Review - Rich Dad, Poor Dad

"Rich Dad, Poor Dad" by Robert Kiyosaki is a great read, even if it is poorly written. It reads just like a motivational speech, where the excited cheering speaker repeats himself often - really driving his point home. He even uses his lack of great writing ability as an example in the book! (He may not write well, but his marketing skills got him a #1 NYT Bestseller.)

I enjoy his argument that we need to choose to be rich. I've always been of the mindset that I would be poor (financially) throughout my life. I am/want to be a stay at home mom, and enjoy working in the non-profit world and the arts... not big money in those industries. But he makes a good argument that those who see any problem with the idea of a desire to be rich are simply being mentally lazy... they're really just afraid to try. He even goes so far as to argue that being greedy can be a good thing, and he manages to do it in a completely inoffensive way.

One surprising argument he makes (that fits very well with the "All Your Worth" philosophy) is that your home is actually your biggest liability, not your biggest asset. (Your brain - and using it - is your biggest asset.) The reason he argues is that assets contribute to your cashflow, and liabilities detract from it. A home takes mortgage payments, utility bills, repairs, etc., but doesn't bring cash in. (Unless, maybe you have a reverse mortgage.) Owning rentals, buying and selling real estate, these are assets.

Kiyosaki has even created a game to teach his way of handling money, and how can you not like that? We have yet to play it, but likely will one day.

The book is not a financial planner. Like I said, it's more motivational than anything, but it's an enjoyable and easy read with some fascinating ideas.