Comments on: Debunking “Rich Dad, Poor Dad” http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/ Personal Finance and Wealth by the Penny Mon, 06 Oct 2008 23:42:22 +0000 http://wordpress.org/?v=2.6.2 By: anexa http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-210 anexa Tue, 07 Nov 2006 08:32:25 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-210 The details matter when they are inaccurate and misleading. You should never need to lie to get a point across and you shouldn't advocate something and ask people to take the leap if you haven't done so yourself. Also, I've read 4 of his books and not only are the stories repeated over and over again, they have no direction, no specific plan other than to buy real-estate, and fail to give beginners a good idea about where to start. He always says to pick up one of his other books to learn the "how" or the "where to start". I did this with 4 books and I am done. There is nothing of substance in these books. Some of the ideas are interesting and anything that exercises your thinking can be useful, but for the majority of people this kind of writing could be very damaging. The details matter when they are inaccurate and misleading. You should never need to lie to get a point across and you shouldn’t advocate something and ask people to take the leap if you haven’t done so yourself. Also, I’ve read 4 of his books and not only are the stories repeated over and over again, they have no direction, no specific plan other than to buy real-estate, and fail to give beginners a good idea about where to start. He always says to pick up one of his other books to learn the “how” or the “where to start”. I did this with 4 books and I am done. There is nothing of substance in these books. Some of the ideas are interesting and anything that exercises your thinking can be useful, but for the majority of people this kind of writing could be very damaging.

]]> By: Ronnie Corbett http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-209 Ronnie Corbett Sat, 21 Oct 2006 22:10:07 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-209 I don't think the people who make these comments have understood the book. It is not the actual details that matter, it is more a way of thinking. It change my way of thinking and I have started to make real money as a result. Real estate is not for me, but note he says that these strategies do not work in a declining market. You can't get clearer than that. So find markets that are going up. My money now works for me, and I have retired, I am just an investor. I invest for cash flow as Robert talks about. I only use real estate as a small part of my investment portfolio, RK himself says he does not invest much in real estate, he is more into oil and gold. I understand his logic. that the paper dollar is going down in value, but I do not invest in hard assets. Again, his books are really about a way of thinking rather than specific investment advice. I don’t think the people who make these comments have understood the book. It is not the actual details that matter, it is more a way of thinking. It change my way of thinking and I have started to make real money as a result.

Real estate is not for me, but note he says that these strategies do not work in a declining market. You can’t get clearer than that. So find markets that are going up.

My money now works for me, and I have retired, I am just an investor. I invest for cash flow as Robert talks about. I only use real estate as a small part of my investment portfolio, RK himself says he does not invest much in real estate, he is more into oil and gold. I understand his logic. that the paper dollar is going down in value, but I do not invest in hard assets. Again, his books are really about a way of thinking rather than specific investment advice.

]]> By: Daniel http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-201 Daniel Thu, 28 Sep 2006 12:34:29 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-201 That's exactly right: if you boil it all down to a single paragraph, it adds up. His stupid books (I've read most of them) can be boiled down to one paragraph. The other hundreds of pages are filler. if you want to learn a lot about economics and investing (stocks), check out peter navarro... very informative. in his economics course, he goes into details about producer behavior (for example) and shows you how maximum margin per production unit will show you how many players will be involved in the manufacture in a given industry, and based on that, what type of strategies those businesses will use to gain greater market share. that's just in 2 hours of about 50 hours of lectures. That’s exactly right: if you boil it all down to a single paragraph, it adds up. His stupid books (I’ve read most of them) can be boiled down to one paragraph. The other hundreds of pages are filler.

if you want to learn a lot about economics and investing (stocks), check out peter navarro… very informative. in his economics course, he goes into details about producer behavior (for example) and shows you how maximum margin per production unit will show you how many players will be involved in the manufacture in a given industry, and based on that, what type of strategies those businesses will use to gain greater market share. that’s just in 2 hours of about 50 hours of lectures.

]]> By: prlinkbiz http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-205 prlinkbiz Wed, 20 Sep 2006 16:41:58 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-205 For anyone who gets their info about RK from John T Reed: http://www.mastermindforum.com/kiyosakiresponsetoreed.htm For anyone who gets their info about RK from John T Reed:
http://www.mastermindforum.com/kiyosakiresponsetoreed.htm

]]> By: My Money Forest - Personal Finance, Investing, Business and more! http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-204 My Money Forest - Personal Finance, Investing, Business and more! Wed, 20 Sep 2006 07:41:59 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-204 [...] Rich Dad, Poor Dad [...] [...] Rich Dad, Poor Dad [...]

]]> By: Keith http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-200 Keith Mon, 14 Aug 2006 16:49:11 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-200 I have read some of the book so far and to be honest it is doing for him what he has set out to do. Generate Income. Isn't that what you want to do? If I may be so bold, some of us expect to read a book with the answers written down in a nice step by step proceedure. Fact is making money does not have a instruction manual like your VCR or that new desk you sit your computer on. I find that some of his writings are right on the money. Much of wealth is generated by making educated decisions based on your current conditions. Not everything in this book is on target for me, but if I boil it all down to a single paragraph it adds up. After all we all do not agree with the same church....do we? I have read some of the book so far and to be honest it is doing for him what he has set out to do. Generate Income. Isn’t that what you want to do?

