We should probably have a sticky on Kiyosaki because this comes up about once per month.
Anwyay I largely agree with what John Ross (author of
Uninteded Consequences)
wrote about Rich Dad, Poor Dad:
"To my mind, Kiyosaki makes exactly one good point, and this is it: Look at everything you own. Which of these things are truly assets? If they are valuable but cost a lot to maintain and bring in no income (like a large residence with a big mortgage), they may not really be assets. If they are depreciating (like an expensive car) and also cost money in taxes, maintenance, and debt service, they are definitely not assets. Real assets appreciate and/or throw off income without draining your cash. Work on building your list of real assets and reducing your list of things that drain cash. Sound enough advice, but some of us figured this out by the time we were old enough to shave.
That’s Kiyosaki’s one good point, and would have made a good one-page magazine article. He’s flogged it for over a dozen books (so far) and cult status. There’s nothing wrong with that; it’s a free country and people keep buying his stuff with their own money. I would not normally devote time to discussing a book I didn’t find useful, but two things stand out about RDPD: A lot of people are reading it, and it contains some very dangerous advice. Some of the things he advises readers to do are flat illegal. Some advice makes claims about the tax code and securities laws that are wrong. Other advice uses meaningless feel-good sayings that encourage fiscally irresponsible behavior."
I'll add that Kiyosaki has also brought about the understanding of how a corporation shields one's personal assets from lawsuits, loss, etc. I think there was value in spreading that. Beyond this thought there's not much other value in his books. Many of the books are just re-hashing the same info, often in an unstructured way with new matrices, graphs, etc. He's also light on the nitty gritty "how to."
Also I think John T Reed does a great job criticizing Kiyosaki but gets a bit personal in his critique. Nonetheless his website is a good read after you've read RDPD.