rather not have to do it.

FIrst, this is only my opinion...and I don't expect anyone to necessarily share it...

RDPD is not a how-to book and contains very little actionable information.  Some of the advice it gives with respect to tax advantages of business entities is exaggerated, and there is plenty of other busines stuff in the book that I've come to believe was more hyperbole than truth.  I'm not a fan of purely motivational books, and I wasn't a huge fan of RDPD (I won't be reading it again).

That said, I did get one nugget out of the book -- that there was another way to approach career, attaining wealth and personal/financial freedom.  That "nugget" is what led me to quit my corporate job a couple years after I read the book, and is likely the single biggest factor in determining the direction of my life these past 10 years.

So, while I don't believe it was a very good book, it was probably the most influencial book I've ever read.  In fact, I have to give it credit for leading me to the success and freedom I've had in my life.

In other words, while I very much dislike the book, it was probably the best $15 or so I ever spent.