I am going to make this a must read for all my family members and friends. It's a real eye opener!

This book is directed primarily to those middle-class wage earners, professionals, and small business owners who hope someday to retire in relative comfort with some degree of security, but it should be of interest to any intelligent reader. It is both a wake-up call and a call for action. The call, as Mr. Kiyosaki makes quite clear, is long overdue, since the Employee Retirement Income Security Act (ERISA) of 1974 -- which authorized the creation of "Defined Contribution" (DC) retirement plans, such as Keough Accounts, 401(k)s, and IRAs, in lieu of "Defined Benefit" (DB) retirement plans -- placed the burden of planning and providing for one's retirement solely on the individual.

As a result, the vast majority of America's future retirees will soon be forced to survive on whatever savings and investments, if any, THEY have managed to accrue during their working years. According to the author, this poses a crucial problem, since most people now in America's workforce don't even understand the difference between the previous generation's DB plans in which an employee knew exactly what he or she could expect to GET OUT OF THE PLAN upon retirement and the newer DC plans in which all that is certain is what the employee PUTS INTO THE PLAN. The author goes on to explain that the situation was made even worse by ERISA's rules which confined the middle class to invest only in paper assets, such as stocks, bonds, and mutual funds, which most didn't and don't understand and which few can manage. And, based on the author's analysis, these are the riskiest investments with the lowest level of returns.

To make matters still worse, both for those hoping to retire and for virtually all Americans: sometime in the near future America's baby boomers (those born between 1946 and 1964; 75 to 83 million strong) will begin reaching retirement age and soon after will begin reaching 70 ½ years of age - the age at which the government mandates that they MUST begin making withdrawals from their retirement accounts (in effect, from the stock market, mutual funds, etc.). Add to this the fact that government sponsored inflation is destroying the value of the dollar, thereby diminishing the level of return on all investments; that withdrawals are taxed as ordinary income; and that many of the world's leading nations are faced with similar problems and the stage is set for a global economic catastrophe.

So, here is the author's prophecy in a nutshell: If individuals happen to retire when the stock market is depressed, or if the market subsequently declines (a virtual certainty), the impact on those individual's retirements will be severe and may very well be catastrophic. And when colossal and increasingly larger numbers of retirees are systematically forced by law to liquidate their paper assets, the stock market will likely crash, and the sustained withdrawals by will likely preclude a recovery.

So much for the good news . . . (only kidding)

Recognizing that this problem can't be solved at the national or international level and that paper investments, and particularly diversified mutual funds, are extremely risky: Mr. Kiyosaki recommends that his readers, in his words, "build an ark to weather the coming storm" by striving to improve their financial literacy; taking control of their individual retirement accounts; stop buying "liabilities" such as expensive homes, luxury items, pricey cars, and doodads "which take money out their pockets" and begin accumulating real "assets" such as well-chosen, employee directed, stocks and rental properties which generate income and "put money in their pockets." He concludes by presenting some guidelines and specific examples illustrating how this might be accomplished.

This is a excellent, though somewhat repetitive, book and a must read in which the author provides well founded and well thought out insights into the state of America's economy and its flawed retirement system. Based on that insight, he forecasts a dreadful, though compelling, scenario which both he and I hope never comes to pass. Unfortunately, based on the magnitude of the problem, the material he presents, and simple math, it would seem to be an almost unavoidable certainty. It may not help, but I'd read this book if I were you.

Just like all the Rich Dad books I have read, the author goes back over the statements and theories multiple times. Perhaps I am one who likes to "get to the point", but it seemed the amount of background the author put in the book and the constant going "back" to previous points was quite unnecessary. This book could have been 1/2 as long and actually been much better. This is the last Rich Dad book I will buy.

A must read for anyone living in todays world. History will repeat itself and this is an insightful look at what is happening now and what is to come. If we don't or can't change what we are doing ourselves we will find ourselves on the wrong side of the wealth transfer. Which side of the wealth transfer would you like to be on!

I haven't finished the book yet, but so far its great. I've read lots of his books. Some times you see some repeat info. I recommend this book if your stimulated by economics and politics.

Rich Dad Poor Dad has become one of the single most successful-best selling financial help books ever---and for a good reason; the advice works. Right now in this recession there are so many opportunities - that it's time to take a second look and re-double your efforts - so read it again! What does it say? It tells people not what they want to hear, but they need to hear. Also recommend is Rich Dad's Guide to Investing which offers better investing strategies than just blindly buying mutual funds or listening to your broker without rhyme or reason - we all know where that got us - when the market is hot, brokers take credit, when it'd down, they claim it's not their fault.

Most of us know that the real secret to making money and reaching financial success is not staying an employee, but starting a business and making it work. But what if you are older, closer to retirement then starting out in life? Then you need to read this book and not make the mistakes the rest of the baby boomers are going to make. This should not be your first Kiyosaki book, however, if you have decided to take advantage of this wonderful recession to make your millions, then this book should be read after reading his main books.

