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gjm comments on The 5-Second Level - Less Wrong
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Kiyosaki's "Rich Dad, Poor Dad" has also received some extremely harsh criticism, some of it at least from people who seem to have a clue what they're talking about. I haven't looked at it myself and am not a financial expert, but would advise anyone considering reading it and/or taking Kiyosaki's advice to exercise caution.
The classic takedown of Kiyosaki is from John T. Reed.
Thanks for the link. ok, that made me reconsider entirely. Lots of good points here.
I guess I liked the motivational tone of the book - but yep, it looks like his facts are not so hot (and in a lot of cases entirely fictional).
The same can and should be said about any book that purports to advise people on how to become rich.
I wish people were required to include in the appendix of such a book their net worth as independently assessed by an external audit and tax returns and other filings presented to show that they are wealthy and have actually gained that wealth in the manner described by the book.
Even then caution would still be needed as if markets are efficient (or even slightly efficient) then something that provided market beating returns 3-5 years ago (or however long it has been since they gained their wealth) should be expected to only provide market rates of return currently.
Is there any financial advisor or financial book that you can recommend without reservation and that people can take without exercising caution?
I doubt it. But there are some for which no more caution is needed than could be taken largely for granted with an intelligent bunch of people like the readership of Less Wrong, and some that aren't very approachable by anyone who isn't quite expert already. There's no need to say "exercise caution" about those. It appears that Kiyosaki's book is very approachable and may be very unreliable. That's an especially dangerous combination, if true.
The classic is Andrew Tobias, "The Only Investment Guide You'll Ever Need." You can trust it because he's not selling anything and teaches common-sense, conservative advice: no risky speculation or anything.
Sorry, I was attempting to be clever, cynical and hip. This apparently impeded effective communication.
Let me rephrase it so that it is more difficult to misunderstand:
All financial advice should be received with reservation and taken with caution.
Better?
Ramith Sethi: iwillteachyoutoberich.com
Kiyosaki is nice for some mindset and basic approach, but horrible on the concrete advise. Do not go into buying houses due to his books.
My small favorite is George Clayson: the richest man in Babylon. Then there is a galore of more modern books. Check out Ramiths recommended readings.