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Book Review: Rich Dad Poor Dad by Robert Kiyosaki

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Rich Dad Poor Dad gives you the basic education about money that you should have received in school. Robert Kiyosaki teaches in the simplest way possible about the differences of assets and liabilities and how a balance sheet works. He also teaches the basics of real estate and investing.

The book is very educational and fun to read because he tells it like a story and it is definitely not like reading a book in school. He explains financial concepts in a way full of life and excitement by replacing the numbers with pictures and metaphors.

In the start of the book he tells the story of his two dads. One was his real dad who was highly educated and he calls him his “Poor Dad”. The other was his best friend’s dad, who was an entrepreneur with very little school education. He was the one he calls his “Rich Dad”.

He learned from both but he is sharing the struggle he had as a kid to choose between two very different ways of dealing with money. He chose to learn from the “Rich Dad” and it is his teachings and principles Robert Kiyosaki is passing on to us. His “Rich Dad” became one of the richest men in Hawaii by building up his own company.

I learned a lot of basics in the book, and I will definitely use it again.

I warmly recommend this book to anyone who likes to get the basics right.

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About Oyvind Hennum

  • thaniel
  • http://toddyarling.com todd

    Yeah, I thot this book was great when it first came out, but then I started thinking about it and realized, he has no answers other than, “go into sales of some kind.”

    And then I saw a site that debunks financial gurus and it looks like Mr. Kiyosaki is rather liberal with the facts about his life, and that the vast majority of his wealth was not made from the implementation of his concepts, but rather the selling of them.

    Having said that, there are some ideas in this book that are valid, and can be summed up pretty easily.

    Houses are not investments, necessarily.

    The middle class doesn’t understand wealth and thinks a large income equals financial security.

    This book is worth checking out of the library and skimming, but you would be better off reading something like Fight Club which will really fire you up to reject the consumerism and rat race of working in order to acquire possessions.

    Or if that’s too scary, read Dave Ramsey. He is more practical and actually did the things he advocates.

    On the whole however, anything that leads Americans to question consumerism and the treadmill of working to get into debt is a good thing.

  • http://stonesky.myblogsite.com Kevin Bailey

    Kiyosaki is a charlatan. It’s as simple as that. He has taken a few basic financial principles, pretended he learned them from a fictional “Rich Dad”, pretended that he has become wealthy from something other than people buying his books, and built an empire. Check the records. The man is not who he says he is. He’s no real estate magnate. He is a huckster. This book will do no more than make you feel good inside for a bit, and possibly quit a fine job to follow the “advice” of the make-believe “Rich Dad.” Stay away–far away–from Kiyosaki.

  • Andrew Chee

    This book was given to me by a MLM friend who insisted on how wonderful this chap is. After giving a quick read through, I find this book full of unverified stories sprinkled with a few unsound financial concepts.

    In order to learn more, I researched online further and found this Kiyosaki guy to be highly suspicious. First, there is the debunk by John T Reed mentioned above. What convinced me though, that something was wrong, is the kind of business he engages in.

    Kiyosaki claims to be a guru in real estate, stocks, MLM, parenting, tax planning and even teenage counselling. In addition to his usual financial books, Kiyosaki has now turned to writing forewords for a whole lot of financial books for other obscure writers. Either Kiyosaki is a once in a millenium genius who specializes in so many fields or this guy’s a con artist.

  • Rafidi

    It is not important who Kiyosaki is, the most important is how we could positively improve our financial status.

  • Robert Fraser

    I agree with the last person about Robert Kiyosaki. Look people I think we are all scared about change and since we were tought and I atone to this about getting a good job, I am a college graduate struggling to get into the IT field. Having been in the rat race all my life I know that if you want to persue your dreams, you have to have motivation. And that does sound scary. I was once a owner,and knew that failure will always show before success follows. Nothing is guaranetted anymore, not even job security. I knew this even before I read Rich Dad Poor Dad, because I saw myself in that book as well. I know that change is scary but in whatever business that anyone wants to do, persue it and never give up! If we allow negativity to over-run us, we’ll be forever trapped in the rat race! It is very hard to not only go to school and get good grades(which I did well in)but also to find a high paying job. Look we all set the bar way up, and I know we all do, because we all want better. I agree with that. No one wants to work in a dead end forever. We all want to be happy. Persue your dreams and never give up! I think everyone is scared to change and I know we are. But unless you have an open mind, (i admit I also am a skeptic at times) unless you take a chance, regret is only what lies ahead of you. Everyone deserves better. Everyone!

