In a world filled with financial peril, two men think they can save you. One comes from the mean streets of midtown Manhattan, a survivor of the reality TV jungle. The other is a fighter from Hawaii, hardened in pits of real estate investing expos and public television pledge drives. Who are these self-proclaimed straight shooters? None other than mega-developer Donald Trump and entrepreneur Robert Kiyosaki (best known for his New York Times best seller Rich Dad Poor Dad.).
Together, this dynamic duo has collaborated on Why We Want You to Be Rich, out in bookstores Oct. 10. The book seeks to free you from the banality of middle-class financial life -- and the folly of most personal-finance advice. Or so its authors would like you to believe.
| Row 0 - Cell 0 | QA With Trump and Kiyosaki |
| Row 1 - Cell 0 | The Invisible Rich |
| Row 2 - Cell 0 | Your 401(k) Just Got Better |
The Donald needs no introduction. Kiyosaki's success with Rich Dad Poor Dad has spawned a franchise of books, games and speaking engagements. He's also made a PBS special, usually trotted out when public television stations need help from viewers like you.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Impressive resumes. Alas, unimpressive book. Why We Want You to Be Rich is a thinly veiled infomercial for more financial-advice products from Kiyosaki, Trump and their minions. They sell positive thinking and can-do haziness -- specific details cost extra.
Why We Want You to Be Rich seeks first to scare you silly. The middle class, according to the authors, is shriveling, sapped by the falling value of the dollar, rising national debt, lower wages, higher oil prices and baby-boomer retirement. The upshot: America is headed for a two-class system. In the future, the rich will live above the fray of national collapse while the rest of us gnash our teeth.
What to do? Kiyosaki offers a "financial education." Trump spins plenty of anecdotes and stories. But the result is more gristle and flab than real meat.
Forget mutual funds and modern portfolio theory, Kiyosaki argues for most of the book. Instead try investing in real estate, especially if you borrow money from the bank to do it. Just leverage your way to a portfolio of real estate and small businesses that will generate enough income to retire to Easy Street.
Still not sure how to do that? Well, buy more books and attend more conferences featuring -- you guessed it -- Kiyosaki and Trump.
If this book were a football broadcast, Kiyosaki would be the play-by-play announcer and Trump would do color. That is to say, the book is more Kiyosaki's than Trump's. At the end of each chapter, The Donald meditates on the wisdom Kiyosaki has set forth. Among his insights are that he enjoys golf, he was quite the baseball player in his youth and he likes to visit Los Angeles from time to time.
To be fair, the book's introduction tells readers this is not a how-to book. A disclaimer on the cover would be more appropriate. Why We Want You to Be Rich pretends to explain why the rich are different and to outline the benefits of wealth. The Great Gatsby by F. Scott Fitzgerald does a better job. If you are genuinely interested in learning more about real estate investing, which is not for the faint of heart, check out Investing in Real Estate, by Andrew James McLean and Gary Eldred.
-
Here's How To Get Organized And Work For YourselfWhether you’re looking for a side gig or planning to start your own business, it has never been easier to strike out on your own. Here is our guide to navigating working for yourself.
-
How to Manage Risk With Diversification"Don't put all your eggs in one basket" means different things to different investors. Here's how to manage your risk with portfolio diversification.
-
Best Banks for High-Net-Worth Clients 2024wealth management These banks welcome customers who keep high balances in deposit and investment accounts, showering them with fee breaks and access to financial-planning services.
-
Stock Market Holidays in 2024 and 2025: NYSE, NASDAQ and Wall Street HolidaysMarkets When are the stock market holidays? Here, we look at which days the NYSE, Nasdaq and bond markets are off in 2024 and 2025.
-
Stock Market Trading Hours: What Time Is the Stock Market Open Today?Markets When does the market open? While the stock market does have regular hours, trading doesn't necessarily stop when the major exchanges close.
-
Bogleheads Stay the CourseBears and market volatility don’t scare these die-hard Vanguard investors.
-
The Current I-Bond Rate Until May Is Mildly Attractive. Here's Why.Investing for Income The current I-bond rate is active until November 2024 and presents an attractive value, if not as attractive as in the recent past.
-
What Are I-Bonds? Inflation Made Them Popular. What Now?savings bonds Inflation has made Series I savings bonds, known as I-bonds, enormously popular with risk-averse investors. So how do they work?
-
This New Sustainable ETF’s Pitch? Give Back Profits.investing Newday’s ETF partners with UNICEF and other groups.
-
As the Market Falls, New Retirees Need a Planretirement If you’re in the early stages of your retirement, you’re likely in a rough spot watching your portfolio shrink. We have some strategies to make the best of things.
