About Robert Kiyosaki and Rich Dad, Poor Dad

It is safe to say that almost everyone knows, has heard of, or has read the book “Rich Dad and Poor Dad” by Robert Kiyosaki. I myself read the book about 2 years ago. Before I introduce what other people have said about Robert Kiyosaki and his book, let me briefly mention my opinion.

The Good Stuff

  • Encouragement for people to change their mentality and to a paradigm shift in financial thinking — This is a big plus because not being trapped in a narrow perspective and having the right mentality is the first step to do anything right.
  • The importance of passive income — It is necessary to set yourself up with passive income to become financially secure and get rich faster.
  • The mentioning of various financial concepts — I classify this as good stuff because this introduces people to new concepts and therefore, motivates and intrigues people to go out and learn about them. I became more apt to go study how the market and personal finance works. Financial knowledge and literacy is essential for financial security.

The Bad Stuff

  • The mentioning of various financial concepts — I also classify this as bad stuff because I believe he either exaggerates in his stories or provides misleading information. In a few places, he seems to be nearly promoting illegal behaviors.
  • Strong opposition to formal education — I believe formal insitutions still have their practical values and useful knowledges depending on how much individuals make use of the experience. It is detrimental to discourage and turn people away from academia.
  • Negligence to mention or explain the risk in the entrepreneur endeavors that he advocates readers to do — From what I read in news, this has led people to take reckless financial actions leading to financial disasters. I am not holding him responsible because people should think for themselves, but as an author of a “financial book”, he should provide the full picture and cover the topic of risk somewhere… especially in the high-risk financial maneuver he tells people to do.
  • Many vague areas in his stories — This makes me wonder how many of his “successful business” stories are true, and that he created them just to boaster himself and to help sell the book.

In short, I think the book is good in that it incurs people to think about their own finance and to do something about it. It is bad because of possibly misleading, false, and incomplete information, which can lead to dangerous and disastrous consequence if read incorrectly. That’s all from me. Below is what other people have said.

John T. Reed’s analysis of Robert T. Kiyosaki’s book Rich Dad, Poor Dad – I read this VERY detail research and analysis on Robert Kiyosaki and his book recently. Together with the vagueness that I personally noticed in his book, we need to remain skeptical of this man and his words.

Let’s Read Some of Robert Kiyosaki’s Drivel – Silly words spoken by Robert Kiyosaki. This teaches us to do our own research and be cautious and skeptical about advice from “financial advisor”.

Kiyosaki is a Liar? – More “interesting things” said by Robert Kiyosaki!

Rich Dad, Poor Dad :: review – Brian and I agree on the positive points in Rich Dad, Poor Dad.

Book Review: Rich Dad, Poor Dad – Concise review on the book stating the good and the bad.

Cautions on “Rich Dad” Robert Kiyosaki – Frugal talks more about things we need to be careful about the author and his book. He then talks about his view on how to obtain wealth and the importance of formal education.

Robert Kiyosaki, A Smart Investor? – Once again, you probably should not take Robert Kiyosaki seriously when he advises you how to invest. Let’s just keep him as someone who may inspire people to think differently.

Deconstructing Robert Kiyosaki – Trent provides insights into the kind of man who he thinks Robert Kiyosaki is.

Review: Rich Dad, Poor Dad – Full book review by Trent.

It seems that people generally agree on the few ideas Robert Kiyosaki has done correctly on his book, and they also agree on the same skeptical things. It’s probably enough Robert Kiyosaki for one day.

Originally posted 2007-09-20 23:41:10. Republished by Blog Post Promoter

AIG and Thoughts on Bonuses

I always thought that bonus is bonus, where bonus means something extra that is given when performance is above and beyond the norm, relative to a job scenario. Specifically, we must be careful performance is not measured on short-term and must be a balanced evaluation of both short-term and long-term benefits. And in real life, well, bonus is like icing on the cake. I still view bonus as such even now as I am working. I like them, but I do not count on one. That’s why we call it BONUS.

Past few days we keep hearing about the AIG bonus ordeal. I don’t mind them giving out bonus when they are due for performance, but obviously, we can agree that AIG’s performance and moreover, most of the financial sector and Wall Street’s performance call for no bonus. Not only what they did destroyed the value in the system (or created tremendous illusional value), they believe they deserve to take even more value away from it for personal gains.

Conscience anyone?

One article writes that AIG’s CEO Liddy said he needs to pay out “retention bonus”. Correct me if I am wrong, but I am not sure if retention is something to be worried about these days. There is also the generic claim that we need to keep financial expertsto fix up the system, but have we forgotten that these top people are the same people who dug us the abyss on the ground (and covered it up) in the first place over a period of time?

Truth be told, I would be ashamed to be paid anything if I had screwed things up so badly. I would be ashamed of all the money I was paid in the last few years. And why are the people that had led us into this mess still in their positions anyways? In the old days, if you have f***ed up so badly, you should at least have the gut to resign, if you didn’t get your butt fired in the first place. In the even older days, I think you will get your head loped off.

Accountability anyone?
Responsibility anyone?

Now the government is talking about regulations. Maybe. But that will do is for people to come up with new ways to circumvent the new regulations. The system is not right not because of the system. The system is not right because of the people.

I’m just going to ask a few questions now. I do not claim to have answers, but it is something that we all could think about.

Should it really be that the financial sector’s employees are “entitled” to bonus?
How did we come to “count on” bonuses?
How could so many claim to deserve their pay and bonus, individually, when their industry is entirely in shamble? Does not that equate to a citizen claiming he deserves food when his entire nation is starving? (at this point, I feel a little sick in my stomach)

Finally, the top people in companies are always paid in the millions…
But let’s be serious, how many millions does a person really NEED?

Originally posted 2009-03-18 22:29:11. Republished by Blog Post Promoter

The Sucker Rally of 2013?

Since Janary, the stock market has been on a non-stop bullish trend. While there are a lot of articles that argue stocks will reach new high this year (even though it already has) and much money’s flowing back into stocks from retail investors, there are enough nay sayers that speak of a coming market correction. This realy keeps us on our toes.

An Yahoo article tday that argues the coming of a correction predicated by a surge of inisider selling.

There have been more than nine insider sales for every one buy over the past week among NYSE stocks, according to Vickers. The last time executives sold their company’s stock this aggressively was in early 2012, just before the S&P 500 (^GSPC) went on to correct by 10 percent to its low for the year.

I know the sound investment strategy of buy-and-hold once you’ve picked your choice of investment but I wonder how everyone’s feeling? Do you think a market correction is coming? (Note a correctio is as least 5% and up to 20% price drop).

Will you sell portions to collect the gains now or just hold steady? What will you do?

Originally posted 2013-02-06 01:03:39. Republished by Blog Post Promoter

Talking Ourselves into Depression – Doom, Gloom, and BOOM

Our thoughts create our reality. There should not be any doubt about that. We think, we translate that into words, and that in turn can influence others around us.

And if you have pay attention to the news lately, the thought of a up coming depression is almost unavoidable. It may indeed be true that the situation is as serious as it sounds, but the media is certainly not helping. It’s no doubt that they are driving more fear than necessary by selling all the drama. And they sell drama because it works… it may not be happy things, but people like it. Almost like we are letting ourselves be talked into a depression by ourselves.

This is another form of people taking things to the extreme. When will people stop buying into drama and see reality as it is and simply change with the change?

Originally posted 2008-11-16 23:15:47. Republished by Blog Post Promoter

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