Rich Dad's Guide to Becoming Rich...Without Cutting Up Your Credit Cards review

Paperback: 88 pages

Publisher: Warner Business Books (December 2003)

Language: English

ISBN-10: 0446697524

ISBN-13: 978-0446697521

This book focuses more than financial literacy rather than the know-hows to be rich. Kiyosaki mentions that there are many ways one person can be rich. The key issue is the 'price of getting rich'. There can be a lot more sacrifices involved when one becomes rich by being stingy than being poor and enjoying life. The price of being rich is not measured in money terms but rather in time.

The book elaborates on the "prices" of the following:

1. Of being cheap
2. Of making a mistake – always see this as a stepping stone to learn
3. Of education – focus more on financial than academic education as "bankers ask not for report cards but financial statements". Of course, ignorance is worse.
4. Of change – "Change is the only constant in life" and we should use it to our advantage.

Kiyosaki, with focus on education mentioned that there are 2 sides of the coin in everything – Newton's Law e.g. to be a good policeman, one must learn to be a good crook. Understanding all facets are important to financial education. We cannot be "financial losers who cannot afford to lose".

Last but not least, not all debts are bad and we should make use of debts to our advantage.