Rich Dad Poor Dad
{{short description|1997 book by Robert Kiyosaki}}
{{Use American English|date=February 2023}}
{{Use mdy dates|date=June 2024}}
{{Infobox book
| name = Rich Dad Poor Dad
| title_orig =
| translator =
| image = Rich Dad Poor Dad.jpg
| author = Robert Kiyosaki and Sharon L. Lechter
| cover_artist = InSync Graphic Design Studio
| country = United States
| language = English
| series = Rich Dad Series
| genre = Personal finance
| publisher = Warner Books
| release_date = April 1, 2000
| media_type = Hardback and paperback
| pages = 336 or 207
| isbn = 0-446-67745-0
| dewey = 332.024 22
| congress = HG179 .K565 2000
| oclc = 43946801
| preceded_by =
| followed_by =
}}
Rich Dad Poor Dad is a 1997 book written by Robert T. Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy (financial education), financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence (financial IQ).
Rich Dad Poor Dad is written in the style of a set of parables presented as autobiographical.Walker, Rob. [http://www.slate.com/id/2067175/ "If I Were a Rich Dad"], Slate, June 20, 2002. The titular "rich dad" is his best friend's father who accumulated wealth due to entrepreneurship and savvy investing, while the "poor dad" is claimed to be Kiyosaki's own father who he says worked hard all his life but never obtained financial security.
Kiyosaki's prior business ventures had been modest, but he promoted Rich Dad Poor Dad from self-publication to best-seller status and made it the cornerstone of a media and educational franchise.{{cite book|last=Gough|first=Leo|title=The Con Men: A History of Financial Fraud and the Lessons You Can Learn|year=2013}} For many years he avoided questions about the identity of the "rich dad," raising suspicions that no such person had existed.{{cite magazine|last=Laise|first=Eleanor|title=Karma Chameleon|date=February 2003|work=Smart Money}} Following the death of Hawaiian hotel developer Richard Kimi, he was identified as Kiyosaki's mentor.{{cite news|last=Lum|first=Curtis|title=Richard Kimi of Hilo, hotel industry pioneer, 83|date=February 1, 2009|work=Honolulu Advertiser|url=https://the.honoluluadvertiser.com/article/2009/Feb/01/ln/hawaii902010355.html|access-date=2024-10-19}}
Summary
The story begins with the author as a young boy, observing the contrasting financial mindsets and behaviors of his own father, the "poor dad," and a friend's father, the "rich dad." The poor dad held a high position in education and emphasized the importance of academic success, job security, and living within one's means. The rich dad, a successful entrepreneur, believed in building assets, investing wisely, and acquiring financial knowledge. It describes how the rich dad teaches the author and his friend finance through practical lessons.
Throughout the book, Kiyosaki shares anecdotes and conversations that he had with the rich dad, who guided him on various aspects of money, wealth creation, and financial independence. He learns valuable lessons about the difference between assets and liabilities, the power of financial education, and the importance of taking calculated risks. Kiyosaki emphasizes the significance of acquiring assets that generate income, such as real estate and businesses, as opposed to liabilities that drain money, such as excessive consumer debt and unnecessary expenses. He introduces concepts like the cash flow quadrant, which categorizes individuals as employees, self-employed, business owners, or investors, highlighting the advantages and disadvantages of each quadrant.
