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Program 1-Rich Dad Poor Dad
Program 2-Cashflow Quadrant
Program 3-Rich Dad's Guide to Investing
If you want to learn what separates the rich from the average; are looking to get out of the 9-5 rut, learn how to invest, start a business or reduce taxes, this program is for.
Great in place of or in addition to the books of the same name.
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I am a structured settlement expert and do financial planning for injury victims and often quote this book in lectures.
First book I ever came across on the psychology of receiving sudden wealth. The insights into the guilt that injured people and people who inherit wealth sometimes feel is priceless. Worth owning just for that.
Took me about a year to get a second copy of the book after my original was lost but it is worth waiting to have again.
Don McNay...
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-- though there be no dragons here. But the true gems of the story aren't those Jaerak finds or the Seekers talk of; they are found in those characters who seem to have come the most naturally and who people the story with spirits we can recognize, though they do not stride so boldly across the landscape. Sketched without artifice or heavy embroidery, they rise seemlessly from the needs of the story and serve it utterly without outside influence or awkward pretension, providing the best evidence of what this author can do and what readers have to look forward to.
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First of all, it's important to note that this isn't a "how to" book. Nobody's going to tell you how to get rich in a book costing less than ( )or for even more than that. What this book does is change the way you think. It's like in philosophy class where they teach you to ask questions. Too many of us are waiting for the answers without asking the right questions. This book offers many possibilities for making money. The real estate advice, albeit very general, is very common sense. I'm amazed at how many people buy real estate with a negative cash flow and call it an "investment." Kiyosaki explains that very clearly. It's common sense. That's all it is.
As for the particulary strong points in the book, I like his emphasis on methods of cash flow and the various tax implications of each one. I do, however, recommend that each person consult with tax advisers before venturing out in business. He doesn't like Subchapter S corporations, but I do, and I have one. I recommend them, but talk to your accountant. You're not going to get the Holy Grail for a few bucks.
I also like the attitude of the author toward money. He refrains from giving specific advice because, after all, each situation is different. He makes the reader think, and judging by the reaction of people I know who have read it, it causes quite a reaction, which brings me to the downsides...
The only downside to the book, and I'm still giving it 5 stars because it is an excellent book, is that the book almost causes people to think too much. Okay, let me explain that. Basically, the quadrants of cash flow are divided in half. There's money you earn as an employee and a self-employed individual and there's money you earn as a business owner and investor. It's great to move over to the business owner/investor side of making money, but let's be realistic. That takes time and a lot of patience. Many people after reading the book actually get frustrated because they have a job and think there's something wrong with that. There's nothing wrong with that. Take your time in adjusting your financial life. You don't have to quit your job or professional practice and move over to the other side right away. Earning money as a business owner and investor takes time. I think it is critical to differentiate between business owner and self-employed, and the author does a very good job of that. I can't summarize it here, but the book does a good job of that.
I remember two really good passages in the book which stuck out in my mind. The first was about how the author had achieved financial success, but nobody ever asked him how he achieved it, but they did ask him for one of two things or both: (1) a loan or (2) a job. I own a business, so I can relate to that. The other passage is where he points out that the average person gets up every morning to go to work and earn money to pay a mortgage, car payment, credit cards, etc., but in reality that person is working to make someone else rich. If you think about where your money is going every month, you'll realize the truth of that. It hit me right away.
This book is shockingly simplistic, so if you're looking for a complicated way to that royal road to riches, forget it. It's well worth reading several times. The lessons are so simple and yet so powerful. The only people who don't like this book are the people who enjoy paying their credit card payments every month. I think I might like to own a bank someday. END
What makes this book different than a lot of the other financial self-help books is it doesn't get down to recommendations of what stocks to buy, how to invest your money and all that. It's more of a bigger picture toward money, and I really appreciate that. How many books have you read where they go on and on explaining how much money invested every month for how many years will make you worth $1,324,544 by 65 years of age assuming 10% annual return but only if you start when you're 25 blah, blah, blah. This book isn't about buying mutual funds, dollar cost averaging, saving for your children's college and all that. It's about the foundation you need to establish for yourself to live a financially satisfying life. If you take it to heart, yes you will become rich. Like most things in life it takes time.