  • truthseeker

    While I agree it is not important who Kiyosaki is as long as he gives substantive, sound advice to positively improve our financial status, the fact is that Kiyosaki doesn’t do that and his own background lowers his credibility.

    As in many things, the devil is in the details. It isn’t that hard to say BS fluff like “don’t work for money make money work for you”. But how exactly to do that is what people really care about. Kiyosaki’s books don’t say anything of value on that.

    What’s also hurts his credibility is seeing Kiyosaki in those sleazy “get rich quick” informercials called “Choose to Be Rich” that he runs at 3am. I dunno about you but if I were really so successful and “retired” as he claims he himself is, I sure wouldn’t be bothering to make sleazy informercials like that. The fact is that he gets most of his money from selling books, tapes and seminars not in the manner he suggests in his books. These pathetic informercials show he is really just another Don Lapre-type (well maybe not quite as bad but he certainly is getting rich by selling you dreams of getting rich even though he himself is achieving the dream only by selling you that dream!)

  • Not a crab, striving to be in the one percent ratio.

    I trully believe in Mr. Robert Kiyosaki. Do you ever wonder why you’re not ahead financially? His work changed and put my life in perspective. I don’t really care what the critics say about him because they’re all crabs. Keep an open mind when reading his books and maybe, you’ll understand what he is trying to convey. Honestly, it does make sense if you’re craving for change, financially wise – that is.
    Ask yourself, after studying hard in school, achieving good grades, then obtaining a good job – are you financially ahead? If yes, great! If no,then what? This is a free country and his teaching is just another option that people may act on.
    In this world of Mr. Peabodys and walking encyclopedias. If you just do the talk and not the walk and believe in hearsay,then I suggest you keep the debunking and critism to yourself and continue your life in the rat race.

  • Mr.Gekko

    I trully believe in Robert Kiyosaki and the financial lessons he teaches in his books. Like Robert Kiyosaki has said once before and still till this day continues to say is. “My books and games are not designed to tell you “how to do something”, but my books are designed to teach you how you must think and who you must become. Also “Rich dad” is not and was never a fictional person matter of fact Mr.Kiyosaki’s rich dad is Richard Kimi. Richard Kimi was the founder of the seaside hotels in Hawaii. Now Mr.Robert Kiyosaki’s book Rich Dad Poor Dad is one of the greatest books on accounting and personal finance. The reason I say this is because Mr.Kiyosaki’s “Rich Dad” who was a high school dropout was able to teach two young boys at the age of nine assets and liabilities and financial statements. His “Rich Dad” took a complex subject and broke it down so that even a nine year old child would understand it and that is why alot of people criticizes Kiyosaki. Rich Dad Poor Dad is not one of those books you take to the bank and read it to your banker. It was and is simply a book to teach people the basics of financial literacy. For the John T. Reed analysis do you know that Mr.Reed has a history of criticizing and “bad mouthing” Real estate gurus, and Stock Market gurus Such as Peter Lynch and George Soros, but I bet he would not tell you that. When Mr.Reed’s first analysis was written it was alot shorter then his recently updated one which is alot longer. Mr.Kiyosaki responded to Mr.Reed’s analysis if you want to read it

  • http://victorplenty.blogspot.com Victor Plenty

    The surest way to get rich and stay rich is with other people’s money. That’s what it boils down to if you analyze deeply what most of the self-proclaimed “gurus” of real estate and stock market investing say and do.

  • JT

    If you think the book doesn’t explain to you how to make money and is full of “fluff” statements then you should buy the game. It shows you through playing how to apply those “fluff” statements. When does america critize someone for making money through seminars and books? I never hear an angry word about Anthony Robbins or Dr. Phil. They only give people advice and write books. Kiyosaki has actually owned businesses, real estate, and franchises. Even if it’s only a small amount or a portion of his wealth he found out thatthere was another way to make money by selling knowledge and motivation. Further more he made his initial wealth through a small business, not by selling seminars or books. He had already retired when he started doing the other things.

  • NewRichDad

    I had to write a comment in here because I these days I am sdudying his books.

    So, let’s asume he is lying about Rich Dad, if you read his books and listen to his audio material, and play his game, you will see that this guy KNOWS SO MUCH, that is absolutely non-sense to say that his advice is bullshit.

