He's the one who teaches about Rich Dad and Poor Dads. I am watching his seminar on PBS now. In essence, here are the main points:
1. Balance sheet
I
--
X
A | L
- Income vs. Expenses
- Assets vs. Liability
The goal is increase the Asset.
2. Assets have three types:
a) Business
b) Paper assets
c) Real Estate
3. Four types (quadrants) of peoples judging by how they manage money:
E | B
--+--
S | I
a) Employees
b) Business
c) Self-employed
d) Investor
The goal is to move from left to the right half. Example, Bill Gates, Dell are Business people; Robert himself is Investor (invest land without having any money???).
In general, I'm skeptical that there is a formular to richness. Basically it's the old song.
1 comment:
Here are the top USA TODAY best-selling Money books based on sales data collected from Jan. 1 through Dec. 5, 2004:
1. Rich Dad, Poor Dad by Robert T. Kiyosaki with Sharon L. Lechter (Warner Business Books, $15.95). Worldwide, more than 10 million copies are in print of this book about financial literacy at a young age. It was originally self-published in April 1997; Warner published it in mid-2000.
Rich Dad, Poor Dad by Robert T. Kiyosaki with Sharon L. Lechter.
Kiyosaki and Lechter have written 12 Rich Dad books; there are another seven in the spinoff Rich Dad's Advisors series.
2. The Automatic Millionaire by David Bach (Broadway, $19.95). There are more than 750,000 copies in print of Bach's fifth book. Note: Start Late, Finish Rich comes out in early January, along with The Automatic MillionaireWorkbook.
His philosophy: "The one way to create lasting financial change that will help you build real wealth over time is to make your financial plan automatic."
3. Good to Great: Why Some Companies Make the Leap ... and Others Don't by Jim Collins (HarperBusiness, $27.50). This book, first published in 2001, examines why 11 companies went from good to great. From the opening: "Good is the enemy of great. And that is one of the key reasons why we have so little that becomes great."
4. Who Moved My Cheese? by Spencer Johnson (Putnam, $19.95). This 95-page parable is about four characters — Sniff and Scurry, Hem and Haw — who must deal with change at work and in life.
The book was the No. 1 Money best-selling book in 2000, 2001 and 2002.
5. Trump: How to Get Rich by Donald J. Trump and Meredith McIver (Random House, $21.95). Business knowledge from real estate tycoon and star of The Apprentice.
Trump quotes his mother, Mary Trump, as giving him the best advice of all: "Trust in God, and be true to yourself."
6. The 7 Habits of Highly Effective People by Stephen R. Covey (Fireside/S&S, $14). This steady best seller, first published in 1989, tells how to get your life priorities straight for success: "Habits are powerful factors in our lives. Because they are consistent, often unconscious patterns, they constantly, daily, express our character and produce our effectiveness ... or ineffectiveness."
Covey published The 8th Habit this year.
7Now, Discover Your Strengths by Marcus Buckingham, Donald O. Clifton (Simon & Schuster, $26). The Gallup Organization asked more than 1.7 million employees in 101 companies if they thought work provided the "opportunity to do what I do best." The answer: Only 20% said their strengths are in play at work. The conclusion: Most of us fail to build our lives around our strengths and talents.
8. The Present by Spencer Johnson (Doubleday, $19.95). This slim 109-page book tells the story of a young man in search of a gift that reveals how to be happy and successful at work and in life.
9. Trump: The Art of the Deal by Donald J. Trump and Tony Schwartz (Warner Books, $6.99). Trump's TV stardom (The Apprentice) stirred sales of this 1987 book. From the book: "I like making deals, preferably big deals. That's how I get my kicks."
10. Smart Couples Finish Rich by David Bach (Broadway, $14.95). Bach's second book has about 500,000 paperbacks in print. The main message: Get on the same page early and move ahead as a team. From the book: "The reality is that investing is a blast when you know exactly what to do and how to do it."
Rest of the best:
11. The 8th Habit by Stephen R. Covey (Free Press, $26). Find your voice, and inspire others to find theirs; follow-up to The 7 Habits of Highly Effective People.
12. Fish!: A Remarkable Way to Boost Morale and Improve Results by Stephen C. Lundin, Harry Paul, John Christensen (Hyperion, $19.95). The business tale revolves around Pike's Fish Place in Seattle.
13. The Ernst & Young Tax Guide 2004 by Ernst & Young LLP (Wiley, $16.95). Tax forms and revisions in tax law.
14. Execution by Larry Bossidy, Ram Charan, Charles Burck (Crown, $27.50). Subtitle: The Discipline of Getting Things Done.
15. Trump: Think Like a Billionaire by Donald J. Trump and Meredith McIver (Random House, $21.95). Subtitle: Everything You Need to Know About Success, Real Estate, and Life.
16. J.K. Lasser's Your Income Tax 2004 by the J.K. Lasser Institute (Wiley, $16.95). Updated annual tax guide.
17. How Full is Your Bucket? by Tom Rath and Donald O. Clifton (Gallup Press, $19.95). Subtitle: Positive Strategies For Work and Life.
18. What Color Is Your Parachute? 2004 by Richard Nelson Bolles (Ten Speed Press, $17.95). The annual job-hunting guide, updated and revised.
19. Smart Women Finish Rich by David Bach (Broadway, $14.95). How women can take control of their financial future.
20. Nice Girls Don't Get the Corner Office by Lois P. Frankel (Warner Business, $19.95). Subtitle: Unconscious Mistakes Women Make That Sabotage Their Careers.
21. The Five Dysfunctions of a Team: A Leadership Fable by Patrick M. Lencioni (Jossey-Bass, $22.95). The fable aims to illuminate why even the best teams often struggle.
22. Carolyn 101 by Carolyn Kepcher with Stephen Fenichell (Fireside, $21.95). Subtitle: Business Lessons from The Apprentice's Straight Shooter.
23. Confronting Reality by Larry Bossidy, Ram Charan (Crown Business, $27.50). Subtitle: Doing What Matters to Get Things Right.
24. The One Minute Manager by Kenneth Blanchard, Spencer Johnson (Berkley, $12.95). How to get more done in less time.
25. We Got Fired! by Harvey Mackay (Ballantine, $23.95). Lessons for those who want their career to flourish from folks who survived being fired.
26. The Finish Rich Workbook by David Bach (Broadway, $14.95). How to get a grip on your financial life.
27. Rich Dad's Who Took My Money? by Robert T. Kiyosaki with Sharon L. Lechter (Warner Business Books, $16.95). How to take control of your finances.
28. The Consumer Reports Buying Guide 2004 by Editors of Consumer Reports (Consumer Reports, $9.99). Brand-name ratings (for home entertainment, lawn and yard, kitchen, laundry, autos, home office, etc.) and buying advice, plus articles and data on reliability from consumers' viewpoints.
29. The Total Money Makeover by Dave Ramsey (Thomas Nelson, $24.99). Subtitle: A Proven Plan for Financial Fitness.
30. The Tipping Point by Malcolm Gladwell (Back Bay Books, $14.95). Tells how ideas, products, messages and behaviors spread.
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