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Why We Want You to Be Rich: Two Men, One Message
Is a non-fiction book about personal finance, co-authored by Donald Trump and Robert Kiyosaki. The book was first published in hardcover format in 2006. The coauthors became familiar with each other through mutual work at The Learning Annex and Trump being impressed by Kiyosaki's writing success with Rich Dad Poor Dad.
Trump and Kiyosaki co-authored another book together in 2011, Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't. The book discusses American economic problems including the middle-class squeeze, economic globalization, and the national debt of the United States. The authors advise the reader to gain financial literacy and delve into entrepreneurship. Trump and Kiyosaki criticize mutual funds and advocate real estate investing as a way to build wealth.
Authors: Donald Trump & Robert Kiyosaki
Audio read by: John Dossett & Skipp Sudduth
Language: English
Subject: Personal finance
Publisher: Rich Press
Publication date: 2006
Publication place: United States
Media type: Print (Hardcover)
Pages: 345
ISBN: 978-1933914022
OCLC: 858530825
Followed by: Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't (2011)
Why We Want You to be Rich was a financial success, debuting at number one on The New York Times best seller list in its first week of publication; and remaining on the list for four weeks. Publishers Weekly called Trump and Kiyosaki, "a strangely winning combination". Kiplinger's Personal Finance was critical, calling it an "unimpressive book". The Intercept called multi-level marketing a form of pyramid scheme and lamented the authors' recommendation of the tactic. San Antonio Express-News was critical of the contradictory advice imparted in the book.
Summary
Why We Want You to Be Rich notes in the introduction it is not intended as a technical manual with specific recommendations. The book warns the reader that the American middle class strata is shrinking due to multiple factors including oncoming retirement of the baby boomers, rising costs of light crude oil, decreasing employer pay to employees, increasing national debt of the United States, and a declining power of the United States dollar.
The authors caution that individuals should not rely on the federal bureaucracy for support from problems including the middle-class squeeze, economic globalization, and threats of terrorism. They assert that employment opportunities are not created by the government but rather through entrepreneurship.
Trump and Kiyosaki advise that these problems create opportunity for investors in the form of a future social class in the United States with only two tiers. The authors assert such a system will mostly benefit wealthy individuals. Trump writes that wealthy individuals are able to spot strategic advantages, "The rich will spot the opportunities, while the poor will hide their heads and pretend it isn’t happening."
The authors criticize those who wish to save money by being thrifty. Trump comments, "So many people think cheap and buy cheap. You can get rich by being cheap, but who wants to be a rich cheap person?" Trump recounts a story about a friend who would always fly in first class no matter his financial straits, "he needed it mentally. … He wanted to fly first class because mentally, he wanted to think he was the best. … It put him in a good state of mind and he became a very, very successful guy."
Why We Want You to Be Rich imparts personal finance advice to the reader from Trump's real estate background and Kiyosaki's investing experiences. The book includes quotations from prior works and speeches by both authors and illustrative graphs. Trump and Kiyosaki refer to Warren Buffett for an example of investing success. The book educates the reader about the "Cashflow Quadrant" theory, classifying individuals into categories of investor, self-employed, business owner, or employee. The authors explain the advantages and disadvantages of each category. Kiyosaki emphasizes a different mindset required for their view of success: "When Donald and I think about working hard, while we both work hard individually, we mostly think about other people working hard for us to help make us rich."
Kiyosaki advocates financial literacy, and Trump cites historical case studies from his real estate career. Kiyosaki criticizes those who ascribe to modern portfolio theory and invest in mutual funds. Instead, the book recommends investing in multi-level marketing companies, which are given a chapter in the work. He argues that by taking out loans from a bank, one can leverage real estate investing to higher returns. Trump and Kiyosaki recommend more of their books and educational presentations in the book. The book describes a business mindset by introducing the reader to the terms other people's time (OPT) and other people's money (OPM). Kiyosaki writes, "While the financial advice of saving money and investing in mutual funds may be good advice for the poor and middle class, it is not good advice for people who want to become rich."
