The Bad
There are many reports that Robert’s “Rich Dad” does not exist and was made up. This is more than likely true, but there have been many personal finance books that are works of fiction. The book “Wealthy Barber” comes to mind. The issue some people have with Robert is he makes his book a work of non-fiction when it’s not, and I agree with this issue. I find it interesting on John Reed’s web site he puts down Robert’s work, but at the same time he’s also selling his own work.
Robert does somewhat downplay the role of risk in the investment suggestions. This is somewhat true, but he does suggest you fully understand your investments before diving in. Robert states investing is only risky if you don’t fully understand what you are investing in.
Summary
While I still recommend this book, especially for starting entrepreneurs, the book has some flaws. Take some of what Robert Kiyosaki says with a grain of salt. It should be read, if not for the motivation, just to get you to think differently than a salaried employee. I don’t love or hate it, and hence the reason why I give this book a 3 out of 5 stars. In my opinion, many topics he discusses hold the test of time.
If you do decide to read Robert’s books, I only recommend reading Rich Dad, Poor Dad, and Rich Dad’s Cashflow Quadrant. Most of the other books are simply a rehash of these two books. I DO NOT recommend attending any local seminars.
I will keep his book on my list of best personal finance books for the primary reason to get you to think outside the box.