Regardless of whether you are interested in learning more about real estate investing, buying or selling a business, creating a second income or a new career or just general financial issues for boomers, you will find the advice you are looking for in RDPD and in the Rich Dad's Advisors Series.
What is interesting to me is what Kiyosaki has in common with Horatio Alger, as Alger's books - novels of rags to riches - were very much like the effect one has reading a RDPD book. Not only uplifting, (all Alger's books are uplifting and very powerful in that way), but Alger always explained in his novels HOW a person was successful, (even down to the math), and these were more than principles, but examples that someone could duplicate in a different business and move forward, succeed and prosper. Kiyosaki does the same in his books, and I would recommend you read all the books by all of these authors.

I just found a very nice set of great reprinted Alger books, (I'll leave you with a few). All in all, Kiyosaki, Alder, they are all great, inspiring, and what we need to read in this recession, negative, and cynical world.

Young Captain Jack: The Son of a Soldier
The Young Bank Messenger: A Classic Rags to Riches Story!
Slow and Sure: The Story of Paul Hoffman the Young Street-Merchant
Randy of the River: The Adventures of a Young Deckhand
Phil the Fiddler: A Classic Rags to Riches Story!
Paul the Peddler: The Fortunes of a Young Street Merchant
Paul Prescott's Charge: A Classic Rags to Riches Story!

See you at the top!!!

This book was written with you in mind. Your savings, your invesments and your financial future depend from your financial knowledge. This book tells you how protect your own money from the financial scams out there. Be smart, be creative reading financial books like this. If you want to protect your financial future this is the book, otherwise follow the Wall Street system for the rest of your life.

I like some of his work! But most of it is him just trying to make money with his rich dad poor dad vehicle

The big bull market.

In the 1980's, some wise investors warned of a coming crash. Unfortunately, many disregarded this warning and got nailed in October 1987.

During the 90's, again some were warning about a "bubble", "markets had gone up too far", "some dot.com stocks had taken the "e" out of "p/e" were without earnings."

Nonetheless, some people chose not to listen and got burned again by the biggest stock market crash (so far) in history.

Robert Kiyosaki, despite the erroneous comments by some reviewers who obviously didn't even read the book, is not just advocating real estate. He also advocates stock market investing, hedgeing and other strategies. Kiyosaki did say that there would be a boomin the markets and this was at a time when the bear market was at it's peak. Many of us will recall back in 2002 when this book came out how widely critized Kiyosaki was for suggesting that the markets would rebound. But what happened in 2003 through 2006?

I am not in any way associated with Robert Kiyosaki. For my money, markets go down and markets go up again. President Bush's tax plan did work to stimulate the economy and the stock market, regertably other economic factors weighed down in 2007, 2008 and still continuing on in 2009.

Many of us (accurately) predicted a spike int he the stock market in 2002 and going forward as did Kiyosaki and then another March 2000-like selloff coming at the end of the decade (and it happened starting in 2007)interspersed with bullish and bearish type markets like we saw in 1994 and 1998.

For those who say that Kiyosaki called it wrong, the selloff came early, guess again. Kiyosaki indicated that the markets would go down as the baby boomers began to retire. Those "baby-boomers" were born between the years of 1946-1964. The real carnage has not even happened yet. Wait until 2016.

I know people in their 70's who had been retired and now are thinking of going back to work at a 7-11 store or Wal Mart because their retirement rest egg is slipping away.

Then when babyboomers retire.....??? Will you be prepared for that, er, unlike those who were not prepared in March 2000 or October 1987, or 1929 or 2008-2009??

Kiyosaki was right. His advice is right on the barrelhead.

Current laws would require retirees to start withdrawing from their retirement accounts at age 70-and-a-half whether they want to or not...? I never realized how this may possibly cause a selling cascade in the stock market (as there would be around 75 million baby-boomers affected assuming that many of them may have investments). It appears we may (hopefully) have a few years to prepare for this possibility.

Book was delivered quickly. No issues with product or delivery. Be more conscious of condition description, I would have rated it fair/good. Thank you! I will be ordering from you in the future.

"Rich Dad's Prophecy" predicts a market crash around 2016 when the oldest Baby Boomers start cashing out their 401(k) plans and stop contributing. Solution: Invest in real estate rental properties instead. (Comment: The market crash came 8 years early, and occured for different reasons. Rental properties have also crashed.)

Kiyosaki, however, ignores the difficulty of finding positive cash-flow rental properties (doing so almost forces one to use dangerous ARMs, interest-only loans), evaluating potential purchases for hidden problems (eg. leaky roofs), and cost-effective maintenance of properties. I also don't think much of his characterization of one's home as a liability instead of an asset - it appreciated (until recently). Finally, his book is highly repetitive and becomes boring.

Bottom Line: I didn't take Kiyosaki's advice earlier, and am glad I didn't.

