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Summary: Another part of the Rich Dad Poor Dad
Review: Robert Kiyosaki always has a great style of writing. If you haven't read any of Robert Kiyosaki's books, this is probably the best one to get. While he says you need to have a "financial education", the money you spend on this book couldn't be spent better. I highly recommend Rich Dad's Prophecy for anyone who plans on retiring in the next 20 years.
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Summary: The Response of an Irritated Retiree
Review: This is a coy book, always beating around the bush and promising more than it gives. The several admittedly useful points are buried in massive repetition and emotional narrative and other fluff. The author seems to be using this book to sell his other books which presumably will develop his advice more substantively. Why would it be necessary for a skillful investor to stoop this low to make money selling books?
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Summary: An enlightening novel
Review: I beleive this could be the best of the Rich Dad Series books that I have read. The first part of this book explains why a stock market crash may be coming. And the explanation is simple and easy to understand. The stock market goes up because people put money in, by law. Also by law, those people must begin withdrawing money from their 401k when they turn seventy. When millions of Americans turn seventy, more money might be coming out of the stock market than is going in. But the rest of the book is about what we can do to be financially free.You need control over yourself, control over your emotions, control over your excuses, control over your vision, control over the rules, control over your advisors, control over your time, and control over your destiny. I like his message of hope after his prediction of gloom. It does not take much to change your financial future. And now I am going to quote a saying I heard once, that Robert hasn't used yet (Not in the books I've read). When it comes time to make a decision there are three choices. To decide yes, to decide no, or to decide not to decide. I believe many people have unconsciously decided not to decide, but by reading these books, and following the advice he gives, you are deciding to take responsibility for your financial future. I like this book, and I like his writing style. I recommend this book, especially if you have read and liked his previous books.
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Summary: This book confirms 'The Fourth Turning'
Review: Want further confirmation of Rich Dad's thesis? Read 'The Fourth Turning' published in 1997. Authors Neil Howe & William Strauss used an entirely different approach to historical trends and developed the same conclusion, as well as providing additional stradegies for surviving with your capital in tact. Both books are MUST reading, and not just for boomers!
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Summary: Need to separate the good from the bad...
Review: I browsed through this book today at the bookstore. Others on the web, (John T Reed especially) have gone to great lengths to demonstrate that this man is not who he represents himself to be. The case they make is persuasive. A lot of his "advice" is foolish, ambiguous or both. However, I have to give the man credit. He tells a good story And there are parts to this book that the so-called "investors" need to know: 1) Markets go down as well as up 2) Investment and savings are totally different things. 3) Those who do not understand the risks the stock market entails should not invest in the market--period. I put "investors" in quotes because the ones who are most dependent on an ever rising market to bail them out are the ones who stubbornly refuse to acknowledge that the "buy and hope" method of "investing" is much more risky than the academics, brokers, or money managers make it out to be. They have no knowledge or plan for buying or selling investments. They have no understanding of the real purpose of financial markets. And, most unfortunate, they don't understand that neither the "pros" nor the government have any incentive in educating them about how to use the market most effectively. The author's thesis isn't original, but it is clearly one scenario that could throw out all of the calculations based on the buy and hope strategy out the window. He speculates that ERISA--which mandates withdrawls from retirement plans at 70 1/2, could induce massive selling, causing a catastrophic decline in the market. Anyone who invests in the stock market should have a plan for if and when a severe decline occurs. Saying you are a "buy and hold" investor is tantamount to saying "I have no strategy at all." This is true even if you are diversified. At the point of a financial crisis, all the markets are positively correlated--meaning diversification benefits disappear just when you need them the most. Having said that, the author's advice to "invest" in real estate is poorly thought out. He correctly points out the potential problems when boomers massively sell paper investments (stocks, mostly). Yet, why won't these same boomers also sell their real estate investments? Considering the economic scenario he is portraying, boomers will need all the help they can get. If you haven't read any of his books, this is probably the best one to get. Then again, while he says you need to have a "financial education", the money you spend on this book could be better spent elsewhere.
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Summary: Good advice
Review: Too many people are blindly investing in mutual funds. Hopefully the current scandal on mutual fund managers will wake people up so they will take a more active role in their investments and who is handling their money. Likewise, 401 (k)s are just glorified saving plans. Most employers offer investments that are either too boring like poor performing mutual funds to too risky like putting too much in your companies stock. Think about it. You work a lifetime and hope to retire but find that mutual fund managers have been using illegal trading practices or your funds have underperformed the broad market. Or your company stock goes south right before you are ready to retire or even worse, your company goes south and youh ave no job and no retirement! When 2016 comes, even if you have made good choices, babyboomers take their mandatory withdrawals and suddenly it looks like March 2000 to October 2002 only in days, not years! Robert Kiyosaki is sending out the right message. You must take control of your investments and you must think for yourself. Far too many people are playing the "what should I invest in" game with their broker, financial planners and advisors and ending up broke and confused. I highly recommend Rich Dad's Prophecy for anyone who has money or plans on putting money in the markets from now to 2016. Good book - great advice.
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Summary: Definitely a must read.
