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5.0 out of 5 starsIf you want to transform your beliefs around money, read this book!
Reviewed in Australia on 9 July 2019
This book was transformative. My beliefs about money were very different before reading this book, but by the last page I felt like I had a revelation. Definitely recommend to people wanting to change their financial situation. Perhaps not relevant to Australian's as Robert is in America, but I took a lot from this book.
The book is good quality for its price. However my book’s barcode sticker was on the actual book instead of the plastic cover. The sticker as you can see is one of those “you can never entirely remove” stickers. It just looks bad. Therefore only 2 stars, sorry.
This book really opened my eyes and changed my thinking about how the rich get rich and stay rich. It has definitely had an impact on how I think about my finances. The information is presented in a clear and concise format with diagrams and easy to read language. This is a huge plus for those who are not great at reading about money and finances. Like me.
Kiyosaki outlines how the education system in America (and I believe in Australia) fails to teach our future generations about finances. I completely agree with his point of view and have been of the opinion that the education systems set people up to fail and not succeed. We need to be teaching our children how to survive in the real world and we are definitely not doing this.
You need an open mind to read this book. You need to be open to the advice, to the alternative methods that you may not have been taught before. You need to really want to break away from the paycheck-to-paycheck mentality. You need to be open to a new mentality and way of thinking. You need to really want something more.
My recommendation: A great book for those with an open mind.
Recently finished this book after getting free copy from audible. This book does it's job by teaching on how to think about work and money. Teaches you the importance of life balance and financial planning. Best book I have listened so far. The way it focuses on real state in little complicated for the investors who are at entry level but other that that no complains. Great book. Highly suggested to listen once.
My friend recommended this book to me as he was also interested in money making and buisness. Robert really gives some foundations in thinking how money should work 'for' people and people are working 'for' it. Here he desribes, in the most simple way possible, the accumulation of assets that provide positive 'cashflow' (liquid cash). He gives numerous examples of excellent 'deals'. In one, he took advantage of comics going to waste collection to create a fee based library inside a person's house while hiring his sister to manage it. He gets kids around the neighbourhood to pay into it, getting positive cashflow without much work. In resemblence, later in life, he took advantage of a depressed housing market by bidding in bankrupcy auctions, getting excess of 1000% gains reselling it to a buyer using borrowed money. While I have to disagree with not diversifying your assets into other places, I can't deny he didn't do a good job of making money in optimal market conditions (for housing, low borrowing standards and high housing inflation). It should also be pointed out that Robert lost a lot of money by leveraging himself in the estate market, 'blowing up' in the 2008 housing crash. His message was pretty obvious upon reflection, leverage was key to his wealth, but also a key to his demise. Be careful in taking too much risk without understanding that you could become non-liquid pretty fast with large leverage multiples.