Co-authors Donald Trump and Robert Kiyosaki combined their efforts to write Why We Want You To Be Rich. This is a good read for any one who wants a different, highly successful look at the concept of money and financial education. However, the two authors repeat the mistakes of their previous books by not addressing real-world issues to the readers.
The biggest problem that I have with the message in this book is that both Donald and Robert completely neglect and discussion of existing debt. Granted, my $116,000 student loan debt is a bit extreme, but there is no discussion of how to handle credit card debt, smaller student loan debt, or other types of “bad” debt.
Both authors make implied points that readers should pay off their existing bad debts before they make strides towards becoming financially free, but they don’t address the fact that today’s workers need to work to pay off their long-term debts. Neither of these men have had these issues in their personal life and it shows. Sure, they’ve had huge losses in the business world, but it’s much different when an LLC is at risk of being dissolved as opposed to when an individual is at risk of losing their credit rating.
Unfortunately, there is no discussion of the real problem that many people face today. It’s not a growing debt for existing debtors – it’s a growing number of existing debtors overall. Many people have finally realized that they can’t spend like drunken sailors and that they need to stop using credit cards and taking out high interest loans. These people have indeed stopped these bad habits. However, there is absolutely no option to stop working or start putting money in a different high-interest yielding account when you have to pay to keep the electricity on as well as to pay down your credit card debts.
So, if you’ve got real-world debt and you are literally in a situation where you need to work to continue living – this book is not for you.
Now then, there ARE people who do NOT have large debts or who are lucky enough to have a completely free college education. THIS BOOK IS FOR YOU! Both Trump and Kiyosaki’s take on living and learning in the financial world is exactly what you should have learned in high school and college. Chances are you didn’t learn their take on assets and liabilities (where a house is a liability instead of an asset).
I highly recommend this book for those without real-world debt. For everyone else, save the $20 and put it towards your next long-term debt payment!