The book also delves into the mindset and beliefs around money, discussing the importance of developing a positive relationship with wealth and overcoming limiting beliefs. Kiyosaki stresses the need for financial literacy and encourages readers to take control of their financial destinies by seeking out opportunities, learning from mistakes, and continuously educating themselves about money.{{Cite web |last=Rohde |first=Jeff |title=Rich Dad Poor Dad - a quick book summary and review |url=https://learn.roofstock.com/blog/rich-dad-poor-dad-summary |access-date=November 9, 2023 |website=learn.roofstock.com }}
Reception
= Commercial =
Rich Dad Poor Dad has sold over 32 million copies.{{Cite web|url=http://www.businesswire.com/news/home/20150316005267/en/Top-Selling-Personal-Finance-Book-Time-Rich|title=Top Selling Personal Finance Book of All Time; Rich Dad Poor Dad NOW Available for FREE Download!|website=www.businesswire.com|date=March 16, 2015 |access-date=July 30, 2017}} The book has been translated to over 51 languages across 109 countries, and has been on the New York Times bestsellers list for over six years.{{Cite news|url=https://www.linkedin.com/pulse/new-york-times-best-selling-author-rich-dad-poor-robert-rico-|title=New York Times Best Selling Author of Rich Dad Poor Dad Robert Kiyo Saki|date=May 6, 2016|access-date=July 30, 2017}} It launched a series of books and related products; and received positive reviews from some critics.{{cite web|url=http://investorjunkie.com/11194/rich-dad-poor-dad-review/|title=Rich Dad, Poor Dad Review – Revisited Ten Years Later|work=Investor Junkie|date=December 29, 2011 |access-date=January 24, 2016}}
= Critical =
Actor Will Smith said he taught his son about financial independence by reading the book.{{cite AV media|url=https://www.youtube.com/watch?v=-c| archive-url=https://web.archive.org/web/20201111224919/https://www.youtube.com/watch?v=-c| archive-date=November 11, 2020 | url-status=dead|title=Will Smith on making his kids read Rich Dad Poor Dad|date=September 24, 2010|access-date=January 24, 2016|via=YouTube}} PBS Public Television station KOCE aired a 55-minute presentation of Kiyosaki titled "A Guide to Wealth" in 2006, which essentially summarises his Rich Dad Poor Dad book. PBS also honored him with an excellence in education award in 2005.{{Cite web|url=http://www.csrwire.com/press_releases/19361-PBS-Honors-The-Rich-Dad-Company-with-Excellence-In-Education-Award|title=PBS Honors The Rich Dad Company with Excellence In Education Award – Press Releases on CSRwire.com|website=www.csrwire.com|access-date=July 30, 2017}} Donald Trump did a literary collaboration with Kiyosaki in 2006 called Why We Want You to Be Rich: Two Men, One Message, and a second book called Midas Touch: Why Some Entrepreneurs Get Rich — And Why Most Don't in 2011.
American fashion entrepreneur and investor Daymond John has called the book one of his favorites.{{cite web |url=http://fourhourworkweek.com/2011/04/07/-daymond-john/ | title=The Making of — An Interview with Daymond John | publisher=Tim Ferris | access-date=May 31, 2014 }}{{Dead link|date=July 2024 |bot=InternetArchiveBot |fix-attempted=yes }}
A competing financial self-help writer, John T. Reed, says, "Rich Dad, Poor Dad contains a large amount wrong advice, much bad advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred."{{cite web |first=John T. |last=Reed |author-link=John T. Reed |title= Spare us the finance evangelists and their false profits|url=https://johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1|date= September 3, 2015|access-date=September 3, 2015}}
Slate reviewer Rob Walker called the book full of nonsense, and said that Kiyosaki's claims were often vague, the narrative "fablelike", and that much of the book was "self-help boilerplate", noting the predictable common features of such books were present in Rich Dad, Poor Dad. He also criticizes Kiyosaki's conclusions about Americans, American culture, and Kiyosaki's methods.
Publishing success
The book was self-published in 1997 before being picked up commercially to become a New York Times bestseller. It has since sold over 32 million copies and become a household name.{{cite web|url=http://www.financialexpress.com/news/guruspeak-robert-kiyosaki/331974/|title=GURUSPEAK : Robert Kiyosaki|work=The Financial Express|access-date=January 24, 2016}} In his audio-book Choose to be Rich, Kiyosaki said that every publisher turned him down, and Barnes & Noble refused to stock the book initially. He places his focus upon talk shows and radio show appearances, of which The Oprah Winfrey Show had the biggest influence on book sales.Choose to be Rich, Audiobook ASIN: B000CSXWXW
In April 2017 a 20th Anniversary edition was published and in a preface to this 20th Anniversary edition Kiyosaki asserts that an estimated 40 million copies of the book had been sold globally.{{cite book|last1=Kiyosaki|first1=Robert T.|title=Rich Dad, Poor Dad|date=2017|publisher=Plata Publishing|isbn=978-1-61268-019-4|page=7}}
References
{{reflist}}
Bibliography
- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki and Sharon Lechter. Warner Business Books, 2000.
Category:1997 non-fiction books
Category:Biographies about businesspeople
Category:Books about companies
Category:Books by Robert Kiyosaki