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There is some good to Rich Dad. For example: - the explanation of how the rich earn passive income by acquiring assets rather than making a direct trade of tim
by zzzmarcus 18y ago
There is some good to Rich Dad. For example:
- the explanation of how the rich earn passive income by acquiring assets rather than making a direct trade of time for money. It may seem obvious if you know it, but it's a basic and powerful concept.
- he recommends learning to read balance sheets and becoming financially literate which is, again, basic but important
- his advice to consider the importance of taxes and learn to structure your income to where you pay taxes but no more than you have to.
A lot of it's pretty obvious advice, but there is one thing he does well which is to motivate people to take control and become interested in learning to improve their financial situation. I think that generally outweighs the "bad" and "dangerous" advice in the book.
There are better books out there, but I think that the (unfortunately named) Rich Dad series takes more flak than it deserves.
- nickb 18y agoProblem is that if you're a newbie, and these books are targetd at them, you have no way of sorting out the wheat from the chaff. So the book as a whole is simply not suitable for those that it was meant for.
- zzzmarcus 18y agoYeah... I don't know. I'm hesitant to come across as a big Kiyosaki advocate (I'm really pretty indifferent) but while I was able to think of several "wheat" examples, I can't really think of any chaff. Can you (or anyone) point out some specific areas where his advice is dangerous or just wrong?