Rich Dad Poor Dad. Which version should a get?

[Corey Caldwell]

Hello BP,

I have thoroughly enjoyed being apart of BiggerPockets and have gained so much information through this website.  Everyone has spoken very highly of Rich Dad Poor Dad and I would like to purchase a copy of it.  However, there seems too be many different copies out there.  Just curious which one anyone would suggest.  There is obviously the original and then the 2017 version.  I also read somewhere that you could accidentally order a pocket version of the book and I definitely don't want that one.  Any help would be greatly appreciated!

Corey Caldwell

[Erik W.]

@Corey Caldwell, hi and welcome.

Let me save you money (don't buy any Kyosaki books or materials) and time (don't bother reading the online version or listening to it).  Here goes:

1) Work smarter, not harder.

2) Don't buy liabilities that go down in value; buy assets that increase in value.

3) Don't work for someone else to make them rich (W-2 employee); work for your self (i.e. own a business).

4) Use other people's money to buy assets.

5) Get creative (some would say reckless) with deducting standard expenses as business expenses.  *my note: please consult a competent CPA before doing this

6) RAH RAH RAH, you can do this!

7) Please sign up for my $10,000 mentoring program.

That covers 90% of the material.  You're welcome.  ;-)

Kyosaki is not BAD per se.  A lot of people say he gave them the "inspiration" to get started and made them think in new ways.  Okay, that's fine.  But a lot of his book are "fluff".  Very high level, common sense advice couched in mostly fictional accounts of his "rich dad" giving him advice.  He later admitted this person was not a real person but was a composite loosely based on a couple of real people along with his own "creative" flourish.  Also, he never goes into specifics on HOW, WHEN, and WHY you should do things.  He just endlessly repeats them.  Watch a couple of his YouTube videos and you'll see what I mean.  He's also going to try to get you sign up for his "mentoring" which many reviewers have said is a little more fluffy with a lot more propaganda to buy the next level up of mentoring.  None of his ideas are revolutionary: they're just cutely packaged and mildly entertaining.

You can find a lot better, more-specific info and inspiration listening to podcasts on on BP.  No, they didn't pay me to say that.

If you want an in-depth critical review, check this article out: 

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

If all you need is inspiration, I recommend motivational speakers like Zig Ziglar, or finding a competent local investor who is highly successful.