Sloe Times

Having slept on it, I thought I would expand on my thoughts regarding "Rich Dad, Poor Dad" by Robert T. Kiyosaki. Like I said yesterday it wasn't exactly what I expected but after some more analysis this doesn't appear to be a bad thing. It seems to me that the purpose of the book is to be an attitude adjustment and to plant the seeds of options and success in your mind.

What would make me happy? Reading a book like this definitely sets the mind in motion about how nice it would be to be rich and all the fun you could have in the care free world of not working for a paycheck. Splashing a dose of reality on there I have to consider that despite how easy someone elses story makes it sound, there has to be a practical application of knowledge and a plan. So the question doesn't have an answer yet but when it does I figure I'll have a goal and can start shaping a plan to meet it. So if I had to say how the book applied to me and achieving my dream... well that may be going to far since I haven't really figured out 100% what it is I'm trying to achieve. Anyway these are the things I got out of it:

1. Pay attention to the flow of my money


2. I need to learn how to find and evaluate investment opportunities


3. I need to learn the fundamentals and the impact of investing on taxes


4. I need to learn about protecting my family and my investments

Oddly enough the one thing that seemed to be missing from the book that to me would be critical is at least a short discussion around planning and it's ability to help take the dream of being rich and make it a reality. I found a site that is pretty negative on the book (more on that in a minute) with a large number of supporting feedback from folks who were skeptical or jumped without looking where they were going to land. I suspect that a lot of that sentiment comes from the lack of a planning topic. I'd have to say that if there were a serious flaw in the book that this is probably it. Perhaps though that is intentional (though it shouldn't need to be) since the author does have a number of other books I'm sure he wants you to buy. Heck even worst case at least little bit at the end saying something to the effect of "To learn how to put these ideas into action, read my book(s)...." *shrug*

While looking for sources of information on the internet I found this Rich Dad, Poor Dad review by John T. Reed that would seem to suggest that not only is the book crap, but that it is dangerous. It's a pretty long critique but I got through it and came away with the feeling that he (Reed) took exception with the author (Kiyosaki) and his simplifying of investing topics. He also identifies or calls into question a number of specific items in the book (some of which I don't remember and I just read it) that honestly don't seem core to the point as I see it. I'd like to think I'm a "sift the wheat from the chaff" type so when I read books for education I probably apply a filter to what I'm reading looking for the pieces of information that I can use or that are interesting enough to want to look into deeper. You would think that Reed was out to kick Kiyosaki just for the pure joy of it, to each their own I suppose. I did spend quite a bit of time reading other things written by Mr. Reed on his site and in general can appreciate his perspective and advise as well. He definitely seems more geared towards a more experienced audience so it will probably be a bit before I get back to looking into his stuff again.

posted by Andres Silva  # 6/22/2005 08:20:00 AM