Is a non-fiction book about personal finance, co-authored by Donald Trump and Robert Kiyosaki. The book was first published in hardcover format in 2006. The coauthors became familiar with each other through mutual work at The Learning Annex and Trump being impressed by Kiyosaki's writing success with Rich Dad Poor Dad.
Trump and Kiyosaki co-authored another book together in 2011, Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't. The book discusses American economic problems including the middle-class squeeze, economic globalization, and the national debt of the United States. The authors advise the reader to gain financial literacy and delve into entrepreneurship. Trump and Kiyosaki criticize mutual funds and advocate real estate investing as a way to build wealth.
Authors: Donald Trump & Robert Kiyosaki
Audio read by: John Dossett & Skipp Sudduth
Language: English
Subject: Personal finance
Publisher: Rich Press
Publication date: 2006
Publication place: United States
Media type: Print (Hardcover)
Pages: 345
ISBN: 978-1933914022
OCLC: 858530825
Followed by: Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't (2011)
Why We Want You to be Rich was a financial success, debuting at number one on The New York Times best seller list in its first week of publication; and remaining on the list for four weeks. Publishers Weekly called Trump and Kiyosaki, "a strangely winning combination". Kiplinger's Personal Finance was critical, calling it an "unimpressive book". The Intercept called multi-level marketing a form of pyramid scheme and lamented the authors' recommendation of the tactic. San Antonio Express-News was critical of the contradictory advice imparted in the book.
Summary
Why We Want You to Be Rich notes in the introduction it is not intended as a technical manual with specific recommendations. The book warns the reader that the American middle class strata is shrinking due to multiple factors including oncoming retirement of the baby boomers, rising costs of light crude oil, decreasing employer pay to employees, increasing national debt of the United States, and a declining power of the United States dollar.
The authors caution that individuals should not rely on the federal bureaucracy for support from problems including the middle-class squeeze, economic globalization, and threats of terrorism. They assert that employment opportunities are not created by the government but rather through entrepreneurship.
Trump and Kiyosaki advise that these problems create opportunity for investors in the form of a future social class in the United States with only two tiers. The authors assert such a system will mostly benefit wealthy individuals. Trump writes that wealthy individuals are able to spot strategic advantages, "The rich will spot the opportunities, while the poor will hide their heads and pretend it isn’t happening."
The authors criticize those who wish to save money by being thrifty. Trump comments, "So many people think cheap and buy cheap. You can get rich by being cheap, but who wants to be a rich cheap person?" Trump recounts a story about a friend who would always fly in first class no matter his financial straits, "he needed it mentally. … He wanted to fly first class because mentally, he wanted to think he was the best. … It put him in a good state of mind and he became a very, very successful guy."
Why We Want You to Be Rich imparts personal finance advice to the reader from Trump's real estate background and Kiyosaki's investing experiences. The book includes quotations from prior works and speeches by both authors and illustrative graphs. Trump and Kiyosaki refer to Warren Buffett for an example of investing success. The book educates the reader about the "Cashflow Quadrant" theory, classifying individuals into categories of investor, self-employed, business owner, or employee. The authors explain the advantages and disadvantages of each category. Kiyosaki emphasizes a different mindset required for their view of success: "When Donald and I think about working hard, while we both work hard individually, we mostly think about other people working hard for us to help make us rich."
Kiyosaki advocates financial literacy, and Trump cites historical case studies from his real estate career. Kiyosaki criticizes those who ascribe to modern portfolio theory and invest in mutual funds. Instead, the book recommends investing in multi-level marketing companies, which are given a chapter in the work. He argues that by taking out loans from a bank, one can leverage real estate investing to higher returns. Trump and Kiyosaki recommend more of their books and educational presentations in the book. The book describes a business mindset by introducing the reader to the terms other people's time (OPT) and other people's money (OPM). Kiyosaki writes, "While the financial advice of saving money and investing in mutual funds may be good advice for the poor and middle class, it is not good advice for people who want to become rich."
