It's the book that kicked off the whole REI thing for me. Love it. Some call him a crook, some call most of what he wrote complete BS and fabrication (i.e. flat out lies) (check John T. Reed's website...), but whatever. It opened my eyes.
It could be complete fiction for all I care. It's the first book that made me open my eyes about money, financial repsonsibility, tax advantagtes, etc. Most importantly, it makes you THINK like a successful person. Your outlook on your life and your future changes. You think in a completely different way than "normal" people do.
I re-read it after a year (just a couple of months ago actually), just to "re-center" myself after venturing into RE after reading it the first time. I was amazed that for the past year, I'd been thinking like the book and the principles. I guess it stuck.
It was the first book I read as well, and to re-iterate what Emrah said it was definitely the thing that opened my eyes. It was very inspirational and brought my thoughts of money to a whole new level.
Back when I was in undergrad I worked for a Domino's pizza. Obviously the owner saw that I didn't want to be a delivery driver for the rest of my life and so from time to time we talked about money / the business of pizza. During one of these conversations he told me that he had gotten started by reading "Rich Dad, Poor Dad" and he encouraged me to do the same. I read the book (cover to cover) and indeed it was very inspirational and convinced me to jump in to the real estate game.
I think the book is great for inspiring people and helping to change your mindset. Loved his explanation of what an asset is. Also, he says that you are only wealthy when you can live without having to work another day in your life (and he explains the difference between various types of income). All in all a great first book for real estate investors.
Unfortunately the book lacks quite a few details that you need to actually DO real estate investing... but it is very inspirational all the same.
Like the other people have said the book was inspiring. It was also an easy read. It did not get in too deep, but it is worth reading to get you kickstarted.
I'm reading the book now. I like it. It does a good job of getting you to think differently about money. I have changed some of my spending patterns as a result and I'm sure I will probably make more changes by the time I finish the book.
I agree with all of the previous posts. This was the first real estate book that got me motivated, although I purchased the Carlton Sheets course a year earlier. A year after educating myself and researching markets, I purchased my first deal in March of this year. I'm saving for my second and third hopefully by the end of this year.
About a year after reading this book there was major discussion as to whether or not the story was true. At first I found myself upset at the idea that it may not be but then it hit me.... Who cares?? Fact or fiction this book will get you off your hindparts.
If it doesn't - well - REI life just isn't meant to be.
prior to reading rich dad, poor dad - i never knew what a personal financial statement was. i did not understand how such a thing could apply to someone like me - a poor person. i did not fully understand how money can be made if you start to actually think rationally about it.
i still struggle with one thing - personally - i like to eat out. i like to take my fiance out. it's easy, fun and usually delicious. however, i do understand that for every dollar i spend on dinner out, i also spend twice that much in interest on my student loan per month. after reading rich dad, i started doing my OWN personal financial statements. i started calling my lenders every month to map out how i am doing in terms of creating a positive net worth. i have a long way to go, but i also have plans for investing and business operations.
it is amazing what you can accomplish, if you put your mind to it. 6 months ago, i was lost. just before i read rich dad...twice...ironically, i found the most important thing imaginable - the strength of Christ. now i realize that kiyosaki and Christ have about nothing in common, but through my revelations - i have come to understand that Christ rejoices when you work hard and push yourself. Kiyosaki is so successful because he has accessed his Holy Spirit - whether he knows it or not. anyone who is successful - if they have tried their best to be honest and run their investments/business with a sense of integrity - God is rejoicing. whether you choose to be a missionary, helping, living and dying with the poor - or you've purchased your private jet to fly to the special olympics to donate and raise 5million - your hard work is paying dividends that are not measured by greenbacks.
rich dad, poor dad - great book because it's understandable. he doesn't lay out a "strategy" - he tells it like it is and tells the truth about money!
i would have to agree with others.. i thought it was a great read that helped motivate me and open my mind up to money...
i work in the corporate environment and have been extremely guilty of working my butt off to get to the top.. while there is NOTHING wrong with that, its probably a good idea to have other means of income instead of solely relying on the man for your paycheck every week.
i would reccomend the book, and i also agree wether its a true story or not, WHO CARES, he gets his point across and thats what matters.
i took the tapes out of the library again and gave them to my bro to listen to.
he is now my partner, working on his contractors license and thinking of buying his bosses business - with over 80 clients.
again, the book doesn't lay out specifics, but it gets you thinking. not everyone gets it, but those who really read it and start DOING, soon realize how poor they really were prior to focusing on their financial situation.
rd, pd, just helps get you going. the rest is up to you!