In his latest book "Prophecy", Robert T. Kiyosaki predicts a major stock market crash in the near future. This, he says, is a result of the baby boomers (mostly) saving for their retirement via stock investments and given that a large number of them will retire from 2016 onwards their investments will have to be cashed in as it will be needed and as a result the market will fall if not crash. Apart from that, RK says, that most baby boomers may not actually see their money ever again as more often than not most of it is invested in their own companies, i.e., the ones they work for, and if their employer goes down the drain so will their funds saved for retirement. Kiyosaki uses the demise of Enron as an example to demonstrate this.
Granted, there is nothing really new about all this. If you have spent any time working in the financial field you would know about this - although over the years I felt that people tend to stick their heads in the sand and hope that this will not happen or somehow go away

Apart from complaining about the existing system and the financial illiteracy of the vast majority of the market participants (and that would appear to be the main problem), Kiyosaki in Part II of the book sets out a game plan on how to build your own financial ark.

What I like about Kiyosaki's book is that he is pointing his finger straight at what could potentially happen and he does it in rather convincing style. There is indeed a good deal of information here that Kiyosaki has mentioned in his previous books, but I am not terribly upset about this as it serves to reinforce the message. Besides, if you haven't read any of the previous Kioysaki books, you would be stuck in the middle of nowhere if Kiyosaki left out the previously published information.

The premise of the phrophecy is that the baby boomers will pretty much take their money out of the stock market suddenly and cause it to crash. I suspect the market is far more vast than considered and the baby boomers' 401ks combined represents only a few drops in the bucket. If the market crashes, it won't be because of this prophecy's premise.

Robert Kiyosaki is a motivational speaker that also happens to sell books. If you are looking for a "How To", then you're in the wrong place. The Rich Dad, Poor Dad author seems to always strive to make you think about your financial future, and Rich Dad's Prophecy is no different.

Using scare tactics to elicit a response from you, this book strives to tell you that the stock market is a bad place to invest your money, and presents reasons for this opinion. However, looking historically, this has not been the case. One of Kiyosaki's main points is that the market will crash because all of the baby boomers will be drawing out their money at a rate that the stock market won't be able to handle.

Kiyosaki's point could be a valid one, but there is too much wealth in the world (that is not controlled by the United States' small group of retiring workers) for this speculation to be factual. Read Kiyosaki's book for the motivation it will provide if you need it. Don't read Kiyosaki's book if you're looking for ideas on how to invest your money (unless you're thinking of building a motivational book series with your "Pay Yourself First" funds).
http://rhapsodiesofross.blogspot.com/2008/06/rich-dad-richer-dad.html

Kiyosaki does a great job explaining the decline to come. Par for the course, the author is less than clear with his advice. If you have not read "The Second Great Depression" or other books like it I do highly recommend this volume. However, your money may be better spent on a more technical manual on how to profit during a declining market.

Kiyosaki does a great job explaining the decline to come. Par for the course, the author is less than clear with his advice. If you have not read "The Second Great Depression" or other books like it I do highly recommend this volume. However, your money may be better spent on a more technical manual on how to profit during a declining market.

There is nothing to see (read) here. You know now what you will get from this book. Spend your money elsewhere on Amazon.

I must admit -- I can almost ghost write for Kiyosaki at this point. Rich Dad's 'Prophecy' is an example of what I could have done if given the concept to write about.

Within 'Prophecy,' Kiyosaki this time offers us his view on an impending stock market crash that will be caused by Baby Boomers in layman terms "cashing out" between the years 2010 to 2020. It's an important topic and something that most of us know by now -- not a secret as they say nor earth shattering information. But -- his information is very important to think about as we go about the course of our lives in securing a financial future for ourselves.

Highlighs:

As a result of ERISA (Employment Retirement Income Security Act) we are now away from the days of Defined Benefit plans and are now well-entrenched into Defined Contribution plans - gold watch -- may'be; predictable retirement income -- no! As a result, the working American (in most cases according to Kioyaski) will put her money in safe mutual fund investments on the premise that the stock market over time always goes up (with peaks and valleys along the way) hoping that the mutual fund manager's dollar cost averaging concept is at her advantage.

I think we know where this is going (especially if you've read Kiyosaki's previous work). You have to take control in an active sense and become an educated investor. There are some pages within that one should review:

Page 61: Points out just who is your financial planner - what qualifies him or her? Find out. Also -- the premise (my take on it): Government intervention has pushed retirement funding on the shoulders of a future generation with laws in place that are counter-intuitive to sound financial planning.

Page 116: Regardless if you think the health care crises is overblown or not, this page brings it home. Health care costs are rising. Many will be without insurance. Medicare and social security bankrupt -- probably. But we're living longer without adequate protection to carry us in our golden years.

Chapter 9: The whole chapter -- nice summurization of some contributing factors that will bring about 'The Perfect Storm'. Japan's status as a major economic force; China becoming the powerhouse economy; Wall Street being obsolete, and other factors that are important -- this chapter combined with Chapters 4 and 5 and you have the main point of the book.