Review: Rich Dad's Prophecy is most certaintly a must read book for anyone who has money invested, especially in 401 (k) plans. While some of the information in RDP is similiar to Kiyosaki's earlier books, the pension, retirement and 401 (k) is fresh, startling and hopefully alarming to anyone who plans on investing their money between now and 2016. 2016 is the year when the bulk of the baby boomers will be forced to liquidate their retirement funds. When this happens, a major stock market crash is expected (no kidding!) that surpass the bear market from 2000 to 2002. Another problem is what kind of money will current savers have in their 401 (k)s? For example, before going into self employment, I worked in a local office for one of the top 6 banks in the USA and had been putting all I could into my 401 (k) savings plan. Despite this being one of the "Big 6" Banks, matching by the bank was about average (and any matching reflected in reduced wages), options to invest in were patheticly weak and the bank would match us only with shares of Bank One stock. After reading RDP and going into self employment, I rolled my 401 (k) into a self directed IRA with a brokerage firm. I now choose my investments between stocks, mutual funds and bonds or even Tax Liens, Discounted Mortgages and Real Estate. I'm in control, not my employer. The only real benefit of a 401 (k) is the borrowing provision which unfortunately too many so called fiancial experts discourage. And after the Enron issue, who wants to have that much money in company stock? Kiyosaki is alerting people and none too soon. I am certain that all of the one star reviews are from brokers, financial planners and benefits directors from companies that hope that you blindly follow their advice even it means not having anything for retirement. I cannot emphasize the importance of reading RDP and more importantly, following the advice. To repeat, Rich Dad's Prophecy is definitely A MUST READ!
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Summary: Will you be able to retire?
Review: That is the question that is haunting more and more Americans today. The sharp decline in the stock market from March 2000 to October of 2002 turned their 401 (k) into a 101 (k). Scandals on Wall Street. Enron, Worldcom, Adelphia. As I am writing this many mutual fund companies are being investigated for securities fraud. How save is your money and will you ever really be able to retire? In "Rich Dad's Prophecy" you will learn how retirement financing will affect all of us, regardless of our age or where we live. And after it exposes the reasons behind the coming crash, it reveals not only the best ways to safeguard wealth but how to actually prosper from the events to come. In "Rich Dad's Prophecy" you will learn: * How the fears, dreams, and actions of millions of baby boomers
will control the economic future and the markets * Why the old advice "Buy, hold and diversify" can lead to
financial disaster * How another stock market boom is on the horizon before the
the big bust---and when Rich Dad predicts it will happen * How to build your own personal financial ark to stay afloat
amid the turbulent waters ahead and discover Rich Dad's
favorite investments, including tax free bonds that
earn over 7% and more. Be prepared and stay ahead of the curve. "Rich Dad's Prophecy" willdo more than convince you of the coming stock market crash. it will show you how to build your own personal financial ark
that will make sure you not only weather the storm but profit from it. And you'll profit well. On the other hand, if your only strategy is to listen to your broker, then you will certaintly end up---BROKER!
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Summary: Very interesting book - prepare for the big crash, after
Review: The big bull market. In the 1980's, some wise investors warned of a coming crash. Unfortunately, many disregarded this warning and got nailed in October 1987. During the 90's, again some were warning about a "bubble", "markets had gone up too far", "some dot.com stocks had taken the "e" out of "p/e" were without earnings." Nonetheless, some people chose not to listen and got burned again by the biggest stock market crash (so far) in history. Robert Kiyosaki, despite the erroneous comments by some reviewers who obviously didn't even read the book, is not just advocating real estate. He also advocates stock market investing, hedgeing and other strategies. Kiyosaki did say that there would be a boomin the markets and this was at a time when the bear market was at it's peak. Many of us will recall just one year ago when this book came out how widely critized Kiyosaki was for suggesting that the markets would rebound. But what happened in 2003? I am not in any way associated with Robert Kiyosaki. For my money, I see a 1990's type of growth in the stock market. MArkets go down and markets go up again. With President Bush's tax plan which is already stimulating the economy and the stock market, the wheels are already in motion. Then I see another March 2000 selloff coming at the end of the decade interspersed with bullish and bearish type markets like we saw in 1994 and 1998. Then when babyboomers retire.....??? We'll be prepared for that, er, unlike those who were not prepared in March 2000 or October 1987.
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Summary: The sky is falling...
Review: There once was a story of a little chicken who got hit on the head, and thought the world was about to come to an end. She then panicked and told the other chickens who also went into a panicked frenzy. Along came a sly and smart wolf who took advantage of their fears and offered them shelter in his cave where he locked them up, then ate them one by one. The moral of this story which we were all taught as children is to simply: 'Think for yourself and assess the siutation appropiately'. Don't let other people's fear dictate your course of action or you might wind up dead. It's ironic when I think about it. Kiyosaki preaches about being your own person and not following the crowd, and yet here he is having created a gigantic crowd of followers so fearful of their own descision making and impending doom that they'll do whatever he says. They're running out in the open doing exactly what he suggests without any thought or question. If you want to build a business then fine. I am not against that, I too am a business owner and have nothing against other people trying to make their dreams come true. In fact I encourage it. But who is the wolf here?. It is the man who is making money off the panic frenzy and licking his chops as his bank account gets fatter and fatter because people couldn't think for themselves.A man with 3 divorces behind him, no kids and no other credentials besides his own books for which people can look up to. Funny as one reviewer points out, Bill Gates , Warren Buffet and Michael Dell did not rely on any special financial advice to build their own empires. They thought for themselves and carved out their own empires. Will there be a big crash, well only God really knows. The truth is, that even if there was real estate might not save you as values might plumet. I can understand why everyone is so scared though, nobody wants to be a bum and have to scavage for food. That is their worst nightmare. But look at the other side of the coin, Kiyosaki has created a bunch of followers who are blindly tearing each other apart over real estate. History has always proven that the markets go back up after a crash and it will if there is ever one. Perhaps the government might solve the problem. Warren Buffet was once quoted as saying that he couldn't predict the future outcome of the market, and if he can't then what makes Kiyosaki qualified to do so?. So please people, think for yourselves. You are so much smarter than this author gives you credit for.
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