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Title: Rich Dad's Rich Kid, Smart Kid: Giving Your Children a Financial Headstart by Robert T./Lechter Kiyosaki ISBN: 0-446-67748-5 Publisher: Warner Books Pub. Date: 01 January, 2001 Format: Paperback Volumes: 1 List Price(USD): $15.95 |
Average Customer Rating: 3.71 (62 reviews)
Rating: 4
Summary: Carolyn's "Rich Kid Smart Kid" review
Comment: "Rich Kid Smart Kid" by Robert T. Kiyosaki attempts to give parents the skills necessary for providing thier children with financial freedom. The book is written in three parts. The first concentrates on financial and academic education, the second on steps for parents to take to educate their children, and the third is ways in which parents can find out how to best educate their children.
I found the book informative, but slightly repetitive. I understand there are certain points which he wanted to stress, however, I found myself rereading paragraphs in different chapters.
His description of the different types of genius and his desire for all children to learn according to their strengths was a hopeful message. He provided readers with specific ways in which to help their children gain power over money. The book would be especially helpful to parents of children who struggle in the traditional school subjects.
Overall, as a teenager, I was a bit overwhelmed by the ideas of the book. However, it did provide me with many ways to enhance my perception of money and my ability to have control over it.
Rating: 4
Summary: A Vague Directory to Financial Success
Comment: I truly enjoyed reading another one of the famous Rich Dad books. I am a senior in high school, and I had no clue where to find direction on how to avoid my parents (in debt) footsteps -- that is until I read Rich Dad, Poor Dad. Onto the next guide and more appropriate for my age, Rich Kid, Smart Kid taught me many valuable lessons, especially about taxes and the banking system. Kiyosaki's financial aid also helped me to understand that just because I am not a "numerical genious" doesn't mean I cannot be very successdul in the "real world" creating ideas from my more "genious" skills. The only flaw however, in Rich Kid, Smart Kid, was that it repeated much of what was said in Rich Dad, Poor Dad. As a teenager, I want to know more about how to avoid debt with the government and where money comes and goes. As Kiyosaki says, understanding how money works is the key to financial freedom. Overall, Rich Kid, Smart Kid is a great first step toward success in an ever-changing economy.
Rating: 5
Summary: Book Summary
Comment: Our current education system fails to adequately teach our children the financial skills necessary to survive later on in life. Robert Kiyosaki wrote Rich Kid, Smart Kid to fill those gaps. The fundamental premise of the book is that all children are born smart and rich. The goal of education is to bring out that natural genius within our children. Awakening this genius inside of us is a sure way to become happy. Therefore, being happy through realizing our innate potential is more fulfilling than being rich and unhappy. Rich Dad said, "If you are not happy while getting rich, chances are you will not be happy when you get rich. So whether you are rich or poor, make sure you are happy" (14).
The root of the current problem lies in America's transitioning from an Industrial society into an Information society. Kiyosaki explains the need for transitioning our thought, "In the Information Age, what you know becomes obsolete very quickly. What you learned is important, but not as important as how fast you can learn, change, and adapt to new information" (xi). These structural changes tangibly affect us regardless of whether or not we acknowledge them. Some of the problems facing tomorrow's youth include social security, healthcare, increased risk of obsolesce through increased specialization, and the need for lifelong education. Education must adjust with the times.
Currently, our education system teaches scholastic and professional skills. Scholastic education focuses on the ability to read, write, and do arithmetic. Professional education trains students for high-level careers later on in life. However, this Western brand of education fails our children in some crucial ways. Rich Dad said, "The child learns by doing, making mistakes, and then learning" (238). It's failure lies in its unconscious suppression of the innate genius within all of us, and by dismissing the role mistakes play in the learning process. This happens when our education system forces us to conform to what is only a partial definition of what intelligence is.
Financial education should be taught as soon as the child demonstrates some interest. While this may happen as early as five years old, more commonly a child's perceptions and self-identity is formulated between the ages of nine and fifteen. It is crucial to form the child's perception concerning money in a positive light during these ages. Encouraged by a famous Chicago-based study on learning, Kiyosaki believes, "...a parent's most important job is to monitor, guide, and protect a child's self-perception" (109). As a parent, the process begins by devising a "winning formula" for your children.
The formula Kiyosaki recommends should be tailored to each child based on their interests and which of the several types of genius they possess. Success requires having at least a winning formula for learning, for being a professional, and for financial success. We must be flexible enough to adjust our winning formulas when conditions render them losing formulas. The next step involves homework. Rich Dad said, "the primary difference between the rich, the poor, and the middle class is what they do in their spare time" (50). Kiyosaki recommends teaching financial literacy during your spare time.
To better serve the greater majority of students who fall through the cracks schools must adopt new teaching methods that engage students not just mentally, but also physically, emotionally, and spiritually . One way to achieve this in the classroom is by playing games. Games engage all our senses and reinforce learning. At home this entails teaching your children through pictures, games, and real life examples. Kiyosaki encourages parents to set-up three piggy banks for their children for tithing, saving, and investing. Parents should also expand their child's financial vocabulary. Appendix A and B offer many practical lessons that parents can immediately use with their children.
The larger goal to be achieved is to reorientate the way we view business and wealth. Kiyosaki says, "...if you want your children to be rich, teaching them to serve as many people as possible is a priceless lesson for them to learn" (197). Echoing the message of management guru, Peter Drucker, the primary purpose of business is to create a customer first, then to make a profit. This new perspective teaches our children and us that commitment to the public good is not incompatible with making a profit. In fact, it may be the best way to achieve social harmony. Everyone wins when we seek to develop our own unique genius and parlay our ability toward serving others while simultaneously enriching ourselves both personally and financially.
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