All this leads us into --- Kiyosaki's familar concepts: Invest in real estate (passive), become an active investor in the stock market (portfolio), and start or grow a business. There are some pointers within for those that desire to remain employed, but again, the remainder of the book is not "must read" material if you've read RDPD, CFQ, Guide to Investing, and RY-RR!

My 3-star review is based upon an important concept being introduced in a very enjoyable (though long-winded) format. In addition, Kiyosaki consistently allows the reader to join at any point and catch-up on his concepts. This was at one-tiime considered by Kiyosaki himself as his most important work. I disagree with that based on where I am in his series; however, it is an extremely important concept to be reviewed and put at the forefront of our minds. Most of you will probably be able to read this within 1 - 3 days and this would have been better placed in a newsletter to die-hards -- but he has built the brand, so if you want to roll with it -- roll with it! Just a sidebar: What kind of cap rate is he going for?! I must disagree with his Triple Net Lease and some of his commercial real estate information, but at least it's well-written for those familiar with real estate to critique.

I must admit -- I can almost ghost write for Kiyosaki at this point. Rich Dad's 'Prophecy' is an example of what I could have done if given the concept to write about.

Within 'Prophecy,' Kiyosaki this time offers us his view on an impending stock market crash that will be caused by Baby Boomers in layman terms "cashing out" between the years 2010 to 2020. It's an important topic and something that most of us know by now -- not a secret as they say nor earth shattering information. But -- his information is very important to think about as we go about the course of our lives in securing a financial future for ourselves.

Highlighs:

As a result of ERISA (Employment Retirement Income Security Act) we are now away from the days of Defined Benefit plans and are now well-entrenched into Defined Contribution plans - gold watch -- may'be; predictable retirement income -- no! As a result, the working American (in most cases according to Kioyaski) will put her money in safe mutual fund investments on the premise that the stock market over time always goes up (with peaks and valleys along the way) hoping that the mutual fund manager's dollar cost averaging concept is at her advantage.

I think we know where this is going (especially if you've read Kiyosaki's previous work). You have to take control in an active sense and become an educated investor. There are some pages within that one should review:

Page 61: Points out just who is your financial planner - what qualifies him or her? Find out. Also -- the premise (my take on it): Government intervention has pushed retirement funding on the shoulders of a future generation with laws in place that are counter-intuitive to sound financial planning.

Page 116: Regardless if you think the health care crises is overblown or not, this page brings it home. Health care costs are rising. Many will be without insurance. Medicare and social security bankrupt -- probably. But we're living longer without adequate protection to carry us in our golden years.

Chapter 9: The whole chapter -- nice summurization of some contributing factors that will bring about 'The Perfect Storm'. Japan's status as a major economic force; China becoming the powerhouse economy; Wall Street being obsolete, and other factors that are important -- this chapter combined with Chapters 4 and 5 and you have the main point of the book.

All this leads us into --- Kiyosaki's familar concepts: Invest in real estate (passive), become an active investor in the stock market (portfolio), and start or grow a business. There are some pointers within for those that desire to remain employed, but again, the remainder of the book is not "must read" material if you've read RDPD, CFQ, Guide to Investing, and RY-RR!

My 3-star review is based upon an important concept being introduced in a very enjoyable (though long-winded) format. In addition, Kiyosaki consistently allows the reader to join at any point and catch-up on his concepts. This was at one-tiime considered by Kiyosaki himself as his most important work. I disagree with that based on where I am in his series; however, it is an extremely important concept to be reviewed and put at the forefront of our minds. Most of you will probably be able to read this within 1 - 3 days and this would have been better placed in a newsletter to die-hards -- but he has built the brand, so if you want to roll with it -- roll with it! Just a sidebar: What kind of cap rate is he going for?! I must disagree with his Triple Net Lease and some of his commercial real estate information, but at least it's well-written for those familiar with real estate to critique.

Really got me thinking and was filled with very useful, helpful, informative, but easy and simple to understand tricks. One of my favorites. A+

I can't stand all of these reviewers expecting books to solve their financial problems. Look if you're looking at this book thinking, "Wow, if I read this, I'll be rich and not have any problems in life ever." Then DO NOT BUY IT. But if you're looking for other views on life instead of the one you're looking through, then get this book. It offers a couple lessons, and yeah, it's similar to the other books. But the reason I read those is because I need different outlooks on the same subject, "Getting out of the rat race."

In this book, he points out the downfalls of our U.S. financial policies and that we try to push out our financial problems as far into the future as possible. "Let our children handle it". Could Kiyosaki have said it in fewer words? Probably. But I enjoy reading his work, so I didn't mind so much. It seems to me the people that are so anxious for an answer on how to get rich are the same ones that are saying, "Well, he's not saying when this will happen." or "Well, he's only saying to get passive income so I can be financially free." If he were to say those things, why is it so bad? Being financially free is key no matter how the markets are doing.

