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Salary bug? Wake up call, but here is my opinion why things are not so juicy
am 15. Oktober 2013
The book obviously is a sales monster and Mr Kiyosaki hit the sweet spot in revealing some secrets that will not be taught in school. (Maybe not taught for reason: Education first...)
- Quick and clear introduction to value of money, assets, budgeting, etc.
People should learn more about it. I know so so so many folks who are busy and stuck with day to day jobs (no matter what level: low or hightech) so they are not in control of planning their pennies. But it is also with caution, you have to be very careful what you are doing with your $$$, there are emotions, etc.
- House as liability, very eye-opening.
- Nicely explained rich dad vs poor dad (Later on calls him educated dad, more respectful indeed.)
- It is extremely helpful to see the concept in little charts, which will be eye-opening to many readers. Of course the concepts of salary, ins/outs, assets, liabilities, etc.
- Both dad's give many helpful ways of thinking about things, and the reader can learn a lot from this presentation. It is indeed true that one should collect experiences (e.g. internships in young years for a small wage please) in different sectors, different people, different worlds, so that evaluation is possible based on what has been learnt (advice from rich dad). But also educated dad is very right in talking about having a decent paying position. I would say educated dad just took no risks, not bad, but no learning of course.
Questions / bug:
- I did some math, and there must a be a mistake on page 120, where Kiyosaki apparently earned some $49k in 1969. If you do the maths, this means by today (inflation corrected) this is something like $300k for 7 months? Sorry, not possible. Check for 1969 data reveals some average US-wage in the area of $8-5k, hence I believe it should read $4,900.
- Kiyosaki clearly points out the housing market and assets in terms of stocks, bonds, etc.
Let me tell you, this does not work for everybody or in fact only very few people and it is with luck. With the 2013 Nobel Prize in Economics (just released!), you can read yourself about Mr Shiller, who is himself the authority for predicting bubbles/crashes and hence today it is very difficult. Especially the housing marked in your county, country might have just crashed (e.g. Florida) or is going into a new bubble mode (London...) or, based on current financial market conditions it is unclear what comes next.
If you search Google for Mr Shiller housing bubble you will learn your lesson. Or search Forbes.com "Rich Neighborhoods Riddled With Foreclosures". I know that HI is the most desirable place to be in the US and I believe that Mr Kiyosaki knew how to make his fortune.
- Kiyosaki basically points out that his wife is driving a cool Mercedes, which she bought from invested money.
Now seriously, showing off in a Mercs is really something you are not going to do. You actually drive a Volkswagen if you are rich (Zuckerberg). I see many women driving their SUVs down the road, ridic, or a sign of fear passing by? The head engineer of the Ranger Rover never understood this. Why? Of course he is an engineer, which brings me to the next point...
- Poor/Educated dad is not the way to be rich. I would not be so sure about that.
This is an old fashioned model that would last until the release of 56k modems, when human knowledge started to exponentially grow and in return you are richer in your head every single day, e.g. roughly knowing about when this Mercs will fail (at milage x) and can do something about it without having risked a penny. Basically saved. Maybe re-invested by education. You can drive your Mercs easily without headache if you are sitting comfortable on $10M :)
Back to education: Education is THE WAY. There is NO other way for 95%. Wasn't it Prince William recently completing his helicopter pilot training for the RAF or how about the many Oxbridge students? Would they need to study, really? But beware the traps: Student loans, job perspectives, high specialisation (-> unions; loss of potential jobs due to over-education) etc.
But Mr Kiyosaki is very right: Many people are not financially/mathematically trained and once they add up on their salary, the next fancy car can come. As we all know, there is a car for every budget waiting. Particular if you are unhappy and need to compensate.
- Lot of discussion and talking about assets, but you will not find this book helpful in finding what can be an asset (expect if you realise the book itself is an asset of Mr Kiyosaki)
The book is very stimulating. I am thankful to Mr Kiyosaki. Everybody should read this book or discuss it.