Donald Trump and Robert Kiyosaki’s Book is Not Looking Out for You! Did you know that Donald Trump wrote a personal finance book with Robert Kiyosaki? Well I found it a couple of days ago and think They Want You to Be Broke!
Why would anyone read a book about how to handle money by two people who had both filed for bankruptcy? Only people who do so poorly with money, they have to throw their hands up in the air and admit defeat that they cannot pay all of their bills file bankruptcy. Now, there are some perfectly legitimate reasons to file bankruptcy, such as a huge medical debt which could never possibly be repaid, but when people file bankruptcy because their business fails or they spent too much money, chances are you should not be soliciting financial advice from them.
Financial author, Robert Kiyosaki and Donald Trump, CEO of the Trump Organization & now the President of the USA, have written a book about how you should handle your money. The book, entitled “Why We Want You To Be Rich” is Kiyosaki and Trump’s attempt to get together to write a book about their “financial secrets.” In the book, they offer specific advice on how to invest money and become very wealthy. It sounds great to begin with, but there’s a problem.
Both Kiyosaki and Trump have filed bankruptcy. Why anyone would accept financial advice from them defies all logic and reason. Taking their financial advice from them would be like taking dieting advice from the 400 pound guy who lives down the street. It’s just not smart! If you’re looking for financial advice on how to become very wealthy, do what millionaires do! There’s a very well written book by Thomas Stanley called The Millionaire Next Door, which will tell you what millionaires do and how their behavior makes them wealthy. The book tells us that millionaires save large percentages of their money, invest it wisely, and spend very little.
Trump and Kiyosaki have another message. They tell us that they have a new way of thinking, which involves defying traditional investment logic. They tell us not to invest in mutual funds and work hard “because that does not make you rich.” They say that investing in mutual funds is playing it safe, and it won’t make you rich.
They tell us that “safe is the enemy of rich.” There is some truth to this, the greater the risk, often the greater potential gain, but they get it wrong because they ignore risk all together-that’s why they filed bankruptcy! When you let too much risk into your life you are asking for trouble. You could put all of your money on black in Vegas, but not many financial counselors will tell you to do that, because there’s too much risk!
You don’t get successful just because you take risk. You get successful because of your passion for the work, the quality of your work, your focus to be successful and your attention to detail. Kiyosaki seems to believe that the only thing you need to be rich is the desire to be rich, and this simply is not true!
This book really does not offer anything new. It’s simply a rehash of Kiyosaki’s previous books and Trump’s view on personal finance, which no one should take seriously. There are plenty of much better books from people who actually have money and have held onto it for a long period of time that will enable to you become very wealthy, but it requires hard work, dedication, and much more. The Millionaire Next Door by Thomas Stanley and The Total Money Makeover by Dave Ramsey would be a good place to start for those who really want to do what it takes to be rich.