    Who knows.. maybe he lies about his RD, but than again how could he invent all this storyies FULL OF WISDOM? How could he became so full of success?

    My advice to all of you who say Kiyosaki is a charlatan is to study (not read – study) his material, his main products and then decide for yourself if he is a charlatan or not.

  • Mr.Poo

    I was foolish enough to buy one of Kiyosaki’s scams, I mean “books.” The “cash quadrant” one. I was expecting a step by step guide to getting wealthy. Instead I got somekind of retarded motivation lecture. All in all, WASTE of MONEY.

  • Mark Cortes

    Well, I think people who criticize Kiyosaki simply miss the point. It’s not who he is that matters. It’s what have you become at this point in your life that really matters. The mere fact that you read books like this is an indication that you’re not rich yet. Otherwise, why bother. After I read this book I was very much motivated and after three years was able to establish two new businesses with a sizeable income. Dr. Thomas J. Stanley, the author of The Millionaire Next Door was also rudely criticized and ridiculed. So was Brian Tracy and many others who wrote inspirational books. I think these critics just couldn’t take it coz’ they see themselves as the ones being criticized in these literature. How pitiful.

  • Xiao Chen

    If there was a step-by-step guide of getting wealthy, then anyone with a brain and a sixth-grade reading level can be rich. Robert Kiyosaki has NEVER said that his books were instructional. He focused on the importance of financial education over everything else. He advises that people should get financially educated first before they ever start investing.

  • Irishtuna

    It seems to me that for most of the people who focus mostly on the author’s creditiations, it stems from something that they did not get out of his books. for everyone else, they didn’t like him so leave them alone about it.

    We all need help when it comes to money, parents didn’t teach us, school definitley didn’t teach us, so we ahve to get our knowlege from somewhere. think of it this way. If you were a buisness would you fire yourself for how you handle money? If so then change it. Why would you focus on “get rich quick” scams when you are having problems paying your bills.

    The only author I have like is dave ramsey “total money makoever” and “financial peace university” even his books aren’t perfect but it was better then how I used to handle money.

    Just remember to keep an open mind,

  • Nick

    Having read both side’s. my opinion is ‘change your mind set’ and who knows what you might learn.

  • Kat

    I,m currently reading Rich dad, poor dad. Its actually very exciting. I think there may be some “untruths” but this guy is brilliant. Most of us are in this rat race. More money, more unnecessary expenses! Thank you Robert for allowing me to free my mind and think ahead instead of for the present.
    I mean you guys are criticising him. Try taking some of his advice. Dont buy things that are worthless, free your credit card, invest, invest etc. I am very motivated and know exactly what I need to do and what I DONT need to do!

    Kat

  • Tarun Trikha

    Thanks for the Review. If you want to be rich, think like rich. Get out of the rat race. Understanding cash flow is understanding financial freedom. Thanks

    Visit to get the Best of Robert Kiyosaki.

  • http://www.financial-freedom-reviews.com/ Oyvind Hennum

    Thank you for all your comments.

    From all the reviews I have made here at blogcritics, this is the one that has gotten the most attention.

    Many people seem to think that Kiyosaki is a charlatan and put all their energy into criticising him.

    I understand that someone does not like that he tells a story that is difficult to get verified. But that does not change the fact that he tells a very good story!

    Actually, I could not care less if the story is fact or fiction. It is not the point. A good story teaches you something, there is a moral in the story. That is the point.

    If someone finds that the teachings of Kiyosaki is not sound financial advice that is something different.

    Please educate the rest of us with what you mean is sound financial advice, and not just criticise someone for giving bad advice. Please come up with an alternative, and tell us about it. If Kiyosakis advice is not sound financial advice, what is?

    Please also take time to read my other reviews here at blogcritics:
    Oyvind Hennum
    [Edited]

  • Peter Bilt

    I’m compelled to add to this discussion because a friend of mine recently tried to talk me out of $200 for a “business venture,” i.e. MLM scheme. She had been reading Robert Kiyosaki.

    I had read “Rich Dad, Poor Dad” years ago and instantly recognized it for the snake oil it is. John T. Reed’s analysis is a more thorough documentation of what I knew from experience.

    And yes, I’ve read Kiyosaki’s “rebuttal,” which addresses only a couple of Reed’s material criticisms, and inadequately so. For the most part, it contains nothing but aspersions cast on Reed. If it’s unfair to criticize Kiyosaki by casting aspersions, the same thing is true of criticizing Reed.