A different perspective on how you look at the same thing, that's all he's offering. He's not offering world renowned remedies, he's not the solve it all, nor does he make himself out to be. There just seems like there are a whole bunch of poor dads out there looking for the solve all book, and complaining that they don't own the right book. I feel it was worth my time to read it. And not really worth my time to read these other reviews.

A much better and concise book on this topic is called "The Great Bust Ahead". Authored by Daniel Arnold, it provides much more statistical data for an up-coming crash / depression.

It's not the 70.5 year olds withdrawing from their 401k's which will cause a crash, it's the 49-54 year old spending age bracket which are heading into retirement.

Arnold is predicting a much earlier crash to occur around 2010. I highly recommend his book. It's a short read and will only take about an hour; but is well worth it.

Kiyosaki's main point is that the stock market will react to the required-by-law RMDs (required minimum distributions) when the first year of Baby Boomers turn 70 years old in 2016. Many Boomers will have to sell part of their retirement investments according to the U.S. law. As more Boomers reach age 70, more will be forced to sell part of their holdings each year...and keep selling until they die. In any market, when sellers abound, prices fall. This will, in Kiyosaki's prediction, affect the investments and retirement accounts of the rest of us post-Baby Boomers before we reach retirement. His advice: we have until 2012 to "build our financial arks" and get out of the stock market. His suggestion is to get into real estate and business building (same theme as his previous 3 books in the Rich Dad series).

He could have made this point in a few chapters. He tends to repeat his points, perhaps so we remember them. More theoretical than practical advice is given.

To be a wise investor, you must know the laws of the land...and use them to your advantage. Do not count on the government (Social Security or Medicare) for your retirement because government has a track record and continuing mentality of pushing financial problems forward to future generations.

Another bunch of blather, in my opinion.
The biggest stock market crash in history may be
coming. IS probably coming, even. But WHEN, Mr.
Kiyosaki, WHEN? In 2016? It might, but you don't know,
the chairman of the fed doesn't know, the President
doesn't know, no one does. You're guessing. All your books
say you're a money expert, based on a questionable
autobiography, anecdotes, and a gullible public. I don't
think Mr. Kiyosaki gives very good advice. I'd prefer
Andrew Tobias, Ben Stein, or God help me, Suze Orman.
Sorry.

Rich Dads Prophecy is must reading for everyone and urgent reading for all baby boomers who are retiring or hope to retire soon. Les you find yourself in the same situation of those who thought they were retired circa 1999 and had to go back to work after the Clinton recession and Clinton stock market crash of 2000.

There will be another boom for sure and that will be followed by another bust. Knowledge is only power if used. Follow Rich Dads advice to avert disaster. Certaintly a much better strategy than depending on your broker, who usually makes you broker with his/her "hot" stock picks.

Must reading. Thank you Robert for sharing the wisdom you learned from your Rich Dad. Kiyosaki did warn many of the stock market crash that was coming in 2000. How many listened? Will you listen now?

Rich Dads Prophecy is must reading for everyone and urgent reading for all baby boomers who are retiring or hope to retire soon. Les you find yourself in the same situation of those who thought they were retired circa 1999 and had to go back to work after the Clinton recession and Clinton stock market crash of 2000.

There will be another boom for sure and that will be followed by another bust. Knowledge is only power if used. Follow Rich Dads advice to avert disaster. Certaintly a much better strategy than depending on your broker, who usually makes you broker with his/her "hot" stock picks.

Must reading. Thank you Robert for sharing the wisdom you learned from your Rich Dad. Kiyosaki did warn many of the stock market crash that was coming in 2000. How many listened? Will you listen now?

You would think that by now everybody would have learned. You would think that the '87 crash taught investors a lesson and you would certaintly think that the Clinton Bear Markets followed by the Big Crash in 2000 would have really taugh everybody a lesson. What lesson? Every expansion is followed by a crash. Everytime. It happened in 1927 and as already mentioned, it happened in '87, there was the Asian crisis and two bear markets in '97 and '98 and then 'buy and hold' investors really got wiped in 2000

I am all for the stock market. I am invested. But I am not a 'buy and hold', listen to my broker and cross my fingers type hoping for the best. Robert Kiyosaki is not bearish on the stock market either. He is only cautioning people on what is going to happen again when the baby boomers retire. And just for your information, it has already started. The first leg of the baby boomers are already retiring or retired.

Rich Dad's Prophecy is not a 'Doom and Gloom', the world is crashing type of book. But it does offer words of advice on how to prepare for the coming crash.

Kiyosaki indicates that there will be another major bull market first and others such as Harry S. Dent have predicted the same thing. Dent predicted the 1990's boom before anyone else and the subsequent bust that came in 2000. Dent has predicted another bubble that will take the Dow to as high as 40,000 and the Nasdaq to 13,000 by late 2009 or early 2010. But guess what is going to follow that expansion?

I highly recommend reading Rich Dad's Prophecy, Rich Dad's Guide to Investing and The Next Great Bubble Boom by Harry S. Dent.

