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Highest Echelon

A personal finance blog. Paying for my University, life and eventually achieving financial freedom.

Thoughts On Kiyosaki's Rich Dad Poor Dad

Tuesday, October 24, 2006

I'm about a third through Kiyosaki's Rich Dad Poor Dad on audiobook. While my opinion of Kiyosaki hasn't changed yet, I agree with some of the things he proposes.

Kiyosaki defines an asset as something that puts money in your pocket and a liability as something that takes money out of your pocket. I'll buy that. I know that there is much confusion with assets with liabilities.

He also suggests that people that want to become rich should buy assets that make money. He mainly proposes stocks, bonds, and mutual funds. I would also consider antiques, art, intellectual property, and education.

I'll post again in a few cassettes.
posted by johnwilkx, 1:06 PM

2 Comments:

I wish I could simply change the definitions of words I don't like, like Kiyosaki does. An asset is something you own (that has monetary value) and a liability is something you owe. The definitions have nothing to do with cash flow generated.
Kiyosaki is more of a motivator for me than an a mentor.

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