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Why I don't like Kiyosaki's Rich Dad, Poor Dad

By
Services for Real Estate Pros with EquityScout.com

  It’s impossible to deny Robert Kiyoski’s success with his famous Rich Dad series. Go to Amazon.com and you’ll find almost fifty books, tapes and related paraphernalia on offer; Rich Dad in English and Spanish, Rich Dad for women and for kids. Even Rich Dad in Chinese. But it’s hard to beat the DVD Rich Dad’s 60 Minutes to Getting Rich. Kind of expensive at $79.99…but hey that’s a small price for wealth in 60 minutes, right?  Boardgame anyone?  Only $149.99.  Plus tax.

Kiyosaki has a lot of enthusiastic supporters – and a lot of them are Active Rainers – so I might not win a lot of fans with a post like this.  But...in case you haven’t guessed...I’m not a Rich Dad fan.  Clearly he’s been wildly successful selling books and tapes, but I’d argue that the wisdom that he dispenses him his folksy tomes isn’t what the vast majority of Americans needs.  

These books feel good, and that’s their allure.  But I compare them to the weight loss industry.  Take a look at Hoodia, Anatrim, Slim-fast...pick your poison.  A seductive sales pitch is great – but what these customers really need is to change their lifestyle, not a pill.  

But changing your lifestyle is a bummer.  It’s hard.  And that applies to getting your credit in shape and changing your spending habits just like it applies to getting more exercise and indulging in your favorite culinary vice in moderation (mine’s ice cream).  

There’s a genius to the series, though.  Kiyosaki does a great job of making an emotional connection to the reader – a requirement for any serial writer (have to keep the readers coming back).  To his credit he is going to have a positive impact on some people – if he gets folks off their backsides and gets them to thinking about their financial futures then that’s a good thing.  

But the problem is that there isn’t much substance here.  Kiyosaki’s mane premise is that you get to be wealthy by buying assets.  But the truth of the matter is that you can go broke in a hurry by buying assets – you can only get to be wealthy by buying the right assets.  And that’s not splitting hairs…selecting the right assets involves skill, discipline, knowledge, hard work, etc.  Education helps.  So does a bit of luck.  This is change-your-lifestyle stuff – not the stuff of best sellers. 

However, Kiyosaki dismisses a formal education – the best education that a young person can make - as a waste of time and commences to dispense chapter after chapter of truisms and folksy anecdotes.  That’s fine if you’re looking for motivational prose, but if you want nuts and bolts practical advice then go for Mclean and Eldred’s Investing in Real Estate.  Boring stuff for the most part, but it's excellent, solid advice. 

Cheryl Johnson
Highland Park, CA
You know, I always think it isn't right, the way Kiyosaki talks about his "real dad" .....  The real dad sounds like a decent hard working guy .... I don't think he deserves the way Kiyosaki writes about him.  My very humble opinion.
Jun 26, 2007 10:17 AM
John Barry Seattle Washington Home Loans
Home Loans - Kirkland, WA
thanks for book recommendation. i'll check it out
Jun 26, 2007 10:17 AM
Chuck Christensen
Your Financial Coach - Bellingham, WA
This should be manditory reading for all Financial Advisors....I have all his books. Kiyosaki does speak highly of his dad in his books...it;s just that he is explaining his dads attitude toward rich people and investing and the reason his dad was not rich...because he dispised rich people...but really it is just jealousy....hidden behind his pride. The more money one has, the harder it is to stay up their and the more streasful it is to keep yourself their...so who says rich people don't work hard? Jealous poor people?
Jun 26, 2007 10:29 AM
Chris Lengquist
Ad Astra Realty - Olathe, KS
Kansas City Real Estate Investing

Christopher - you link baiter, you.  :)

Great post all the way through.  (Did the previous commenter read your post?)  Anyway, our friend over at Lording the Land did a hatchet job on him.  And I have to agree with him and you.  He's not all bad.  But people have to use filters to get what is good from him. 

As always, you are on top of it.

Jun 26, 2007 10:29 AM
Chris Tesch
RE/MAX Bryan-College Station - College Station, TX
College Station, Texas Real Estate
Christopher, right on the money.  I don't dispute his advice, but it's a little bit like telling someone to take an aspirin for high blood pressure.  Yes it's effective medicine, but it doesn't fix the problem, and it may, or may not, make the problem worse.  It does bring attention to the problem at least, but I always end up feeling sorry for the poor father too.  How would you feel if your kid wrote that way about you????
Jun 26, 2007 10:55 AM
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

Nice to see someone with a viewpoint that goes against the tide of 'get-rich' lemmings....

Could it be that perhaps there may be more to this life than simply amassing wealth?

It reminds me of the story about a reporter who was granted a rare interview with J.D.Rockefeller. When asked, "How much money is enough money?" Rockefeller replied, "Just a little bit more."

 

Jun 26, 2007 10:56 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
I read the book years ago so cannot discuss it in detail. Getting there sometimes takes years and you have to like the idea of getting wealthly. You can get pointed in the right direction but there are a lot of distractions. Its free to try again. Your parents have a lot to do with your success, its a high correlation.
Jun 26, 2007 11:02 AM
Anonymous
Yobachi

Interesting take. I've heard the praises of this series sung before, yours are the first critical words. That's something to keep in mind if I ever decide to pick up the books

 www.blackperspective.net

Aug 16, 2007 12:51 PM
#8
Ethan Dozeman
Realty Executives Platinum Group - Grand Rapids, MI
Real Estate in Grand Rapids
I think his best book is real estate advantages, I like to give that to people who think they want to be investors...after that book, they usually do...
Aug 16, 2007 03:59 PM
Tom Jeffers
Affordable Realty of Ohio LLC - Parma Heights, OH
Affordable Realty of Ohio LLC

Investors know that getting rich in real estate is not "quick" or "easy". People who want to be investors are generally lured by the promise of quick easy money and the flashy lifestyle. These are images portrayed by these guru's to catch the attention of want-to-be investors.

The thing to keep in mind with any program or system is that 95% of anything you buy is going to tell you the exact same things. It's the other 5% that you should be looking for if you are going to invest in your education. I buy a few programs a year as continuing education, but it's important to know what a particular persons specialty is before you buy a course.

Aug 17, 2007 01:21 AM