Saturday, March 15, 2008

Increase Your Financial IQ: Book Review

I was kind of hesitant to review the book Rich Dad's Increase Your Financial IQ: Get Smarter with Your Money, by Robert Kiyosaki, since I was concerned that it may be just another 'get rich quick' guide to real estate, and my only exposure to him was his occasional telemercials on TV. (I had never read any of his previous books.) However, I was pleasantly surprised after reading through the entire book.

A lot of the book is about the psychology of investing and the psychology of making money. He discusses in great detail his five Financial IQ's: Making more money, Protecting, Budgeting, Leveraging, and Improving financial information. He gives many real life examples from his past, including how he started his first major business, the first company to market surfer wallets. Not only does he discuss his business experiences, his also discusses his psyche behind the business decision making process, from beginning to end. The best anecdote in the book was about how he flew into North Vietnam, during the war, to buy gold.

In one chapter, he goes into great detail about how the government and politics can affect the economy and investments. He even discusses which he thinks is the best investment opportunity at this time. I won't ruin it for you by telling you what it is, but I'll give you a hint; it's not real estate. Check out Chapter 7.

If you are looking for a book that gives great advice on being a financial success, then this is well worth reading.

1 comment:

TMan said...

i agree, didn't read a book yet but i will, in meanwhile check this out at my blog