Rich Dad's Increase Your Financial IQ: Get Smarter With Your Money (2008) - Plot & Excerpts
I enjoy Kioysaki's writing and his perspective, though I admittedly don't agree with him on every point. I think he makes some key points.This particular book focuses significantly on the five key points of financial intelligence, as Kiyosaki sees them. They are:1. Making more money2. Protecting your money3. Budgeting your money4. Leveraging your money5. Improving your financial informationHe points out that most people are (relatively) strong in IQ #1 - they know how to work hard, etc. However, they/we tend to think inside the box and focus on paychecks rather than building and expanding on that.IQ #2, protection, focuses on all of the things that seek to "take" your money. Taxes are one, but so are businesses, family, and brokers/salespeople. Some of these are more obvious than others. I think he has a good point on politics - he states that one party taxes and spends while the other borrows and spends, and neither is a good plan - and makes some interesting points I hadn't considered regarding brokers and businesses.IQ #3, budgeting, you might think would be the whole, lay out your plan for your money and spend within your means. Unless, of course, you've read anything by him before (or really even the first few chapters). This chapter really resounded with me in terms of "finding" the money you want to spend by producing/purchasing an asset to create it. Probably one of the biggest "ah ha!" points for me in this book.IQ #4 discusses that old standby, OPM, or "other people's money," and how to best utilize it. I'm not a big borrower - I first read "Rich Dad, Poor Dad," because Dave Ramsey, get-out-of-debt-extraordinaire, recommended it, but I do think he makes some good points. I also like his discussion on fear.IQ #5 is probably my favorite, simply because I'm a voracious reader (surprise) and love to learn. He makes some great points on the educational system which I agree with, having studied it from other perspectives (and being an 'A' student).Overall, a good book. A lot of repetition of what Kiyosaki teaches from previous books, but that's one way of learning it, and I enjoyed it. It stretched my mind and broadened my horizons.
Most all of the financial advice I have received or read or heard was "work hard, save money, get out of debt, live below your means, and invest in a well-diversified portfolio of mutual funds". This book is about Robert Kiyosaki calling bullshit on this. He says this is obsolete advice ever since the U.S. took the dollar off of the gold standard and when employees were forced into being investors of their retirement accounts.He goes through 5 financial IQs...making more money, protecting your money, budgeting your money, leveraging your money, and improving your financial information.A lot of the book feels like a real estate investing class sales pitch, but if he is right about the part of the U.S. just continuing to print more money on demand whenever it's needed then a lot of people are going to be in a world of hurt at some point in the future. It has a hint of conspiracy theory, but then again, the government hasn't had the best tract record of handling money.He wraps the book up with talking about the left, right, and subconscious brain and how that relates to finances and wealth.It's a short book with some pieces of good advice sprinkled in around preparation to be a landlord.
What do You think about Rich Dad's Increase Your Financial IQ: Get Smarter With Your Money (2008)?
After reading the book, originally gave this book a 3, as it is not really telling you anything, but the vague concept seemed ok. Now that I have been to one of Rich Dad Educations training offerings, I felt the need to change my rating to 1 (I would give a negative rating if I could). The training experience prompted me to do further digging. I strongly warn people that this book is fiction (there was no rich dad and Kiyosaki never served in the military). This book and all of the others in his series are simply marketing propaganda to you into their training courses, where they give you very little information that is outdated and nearly impossible to do, assuring you that if you purchase the next training, you will learn more, and this goes on and on. It is really more of an MLM for the company Legacy Training Alliance. I watched them prey on the uneducated and desperate, using unethical psychological marketing tactics. The concept they are teaching could work, but it is exceedingly risky and could do a lot of damage to people following the method who are not disciplined... which is their customer base.
—Tammy
A book that breaks down the typical unknown concepts of the financial world, translates it for those who normally talk "deer-in-headlights" language, and gives out an idea of the world that you could be missing. One usually reads "Financial" and throws the book over the shoulder, perhaps even fall asleep. "I don't care about it. I study hard. I've got a master's degree.""I'm not stupid, I will pay my debts on time."This book is not only for rich entrepreneurs. The average people who keep working for average wages and getting average lifestyles will stay in between the average-everything, because they've got an average thinking. What really got my attention was the emphasis in "Lose your fear of losing." When I read this, it sounded so logical, simple and pretty interesting. I said to myself "Wait, isn't that the way things work around here?" How could we end up giving out debts like crazy? How could we become so dependent?Suggests good habits, creative thinking, putting on practice to learn faster; prompts anyone to start a new life.Being poor is not to be justified, and being rich is not a sin.
—Ana
My Audible Review:"Life is a Learning Adventure"I definitely had to take notes while listening to this one! I really enjoyed the strategies that Robert shares, such as the three piggy bank technique for saving, investing, and tithing. If you have read any of Robert's books, you should definitely add this one to your library. You will learn what true intelligence is and gain a lot of knowledge about protecting, budgeting, leveraging, and making more money! If you really want to increase your financial IQ, this book is a must!
—Kimberly