Remember, hope is not a strategy!

You would think that by now everybody would have learned. You would think that the '87 crash taught investors a lesson and you would certaintly think that the Clinton Bear Markets followed by the Big Crash in 2000 would have really taugh everybody a lesson. What lesson? Every expansion is followed by a crash. Everytime. It happened in 1927 and as already mentioned, it happened in '87, there was the Asian crisis and two bear markets in '97 and '98 and then 'buy and hold' investors really got wiped in 2000

I am all for the stock market. I am invested. But I am not a 'buy and hold', listen to my broker and cross my fingers type hoping for the best. Robert Kiyosaki is not bearish on the stock market either. He is only cautioning people on what is going to happen again when the baby boomers retire. And just for your information, it has already started. The first leg of the baby boomers are already retiring or retired.

Rich Dad's Prophecy is not a 'Doom and Gloom', the world is crashing type of book. But it does offer words of advice on how to prepare for the coming crash.

Kiyosaki indicates that there will be another major bull market first and others such as Harry S. Dent have predicted the same thing. Dent predicted the 1990's boom before anyone else and the subsequent bust that came in 2000. Dent has predicted another bubble that will take the Dow to as high as 40,000 and the Nasdaq to 13,000 by late 2009 or early 2010. But guess what is going to follow that expansion?

I highly recommend reading Rich Dad's Prophecy, Rich Dad's Guide to Investing and The Next Great Bubble Boom by Harry S. Dent.

Remember, hope is not a strategy!

See commentary from a former cabinet member...

'Tis The Season To Be Broke
by Robert B. Reich

'Tis the season for retailers to be jolly if American consumers empty their wallets over the next three weeks. But how can we empty our wallets if our wallets are already empty?

Consumer confidence appears to have bounced back from the low brought on by the hurricanes and subsequently high gas prices. But it's still below what it was before Katrina. And last week's survey by the Conference Board showed something of a drop in shopper enthusiasm. Households say they intend to spend a bit less this holiday season than last.

Consumer spending is now more than three-quarters of the whole national economy - a record high. There's nothing left to spend. Yes, gas prices have settled down a bit, but so have paychecks. General Motors, Merck, and major airlines are laying off tens of thousands. Job growth is anemic and pay is lousy. American families have exhausted all the coping mechanisms we've been using for years to spend more.

The first coping mechanism, which began decades ago when mens' hourly wages first began dropping, was for spouses to go into paid work. But now that most adult women are on payrolls - including even the mothers of toddlers - this strategy has generated just about all the cash it can.

How else to pay for more spending? The second coping mechanism has been to work longer hours. This past year, the typical working American put in two full weeks more at the office or factory than was the case two decades ago. Americans are now working harder than even the notoriously industrious Japanese. But we've reached the limit. I mean, we have to sleep.

Which brings us to the third coping mechanism - taking equity out of our homes. Last year alone, Americans pulled out $600 billion through refinancing. But this cash machine is also about depleted because housing values have leveled off and mortgage rates are rising.

Where else to find the money? The final coping mechanism is to go deeper into debt. For five years now, American households have spent more money than they've earned - pushing their debt to a record high. But we've hit the wall here, too, folks. Interest payments on all that debt are exploding.

On top of that, there are tens of millions of baby boomers within sight of retirement. They have to start saving, or else their twilight years will be spent in darkness.

Put it all together and you see why we're running on empty. We're busted. We've exhausted all the coping mechanisms for spending more. Our buying binge has to come to an end.

The only question is whether the binge stops before Christmas shopping season, or American consumers make one big, final, irresponsible splurge over the next three weeks, and then call it quits.

Robert B. Reich was U.S. Secretary of Labor in the Clinton administration, and co-founder of the American Prospect magazine. He also offers weekly comments for NPR's "Marketplace." The above is his most recent commentary.

See commentary from a former cabinet member...

'Tis The Season To Be Broke
by Robert B. Reich

'Tis the season for retailers to be jolly if American consumers empty their wallets over the next three weeks. But how can we empty our wallets if our wallets are already empty?

Consumer confidence appears to have bounced back from the low brought on by the hurricanes and subsequently high gas prices. But it's still below what it was before Katrina. And last week's survey by the Conference Board showed something of a drop in shopper enthusiasm. Households say they intend to spend a bit less this holiday season than last.

Consumer spending is now more than three-quarters of the whole national economy - a record high. There's nothing left to spend. Yes, gas prices have settled down a bit, but so have paychecks. General Motors, Merck, and major airlines are laying off tens of thousands. Job growth is anemic and pay is lousy. American families have exhausted all the coping mechanisms we've been using for years to spend more.

The first coping mechanism, which began decades ago when mens' hourly wages first began dropping, was for spouses to go into paid work. But now that most adult women are on payrolls - including even the mothers of toddlers - this strategy has generated just about all the cash it can.

