Rich Dad Poor Dad: Good book Bad book

First thing I want to say is there is no rich dad. There is a poor dad, but in 2003 the author said, “Is Harry Potter real? Why don't you let rich dad be a myth like Harry Potter?” That being said, Yoda is also a fictional character, but that does not take away from his statement, “Do, or do not. There is no try.”

That can sum up the majority of the message from the book. My recommendation is to approach this with a Jeet Kune Do attitude. Take what is useful, discard what is useless, and keep what is essentially your own. Here are some useful things I took from Rich dad Poor dad.

Buy more assets than liabilities
Decrease what you owe, rather than increase what you earn
Increase your passive income till it exceeds your living expenses
Reconsider what is a liability and what is an asset
Promises of promotions and pay raises are equal to a carrot on a string for a donkey

In the book, the rich author, gives an example to a poor author, the difference between being a salesman and a writer. Stating that he is a best selling author, not a best writing author. You are reminded of this through out the book as he references a game that he sells for almost 200 bucks, called Cash Flow. At the end of the book it almost feels like very long advertisement for the game.

On the plus side, this book can be a great slap in the face for people wondering why they are having money problems. It will also get them thinking about what it is they can do about it. It is a great place to start learning about finance. You should finish Rich Dad Poor Dad, with one thought: “Ask not what your money can do for you, but what can you do for more money!” Don't take it as the final authority and read books that offer different views afterward. I personally recommend “Your Money or Your Life” by Vicki Robin and Joe Dominguez. It offers the same concept, with more technical detail and a safer point of view. Both of which I feel Rich Dad Poor Dad lacks.