Book Review: Second Chance by Robert Kiyosaki

SDM03P88BOSecond Chance: for your money, your life, and our world, By Robert T. Kiyosaki

I was thinking about rereading “Rich Dad, Poor Dad” when I found this book. It was written in 2015, but the information is still very timely.

The first part of the book goes into the history of how we got to where we are now; our economy and as a culture. Then it goes over what you can do to not get swept up in the predicted mess looming around the corner in the not too distant future.

I think the author does a good job of going over some options for creating actual cash flow from assets vs. liabilities or non-income producing assets. He has a novel take on stocks and mutual funds; they are high risk because they are just a claim to an asset, but not the asset itself. He goes over the different levels of assets; tertiary, secondary and primary and how you cannot get rich with the tertiary investments.

One criticism I have of his work in general is his take on the stock market. His perspective is based solely on using stocks for capital gains and not generating income, as is the case with dividend earning stocks. I would look to other experts who are more familiar with this type of asset before writing stocks off completely.

As with “Rich Dad, Poor Dad,” this book does not go into details on how to actually find and acquire cash producing assets, it just tries to point you in the right direction on where to look for that next step. One of the frustrations I’ve heard people talk about with the earlier book is that they don’t know what the next step is. “Second Chance” won’t tell you either, but it does a much better job of pointing you in more possible directions than just real estate.

This book got pretty repetitive. I found myself skimming over several parts because he basically repeated the exact same phrases, illustrations and concepts multiple times. I’m not sure if this was done to really drill home the points or if it was to make the tone more conversational. The format is set up to sound like an interview more than just an author sitting at a computer.

Overall I did find this book to be an engaging read. It only took me three nights to go through the whole book. Kiyosaki’s stories are entertaining and easy to follow. He does a fantastic job of breaking down financial concepts into easy to understand stories and illustrations.

If you haven’t read “Rich Dad, Poor Dad,” I recommend reading that book first, and then this one.

Find these books on Amazon (see affiliate disclosure statement in sidebar):

Rich Dad, Poor Dad

Second Chance

 

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