The "Rat Race"

[m3racer]

I've just read a portion of Kiosaki's book, "Rich Dad, Poor Dad." All I can say is I don't want to be a part of the "rat race!"

[Angio333]

Be VERY careful....Kioyski's advice can be very dangerous and extremely risky. It may work for some people, but it is the express lane to bankruptcy for others.

The ideas and the mindset that he teaches is a good thing, and it is a great motivator. However, use caution with using debt to make money.

I wouldn't reccomend following any financial guru's advice by the letter. Read some Dave Ramsey. He has the total opposite point of view on using debt to get rich.

After that I would check out Suze Orman or David Bach.

I love David Bach, but I would avoid his "Green" book and only read one of his. His books are basically exactly the same. I would read either "Automatic Millionaire" or "Start Late, Finish Rich"

[Car Insurance Guy]

Kiyosaki communicates a mindset to me, more than specific advice. I like that. Sure it should be considered carefully - especially his real estate advice. i.e. I wouldn't go out an buy a house after reading RDPD. Angio has a point.

Still, his general thrust is excellent. Yes, you can get rich saving 10% of your $60K salary over several decades - if you're disciplined. But succeeding in a business, even if it's a real estate, can be a quicker escape plan.

If you Google 'Early to Rise' there's some excellent daily tips in that vein. There are many other free resources out there, but ETR is one of the best I subscribe to.

I'm not where Kiyosaki is yet, but one of these days...

[Broken Arrow]

Kiyosaki has an entrepreneurial message that I think resonates well with those on the same wavelength, but the problem is, not everyone is or should be on that wavelength.

See, the problem is that some are simply looking for an easy way out, and reading Kiyosaki's book, without realizing the pitfalls of small business or real estate will, as Angio so aptly puts it, be on the express lane to bankruptcy.

In fact, some, like myself, actually PREFER the 9 to 5. I'm not saying I'd rather do that than be retired on some tropical island somewhere, but the so-called "rat race" is not the pariah that Kiyosaki makes it out to be either. Steady income with good benefits so you can have time for other things that you enjoy in life can be a beautiful thing, especially if you also happen to like that job or career.

For those with discipline, keen business sense, and an unquenchable pioneering spirit, Kiyosaki is preaching to the choir. In fact, they have probably advanced well beyond what Kiyosaki is preaching anyhow.

But for those who are not the entrepreneurial type-- and I'm of those and I don't think there's anything wrong with that-- Kiyosaki's deceptively simplistic message of supposed insider secrets from "Rich Dad" who can put you on the fast track to easy money by owning properties, precious metals, and small businesses can be very dangerous. Readers who follow his advice blindly are in for a rude awakening.

Honestly, if it was as easy as simply reading his book to be successful, we'd all be doing it by now.

That said, I don't completely dislike Kiyosaki. I do like the man and his parables can be entertaining if not inspiring at times.

[michaelo]

There is a scathing expose' of Robert Kiyosaki that is worth reading. Get the facts before you follow him. Even the "mindset" that many claim to have is proof of how far off he may be.

Do a search for "the truth about robert kiyosaki" and click on the link to John T. Reed's article. It is long and in-depth. Very eye-opening. In fact, after you read it, you may never think of RK the same way again.

Highly recommended.

Now to get off my sopabox! I also wanted to say that leaving the rat race is incredibly rewarding. It's not always easy, but the worst day working for myself is better than the best I ever had working for a boss.



~michaelo

[Broken Arrow]

Yeah, I've read Reed's scathing... er... rebuttal before. Scathing might be an understatement. I feel that it's almost an unfair depiction of Kiyosaki. For example, I don't see why having a failed wallet business is so bad? If anything, I think it actually lends Kiyosaki credibility, because it means that he's tried his hand at business before, and also knows first-hand what it means to have that business fail.

But in the end, I do agree with much of Reed's argument against Kiyosaki's books, and it elaborates in far more detail than I personally care to list.

I do try my best to be as objective as possible, but despite that, I don't believe that Kiyosaki is one of the best business voices to follow.... Which is a shame, because like I said, he does seem like a nice guy and I'm all for good people getting ahead in the world.

[Ryan_Taylor]

There's nothing wrong with the rat race for a lot of people. In many cases it's recommend. Some people just need structure and enjoy the corporate lifestyle.

For those wanting more and consider themselves a corporate misfit, you might want to consider something else

[m3racer]

The term "rat race" appears to be different for everybody. My definition is working to pay off debt and not having enough for an early and comfortable retirement. One of these days I'll be done with my student loan debt. For the record, I did not find his book that helpful. On a scale of 1-5 stars, I would give it 1 star.

[Ima saver]

I did not care for his book either.

[Ryan_Taylor]

The term "rat race" appears to be different for everybody. My definition is working to pay off debt and not having enough for an early and comfortable retirement. One of these days I'll be done with my student loan debt. For the record, I did not find his book that helpful. On a scale of 1-5 stars, I would give it 1 star.

My understanding of the term has always been synonymous with a JOB, but now that you mention it I guess it does have a much greater context.

[Gjowers]

My favorite personal finance book is Get Rich Slow by Tama McAleese. A great one for inspiration to save and live frugally is Affluenza.

[Christophercarl]

I've read a few of his books and I think he really oversimplifies how easy it is to make money in things like real estate. I agree with some of his main philosophy about having money work you, and that is what everyone is attempting to do when they invest. I would recommend reading some books like The Bogglehead's Guide To Investing, Think And Grow Rich, and The Intelligent Investor if you really want to learn about personal finance and getting the most out of career/life.

[Angio333]

My favorite personal finance book is Get Rich Slow by Tama McAleese. A great one for inspiration to save and live frugally is Affluenza.

I liked Tama McAleese's books and her radio show. However, I HATED her live class. I felt that all she basically did was say what was wrong with the investments instead of teaching what we should do.

Unfortunately, she passed away earlier this year.

[bjl584]

I think that the "rat race" is a state of mind. If you truly love what you do for a living and are passionate about it, then you most likely won't consider yourself to be part of the "rat race."