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on June 30, 2004
Robert Kiyosaki started with nothing and in less than ten years, retired financially free. He enjoys a lifestyle that we all wish we had. One of the first mindsets or mentality that he had to change was to succeed in a world without a paycheck. This is in a world that practically deifies a job and a paycheck.
Kiyosaki explains that most people have 50%-100% of their income is from earned income from a J-O-B. BIG MISTAKE! Those who retire young and retire rich do so from portfolio income. From passive income. From residual income.
How do you do this? You create a business. It can be network marketing or a franchise (if you have that kind of money sitting around or the ability to borrow it) Or it could be real estate (my choice--no downlines, uplines, sidelines, monthly quota's, sales volume requirements etc.) Or you could write a book. Self publishing is flourishing today because many people have excellent ideas and eager to disseminate these ideas in the form of a book.
Retire Young Retire Rich is an excellent book for anyone who regardless of their present income or level of wealth, wants to retire financially free and financially independant within 10 years or less.
Great book. Maybe his best to date.
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on July 6, 2004
This installment in the Rich Dad series Retire Young Retire Rich is also subtitled How To Get Rich Quickly and Stay Rich Forever.
Kiyosaki tells us that it took Rockefeller 16 years to become a billionaire in his time. And it took Bill Gates 10 years to reach the billion dollar status. However it took Mike Dell and Steve Case only 5 years to become billionaires. It's easier than ever.
In Retire Young Retire Rich, Kiyosaki pounds to death the concept of leverage. One chapter I found interesting was the leverage of generosity. Kiyosaki discusses how his Rich Dad taught him reciprocity and service. He states an age old law "Give and you shall recieve." Kiyosaki says thath is rich dad taught him that if you want to be rich, you must first be willing to serve as many people as possible.
Aaccording to Kiyosaki, Rich Dad believed inthe law of reciprocity and in the idea of being generous was the best way to becoming very, very rich.
Kiyosaki also talks about networks and network marketing. He goes on to discuss the power of networks and the importance of leverage ratios and goes on to say that you can b ecome exceptionally wealthy in a short period of time by doing so and at a fraction of the cost.
I noticed that Retire Young Retire Rich is recommended here by a Nationally recognized CPA. I am glad that people of quality appreciate Rich Dad's and Robert Kiyosaki's work.
I'm with a company that does business around the world and the most successful people I know are exercising the concepts espoused by Kiyosaki and are becoming very wealthy as a result.
So can you.
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on January 16, 2004
Of all the RICH DAD books this is my most favorite.
Why? Simply because we've got someone who can walk the talk, telling us that most of the resistance we experience in making money is our own limitations.
It didn't make sense when I was working a day job. Sounded like a bunch of huey, really, but, once I started down the entrepreneurial path, that all changed.
I'm in total agreement. Most of the limitations Americans experience with wealth is all in their heads.
That said, for those willing to take a deep look in themselves and who are willing to grow, this is one of the best books on the matter.
Highlights included:
(1) The most expensive advice is free advice b/c the wrong advice can destroy you. How many times do we take advice from next door neighbors about stocks when they know nothing, or, almost nothing? What does this have to do with mental limitations. Plenty. The people we associate with or want to believe can hold us back if their advice isn't accurate. I wouldn't take advice from journalists on TV, who make less than 100k yet give advice on the stock market daily, would you? Well, lots of people do listen to them.;
(2) The power of expanding one's reality. How many things do we feel are not true yet are? Wasn't their a time when we believed man could not fly and now we can fly?;
(3) Why do most of us not have a financial plan? Why do we rely on the govt to take care of us? Why do we choose to not have a long term plan?;
(4) Why the language we use restricts us even if we choose to believe it. If we say CANNOT or SOMEDAY how does that make us feel? How does it not serve us?;
(5) Setbacks and how they help us. Most people give up when they're really close.;
(6) How to create a winning team to assist you;
(7) The velocity of money application; and
(8) all types of leverage to achieve our financial goals.
Highly advised reading.
NOTE: seems like there are more Kiyosaki negative bashers, to, let me list some hard results. Before these books, I made about 50k per year. Now, I make triple that. These books were part of the reason. I meet a lot of people who talk negatively about RK and who complain about their financial lives. No surprise.
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on December 3, 2003
This was a great book for me because I am very good at SAVING money, though not very good at spending it. This book changed how I thought about what it meant to be rich. Some of the richest people I know do not work very hard. There is a reason for this, and the author explains this in a way that will get through any thick skull. I began to read this book less than one month ago, and have already stretched to purchase rental property that will soon be profitable. Though it isn't totally comfortable (or in my "reality" as the author explains), I am convinced it is the best way to achieve financial independence and work now toward working LESS in the future. I thank the book for this confidence.
