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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 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 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 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 September 29, 2002
Rich Dad Series
Retire Young, Retire Rich by Robert Kiyosaki
This book is more updated for this economy and has some interesting points in it. The main thing is to change your concept of what is possible. I have heard this saying many times, if you believe it is possible, then it will be possible for you. Next, he suggests that we get as much knowledge in the real estate rental business as possible. Take courses, read, and look at hundreds of houses. I would also suggest calling people who are advertising their homes in the paper, and ask them what response they are getting. I firmly believe that having some money in real estate is great. I don't think it is as passive as he says it is, but if you get great tenants, then it will be a lot better on your life. I know from my experience I was paying my landlords mortgage on both houses with my rent. He had almost no expenses on my part. I don't think real estate market will zoom up in the Bay Area in the next few years, in fact, I think it will go down. But, I do believe over the long run, this area will pick up. Robert says to make sure the house is cashflow positive as soon as you buy it. Don't hope for apprieciation to make it profitable. I like that idea. Also, he says, it is much better to buy in a down market than an up market. During the up market, learn the market well enough so that you can spot bargains. He did not say much about buying foreclosures. I guess if you have a good enough real estate agent, then he or she will be able to find some good deals for you.
He talked about investments. I did not agree with him on options - they are risky and most people lose on them. If you really know what you are doing you can make money, but very few do.
I did like that he says you should ask yourself what lifestyle do you want to live when you retire. I feel that I would love to have $500k annual income when I retire. That will let me live the lifestyle I desire to live.
I highly agree that I need to have friends that have a bigger dream in their life. I need to hang around people that are going to make it in life, not ones that want to barely hang on. I have met very few in my age group who really have that attitude, and he says that these people are harder to find, but keep searching.
The main idea I got out of this book is that it is possible for anyone to become financial independent if they really make it a goal and work intelligently towards it. I feel the real estate market will take a dive in the next year or so in the Bay Area, and I will be prepared to get some bargains and make some money.
Beware of the sales stuff in this book. He is trying to sell his other books which I think are great.
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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 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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on July 28, 2002
A lot of people are bashing here his books. I wonder why?
Some are saying he is vague, some say his examples are false or made up.
I agree with them but I think Robert is doing it for the right reasons:
Being vague: as Robert said: he's writing these books to open up our minds, not to give us a detailed plan to follow up on. Every reader has a different background. Some are poor, some are middleclass, some are rich. They are different in education, some are still in highschool, others are studying on the university or already working. And working people can vary from lawyers to repairmen to computerprogrammers and many others. And his books are sold all over the world so there are even different society's involved.
With so many different people it's impossible to write some basic plan which applies to everyone.
That's why he's vague, he's giving you the principles, the mindset what is most important.
About his examples: I agree with the opinion of the people most of it is made up. Some things are too detailed in my opinion. For example: he recalls about a conversation with his Rich Dad from 30 years ago and writes some silly things as: "bla bla Rich Dad said, he smiled and nodded".
It's not very believable that he can remember such details. Plus that sentence "he smiled and nodded" just shows up too much in all his books.
A lot of the things Rich Dad says is knowledge that showed up in the 1985-2000 era. I can recognize a lot of Anthony Robbins NLP, Stephen Covey 7 Habits and others mindsets in the Rich Dad books.
So how is it possible Rich Dad in 1960 and 1970 uses knowledge that has been invented in 1990?
Example: Robert talks about conversations he had with RD in his youth (like when he was 10 years, that should be around 1960). RD gives advice (knowledge) which was invented (written on paper) around 1990.
Conclusion: there probably is a RD, but a lot of things RD said is made up by Robert.
Why is this positive?
Robert is an excellent teacher: he uses knowledge from NLP and 7 Habits and other sources to give us the information and mindset in an understandable way. He simplifies difficult financial matters with a story just like Kenneth Blanchard did with "The One Minute Manager".
He gives his knowledge in the form of stories because that's easier to understand. He gives advice in the form of talking about himself instead of pointing his finger at you and say: "you should do it this way". (that's Habit 6 of Stephen Covey's 7 Habits).
So in conclusion:
The purpose of the book is to introduce you to new ideas and mindsets. It's not a detailed plan for getting rich quick and it never pretended to be.
The stories are made up, but so what? He wrote the book to teach us and if he does it by making up half of his stories, fine by me.
By the way: I loved the One Minute Manager and Who Moved My Cheese :)
Final thing: people are complaining about a lot of repetition in his books and how it's a cheap way of making more money with the same stuff.
I disagree, as any good teacher will tell you repetition is the mother skill. Robert keeps repeating things which are important because we learn by repeating.
For your information: each time you repeat something it gets nested better in your (subconcious) mind. It makes more connections with other pieces of information in your brain.
Ok, that's it for my review of this book, thanks for reading :)
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on April 25, 2002
Like other reviewers I have bought four of Robert's titles (about NZ$130). I would only recommend the first and third, Rich Dad Poor Dad and Guide to Investing. Retire Young is senile. It is a now old story that was thrillingly novel on the first telling but only ellicits a polite smile on the nth recount. Accordingly, I felt like a sucker after purchasing this book.
As for ideas like Leveraging your Context, I appreciate the sentiment but, linguistically, Robert is falling towards the corporate HR psychobabble that his auidence wishes to escape. He is speaking like a Dilbert joke. Or worse, a cynical Dogbert selfhelp book.
At 300+ pages I crave substance. Robert recounts stories of buying a house for $50,000 and two years later selling for $100,000. OK, I don't expect what worked for him to work for others, however, these tantilising examples would be more instructive if he recounted what he learnt, what skills he found important, tales of serendipity and acumen We are told that he once visited six bankers to obtain $35,000 and are told that he learnt something on each failed meeting but not told what exactly. It is akin to Arnie saying that to get big and strong, you must go to the gym and then failing to give any exercise prescriptions.
In conclusion, congratulations on your success Robert, well done. I will, however, be scrutinising any future products from your "brand" very closely.
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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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