How else to pay for more spending? The second coping mechanism has been to work longer hours. This past year, the typical working American put in two full weeks more at the office or factory than was the case two decades ago. Americans are now working harder than even the notoriously industrious Japanese. But we've reached the limit. I mean, we have to sleep.

Which brings us to the third coping mechanism - taking equity out of our homes. Last year alone, Americans pulled out $600 billion through refinancing. But this cash machine is also about depleted because housing values have leveled off and mortgage rates are rising.

Where else to find the money? The final coping mechanism is to go deeper into debt. For five years now, American households have spent more money than they've earned - pushing their debt to a record high. But we've hit the wall here, too, folks. Interest payments on all that debt are exploding.

On top of that, there are tens of millions of baby boomers within sight of retirement. They have to start saving, or else their twilight years will be spent in darkness.

Put it all together and you see why we're running on empty. We're busted. We've exhausted all the coping mechanisms for spending more. Our buying binge has to come to an end.

The only question is whether the binge stops before Christmas shopping season, or American consumers make one big, final, irresponsible splurge over the next three weeks, and then call it quits.

Robert B. Reich was U.S. Secretary of Labor in the Clinton administration, and co-founder of the American Prospect magazine. He also offers weekly comments for NPR's "Marketplace." The above is his most recent commentary.

I have to agree that it can be condensed a lot.... He comes off as all knowing and we should listen to his every word. Real estate is where to put the money, well my IMHO I think the housing market is about to crash, so does Greenspan, why do you think he's getting out while he can. I bought the book used, for the one or two nuggets it's ok. Ok, prepare for the crash that everyone knows is coming anyway, and with Katrina, Rita and Iraq you don't need to be a prophet. CASH, GOLD, I recommend, not property, free, enjoy.

I have to agree that it can be condensed a lot.... He comes off as all knowing and we should listen to his every word. Real estate is where to put the money, well my IMHO I think the housing market is about to crash, so does Greenspan, why do you think he's getting out while he can. I bought the book used, for the one or two nuggets it's ok. Ok, prepare for the crash that everyone knows is coming anyway, and with Katrina, Rita and Iraq you don't need to be a prophet. CASH, GOLD, I recommend, not property, free, enjoy.

The 401K shortfall.

Intro to the premise of "Prophecy."

The traditional Old school, "3-legged stool" is long gone, but most Americans have not adapted to the new economic paradign.
Obvious to anyone who hasn't spent the last 25 years in a cave is the transformation of the Defined Benefit retirement by the Powers that Be into a Defined Contribution plan: DB ---> DC. DB: this is the retirement vehicle for Americans that qualify for Government and Union pensions. DC: the Defined Contribution plans that are the 401Ks, Keoghs, 403Bs, IRAs, etc. which the majority now, and more and more in the future, will participate in--completely oblivious to what a financial farce it has now become.

"Prophecy" is intentionally nuanced into two parts. The first part, tells of the coming crash and why Kiyosaki believes it will happen. The second part, how to survive and prosper during this coming and sustaining event. The first half of the book consists of the causes of this coming crash: the ERISA Act, it's consequences, and baby boomer demographics. There are numerous factual points regarding mutual funds of which there are now over 12,000. Facts about the numerous negatives regarding 401Ks, are worth a read for boomers who have the majority or significant portions of of their retirement allocated into them. Not all may agree with Kiyosaki for sure, but a plethora of statistics reveal many problems that are not far away happening, as of 2005.

Kiyosaki once again accurately gives the financial education in the U.S. public school system an "F," and rightfully so. He stresses the importance of "financial literacy" as more important than ever since the passage of the ERISA Act in 1979.

Here are just a few of the many examples:

CASHING OUT 401Ks
45% percent of American employees cashed out their 401K plans when leaving their company in the year, 2004. This includes all age groups broken by 20s, 30s, 40s, and 50 year olds.

Brokers and Mutual Fund Managers:
Who benefits from the 401K standard? Brokers and Mutual fund managers. Who is interviewed on popular investment and "money" television programs? The directors and reps. of mutual funds that sponsor the very program that is providing this market investing information.

INDEX FUNDS OUTSIDE OF 401Ks & IRAs: More Diversification Demagoguery.
I'll add my personal layman observation about the current state of Index funds in 2005 here because it's relevant to "Prophecy." Index funds, typically suited for non-tax-deferred "passive investors" who want the pay minimal taxes put money into these Index Funds. But the way Index funds rate companies - Market Capitalization (dividing number of shares by their price) - is now being considered inaccurate by many, and now cash flow, sales, book value, and dividends are being used to more accurate rate companies.

Diversification: diversification in the market is for people who have no idea what they are doing.

Prescription costs and medical care: where the 401K will be spent on.

Demographics: number of workers to senior citizen ratio.


SECOND PART OF THE BOOK:
The second part of this book is about how to build your "ark." Your financial ark that will save you from the 401K crash or flood (selling). Like Noah loading his animals onto his boat to survive the coming catastrophe while others do nothing, Kiyosaki advises us to build our own financial arks to survive the coming market dip due to a legally mandated oversupply of sellers in the market, with millions selling at the same time because they *have to be* by law. Kiyosaki claims this will start in the next eleven years, in 2016 (be there no law changes).

