Rich Dad’s Conspiracy of the Rich–My Honest Book Review

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Do you know the 8 new rules of money?

Do you think that the rich have some sort of “conspiracy” against the middle class and poor–in other words, ways to make themselves richer at the expense of the middle class and poor?

If the answer to the first question is no and the answer to the second is yes, then I think you should definitely read this post. I must admit that before I read this book, I did not know the 8 new rules of money (heck, I didn’t know any rules) and I certainly did think that the odds were “stacked” against me becoming rich.

After reading this book, I have a much clearer understanding of why the rich get richer and the poor and middle class get poorer. It comes down to thisthe rich are keenly aware of and play by the new rules of money (they have the financial intelligence to do so) while the poor and middle class lack the financial intelligence and thus are unable to do so.

 

 Here is  my critique and personal thoughts about  Rich Dad’s Conspiracy of the Rich- The 8 New Rules of Money, written by Robert T. Kiyosaki.

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Brief History Regarding the History of Money

Before I discuss some of Robert’s 8 rules of money, I think it is important that you have a basic understanding about the history of money. Prior to 1971, the US dollar was a derivative of gold, meaning that the dollar was worth a certain amount in gold. Once President Nixon took the US dollar off the gold standard in 1971, the US dollar is now a derivative of debt.  Basically this means that  the US government can now print money in unlimited amounts to keep the economy afloat. Today, the US dollar is backed by nothing but the good faith and credit of the US government. In other words, the US will no longer redeem dollars for gold.  As long as the rest of the world continues to accept our debt as payment for their goods and services, all will be fine. If however, the rest of the world stops accepting the US dollar, our economy as well as the world economy will be in serious trouble.

I don’t know about you, but I want to prepare myself just in case the value of the US dollar falls to zero. I just cannot sit around and hope and pray that everything will be all right without taking some action. If you feel the same way, then it’s time for you to discover what   the 8 new rules of money are.

 8rules pix2.jpg (2)The 3 Most Important Rules of Money (to me)

1. Money is knowledgeRobert states that it is possible to lose money in business, real estate, stocks, and gold. However, having the right knowledge (financial intelligence), can make you rich, while having the wrong knowledge or lack of it can make you poor. The more you make a concerted effort to increase your financial intelligence, the better off you’ll be.

2. Learn how to control cash flowNow that the US dollar is based on debt, our economy flourishes as long as we stay in debt. Problem is that many people are in financial trouble because they have too much debt. Too much money is flowing out and hardly any money is flowing in. In order to be financially secure, you have to take control of your cash flow–find a way to have more money flowing into your pocket than out.

3. The need for speedOver time, money has evolved from simple barter to digital money as the world’s financial system has picked up speed.  If you are slow, you will get left behind. While the average person makes money by the hour, day, or month, a person with above average financial intelligence is capable of making money 24/7 (even while asleep). In this case, money is made by the second.

Conclusion:  Is Rich Dad’s Conspiracy of the Rich Worth Reading?

Without a doubt YES.  I think it gives great insight into why many people are having financial difficulties.  I also liked the way Robert allowed people to provide online feedback on each chapter he wrote .  He received many feedback comments such as:

  •  That formal education basically teaches one to take care of a company (as an employee) rather than create a company (as a business owner)
  •  If you don’t know the rules of money, you’ll always end up losing the game
  • Creating passive income is important, because if you are unable to work due to illness, you would be forced to use your savings

This just demonstrates how many people are not as financially stable and savvy as they could be and they need to prepare themselves for the bad times that may come in the future.

 

Are You Satisfied With Your Financial Life?

Robert suggested that people do a self-examination of where they are today in regards to their financial status by asking questions, such as:

  1. Are you earning money 8 hours a day or 24/7?
  2. If you stop working, will money continue to come in?
  3. Do you have multiple sources of income?

I asked myself these questions, and honestly, I am not happy where I am financially.  Reading this book has made me realize that I still have a lot of work to do in regards to getting my financial house in order. For instance, my investments are more in mutual funds (capital gains) than in cash flow.  To date, I have one affiliate marketing opportunity  that provides me a monthly cash flow (it’s less than $100, but I have the potential to make much more with a little hard work and persistence, lol)  I am also working on investing in precious metals such as gold.  For those of you who are also interested in investing in gold (at affordable prices), click here for more information.

It is my sincere hope that after reading this review, you be honest with yourself if your self-examination reveals that your financial house has some “holes”  and needs repair.  Whatever action you do decide to take, don’t procrastinate. The faster you get started making the changes you need to make, the better off you will be.  Please feel free to comment on what I have written; I’m a firm believer that further discussion about Robert’s book will be helpful to all.

Deidre

 

 

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8 thoughts on “Rich Dad’s Conspiracy of the Rich–My Honest Book Review

  1. Hi Deidre,

    Thank you for this insightful post on Robert’s book. I have always loved his books and have been reading them for more than 20 years though I have not read this one.

    After reading you views here I am tempted to get it and read it. I have to agree with you about getting our financial house in order. Some of us Internet Marketers work hard at our craft but success sometimes seems slow and distant. It is not as you know for the faint hearted but for those who will endure to the end…lol…Thanks you for taking the time to share this short insightful review of the book.

    Lylette

    • Deidre says:

      Hi Lylette,
      I’m glad that you are considering getting this book. I think you will enjoy it and it will help you get an understanding
      of why the rich get richer and the poor and middle class do not. Thank you for reading my post.

      Deidre

  2. Great post! This book seems like a good stepping stone for someone who is trying to gain financial intelligence. Because I decided to start a business about half a year ago, I also chose to enroll in school for accounting and finance. I know the importance of a strong financial background thanks to books like these. I’ve read many business and finance books and this is one I’m adding to my reading list because the amount of knowledge a person can gain is infinite .

    Thank you for the review

    ~Crisaly

  3. I’ve had this book on my shelf for a while now and it’s been in my reading list but I just haven’t had the time lately.. I’ll have to make time after reading your recommendation! The point about losing in the game of making money if you don’t know the rules is a good one, reminds me that I seriously need to do a bit of self examination like you said… Thanks for the reminder that this stuff is important and procrastination is not serving us at all!

    • Deidre says:

      Hi Jolie,
      I’ve also read this book a long time ago, and I had to reread it a second time in order to give a thorough review. I actually enjoyed reading it a second time as I picked up some main points that I missed the first time. The way in which the book is written is easy to follow and is a fast read. Thanks so much for commenting on my review, and I’m glad that you will read the book. I think you will enjoy it…

  4. I’ve always loved Robert T Kiyosaki and their books, they are very inspiring and suitable for anyone of age.
    It’s also how I got hooked up to creating my own business and I would recommend this book for anyone, especially those who wants to build their own brands. Great review Deidre!

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