This book takes off where "Rich Dad Poor Dad" left off in that it explains in more detail about the rich buy assets, the middle class buy liabilities they think are assets and the poor don't really buy anything other than spend money. The idea behind the 4 quadrants is that we all obtain money in 4 different ways. The first quadrant is an employee, the second is self-employed, the third is a business owner and the fourth is an investor. Employees and self-employed individuals basically work hard for their money while business owners and investors have their money work hard for them. What I found most enlightening about this book is to operate in all 4 quadrants. You don't have to quit your day job and jump over to start a business or become an investor. In fact, what most people call "investing" really isn't investing anyway. It's tempting to get frustrated with our position in life and want to "get rich quick." Start a business on the side and work your way up.
As for quotes from this book, my favorite was later in the book, and for the life of me I can't find it after reading it so many times. To paraphrase what it says: if you're working and paying credit cards, a mortgage, a car payment, student loans, consumer loans, etc. you are an employee of your creditor. You are working for the bank so to speak. You're working to make someone else rich. Wouldn't it be nice to own a bank instead?
There has been some critcism of Kiyosaki's books in that he promotes his board games and other books in his books. I fail to see anything wrong with that. If you don't like his board game, don't buy it. I think the implication in many people's minds is that the book really isn't all there is to it. You have to buy more products. That is not true at all. Some promoters like to sell books which only lead to a pitch for high priced seminars. I've never been to any of his seminars, and I have no desire to. If you can't get the information from his books, then read them again. It's in there.
I'm giving this book 5 stars because I found much useful information in here. I've read all 4 of his books, and considering what I paid for them, I can't believe so much information is available at such a cheap price. Such is a free society with freedom of the press. As for the author, I hope he makes a lot of money from his books. I sure have.
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This book does not attempt to peddle a system of "striking it rich overnight". But instead explains the importance of intelligent money usage. My personal favorite was the comparison roughly stating that income is equal to employees, and they can work either for you or against you. I'd recommend this book to anyone wishing to increase their financial security and/or buying power through intelligent money management.
1 star reviewers; is what your doing working for you? If not, don't you think it's time to try something different?
Rich Dad, Poor Dad is the best financial book since Charles Givens More Wealth without Risk and Stanleys Millionaire Next Door.
You may not like what you read in these books, but it is what you need to read and apply to reach success.
I also recommend Rich Dad's Guide to Investing and Retire Young, Retire Rich and the Millionare Mind by Stanley.
Read you way into wealth, but remember, it only works if you apply what you read.
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In his 1st book Rich Dad Poor Dad, Kiyosaki addressed the differences in mindsets between the Rich and the Poor. Then, in his 2nd book Cashflow Quadrant, he spoke on the 4 quadrants from which one can generate income. To be wealthy, Kiyosaki recommended that we learn to generate our incomes from the "B" (Business-owner) and "I" (Investor) quadrant as opposed to the "E" (Employee) and "S" (Self-employed) quadrant.
In his 3rd book Rich Dad's Guide to Investing, Kiyosaki tells how he got started in his investment journey, starting with nothing, and in fact at one stage, with a negative net worth. Most of us, having read his first 2 books, would have wondered if we could have embarked on our journey to become financially independent without much resource at hand. In this book, Kiyosaki shows how anyone can get started and how it does not take money to make money. He teaches how time is more important than money; how investing in one's self and getting an education and experience precedes excessive cash; how having a plan is more important than being in a hurry to make money.
This is not a book for those who want hot tips and quick fixes. This is a book on mindsets. Kiyosaki plants ideas and provides a road-map. The reader must take the first step and learn to navigate his/her own journey.
What I like about this book, is Kiyosaki's concept of being an Ultimate Investor, a "selling-investor". The Ultimate Investor creates deals and businesses that the public hunger for and are willing to pay a premium to acquire a share of. With the internet, it has never been easier to create businesses and deals which one can take public.
As in all his other books, Kiyosaki's book is worth reading again and again. I would also recommend that one reads Robert Allen's Multiple Streams of Income in conjunction with Kiyosaki's Rich Dad's Guide to Investing.
Good book and the best of the three in my opinion.
Rich Dad's Classics is an abridged version of the first three classics; Rich Dad Poor Dad, Cashflow Quadrant and Rich Dad's Guide to Investing.
Even if you have read the books, you will pick up an idea or two from the audio tapes.
Much better use of you dead time than listening to the news on your radio.