Criticism - Rich Dad, Poor Dad

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Criticism - Rich Dad, Poor Dad

Postby administrator » Wed Feb 04, 2009 11:56 pm

In my opinion, the book 'Rich Dad, Poor Dad' has had an undeserved success. It has sold two million copies in United States alone, is popular internationally, and is translated into many other languages. Actually, the entire text can be adequately summarized into less than a page, perhaps even a paragraph. A significant portion of the book is devoted to unfounded praise of real estate as an asset class, and the author indirectly advises the readers to buy real estate with leveraged money. While it is true that such a transaction leads to handsome gains when the housing prices rise even by a small percentage, several important factors viz. the associated risks, legal issues, costs, taxes and the long payback period are conveniently ignored. A person acting on such advice stands a high chance of incurring a serious financial loss.

The author tries to build credibility by writing about his upbringing and personal life experiences, which are arguably fictional. His repeated attacks at the government and education could be insulting at times. To be employed and skilled in a specialized, niche area can be a personal choice, which must be respected.

The author also cites examples of how business owners can finance their personal luxuries with the 'pre-tax' business funds, when such an act is not only illegal but also unprofessional and unethical.

Despite these shortcomings, the book is a captivating and interesting read. As the author explains in one of the interviews, it is a best selling book and not the best book written on the subject of money.

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