Rich Dad's Retire Young, Retire Rich by Robert T. Kiyosaki, Sharon L. Lechter Summary and Reviews
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Book Reviews of Rich Dad's Retire Young, Retire Rich
Book Review: IT'S ALL IN THE MIND, SO TRUE
Summary: 5 Stars
Of all the RICH DAD books this is my most favorite.
Why? Simply because we've got someone who can walk the talk, telling us that most of the resistance we experience in making money is our own limitations.
It didn't make sense when I was working a day job. Sounded like a bunch of huey, really, but, once I started down the entrepreneurial path, that all changed.
I'm in total agreement. Most of the limitations Americans experience with wealth is all in their heads.
That said, for those willing to take a deep look in themselves and who are willing to grow, this is one of the best books on the matter.
Highlights included:
(1) The most expensive advice is free advice b/c the wrong advice can destroy you. How many times do we take advice from next door neighbors about stocks when they know nothing, or, almost nothing? What does this have to do with mental limitations. Plenty. The people we associate with or want to believe can hold us back if their advice isn't accurate. I wouldn't take advice from journalists on TV, who make less than 100k yet give advice on the stock market daily, would you? Well, lots of people do listen to them.;
(2) The power of expanding one's reality. How many things do we feel are not true yet are? Wasn't their a time when we believed man could not fly and now we can fly?;
(3) Why do most of us not have a financial plan? Why do we rely on the govt to take care of us? Why do we choose to not have a long term plan?;
(4) Why the language we use restricts us even if we choose to believe it. If we say CANNOT or SOMEDAY how does that make us feel? How does it not serve us?;
(5) Setbacks and how they help us. Most people give up when they're really close.;
(6) How to create a winning team to assist you;
(7) The velocity of money application; and
(8) all types of leverage to achieve our financial goals.
Highly advised reading.
NOTE: I think RK sometimes makes things sound easy. While some of the concepts are simple, nothing is easy. I did pre-foreclosures for a couple of years and that was tough work. I made enough money to sit back and reflect and now I'm doing something I want to do: write a novel. I don't plan to return to real estate but I do appreciate the many financial lessons. 12/20/05.
Book Review: Changed how I thought about money and spending
Summary: 4 Stars
This was a great book for me because I am very good at SAVING money, though not very good at spending it. This book changed how I thought about what it meant to be rich. Some of the richest people I know do not work very hard. There is a reason for this, and the author explains this in a way that will get through any thick skull. I began to read this book less than one month ago, and have already stretched to purchase rental property that will soon be profitable. Though it isn't totally comfortable (or in my "reality" as the author explains), I am convinced it is the best way to achieve financial independence and work now toward working LESS in the future. I thank the book for this confidence.A few notes about Robert's writing: if you are looking for a book that defines a "recipe for success", this is not it. If you're looking for an eloquently written book, this is definitely not it. BUT...this book explains, sometimes philosophically, what it means to have other people's money work for YOU and for YOU to control when and how you pay your taxes. He makes many references to other books in the Rich Dad series (which I have not read), but summarizes those references so you aren't lost as to what he is talking about. He gives many examples from he and his wife's life in where their decisions have taken them. He DOES NOT tell you to go out and buy A, B, or C. Those are for you to determine based on the lessons.
This books sticks in my head throughout the day, and in my decisions about spending, investing, saving, and working. I am thirty years old, single, and feel like this book was some of the best money I spent, and even better that I did not wait ten years, or until I was married, or even until tomorrow, to learn these lessons.
Highly recommended by this reader!
Book Review: Is this a book or a biography??????????? cmon robert
Summary: 1 Stars
I will start off with, DO NOT BUY THIS BOOK! I heard alot about this gentleman and figured id read one of his books. I first thought, hmm , well maybe it will get more interesting as I read on. Well I read the book cover to cover and it was nothing more than him rambling on about how him and his wife made their millions but nothing about actually HOW TO DO IT! Yeah he had a couple good points (*note..a couple), I'll give him that. He needs to stop talking about himself and his "rich dad" and write about material people can actually use. Sorry Robert.........But ive found Russ Whitney!Book Review: Kiyosaki owes me 1 star
Summary: 1 Stars
Robert Kiyosaki does a disservice to his readers by presenting unrealistic scenarios of easy profits. If it truly were so easy, the deals would have been snapped up by now. His comments on stock tips, housing depreciation, and expensing watches and vacations as business costs are not only inaccurate, but ILLEGAL. His disdain for education is reflected in his poor writing.Book Review: Not another "Get Rich Quick" book... Thank Goodness
Summary: 4 Stars
I would first off like to address the person who said that Kiyosaki "ignores the fact that 9 out of 10 small businesses go belly-up in the first five years". First off, negative thinking will get you nowhere. Second, in my reading of this book, Kiyosaki in fact mentions this fact at least THREE times in this book in sufficient detail. Kiyosaki acknowledged this as a fact but also mentioned that it also means that 1 out of 10 small businesses are succesful. Meaning you have to be willing fail 9 times. You learn more from failing than winning. If everything was easy then everyone would be rich. He mentioned that one of his friends lost $1,000 on 14 straight trades, but made $50,000 on the very next one. The reason why a lot of people do not like this book is because they are perhaps expecting a "get rich quick" scheme; we already have enough of those.For those that understand where Kiyosaki is coming from, his intention is NOT to tell people HOW to get rich quick, instead it seems to me that his main goal is to get people out of the context that they have to work for others and depend on these people in order to be rich. For most people this is not going to happen, as long as your working for someone else no matter how much you make, you will NEVER be truly free. Until people realize this they will be forever trapped in this world we call corporate America.
Kiyosaki does an excellent job in this book, he again hammers home the fact that "How" to get rich is not nearly important as "Why". Once we have our "Why" the "How" part becomes easier. The points and "lessons" he uses in this book can be retitive, however this is nessacary in order to get his point across. One point that he made that continuously sticks out in my mind is that the more money you make at your job, the more you become dependent on your job to take care of you. This is why he said his "Rich Dad" made him and his friend work for free so they can come up with ways to make money on their own.
If any of us were forced to work for free, I think we would be VERY motivated to find other ways to make money. In this case our "Why" would be simple. The reason why our "Whys" are so hard is because most of us our "blinded" by our salaries. But in reality we are working for nothing. The money we do make is taxed heavily and even worse, our companies could reduce our salaries or even worse lay us off anytime they get ready. After we are laid off, what do most of us do? - Find another job and the process starts over again. I admit I am still caught in the rat race at 26 but after seeing what my company is starting to do and how they treat their employees, I am beginning to realize the importance of working for myself and not for someone else.
Again the point of this book is to find our "Why" in order to get out of this rat race. Many people will not like this book because it gives very few specific examples on how to get rich. (He does however mention Real Estate and the Stock market numerous times). Different things work for different people and the key is to FIRST find your "WHY". After you find your "WHY", THEN find what YOU like and WANT to do, not just blindly DO what someone else did to become rich. If you are looking for a book that will change your CONTEXT and thinking about money and WHY you would want to make it for yourself, then this book is for you, however if you are looking for a "Get Rich Quick" program, then you are better off staying up late and watching the endless informercials that come on TV.