This blog is dedicated to Dan/Westpac who I met this morning- (Dan- I had written this article but after our chat I thought I should post it!)
So I just want to put it out there that Robert Kiyosaki is a bit of a wanker.
Ok don’t get me wrong – Rich Dad poor dad has some great stuff in it. and I like the guy…. really
Robert has about 10 books out at the moment (written by him) and he has a Rich Dad advisor series where people he knows have written books on specialised topics (Sales, Real Estate, Corporations, Tax).
Problems with Robert:
- He is a best selling author not a best writing author (his words).
He is great at selling books. Also his books are quite easy to read. However there are a few times he repeats stories.
Also he tells you what he did in general terms – which gives you no clue about how to actually put it into practise in your own life.
I went to a seminar of his (either free or $100) and all he did was sell the weekend $5,000 seminar. There was a bit of content… but not much.
- He is all about the mentality rather than the practical
He is all about how your thinking will affect what you do. I do agree to a point. However even if you have all the positive views on money etc. you will need to actually do something to make money. And there is very little practical advice on how to get started.
- His books all have USA rules
For example: in the USA they have different rules about entities (quite different!). They have a very different tax system (you can have to do 3 returns – one local government, one state and one federal).
In Rich Dad, Poor Dad he mentions selling a piece of real estate and doing a 1031 exchange (delaying the capital gain by putting the proceeds into another piece of real estate) which you can’t do in Australia.
- He uses the net to make more money
Richdad.com – you can get emails for free but I think you have to pay to join the subscribers.
But on a positive note – the stuff in Robert’s books is great to get an idea of how to THINK about money.
My favorites are: Rich Dad, Poor Dad (the original)
Retire Young, Retire Rich