Book Review: Rich Dad Poor Dad

Like us, you probably have had this book in your collection and have not picked it up in a while. That was our mistake! Today's economic conditions have proved Robert Kiyosaki's lessons which are explained in the book. For example, we bet Mr. Kiyosaki is no longer challenged on the idea of a house not being an asset.

If you do not have this book in your collection, or can't find it, we highly recommend you track down a copy. It contains many excellent suggestions that can be applied in building your plans.

In the book Mr. Kiyosaki explains important lessons he acquired in life. We list a few of these lessons below:

• A simple definition on an asset - assets put money in your pocket while liabilities take money from your pocket.
• The poor and the middle class work for money while the rich have money work for them.
• The main cause of poverty or financial struggle is fear and ignorance, not the economy or the government or the rich.
• Rich people acquire assets while the poor and middle class acquire liabilities, but they think they are assets.
• The rich focus on their asset columns while every one else focuses on their income statements.
• Keep your expenses low, reduce your liabilities and diligently build a base of solid assets.
• The No. 1 expense for most people is taxes. Many people think it's income tax, but for most Americans their highest tax is Social Security.
• Build your financial literacy, also called your financial IQ.

Mr Kiyosaki closes Rich Dad, Poor Dad with "Take Action!" We agree! Read this book and begin your Solid Planning today!

Kiyosaki, R. Rich Dad Poor Dad. New York: Warner Books, (2000)

This is the third book review of our planned fifty two book reviews.