“Rich Dad, Poor Dad” isn’t a step-by-step guide to becoming financially sound, get rich, or even help you in balancing your checkbook. This isn’t that type of book. If you go into it thinking this is what you are going to get, you will be in for disappointment.
“Rich Dad, Poor Dad” is about financial philosophy. It examines and then challenges conventional wisdom passed down through generations about matters of wealth, education, and attitudes relating to money. The argument is presented in the form of Kiyosaki’s “Poor Dad” (his actual father) who is set as an example of the traditional way of thinking vs. Kiyosaki’s “Rich Dad” (his friend’s father) who is a financially wealthy man who takes Kiyosaki under his wing as a child and teaches him about generating wealth and escaping from the Rat Race, which the majority of people are subjected to on a daily basis.
The lessons contained within the book are not revolutionary or groundbreaking. You can find similar information in other personal finance books. What this book does have going for it is a certain underlying motivational aspect to it. If you are someone who has been afraid of your finances, leaves it to other people to handle them, or needs a basic lesson in economics, this book does an excellent job persuading the reader to take a more active role in their financial situation.
Where this book falters is in the extra padding. It could have been a much shorter book had Kiyosaki not reiterated his points ad nauseam. Chapter after chapter, Kiyosaki repeats the same points written in different ways without adding more to the overall concept of his ideas. Too many words without any substance to them.
Also, there are some blanket statements which he makes that don’t sit quite right with reality. Kiyosaki tells the reader to use corporations to their advantage to avoid taxation but doesn’t elaborate on how exactly one should do so. Do I open an LLC, S Corp, Partnership? How does this help a normal person? Kiyosaki offers no explanation.
Kiyosaki’s portrayal of the working man/woman is abysmal, if not downright belittling and arrogant. Real estate is where Kiyosaki made his money. He lists multiple examples within the book. Apparently, none of the properties he’s ever owned has needed to be painted, needed a plumber, electrician, or carpenter. He says these people “exploit themselves” for a paycheck. “Job” is an acronym for “Just Over Broke”. While I understand it helps to illustrate the point of the book, it speaks down readers who are most likely in these trades.
Overall the basic ideas in this book can serve as a motivational step in the right direction for someone who is looking into making a change to their financial situation. It presents a different way of thinking which might help some readers or turn them off. I strongly suspect that depending upon political leanings, different people will get different impressions from this book.
Just don’t expect any practical advice here.