A few notes about Robert's writing: if you are looking for a book that defines a "recipe for success", this is not it. If you're looking for an eloquently written book, this is definitely not it. BUT...this book explains, sometimes philosophically, what it means to have other people's money work for YOU and for YOU to control when and how you pay your taxes. He makes many references to other books in the Rich Dad series (which I have not read), but summarizes those references so you aren't lost as to what he is talking about. He gives many examples from he and his wife's life in where their decisions have taken them. He DOES NOT tell you to go out and buy A, B, or C. Those are for you to determine based on the lessons.
This books sticks in my head throughout the day, and in my decisions about spending, investing, saving, and working. I am thirty years old, single, and feel like this book was some of the best money I spent, and even better that I did not wait ten years, or until I was married, or even until tomorrow, to learn these lessons.
Highly recommended by this reader!
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on October 17, 2003
I would first off like to address the person who said that Kiyosaki "ignores the fact that 9 out of 10 small businesses go belly-up in the first five years". First off, negative thinking will get you nowhere. Second, in my reading of this book, Kiyosaki in fact mentions this fact at least THREE times in this book in sufficient detail. Kiyosaki acknowledged this as a fact but also mentioned that it also means that 1 out of 10 small businesses are succesful. Meaning you have to be willing fail 9 times. You learn more from failing than winning. If everything was easy then everyone would be rich. He mentioned that one of his friends lost $1,000 on 14 straight trades, but made $50,000 on the very next one. The reason why a lot of people do not like this book is because they are perhaps expecting a "get rich quick" scheme; we already have enough of those.
For those that understand where Kiyosaki is coming from, his intention is NOT to tell people HOW to get rich quick, instead it seems to me that his main goal is to get people out of the context that they have to work for others and depend on these people in order to be rich. For most people this is not going to happen, as long as your working for someone else no matter how much you make, you will NEVER be truly free. Until people realize this they will be forever trapped in this world we call corporate America.
Kiyosaki does an excellent job in this book, he again hammers home the fact that "How" to get rich is not nearly important as "Why". Once we have our "Why" the "How" part becomes easier. The points and "lessons" he uses in this book can be retitive, however this is nessacary in order to get his point across. One point that he made that continuously sticks out in my mind is that the more money you make at your job, the more you become dependent on your job to take care of you. This is why he said his "Rich Dad" made him and his friend work for free so they can come up with ways to make money on their own.
If any of us were forced to work for free, I think we would be VERY motivated to find other ways to make money. In this case our "Why" would be simple. The reason why our "Whys" are so hard is because most of us our "blinded" by our salaries. But in reality we are working for nothing. The money we do make is taxed heavily and even worse, our companies could reduce our salaries or even worse lay us off anytime they get ready. After we are laid off, what do most of us do? - Find another job and the process starts over again. I admit I am still caught in the rat race at 26 but after seeing what my company is starting to do and how they treat their employees, I am beginning to realize the importance of working for myself and not for someone else.
Again the point of this book is to find our "Why" in order to get out of this rat race. Many people will not like this book because it gives very few specific examples on how to get rich. (He does however mention Real Estate and the Stock market numerous times). Different things work for different people and the key is to FIRST find your "WHY". After you find your "WHY", THEN find what YOU like and WANT to do, not just blindly DO what someone else did to become rich. If you are looking for a book that will change your CONTEXT and thinking about money and WHY you would want to make it for yourself, then this book is for you, however if you are looking for a "Get Rich Quick" program, then you are better off staying up late and watching the endless informercials that come on TV.
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on July 4, 2003
With major companies continuing to layoff en masse and the stock market still an uncertainty, Retire Young and Rteire Rich offers both timely and powerful advice.
Citing myself as an example, I became my own financial advisor back in April 2002, dumped the expensive loaded funds and boring stocks that my broker had me in. Replaced them with no load funds and powerful stocks and also started using options.
I also took Rich Dad's advice and started to "mind my own business" exiting the "yes master", trade time for money employee syndrome and started my own business. Not only am I making more money, but having a lot more fun to boot.
What turned me around? The opposite thinking as espoused by Rich Dad between the middle class and the rich.
For example, the middle class think:
A safe and secure job (dream on baby!)
A big house (house is your greatest asset!)
Save money (take no risks!)
The rich are greedy (hmmmm??)
Here is how the rich think:
Start a business (greatest security is working for yourself)
Buy apartment houses and rental properties (real assets)
Invest (saving money is the real risk)
The rich are generous
I used to think that a high paying job was the way to go. Now I
know that real wealth comes from cash flow from assets.
President Bush's new tax plan will make investing even more profitable and the best news is that this is available to everyone, not just the rich.
I highly recommend Retire Young Retire Rich to help you reach your goals.
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on July 1, 2003
Robert Kiyosaki and Sharon Lechter sure take on the establishment and blow a hole right through commom misconceptions about wealth.
Forexample, many people think that investing is risky. No so say Kiyosaki and Lechter. In fact, they go on to explain that not investing is risky.
Buy and hold? Invest in blue chips (or is that blue jips?)? Dollar cost averaging? All taboo.