    Legitimate criticism is based on one of two tactics:
    1. Exposing errors or omissions in your opponent’s facts.
    2. Exposing errors or omissions in your opponent’s logic.

    Let’s take a brief look at problems with Kiyosaki’s rebuttal.

    1.”I decided to glance over his in depth report on my book.”
    You decided to GLANCE OVER an IN DEPTH report? And you expect us to believe this qualifies you to make a legitimate response? What you’re really doing here is backhandedly minimizing Reed’s importance by suggesting it only warranted a “glancing over.”

    If the report were nothing but invective, I would agree. But it largely contains facts, only sprinkled with Reed’s frustration at the damage Kiyosaki causes. Facts like the outright false and sometimes illegal advice on business ownership Kiyosaki dispenses. I’m not talking about warm-fuzzy business pep-talk advice. I’m talking about legal and accounting advice that will cause the IRS to take an unwanted interest in you. To say you “GLANCED OVER” important things like these doesn’t make you look good, and insults both the arguments you purport to rebut, and your readers’ intelligence. Or have I just failed to understand the “lesson” that intelligence isn’t that important?

    “In the real world, your report card is your financial statement.”
    If you believe this, may God have mercy on your soul. Some of my family & friends have net worths well into eight figures; others never graduated High School and live on the farms they were born into. I’m comfortable saying that your financial statement is only VERY loosely related to your level of “success” in life.

    “it seemed like a personal attack.”
    This means nothing. What do you mean by “personal attack?” Aside from Reed’s occasional, justifiable venting of frustration toward Kiyosaki, his critique focuses very legitimately on facts and the things that logically proceed from them.

    “I wonder why someone so smart and so rich would spend so much time writing a lengthy heated report on my simple little book.”
    I wonder why it isn’t obvious. Your “simple little book” is a bestseller, thanks to shrewd MLM dealings. Therefore, its ideas are widespread and influential. They cause a lot of people material harm. It is worth the effort to give people an unvarnished examination of what’s in the book.

    Finally, if you still have your doubts, try this exercise:
    1. Take a poll of all the people who love Kiyosaki’s books, and see what percentage of them are millionaires.
    2. Take a poll of all the millionaires, and see what percentage of them like Kiyosaki’s books.

  • Peter Bilt

    Oh, and finally: If you’d like to know who does offer sound financial advice?

    One thing Kiyosaki IS right about: The Millionaire Next Door is a good book.

    Steven Covey’s old chestnut The Seven Habits of Highly Effective People, though it has been misunderstood by people taking a superficial reading of it, is some of the soundest advice available. If you take the time to understand it and live by it, the financial specifics will come in due time.

    The best advice, however, is your own good judgment. The specific information most valuable to you depends on what you already know or don’t, and upon your personal goals and values. Understanding the principles of sound reasoning combined with responsible and ethical action will help you get the most out of your advice shopping.

    The value you get out of advice depends on the quality of the questions you ask, and of your judgment of the answers others give you.

  • Jay

    or you can also get rich by selling a book on how to succeed or some self-help bullshit. People buy into it, why aren’t there more millionaires?

  • http://bookwhiz.biz Alison Moore Smith

    Just had to give a cheer to Peter Bilt for his sage response.

  • mmm

    Bullshit book!
    Only one thing is sure, Kiyosaki makes money from the one who buys his book.
    Please read the following analysis.

  • Dave

    Why read a book on how to improve your life? When you dont plan on putting any effort into it.
    Your like the farmer who buys the seed corn but never plants it.
    How fast can you look at 100 real estate possibilities, evaluate them, and make 10 offers?
    Are you telling us that 10% of the people dont make 90% of the money?
    Is Robert K wrong? Look at your neighbors. How many have assets and how many have doo-dads. Is your neighbor with “all” the toys being foreclosed on?
    Look at all the Americans who watch tv, play games, read romance novels and are asking for government assistence. Do you think any of them are reading self improvement books?
    Everyone is complaining and no one is doing anything to get better. How many people have you influenced to remain stupid by putting these people down saying this is all lies?

  • Han

    Richard Kimi is still alive. He is not deceased he is the founder of the sand and seaside hotels, not the “late” founder.

  • http://www.bizworldabout.com Steven

    Some might criticize and some are supportive. As for me, if you really know what is your condition now, and want some improvement, this is surely very inspiring book. However, lack of step-by-step getting rich examples, right?

