Rich Dad's Who Took My Money?
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Why Slow Investors Lose and Fast Money Wins!
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From Booklist:
The eighth book in the Rich Dad series reveals the financial wisdom of the rich, which is neither taught in schools nor discussed in the popular financial press. The authors begin with an example of the Zen master-student relationship that Kiyosaki had with his Rich Dad mentor. Kiyosaki had made the mistake of many inexperienced investors and bought into a mutual fund he knew nothing about; his Rich Dad let him stay with the bad investment for months to learn the lesson of patience. Kiyosaki also learned that the common advice to "invest for the long term, buy, hold and diversify" is not really advice but actually a sales pitch, and it teaches very little about how to become a smart investor. The reason most people continue to choose mutual-fund investing is because it is so easy, and that is also why it is inherently risky. Kiyosaki and his coauthor emphasize investing in asset classes other than equities, such as a business venture, real estate, and paper assets like hedge funds and options. These approaches require more thought, education, and effort than does simply handing one's money over to a financial company and allowing a stranger to control it, but the risks are lower and the potential financial rewards can be much greater. Certain to be in demand at the circulation desk.
 Write a Review of Rich Dad's Who Took My Money?
 
LOLJPB, February 17, 2006
Reviewer: LOLJPB
General Content: If you’ve listened to any of Kiyosaki’s other books (e.g., Rich Dad, Poor Dad) you’ll be well prepared for much of the material in Who Took My Money? Kiyosaki offers a scathing view of the mutual fund and financial advisory industries. His opinion that mutual funds epitomize “slow money” and are actually quite risky investments is a bit extreme but not entirely without merit. While people have many opinions about Kiyosaki, one thing most would agree on is that he definitely makes you think.
One problem I had with this book is that it is heavy on style and light on substance. This is true of most of the books in the Rich Dad series. They are great if you’re looking for reasons to invest in real estate or to start your own business. However, they give you precious little advice as to how to actually embark on such activities. After a while, the “rah-rah session” for investing in real estate begins to wear a bit thin and you wish Kiyosaki would give some actual advice about how to buy your first property rather than just taking in generalities.
Overall, this isn’t a bad listen. If you’re frustrated by the performance of your mutual funds this book will probably push you to consider real estate as an investment vehicle. However, if you’re looking for a book that will teach you how to get started, you’ll need to look elsewhere.
Audio-Specific Content: I listened to the abridged version of this book on CD (3 CDs, 3 hours). The title was narrated by Jim Ward and was well done. The abridgement was actually a bit of a relief as I’m not sure I would have wanted to listen to any more reasons why mutual funds were bad and real estate was good. Having said that, it was an interesting listen and Sharon Lechter’s summaries at the end of each section proved a great way to review the material.
- Published:
2004
- LearnOutLoud.com Product ID:
R004779
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Audio CD |
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1586216511 |
9781586216511 |
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Cassette |
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1586216503 |
9781586216504 |
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Business
Wealth
Business
Investing & Finance
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