Cautions On Rich Dad: Robert Kiyosaki
Many thanks for one of my readers, BlueDaze, for posting this link in the comments:
If I recall correctly, I visited this very same link probably three years ago, when Kiyosaki only had his very first book on “Rich Dad, Poor Dad”. I got all the negative information on Kiyosaki, which I never thought could be possible.
About Rich Dad’s books, I have only read his first book “Rich Dad, Poor Dad”. The only things that I walked away from is a good, but basic summary of how everyone makes money. I must say that he was quite good at putting these things together as four quadrants of E/S/B/I (employee/self-employed/business owner/investor), and explained the cashflow & taxes of each quadrant. But it was nothing new to me. The rest of the pages is simply not helpful in getting a person to become a better B/I, or even a better E/S for that sake. A couple of my friends are so enamored by his books and him, and even lent his books to me, and talked to me about his books constantly. My only reaction is almost puking. The Bible says NO IDOLS. If you have ever contemplated on that commandment, it really means no idols of ANY kinds, whether it is a wooden statue, or a singer, or a book-writer, or any persons, or any physical thing. I think no one should ever adore another to an exceeding extent.
Robert Kiyosaki has a lot more books after his first one. When I am in the bookstore, I never want to lay my hands nor my eyes on those books, so that I won’t waste a second. In fact, I did pick up the Rich Dad’s series of OPM: Other People’s Money by Lechter because I was going to write a negative article on the book. Actually, it turned out to be so much different than Kiyosaki’s empty talk. Tagging the book as Rich Dad’s series is really degrading Lechter’s book.
Unfortunately for the unwitting readers, this guy, Robert Kiyosaki, pretty much speaks of anything possible that can happen, and of course, these readers will be even more enamored by his “correct” prophecy. Any valid predictions should always be properly stamped with the predicted timeframe. If you don’t give any timeframe, or give a wide timeframe, you will most likely eventually be correct. Just let time approach infinity, and all kinds of things can happen.
Kiyosaki’s negativity towards E or even S is simply not correct. A good education and good grades in school will give you a good paying job. With a good salary and a saving habit, you can go very very far (as I myself have demonstrated, saving $360K in 9 years). If there is anything that I regret not doing is that I should have listened to my parents, and given more thoughts to becoming a medical doctor. If you know how much medical doctors can make, you will not be complaining to be a S (self-employee). The savings that can result from the high salary or self-employee as being a doctor are probably 2X to 5X of my savings. That really makes a huge difference.
To all the young people who are still in school, I advise: To become wealthy, you need to start with first penny, and start with solid learning in school. Don’t think that you can study later. Life does not give you the luxury of going back in time. The only time that you can study in school is NOW or probably never. Going back to schools after having a family is extraordinarily difficult and only put unnecessarily emotional and financial stress on yourself and your family. Mathematically speaking, studying to become a medical doctor or an accountant or a lawyer, has a much higher probability of becoming a (multi-)millionaire, comparing to daydreaming of becoming a successful business owner, or winning the lottery.