Rich Dad Poor Dad
|Series||Rich Dad Series|
|Genre||Self-help, personal finance, entrepreneurship, business, investing, economics|
|Publisher||Warner Books Ed|
|April 1, 2000|
|Media type||Hardback and paperback|
|LC Class||HG179 .K565 2000|
Rich Dad Poor Dad is a 2000 book written by American businessman, author and investor Robert Kiyosaki. It advocates financial independence and building wealth through investing, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence to improve one's business and financial aptitude. Rich Dad Poor Dad is written in the style of a set of parables, ostensibly based on Kiyosaki's life. Kiyosaki stresses the ownership of high value assets that produce cash flow, rather than being an employee in the book.
The book is largely based on Kiyosaki's childhood upbringing and education in Hawaii. It highlights the different attitudes to money, work and life of two men (i.e. his titular "rich dad" and "poor dad"), and how they in turn influenced key decisions in Kiyosaki's life.
Among some of the book's topics are:
- Kiyosaki's upbringing, business and investment ventures
- assets and liabilities
- what the rich, middle class and poor teach their kids about money
- a primary residence as a liability rather than an asset
- financial intelligence literacy
- roles of business and financial skills, aptitude, and experience in financial success
Kiyosaki advocated his former mentor and American futurist, Dr. Buckminster Fuller's views on wealth, that wealth is measured by the number of days the income from your assets can sustain you, and financial independence is achieved when your monthly income from assets exceeds your monthly expenses.
Larry Ludwig states the book's reception has as been polarized.
There has been strong criticism of the book. John T. Reed, a critic of Robert Kiyosaki, says, "Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred." Kiyosaki provided a rebuttal to some of Reed's statements. Slate.com reviewer Rob Walker called the book full of nonsense, and said that Kiyosaki's claims were often vague, the narrative "fablelike", and that much of the book was "self-help boilerplate", noting the predictable common features of such books were present in Rich Dad, Poor Dad. He also criticizes Kiyosaki's conclusions about Americans, American culture, and Kiyosaki's methods. The New York Times editor Damon Darling described the advice provided in the book are for people "who wants to live on the edge". Jonathan Clements from The Wall Street Journal strongly questions the book's view of mutual funds. Michael Bacher was quoted as saying, "This guy pulls advice out of his behind and that his book is worth more as kindling than for its financial advice."
Publishing history and promotion
The book was self-published in 1997 before being published commercially. In his audiobook Choose to be Rich, Kiyosaki said that every publisher turned him down, and Barnes & Noble had refused to stock the book. He placed his focus upon talk shows and radio show appearances, of which The Oprah Winfrey Show had the biggest influence on book sales.
Kiyosaki has an established brand called Rich Dad, which sells a series of board games, educational books and seminars related to Rich Dad Poor Dad. The brand sells a board game called Cashflow 101. The seminars have been criticized for attempting to upsell customers to longer seminars at high prices.
- Walker, Rob. "If I Were a Rich Dad" in Slate, June 20, 2002.
- Larry Ludwig (2014-05-18). "Rich Dad, Poor Dad Review - Revisited Ten Years Later". Investorjunkie.com. Retrieved 2014-07-10.
- "Spare us the finance evangelists and their false profits". Sydney Morning Herald. June 4, 2004. Retrieved 2009-06-18.
- Robert Kiyosaki. "Robert Kiyosaki's Public Response to John T. Reed's Review of "Rich Dad Poor Dad"". Retrieved 2011-12-01.
- Darling, Damon. "Get Rich Quick, Write a Millionaire Book". The New York Times. Retrieved 3 July 2014.
- Clements, Jonathan. "Rich Men, Poor Advice: Their Book Is Hot, But Their Financial Tips Aren't". The Wall Street Journal. Retrieved 3 July 2014.
- "GURUSPEAK : Robert Kiyosaki". Financial Express. 2008-07-06. Retrieved 2014-07-10.
- Choose to be Rich, Audiobook ASIN: B000CSXWXW
- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki and Sharon Lechter. Warner Business Books, 2000. ISBN 0-446-67745-0