I read ‘Rich Dad, Poor Dad’ several years ago and I was greatly impressed. It presented a wholly new perspective on the accumulation of wealth. So I had great expectations of Kiyosaki’s ‘How to Get Rich Quickly and Stay Rich Forever’. I was a little disappointed. What’s most annoying is that there are umpteen repetitions. After reading this one, I don’t feel inclined to read the other books in the series.
The author’s focus on financial literacy is probably the most important aspect of the book. It is also a matter that does bear repetition. Some home-truths really need to be repeated – only then do they sink in. Kiyosaki reminds us that, “Saving money is slow. You can become rich by saving money, but the price is time… your lifetime.” He adds that, “Many people today are not in the same professions as their parents…….but when it comes to money, investing, and retirement, they do exactly the same things. When it comes to money, many people are still swinging their parents’ axe.” How true!
I like the way the author explains the principle of leverage making it ever so simple: ‘Doing more with less’. The examples he gives are illuminating. “In the beginning, animals could run faster than humans, but today humans can travel faster and further than animals because they created tools of leverage, such as bicycles, cars, trucks, trains and planes. In the beginning, birds could fly and humans could not. Today, humans fly higher, further and faster than any bird.”
Kiyosaki points out that Bill Gates, Michael Dell, Ted Turner, Henry Ford and Thomas Edison did not finish school. I can’t help wondering what the world would have been like if Edison had concentrated on making money rather than on conducting his experiments. Of the Wright brothers Kiyosaki says, “They are prime examples of people who studied because they wanted to learn and not for grades; they worked hard for free without guarantees, took risks intelligently, and pushed themselves and the world into another reality.” Such examples are bound to inspire and motivate – and they certainly add spice to the core message of this book.
The author also points out some simple facts that every investor ought to know from the start. “Out of ten investments, the odds are two to three will be bad, two to three will be good, and everything in the middle just lies around like a lazy dog.”
Overall Assessment: This book could have been written in 100 pages instead of 550. Then it would have been another masterpiece.
Retire Young, Retire Rich: How to Get Rich Quickly and Stay Rich Forever!
Author: Robert T Kiyosaki with Sharon L Lechter
Publisher: Warner Books
Publication Date:: 2002
Contributor: Pushpa Kurup lives in Trivandrum, India and works in the IT sector.