The Billfold Book Club: Rich Dad Poor Dad

 
Welcome to the inaugural session of the Billfold Book Club. As you may have guessed from an earlier post, we are going to read Rich Dad Poor Dad.

No, there’s no comma in that title. Yes, it drives me crazy too. There is, however an exclamation point at the end of the full title: Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That The Poor And Middle Class Do Not!

If you would like to read Rich Dad Poor Dad, there are numerous ways to find yourself a copy but I feel obliged to mention that Amazon Kindle copies are only $4.59 and Amazon paperback copies are $4.83.

I will be reading the 2011 edition, but you’re welcome to read any edition you want. I have also read the original and, AFAIK, there isn’t much difference between the two.

Yes, I first read Rich Dad Poor Dad as a child, along with all of the other books in my parents’ library. (The Prince of Tides was a doozy.) It did affect the way I thought about money. However, I was unable to implement a lot of Rich Dad’s ideas. Why? Well, we’ll have to read the book to find out.

Be prepared to discuss the book on Wednesday, May 28.

Not sure if you want to commit to this book club or this book? Here are three quotes that perfectly sum up the problematic, thoughtful, infuriating nature of Rich Dad Poor Dad:

The poor and the middle class work for money. The rich have money work for them.

If the fear of not having enough money arises, instead of immediately running out to get a job, they instead might ask themselves this question: “Will a job be the best solution to this fear over the long run?” In my opinion, the answer is no. A job is really a short-term solution to a long-term problem.

Soon there will be such a horrifying gap between the rich and the poor that chaos will break out and another great civilization will collapse.

You’re in? You’re so in. See you in a few weeks.

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22 Comments / Post A Comment

ThatJenn (#916)

Oh yay! My local library has it for me to check out via Kindle so I now have it ready to read. I like this idea – this is exactly the community where I’d want to discuss a book like this.

HelloTheFuture (#5,275)

@ThatJenn We are going to tear this book apart and ask it “why aren’t we rich, RICH DAD? Could it be that you have some good ideas but also that life is complex????”

ThatJenn (#916)

@HelloTheFuture YES. This is what I am most excited about! I already semi-snark-read personal finance books but don’t have anyone in my life who really wants to talk about them in this kind of light… except my beloved fellow Billfold commenters. COME AT ME, RICH DAD.

Allison (#4,509)

I think there’s a copy sitting around my parents’ house, and I would love to see what’s in there that my parents did/did not teach me. But I also think I might start bleeding from the eyeballs if it’s too much of that networking stuff.

HelloTheFuture (#5,275)

@Allison There’s a bit of networking and A LOT of “start a business that someone else can run and earn passive income!” That is, in fact, the way to be rich.

EvanDeSimone (#2,101)

@HelloTheFuture @Allison Spoiler alert, it is super helpful to already be rich.

birdofparadise (#6,109)

@Allison Pretty sure my parents have a copy around too! I’ll have to take a look because I’d really like to join the book club without actually purchasing the book…

Aconite (#6,401)

Looking forward to this. I read Rich Dad a couple of years ago and concluded that while I do indeed believe strongly in generating income independently of employment, if I had to actually sit next to Robert Kiyosaki at a dinner party I’d probably end up tearing my own arse and face off in rage.

HelloTheFuture (#5,275)

I just saw the pic that The Billfold added at the bottom of the post and am literally LOLling because it is the description of a pyramid scheme.

HA I watched a really terrible YouTube video to get that screenshot last night.

ThatJenn (#916)

@Meaghan O’Connell You do so much for the love of us.

EvanDeSimone (#2,101)

I forgot that part where this book ominously forecasts class warfare. I am definitely in for a reread!

Marille (#5,933)

@EvanDeSimone The real lesson of “Rich Dad Poor Dad” is to lead the proletariat uprising, so you can execute the traitorous rich and loot their decadent homes for the good of the collective!

Or maybe I just didn’t understand the book.

EvanDeSimone (#2,101)

@Marille I know the Billfold is just a front for the overthrow of the aristocracy, but I don’t think we’re supposed to talk about it in the comments.

I am so in. Occupy Rich Dad Poor Dad!

szajic (#1,811)

I’d take part, but I’m afraid I’d throw my Kindle out the window in rage if I attempted to read this book.

I can’t believe he’s still out there advocating that people buy gold; I can’t believe that he’s still out there after his company went bankrupt.

His key advice always seemed to me: speculate (in gold, the markets, real estate, etc.) and hope you get lucky.

HelloTheFuture (#5,275)

@szajic Remember, in the opening chapter he writes that it’s okay if your company goes bankrupt. It means you took a risk — a risk at BEING RICH. Poor and middle class people never take those risks!

(I totally shouldn’t spoil the whole book right here.)

szajic (#1,811)

@HelloTheFuture I guess one way of looking at it is that he’s teaching the Prosperity Gospel, minus the God stuff. Put your faith in being rich, and you will be rewarded with being rich.

HelloTheFuture (#5,275)

@szajic Is this like The Secret? I don’t think I’ve heard the term “Prosperity Gospel” before.

Poubelle (#2,186)

@HelloTheFuture Honestly, kind of? The idea is basically that if you pray hard enough, God will make you rich. Having lots of earthly, material goods and money is a sign that God loves/blesses you. Mostly advocated by televangelists over the years.

Obviously, there are problems when you try to line up Prosperity Gospel with Actual Gospel.

HelloTheFuture (#5,275)

@Poubelle “Blessed are the poor in spirit.” It’s a loophole.

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