Returning briefly to the never ending “Rich Dad”â€ series, by Robert Kiyosaki – this book follows the model of all of the books since the original “Rich Dad, Poor Dad.”
First, as described in my in-depth review Thinking About “Rich Dad, Poor Dad” a Commentary and Analysis, this too is not an investment book. It is a philosophy book. Like the other Kiyosaki books I’ve read to date, it contains a great deal of repetition of his previous books. And again, like the other books, the new content (or philosophy) it adds is incredibly valuable.
The book is written as a guide to parents who wish to teach their kids about finance – particularly, ways of thinking (philosophy) that will help them become financially successful. In this, I regret to say, I suspect it will largely fail. Expecting parents who themselves do not have a healthy financial philosophy to teach their children how to succeed financially is, I’m afraid, a real long shot.
Frankly, I think the author knows this. But that’s ok, because what the book does cover brilliantly is how and why our schools fail many kids by their overemphasis on certain types of learning. In fact, having read this book I would go as far as conclude that the test-centric “No child left behind” act will turn out to be a spectacular failure – because the very increased emphasis on certain types of learning is virtually guaranteed to leave even more children behind. Specifically – those kids whose way of learning simply does not fit the way most of our schools teach..
The increased emphasis on grades and academics has created enormous pressure for today’s teens. Where a few decades ago good students, those with a B or B+ average, could be confident in their future, today’s B or B+ students often feel like failures – and feel that they have little or no chance of success later in life as well.
The message that students receive – that their entire future depends on academic excellence, is simply wrong. It is a lie told to them by schools, society and often misguided parents. Grades have value – yes. But as Kiyosaki says â€œMy banker never asked to see my report card.â€
Robert Kiyosaki’s books are not investment books. They aren’t really personal finance books as some would describe the term. Yet as I read more of them I am increasingly convinced that they are essential reading for anyone who wants to get their financial house in order, much less achieve financial success.
Rich Kid, Smart Kid may not help you teach your kids about money, but it may help you understand better how they learn – especially if they aren’t thriving academically. And that can be worth more than money.