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Rich Dad's Prophecy
Sometimes
your greatest opportunities come at the greatest times of crisis. And for those
that have positioned themselves well, it’s not just surviving disaster but
rather achieving financial independence and wealth. In Rich Dad’s
Prophecy, author Robert Kiyosaki tells how his rich dad foresaw sharp declines
of the stock market and upheaval of corporations and their 401K retirement
plans. More importantly, he believes one of the biggest stock market crashes in
history is yet to come and that it will wipe out the retirement savings of
millions of employees. But this is not something to fear. Rich Dad’s
Prophecy reveals not only the best ways to safeguard wealth but how to actually
prosper from the events to come. The fears, dreams and actions of the baby
boomers will control our economic future. You should consider building your own
personal financial ark to stay afloat in the turbulent waters ahead. In Rich
Dad’s Prophecy, you’ll discover rich dad’s favorite investments
including tax-free funds that earn over 7 percent and more. A must-read for
those who want to maintain and grow their wealth in the coming
years.
Author: Robert T. Kiyosaki with Sharon L. Lechter, CPA
ISBN:
0446690341
Buy Rich
Dad's Prophecy
Synopsis
Just a few years from now
the vast majority of "baby boomers" will be on the verge of retirement - and
looking to cash in on their retirement plans. This will be a major drain on
cash reserves for which no-one is ready and there's every chance that peoples'
lifelong savings will dramatically lose their value. Sensing this financial
crisis is in the offing, Kiyosaki and Lechter provide a detailed financial plan
to help forward-thinking people prepare for the worst - and they urge that
everyone must start planning NOW! They cover a variety of alternative ways of
generating wealth through other forms of investment, including real estate,
self-employment and investing in companies.
Beware 2016! -- Good
Financial Education for New Investors, June 14, 2004
Reviewer: Donald
Mitchell from a happy Patriots fan in Boston
Before commenting on the
book's message and argument, let me discuss its communications style. There is
a great on-going debate about whether the details that Mr. Kiyosaki presents
about himself and his "Rich" and his "Poor" (and biological) Dad are literally
true. I don't know, and I don't intend to try to find out. For my purposes, I
treat the communications style of this book as a fable to help teach a lesson.
I do evaluate the accuracy of the lesson itself in these comments.
If
you've read some of the Rich Dad, Poor Dad books before, the main new
information in this book is an explanation of why stock market investing with
pension money is a dangerous way to grow your "wealth." In addition to being at
risk from con men, thieves, incompetents, brokerage houses and market
volatility, you face the ticking time bomb of a growing number of U. S.
investors being legally required to liquidate their holdings beginning at age
70 1/2. As the Baby Boom generation turns 70 1/2 beginning in 2016, the selling
moves from being a trickle into being a torrent that overwhelms new funds into
the market at some point . . . followed by an inevitable collapse in stock
values. If you want a more detailed, confirming discussion of this issue, the
book, What If Boomers Can't Retire?, is a good choice. Harry S. Dent, Jr.'s
demographic books also look at this issue. If you already believe in the
messages of the earlier books, you could skip this one . . . especially if you
have already decided to avoid or minimize stock-market investments.
If
you have read none of the Rich Dad, Poor Dad series, I suggest that you start
with Rich Dad, Poor Dad before tackling this one. You'll understand this book
better if you do. The other problem with traditional defined contribution
pension investing (usually by 401-k plans), of course, is that a pension fund
contribution takes lots of cash out of your pocket (unless the employer
matching is very generous -- way more than 2:1) to put some money into the
retirement account. So you face the possibility of being much poorer in cash
flow while you save for retirement investing and poorer when you cash out of
the investment after you pay the taxes on what you take back in what could be
smaller values. Imagine if you had had to start withdrawing from your pension
fund in 1929. That's one nice illustration that I enjoyed in the book.
Possibly, the same could occur after 2016. Who knows?
The second half
of the book advises you on how to build a financial ark against hard times by
relying on building cash-generating businesses and investments (such as rental
properties) after you achieve your financial education (which you didn't learn
in school, even if you got a business degree from most schools). You are
encouraged to start small and develop various kinds of control over your
emotions, advisors and actions. It's all sound advice. My only complaint is
that people who are going to start making real estate investments and building
cash-generating businesses need a lot more information than is here. I graded
the book down one star, accordingly. The first half of the book could have been
shortened up quite a bit, but for those who are unaware of the demographic time
bomb's potential effect on their investments, it may help to get the story in
small doses.
The surprise for a lot of people in this book is going to
be that what they hear every day from best-selling "authorities" about the
"right rules" of retirement investing could easily turn out to be wrong for
them. After you absorb and begin to apply these lessons, I suggest that you
think about where in your life the conventional wisdom led you down the wrong
path. Where else could that be happening to you now?
Employed or
Self Employed? - Financial Future SHOCKER!, August 26, 2003
Reviewer:
mysolutions from Surrey United Kingdom
This book has made me sit up and
think! I'm shocked! Millions of people depend on their plans for retirement
income. Yet, when programmes first became popular over two decades ago, Robert
Kyosaki's rich dad WARNED that these plans would cause one of the BIGGEST stock
market crashes in history... a crash that would financially destroy the
unprepared. Now rich dad's prophecy is coming true.
* How the fears,
dreams, and actions of millions of 'baby boomers' will control the economic
future... I understood from the book that although we had the NASDAQ exchange
record its biggest ever one-day fall, back in April, 2000, - the worst is still
yet to come! Read it NOW, or you'll regret it!
Buy Rich Dad's
Prophecy
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