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Sunday, February 22, 2009

Rich Dad, Poor Dad

If you've never read Rich Dad, Poor Dad, you should. This book has a lot of controversy around it. Many people say he is a liar, that he teaches nothing of substance, he is a salesman without a good product, he owes his success to multi-level marketing companies like Amway, and a variety of other accusations. The most famous of these articles is by John T. Reed - you can view the site here (Mr. Reed has a number of books on real estate - I have one, and it is fabulous. Check out his other reviews on real estate gurus - it is a very valuable source of information. I have found some of the best books I have ever read through his recommendations.)

While Mr. Reed has many good points about the truthfulness and usefulness of Kiyosaki's book, I must say that I have to respectfully disagree that Rich Dad, Poor Dad is a bad book.

Sure, Rich Dad is probably a made-up character. Sure, Kiyosaki's claims may be incorrect. But, he does enlighten people who know nothing about money to what is financially possible. He did for me. Rich Dad, Poor Dad was the first book I ever read about money. Before then, I never knew that you could buy things that paid you. I never heard that your money can "work for you." Sure, this may be a very basic principle to many people out there, but, to a lot of us, we've not heard of some of these basic principles. I was not raised rich. My parents are not rich. I never knew that I could buy things that paid me. What a concept!

This book changed my life. I have recommended it to many people, and it has changed their lives as well. Sure, Rich Dad, Poor Dad doesn't teach anything specific on how to make money, and many of his examples are wrong. But, what he does do is open up a whole new way of thinking for those of us who didn't know this way before.

I do not expect this book to help me with specific investment strategies or to provide me with quality information; for that, I read more serious books that have substance. Still, Rich Dad, Poor Dad holds a special place in my heart; I still recommend it to those who are starting from scratch and who do not come from wealthy families. It is not an answer-all, but it sure is a great book to begin with.

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