Wednesday, March 9, 2011

Rich Dad Poor Dad by Robert Kiyosaki

The full title of this book is Rich Dad Poor Dad: What the rich teach their kids about money – that the poor and middle class do not. Also, Sharon L. Lechter was involved in writing this book.

This is the second time I have read this book. It is quite interesting. Although, I have not bought and sold real estate to make money, I have spent time building up the assets side of my balance sheet. The other thing I like about this book is when he talks about a house being a liability not an asset. I do believe this. There are good reasons to buy a house, but buying it and considering it an asset is not a good idea. Houses costs lots of money and are a cash drain.

I have not always paid myself first as this book suggests (and other people do to). Live has it ups and downs and this is not always possible. During my working life, I worked for a company that was bought out (and I lost my job) and company that went bankrupt (and I lost my job). I have also worked for companies that downsized and most of the time I was ok, but it was touch and go for a while. I also had my husband die and leave me with a small child to look after. At the worst of times, I may not have saved money, but I always did my best to live within my means.

The other thing I liked about this book was Robert talking about risk. He says you do not avoid it, what you do is manage it. I was never terrified of losing money in an investment. I did that, but I was always somewhat cautious and never lost a lot on one investment.

Another thing I like about Robert’s book is that he says you should work to learn, not work for money. Money can only motivate you so far. In my working life, I took on new jobs because I thought I would learn from the experience and I did. I never regretted this. Although, I must admit that sometimes it was scary to take on a job that had not previously existed, there were benefits. The main benefit being is that you can write you own job description.

There is an interview, in 5 parts, of Robert Kiyosaki interviewed by Philippe Matthews. See
Interview Part 1 , Interview Part 2 and
Interview Part 3 . Once you start with the first interview on youtube, the others should show in the right side bar.

On my website is how to find this book on Amazon if you care to purchase it. See Kiyosaki. Also, this book review and other books I have reviewed are on my website at Book Reviews.

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