Title and Author: Who Took My Money by Robert T. Kiyosaki
Synopsis of Content:
This book is by the author of a series of popular wealth books beginning with Rich Dad, Poor Dad in 1997. The author’s goal is to teach people the fundamental principles of successful wealth building. In this book Kiyosaki concentrates on investment.
In Part I he asks the question “What Should I Invest In” from the perspective of a number of financial viewpoints including ranchers, tax advisors, bankers, gamblers, etc.
In addition to the insights provided by Kiyosaki you will find notes from his co-author, Sharon L. Lechter, CPA. Lechter co-authors many of Kiyosaki’s books and provides some hard core financial advice to beef up some of Kiyosaki’s more general principles.
This book contains some redundancy but as a self styled educator Kiyosaki would undoubtedly argue that repetition is essential to education and I cannot disagree. Since many readers only peruse a book once rather than studying it over time the repetition may be a strong point.
There are generally two major schools of thought for average investors: either invest gradually and steadily over time and use the power of long term investing to build wealth or invest with greater risk but greater return using more complex investment methods. Kiyosaki falls in the second group. He belittles dollar cost averaging and so called “slow investing” and heralds “fast money”. As you might guess this bears some caution. People do make large amounts of money quickly in various markets but never without a higher level of risk. Kiyosaki, who brags about his personal financial failures and bankruptcy, argues that the greater risk is worth it and too much caution means too little return. In this regard one must always weigh his advice carefully.
A caution: neither author is a certified financial advisor. They do not provide independent verification of their skill level in investments or of their own personal performance.
As with all his books this one is written reasonably well and is easy to follow. He uses real life illustrations and easy to understand arithmetic to demonstrate the numbers.
Notes on Author:
Robert Kiyosaki and Sharon Lechter are authors who have teamed up on a number of books about investing and building wealth. Their books are aimed at the novice, someone who needs to learn the basics about how wealth is created.
Who Took My Money by Robert T. Kiyosaki with Sharon L. Lechter, CPA. Copyright 2004 by Robert T. Kiyosaki with Sharon L. Lechter. Published by Time Warner Books.
Rating for this Book
Overall Rating for Book: Good
Writing Style: Easy to follow.
Usefulness: Useful as a primer on investing.