Social security? Hah! And how effective are 401 (k) plans? According to ther authors they are about as effective as savings accounts. Before you blast that concept, look at your 401 (k) plans and how they have performed over the last three years. I rest my case!
The authors also discuss the huge (50%) capital gains tax 401 (k) holders will have to pay as they withdraw their money. Many people are not prepared for this and unfortunately, many financial professionals never disclose this to their clients.
Imagine current retirees paying a 50% capital gains tax on top of the 50%-75% loss in capital from the bear market over the last three years--Ouch!
The advice in Retire Young Retire Rich is powerful, timely and pragmatic. I also recommend Rich Dad's Prophecy and Rich Dad's Guide to Investing.
For more advice on options, I recommend The Option Player.
Follow the advice and you too can Retire Young and Retire Rich!
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on June 15, 2003
Like some other reviewers have noted, I initially looked at Retire Young Retire Rich with ambiquity feeling that it would just be a rehash of the first three books. No so. RYRR is 21 chapters and 338 pages packed with powerful information that you won't find in any of Kiyosaki's other books.
This book is primarily about the power of leverage. It demonstrates hoe Kiyosaki started with nothing and retired financially free in less than ten years.
Kiyosaki further breaks the book down into three sections:
-The leverage of your mind
-The leverage of your plan
-The leverage of your actions
How important is leverage? In quoting his Rich Dad, Kiyosaki states; "People without leverage work for those with leverage."
Leverage is one of the secrets of the rich. It is how Kiyosaki was able to start without money and amass a fortune...and how you can too.
I highly recommend RYRR, that is if you would like to retire young and rich. Work smarter instead of harder.
Good reading and good luck!
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on February 14, 2003
This approach will be different from other reviews on this book which focuses on the surface-level mechanics of the facts and the strategies that are very generically presented by the author. However, in a philosophical context, there are many elements in this book, and it isn't one of those "get rich, retire young-how to" books. The variety of concepts in it can help people in sales, in starting their own business, and thinking more carefully of the Risks and Rewards of their actions, whether financial, personal, or professional. Overcoming self-doubt, fear, negativity, laziness, learning from our failures, and consistently thinking "outside of the box," are many things Robert Kiyosaki reminds us of in this piece. And he's also "been there and done it."
For Kiyosaki, the concept of failure is important to the learning experience, and what we learn from our failures in life can help us succeed in the future. Kiyosaki related the failure of his first two businesses and his own self-doubt at a certain period of his life (in the beginning of the book). He noted this about who his Rich Dad and he think losers are: "many losers bet only on sure things....job security, a steady paycheck, garaunteed pension, and interest from a bank account." another quote: "the problem of having a job, is that it gets in the the way of getting rich," his Rich Dad said. I see this statement as clear and true for not all, but most people. For example, look around at the people you know. They've got a "job" that took up the majority of their mental and physical energy and time. They bought a home with a mortgage. Endgame: like a hamster spinning on the wheel. The illusion of movement. This person is now the leverage for his/her employer, the one who really makes the money.
Some repeated themes which we should be reminded by is what Kiyosaki stated numerous times in different ways using different real-life examples: "What we think is real becomes reality, in most cases" (p. 54). He adds that we human beings often try to substantiate and reinforce our beliefs and perceptions of reality. This can lead to self-defeating behavior and/or missed opportunities to see the opportunities that present themselves in front of us. "One of the most important things to learn is to take control of your reality" (p. 54). If one is a pessimist, has self-doubt, or believes "it can't be done," it won't be done. R.K. reminds us these truisms affect the decisons we make in life.
Throughout the book there is redundancy, but there are mostly positives here. He also incorporates some of the principles of his Cash Flow Quadrant in this piece. He has the reader fill in a list of things that the reader loves/hates. Also important is the constant need to ask and answer "why" you are doing anything in life. Not the "how" you do it, but the "why." He correctly asserts that if you know "why" you you can then focus your energies on the "how." R.K. sheds light on how bad believing in a 401k, and mutual funds is. This is a practical common-sense guide and a positive motivator. Read this to keep yourself continually thinking "outside the box."
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on October 22, 2002
I agree with the more negative reviews of this book. The writing is wordy/slow/redundant which makes the little information that is provided all the more frustrating. This thing could have been summed up by:
1) Think about how the government taxes different types of income.
2) Start a business.
3) Buy investment real estate.
The rest is just filler or misleading. Flip through it in a book store. Ignore any information on trading options etc etc. Options are a very complex instrument and other books are far far more useful than this little "intro" (come on R.K. do you really think Mr. and Mrs. Wanna Be are going to start trading options with that little bit of information ? Dangerous at best)
Better yet buy "Fooled by randomness" for a reality check on investment concepts.
I would have given the book one star if it did not make the reader feel a little "better". So one star for content and one for "feel good".
Save your money .....better yet save your time. The original Rich dad/poor dad book is pretty good. The rest Rich dad/Poor dad are permutations on the same theme.
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