I picked up Kiyosaki’s opus on the philosophy of personal finance at the suggestion of a friend who was getting into investing as a career. It seemed like my personal approach to financial management and investing was well aligned with Kiyosaki’s approach, so I was interested to see the details written out and formed into a cohesive program. I wanted to see the big picture of where the progressive, risk-tolerant, ever-optimistic investor paradigm was placed in the hierarchy of financial ideals. I expected the book to bring some meat to the table, backing up the aforementioned approach with some kind of statistical or analytical framework to justify the aversion to traditional investment strategies in favor of inventive dealing done outside the box. I did not find an analytical foundation, nor did I find anything meaningful outside of some common sense advice and a sales pitch for Kiyosaki’s line of financial education courses. I was conned, as is the goal with Kiyosaki and the type of investor he inspires and admires.
It took me a long time to make my way through this text. Each time I picked it up, fresh with promise, I ended up putting it down an hour later with a bad taste in my mouth and a sense of unconscious discomfort at knowing the point of view being pushed by Kiyosaki likely passes as wise, or at least not harmful, in many circles. The book is aimed at a specific selection of readers who are looking for something to validate their desire to gain wealth at all costs, often at the expense of others. Kiyosaki provides this validation by fulfilling every stereotype of a self-absorbed, morally-bankrupt, narrowly-focused ‘investor’. He takes a Trumpian view of wealth, something that could have been considered a positive approach previously, but is newly considered as the approach of a man that is all image and no substance. A con man who moves from one mark to the next, only a few steps ahead of the legal and moral backlash that typically follows this type of behavior, able to avoid repercussions due to a complete lack of self awareness or conscience keeping him moving forward.
Among the sage advice offered by Kiyosaki is the recommendation of joining a multi-level-marketing company, engaging in insider trading, taking advantage of anyone and everyone at every opportunity, underpaying your employees, setting up shell companies to avoid taxes, and every other kind of devious scheme that would be considered morally reprehensible if it is done by someone who isn’t seemingly wealthy and successful. Of course, there are a few good points as well. Investing in IPOs, defining assets as only the things that can generate income, teaching yourself about finance and the legal framework of taxation, having a diverse mix of investments, are all good points of advice and earn this text the single star it received. The balance of good to bad advice is almost comical however, Kiyosaki just throws out random thoughts, many of them self-contradicting (do it yourself, but hire only the best experts, don’t pay them, but pay them well). I think that ultimately the reader can pick and choose what advice they want to get out of the book. The focus on optimism and positivity is also a good thing, within reason.
Overall I felt this book wasn’t worth the time it took to read it. If anything, it has shown me that Kiyosaki sees financial education as just another revenue stream. He constantly recommends his games, books, and courses. He gives just enough meaningful advice that the novice investor might be tempted to dig a bit deeper and buy the next book. Kiyosaki does a great job of being controversial enough to draw attention (your house is not an asset) then capitalizing on that attention by taking advantage of people who want to learn a meaningful financial strategy. He pulls the con off smoothly, without a hint of self awareness, like he has done this a million times before.
