Robert Kiyosaki, of Rich Dad Poor Dad, offers financial education content to help you learn about cash flow, real estate, investing, how to start a business, and more. The 2017 High School Football Coaching Vacancy list is open for business. From the moment the Thanksgiving Day games were completed, vacancies started to pop up all. Yahoo Lifestyle is your source for style, beauty, and wellness, including health, inspiring stories, and the latest fashion trends. About Thomas C. Corley. Tom Corley understands the difference between being rich and poor at age nine, his family went from being multimillionaires to broke in just. Robert Kiyosakis Real Life Rich Dad was Richard Wassman Kimi, founder of Sand Seaside Hotels in Hawaii. If youve been around Rich Dad for any amount of time, youve heard the term financial education batted around pretty regularly. But what do we mean when we say. Other pitchers on the cusp of a nohitter have been crushed in similar waysArmando Galarraga, Pedro Martnez, and Harvey Haddix are here for you, Richbut Hill. Hi Trent. I would say, you wrote a great review. I like that you pointed out the good, the bad, and the ugly. I agree with everything you said. Memphis, Tennessee CNN With just over three minutes left in the state championship, Coach Penny Hardaway called a timeout. He didnt like what he was. Review Rich Dad, Poor Dad. Well, it had to happen sometime. After stirring up a hornets nest in my previous post, Deconstructing Robert Kiyosaki, it somewhat became inevitable that I would review his very well known personal finance book, Rich Dad, Poor Dad. This book has been inspirational to many people, but the book seems to have produced as many critics as champions. What about me As I write this review, Im reading this book for the third time. I thought it might be insightful to immediately mention the first two times I read the book and my reactions following the reading. Tarzan The Ape Man Full. The first time I read the book, I felt inspired. I wanted to run out and start following some of the ideas in the book, but what I found is that you cant just merely run down to the courthouse steps, spend five hours, and come away with 6. I became really disillusioned. I eventually ran into John T. Reeds lengthy negative analysis of RDPD and was almost shocked at the level of criticism of the book, and with that criticism, I read the book a second time and concluded that the book was a waste of time. It was shortly after this second reading that I was requested by a reader to write up my thoughts on the author, who has written a large number of similar books. So what kind of book would cause such a strong shift in opinion Rich Dad, Poor Dad is basically what I would call a personal finance perspective told in the form of a parable, much like a book I reviewed earlier, The Wealthy Barber. But while The Wealthy Barber basically related the basics of personal money management in the parable along with examples that you could directly research and work out yourself, Rich Dad, Poor Dad is about a complete rethinking of how money works. Rich Dad Poor Dad Coaching Program Good' title='Rich Dad Poor Dad Coaching Program Good' />For example, rather than seeing an asset as something with value, this book defines an asset as being something that generates cash flow. This means that according to this book, your home is not an asset. Now, Im going to walk through this book as I read it for a third time, hopefully without the cynicism inherent in my last reading of the book. Im also going to limit my observations to what is within the covers of the book meaning Im going to leave out any external perspectives on the author and accepting the parable of the rich dad for what it is, a parable. My only interest is the following question what useful personal finance information is contained within these covers Six Lessons. The title Rich Dad, Poor Dad refers to the two main male influences that Robert had as a child. Rich Dad Poor Dad Coaching Program Good' title='Rich Dad Poor Dad Coaching Program Good' />His own father, the figurative poor dad, worked at a steady job for a living, while the rich dad the father of a friend ran a multitude of businesses. Most of this book is told from the perspective of Robert learning from his rich dad about how to make money and seeing how his poor dad made huge money mistakes. The first two thirds of the book covers six lessons taught to Robert by his rich dad. Lesson 1 The Rich Dont Work For Money. This lesson has an ambiguous title that gives two separate meanings based on how you read it actually, based on where you put the emphasis. If you read the title as the rich dont work for money, thats the wrong one. The rich in fact do work, and they work quite hard. The way the title should be read is that the rich dont work for money. They work to learn things, and the things they learn can easily be applied to make money over and over again. I agree with this sentiment entirely good ideas are always more valuable than good labor, because you can keep mining good ideas, while good labor is spent the second you do the work. Another part of this lesson I liked is that the rich dad is actually quite frugal. Although he has a lot of money in the bank, he drives a cheap car and doesnt live in a mansion. Too many people equate rich with material things, so I enjoy it when it is shown that being rich often has very little connection to material possessions. Being rich means never having to worry about paying your bills it doesnt mean driving a Ferrari well, at least not until you can pay cash for it and not break a sweat. Without a doubt, this was my favorite part of the entire book, even with the short, out of place rant about the gold standard actually a misnomer, because the only way the book makes any sense in terms of time is if the rich dad is actually talking about the Bretton Woods system and not the true gold standard and how the United States was doomed if they abandoned it. Lesson 2 Why Teach Financial LiteracyThis is the section of the book that causes a lot of controversy when discussed. In a nutshell, this chapter redefines the term asset. For most, an asset is something that has value. For example, your home is an asset because it is something you own that has value. Well, this section of the book redefines the word. To Robert Kiyosaki, an asset is something that generates income, while a liability is anything that has costs. In other words, by this definition, your primary residence is not an asset but a liability. It may have cash value, but it doesnt generate income. Instead, assets are forms of passive income that you control, like a rental property or intellectual property. So whats the overall lesson here Basically, you become rich by accumulating assets, assets as defined by this book. This basically means that, in my case for example, my truck is not an asset but The Simple Dollar is an asset it generates revenue on its own I write because I enjoy it. Wealth comes from having enough assets that generate enough income so that all of your expenses are covered and there is enough left over to invest in more assets. Lesson 3 Mind Your Own Business. The point of this chapter is that a financially healthy individual should be spending their spare time not spending their paychecks, but investing as much of it as possible in assets as defined by this book. This is another lesson I strongly agree with pay off your debts and start investing as soon as you can into things that can generate revenue. This lesson was short and sweet. Lesson 4 The History of Taxes and the Power of Corporations. This is the section of the book that made me start disbelieving in the overall ideas presented. First of all, after all this talk of following in the footsteps of the rather frugal rich dad example, Kiyosaki begins to describe a lifestyle of buying Porsches and the like. What It doesnt jibe at all with the earlier lessons at all. Even worse, the chapter misrepresents several fundamental facts about taxation that Im quite aware of, because my father held a corporation and dealt with the taxes on it. First of all, if you start claiming stuff like Porsches as part of necessary company expenses, you are going to get audited. Theres a big difference between forming a personal corporation and buying a company car for use with that corporation, but the IRS is very clear on being rational with spending just to avoid things like buying Porsches. You can justify a company jet as being needed for travel, but what necessity for business does a Porsche provide that another car does not Kiyosaki mentions various tax dodges in this chapter, but almost all of them arent tax dodges at all, but merely tax delays. With almost all of them, you either have to hold an asset until you die or youre going to be hit with a monstrous tax bill. If you ever need to liquidate out of a need for cash, playing these games will mean that the IRS will eat you alive.