Ive read the book back when I was a teenager, now that im 20 I just finished reading it again and I feel like I absorbed the book like a sponge. I give the book an A+
I've read the book a couple times, and I agree that it is an excellent read. Though it doesn't give you the mechanics to success in real estate, it gives you the vision for it. As I have progressed on my own success journey I see the truth of it more and more. Wealth and poverty are created more from perspective and understanding than anything else.
This is the first book that comes to mind, so I thought I'd kick this area off. Have you guys read it? What are your thoughts?
Not a bad book for someone starting out, definitely gives you a basis for comparison. There was one statement in Rich Dad Poor Dad that made me start investing in a segment of real estate often ignored, tax liens. He said some of his assets are in tax certificates ("tax liens"). Looked it up on Amazon, bought the top 3 books and have been earning an average 14%-16% returns...better than my darn savings account. :-)
I personally feel that it gets your mind out of thinking that you HAVE to "work for someone else" the rest of your life....kind of like most colleges are geared towards.
I've read good and not so good reviews, but I first read it a couple years ago and I've experinced much success from having "the road less traveled" mindset.
I just read this book (yesterday - I really JUST read it :lol: ) and I found it excellent. It is much better than a lot of the management books out there. I would suggest you keep in mind that this is not intended to be a book about REI. It is a book about attaining financial freedom and thinking like an owner, not a worker.
The author happens to have made much of his fortune in real estate and small caps, but there are other avenues he points out early in the book.
That said, his experiences are with REI, so that's what he utilizes to tell his story. I should mention that I was recommended this book by a gentlemen I am working with who is a franchise consultant, and he recommended it for the vision, not for the mechanics. My work with this consultant has nothing to do with REI.
As to whether the stories are true or not, I have no clue. But I can tell you that books like "Who Moved My Cheese" are (obviously) not true, but people flock to them because of the value they perceive in the message. This book is much the same, I think. Though I am inclined to believe the premise of the book is accurate, but certainly all the details (coversations, chidhood activities, etc.) have been embellished to create a readable story.
it does lack specifics , but is a great motivator!!!! I love his tapes, he really gets your creative juices flowing. The best thing I learned from him is that if you want something , then create a cash flow to buy it. he has a great style and assuring voice
Good read. I thought after reading it that I tend to think like rich dad. This is an excellent book for anyone that comes from a non entrapenaural background. You need to change the way you think about wealth to become wealthy! Cash flow Quadrant is also excellent.
I was looking over the forums just the other day and saw this post about rich dad, poor dad. I went out at lunch and bought it. I think some of you are right even if the stories are false..The principles and philosophy of thinking makes so much sense, and I sat there half way through the book and suddenly realized how bad I am in the rat race!! Great read for people that want to get a good way of thinking!! Also as you read this book you will start looking around and looking and people around you a little more intently..TELL ME IM WRONG! LOL Ill bet you all did it that read this book! But thanks all for the recommendation..This is a first book of many I will be reading in the future..Good read!
I just finished reading Rich Dad Poor Dad a few months ago. I will admit, it was the first book that really opened my eyes to how things really are. Financially that is. Before reading the book, I never knew the real difference between an asset and a liability. I was always taught that when you own a home, even while currently paying a mortgage on it, that is an asset. I realize now anything that does not bring positive cash flow is considered a liability.
It also made me realize that "I need to awaken my financial genius." :mrgreen:
RD PD is a must read. Kiyosaki is a good teacher, so I don't care if he is making millions off his books. He teaches and motivates. He takes you to the "why" instead of the "how to" like so many other books, but without the "why", it's hard to stay motivated.
My only minor criticism is on his choice to deliver the message of one's personal residence as a liability rather than an asset. I understand the premise behind it and totally agree with what he is trying to communicate, but I think it would be clearer if he differentiated between a good asset and a bad asset, rather than saying your home is a liability, just as he does in describing good liability and bad liability. GAAP, accounting-wise, his definition is TOTAL off base, but the underlying principle is totally on track!
I actually heard about this book from someone on a different REI forum and went to amazon.com yesterday while at work and purchased the book for $2.84 plus $3.46 shipping. That wasnt a bad deal I do beleive. The book should be here early next week and I look forward to reading it not that I have read all of your comments on the book.