    But, you know what, if people give you a hard task how to be rich, well, you have to look for an answer. they won’t feed you up every single spoon.

    So where do you Invest your Time & Money? Actually really depends on people. Looking back at Robert Kiyosaki background, you would be able to know what to invest, Real Estate? Writing Books?. However, if you don’t like the field, you would really hard to get it started. The real answer is still in your hand that is “Invest” something that you comfortable of, and make the “Money” work for you.

    In terms of the definition between the Assets and Liabilities, his definition might seems confusing. But if you read some more materials from Robert Kiyosaki, he wants us to make the “MONEY” work for us. So during the monthly installment of housing loan, making people pay at least half of your monthly installment by renting out. Saving you 50% installment as well as saving you 50% of the interest indirectly. However, if you plan to pay 100% installment until the final stage. Then decide to rent it out at later age, you are actually working for money until the loan is settled first.

    Look carefully, the value you are paying today is actually for future value. For example, a property worth USD200K now, might be worth USD500k in 20 years time, correct? But if you calculate your monthly installment now, you might be paying at least USD450k from now onwards in addition to the interest and other charges.

    In summary, if you work for “MONEY”, you are actually BUYING.
    if “MONEY” work for you, you are actually INVESTING, meaning you put a very little money inside, the rest of the time, the money is paying by itself, and pouring in while you asleep and doing nothing.

    I found this from website saying:
    “I am an engineer working in wireless technology. I buy the latest cell phones and PDAs when they become available. I buy a faster computer every year. Liabilities? No. Without using cutting edge technology on a regular basis, I would not have the successful career that I have. No toys, no knowledge, no promotion, no job, no income.”

    Actually the meaning should be like this, making people pay for your upgrades, such as company that is willing to pay you all the expenses for learning new technologies. Getting a company sponsor your knowledge and appreciate your skills.
    If you want to be successful to pay every single cents on your own, it is just like buying your house from your every single hard earning money.

    Your asset = Hard earn money.
    Robert Kiyosaki’s Asset = People pay for it continuously and more.

  • Abe

    Peter Bilt…. thank you. That is all I have to say.

  • John Paul

    I attended the free seminar in the Uk having read the book and was interested just to see how the 2 hour presentation was modelled.
    I noticed from the first minute, this seminar loured in vulnerable people who literally do not stand a chance from the beginning. They had lost all hope in succeeding in the real world through everyday avenues therefore had turned to rich dad.
    I also noted a ‘plant’ within’ the room, which was very well implemented into the presentation. They asked if anyone had used some of the methods used to purchase property and made an emphasis of the profits made. Low on behold, he was the first guy that signed up for the course!, £995 or approx. $1500 for three days.

    I must admit a lot of the methods ‘ Stephen Sweet’ used are viable and are used by investors everyday and are common knowledge to anyone who has invested a few hours of their time to do the research. Therefore I believe the education is offered is good for the novice, if they decide to take the knowledge from the seminar only. However if the customer believes that this is a get rich quick scheme, they need to think again.

    The presentation was very well planned out and the speaker was one of the best I have seen. Very confident, containing a sales and psychology background which some educated persons would recognise. We must stress on the point of psychology, this is a powerful asset especially when dealing with 95% of the audience who attend. Every word and tone of voice is planned to precision to influence the ‘buy’. I actually believe around 50% of the audience had been ‘brain washed’ within 15 minutes, please do not take this out of context. I refer to brain washing in this instance as the audience had bought into the ideas and the culture of the presenter Stephen Sweet.

    Can it also be noted, the presenter states no questions will be answered until the end of the seminar, this is due to people such as myself could easily alter the mind set within the room by simply questioning the system being sold. The audience are venerable and therefore can be influenced by any individual within the room.
    When Stephen asked questions, I kept quiet. I wanted to see the intelligence level in the room. The room was of very low intelligence and the key word to describe them was ‘desperate’.

    An understanding that as people we seek out members of society who we aspire to be like and people who we then install the belief in to help us attain our set goals. I have no doubt that at least 10 – 15 people purchased the course at the end of the seminar, this said I doubt at least 60% of the them could actually afford to spend that type of money or has assets to that value.

    That’s said, 15 x £995 = £14,925 for a free seminar. Well done Rich dad education, now that’s a get a rich quick scheme. ‘Don’t hate the player, hate the game’