If I may be so bold, some of us expect to read a book with the answers written down in a nice step by step proceedure. Fact is making money does not have a instruction manual like your VCR or that new desk you sit your computer on. I find that some of his writings are right on the money. Much of wealth is generated by making educated decisions based on your current conditions.

Not everything in this book is on target for me, but if I boil it all down to a single paragraph it adds up. After all we all do not agree with the same church….do we?

]]> By: Flexo http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-206 Flexo Fri, 11 Aug 2006 15:54:40 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-206 Good vs. bad is one thing, and is a matter of opinion. Factually correct vs. factually incorrect is something else entirely, but is less of a matter of opinion. Sure you may *feel good* after reading a book, but if it's factually incorrect, you're doing yourself more harm in the long run than you realize. Kiyosaki makes his money by selling books and seminars. If he really wanted to tell people how to make money based on his experience, he'd be telling them to write books and develop seminars. But Bill is right.. whether his anecdotes are true or not is irrelant, except that people want to emulate them. Good vs. bad is one thing, and is a matter of opinion. Factually correct vs. factually incorrect is something else entirely, but is less of a matter of opinion.

Sure you may *feel good* after reading a book, but if it’s factually incorrect, you’re doing yourself more harm in the long run than you realize.

Kiyosaki makes his money by selling books and seminars. If he really wanted to tell people how to make money based on his experience, he’d be telling them to write books and develop seminars.

But Bill is right.. whether his anecdotes are true or not is irrelant, except that people want to emulate them.

]]> By: Bill Perry http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-207 Bill Perry Thu, 10 Aug 2006 19:37:19 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-207 I read "Rich Dad, Poor Dad" 3 years ago. Before I had read it, I'd heard both good and back about it. I, for one, don't pay much attention to "reviews". The reason for this is that, each of us is different. I have a friend who INSISTS on telling me about each movie she sees right after she sees it. And she always tell me either "it's great. you'll love it!" or "It sucks!". Point is, don't put too much stock into what others tell us. Just because they like it or find it useful, doesn't mean you will. And vice versa. While I admire John Reed's research prowess, I have personally found Robert Kiyosaki's writings useful TO ME. I think that too many people are extremist from the standpoint of "good/bad". I prefer to take out what I see as the best parts of everything I read/see/hear and help form it into my own philosophies. Whether or not Rich Dad was a real person is irrelevant (once again, to me), because the ideas and concepts are still worth throwing around in your head. Bill I read “Rich Dad, Poor Dad” 3 years ago. Before I had read it, I’d heard both good and back about it. I, for one, don’t pay much attention to “reviews”. The reason for this is that, each of us is different. I have a friend who INSISTS on telling me about each movie she sees right after she sees it. And she always tell me either “it’s great. you’ll love it!” or “It sucks!”. Point is, don’t put too much stock into what others tell us. Just because they like it or find it useful, doesn’t mean you will. And vice versa.

While I admire John Reed’s research prowess, I have personally found Robert Kiyosaki’s writings useful TO ME.

I think that too many people are extremist from the standpoint of “good/bad”. I prefer to take out what I see as the best parts of everything I read/see/hear and help form it into my own philosophies.

Whether or not Rich Dad was a real person is irrelevant (once again, to me), because the ideas and concepts are still worth throwing around in your head.
Bill

]]> By: Through a Glass Darkly » Fraudulent financial advice? http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-208 Through a Glass Darkly » Fraudulent financial advice? Thu, 10 Aug 2006 18:12:42 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-208 [...] Like many people in their 20’s, I’m trying to get a handle on my financial situation–lose the debt, live more frugally, and make the savings groowwww! One ways of moving toward these goals is to read books concerning financial literacy. One on my to-read list was Rich Dad/Poor Dad . . . at least until I found a blog post that pointed to this webpage, which blasts the book’s author as a liar and, basically, a fraud. [...] [...] Like many people in their 20’s, I’m trying to get a handle on my financial situation–lose the debt, live more frugally, and make the savings groowwww! One ways of moving toward these goals is to read books concerning financial literacy. One on my to-read list was Rich Dad/Poor Dad . . . at least until I found a blog post that pointed to this webpage, which blasts the book’s author as a liar and, basically, a fraud. [...]

]]> By: thatedeguy http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-203 thatedeguy Thu, 10 Aug 2006 16:38:25 +0000 http://www.penny-saved.com/2006/08/10/debunking-rich-dad-poor-dad/#comment-203 Actually, it was on my list as well. I haven't read it as yet, but don't know if I will given the information on that page. Of course, like any good pfblogger, I would compare it with other sources and not necessarily fall victim to poor information. I'm sure you would do the same. Actually, it was on my list as well. I haven’t read it as yet, but don’t know if I will given the information on that page. Of course, like any good pfblogger, I would compare it with other sources and not necessarily fall victim to poor information. I’m sure you would do the same.

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