Archive for the ‘Books’ category

Why We Want You to Be Rich: My Thoughts

March 26, 2008

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I recently finished reading the book Why We Want You to Be Rich by Donald Trump and Robert Kiyosaki. My reason for reading this book, as with any financial book, was to see if i could learn anything new for my investing future. I was also looking to see if i could gain any insight as to how these men think and invest.

This is the first book i have read from Donald Trump and the second I have read from Robert Kiyosaki. Having read Rich Dad, Poor Dad this book feels very much like it was Robert Kiyosaki’s baby and it expounds his thoughts and ideas. It’s as if Mr. Trump was handed each chapter after Mr. Kiyosaki had written and asked to add his two cents to what Mr. K had to say. This is a shame to me, as i think most readers would like to have more insight into Donald Trump and the way he thinks (maybe i just need to read another of Mr. Trump’s books).

The premise of the book is that they think the American economy is in dire straights and they want you to be rich so you can be part of the solution and not part of the problem. They then proceed to talk about the 3 types of investors and that you should be the third kind of investor (winning investor). The third part of the book talks about what each of them learned from different people and events in their lives. I found this part of the book to be the most interesting, as it gives the reader insight into some of the lessons that these rich men have learned and how we can apply them to our own lives. The last part of the book they give advice to people at different stages of their lives. They also talk about why they like real estate and owning their own businesses.

My one big complaint with the book is Robert Kiyosaki’s constant slam against stocks and other investments. Can a dividend growth stock (or other stocks for that matter) not be a good investment? It is like he is saying there is only one right way to make money ie. real estate and owning a business. Otherwise you are not a winning investor – you are a loser.

Bottom Line

Ultimately, I feel my time would have been better spent reading something else. Although the book gave me insight into how they think, i don’t think it reimbursed me enough for the time spent reading it. It could have been a lot shorter and more concise. Borrow or buy?

Borrow.