Wednesday, August 07, 2002

 
BOOK REVIEW: RICH DAD, POOR DAD * * (2 stars out of 4).
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"Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!" by Robert T. Kiyosaki makes some interesting points about how our attitudes about money are shaped by our parents, and how this is part of the reason why rich parents have rich children and poor parents have poor children. My own father is a very successful business owner, and was also an accountant. We frequently discussed issues of money at the dinner table and during other social activities. Now, I am a successful business owner, and I agree with the premise of Rich Dad, Poor Dad that this is not a coincidence. But the book, while long on philosophy, is a little short on the specifics, in terms of concrete advice you can use. It talks about attitudes about money that rich people have and teach their children, but, it seems to me, the important thing is the nitty-gritty specifics about how to, say, leverage an arbitrage opportunity or factor in the cost of money or evaluate whether a stock is undervalued. In short, the only conclusion I'm really able to draw from the book is that, if you want to be rich, make sure to go back in time and have rich parents.

This is The Official Record. 9:04 PM
link to this item: http://www.creamy.com/blog/2002/08/book-review-rich-dad-poor-dad-2-stars.html


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