In further discussing financial arks, we again here what we've read in every book we've read by this author. Pointing out the importance of the financial statement. Assest and Liabilities, and having assets that provide income. The importance of accounting. A person's financial ark can compromise of different investments. This ark can be small, medium, or large. For those pursuing a small ark - a "poor man's ark" - the advice is simple. Work for a corporation: Pay 15.5% into Social Security + Medicare, pay additional fed. & state income taxes, and contribute into a 401k plan. However, Kiyosaki notes correctly that not everyone is suited for the B & I quadrants. However, this book does lean toward advising those that have the personality and are capable into shift SOME of their abilities, efforts, and investments into these quadrants. He even advises people who want to stay in the E quadrant stop reading near the second part of the book.

Starting a business, being entrepreneurial, and investing in real estate is not for everyone, as everyone is different, and in a separate set of financial and lifestyle circumstances.

Kitosaki advises buying 4 houses to ride through the market decline. But with housing values frothy, and at all-time high in 2005, timing will be very important to avoid Negative Amortization, which means being upside down on a loan (mortgage) as of Summer 2005 in certain geographic locations of the Unites States.

There are numerous quotes by Warren Buffet in this book, often placed to support a concept he's explaining or an anecdote he's telling--again.

This book is a quick and simple read, and it's designed to be this way. Yes, as with all of Kiyosaki's books there are anecdotes, simplicity, repetition, and lack of detail. But if he did use more details, it would likely "dry up the book," for the masses. The individuals that comprise the masses can do their own homework into the details for awareness, using "prophecy"" as a motivator.

WORTHY OF RESPECT IS THAT....
Kiyosaki does provide a Contrarian view to the establishment of Wall Street and the brokers and mutual fund managers, who claim all is well, and things will continue to be great--so give us your money and we'll invest it for a fee. It will be interesting to see what, if anything happens in the next eleven years. Credit to Kiyosaki for taking a road far less travelled and actually putting it onto paper, thereby immortalizing it.

If you did not know the stuff about EISRA, this book is worth the read. But that comes at the first part and then the rest of the info is less useful on a practical level.

Some people love this writer, some not so much. His other books are also hit and miss but I do agree with his point that we need a higher level of financial literacy in this country and the subject should be taught by the school system.

If you want to read a more succinct book about the effect of boomers on the stock market try, "The Great Bust Ahead."

Roque Curiel
Author of Money Well Spent

I give Mr. Kiyosaki 4 stars because I enjoy the low-key pep rally style he has in all his books.

The book's fun reading, but I advise caution because:
1. As Mr. Kiyosaki says, what finacial quadrant you're in depends on your personality. Jawohl! I'll bet his rich dad was delighted that there were so many E-quadrant folks around during his lifetime who would work for low pay, so's to keep his many businesses afloat.

2. Predicting a big market down sometime between 2006 and 2017 is about as useful as breasts on a billy goat. Anyone could do the same thing and be correct. In fact, I'll put my own backside on the line more precisely and nail down that bad-market year as 2009 -- that's what I'm personally aiming for as the time to watch out for.

3. The book is a bit braggy -- the thought that you can make a big market hit with stock options most of the time (and in a short time) because you are a good student of calls and puts doesn't sound like anyone's actual experience that I know. It seems to me that trading real estate is at least as difficult.

4. Speaking of which -- if the stock market is supposed to tank, I do not understand why real estate couldn't do the same thing. And at the same time. OK, to be kind, Mr. Kiyosaki's experience of success is in the area of real estate, so why wouldn't he have confidence that this is THE ANSWER? I find this to be much like the majority (all?) of you-can-win-financially books.

5. Real estate! I never heard him talk about such mundane problems as tenants who don't pay, maintenance disputes, vandals, rediculous insurance rates, banks that pound on your door (OK, mailbox) for mortgages you can't meet because half your deadbeat tennants won't pay up, underoccupancy of the properties, bad guesses as to which properties will pay off. This don't sound like no picnic!

6. Last, I do not understand why the author says that equity investments do not return a regular income. Of course they do! These get reinvested automatically, not sent to your mailbox as a capital gains check.

In spite of all this transparent (to me) story of "here's how I did it, so you do it this way too" kind of book, why do I reconmmend reading it? I have always thought that if you get one good thing from a book, seminar, or performance, then it was worth the price; the age-70 funds withdrawal law for regular IRS's contained in ERISA, for example. That's sobering. And let us not forget, he was correct in a 1999 book about not keeping our $$$ in the market, because stock prices were too high at that time!

Robert Kiyosaki's books are all the same thing re-packaged over and over again. This book could have been condensed into a couple of paragraphs and saved it's readers a lot of time. He writes in an arrogant, condescending manner that is hard to stomach. I would hate to have been his real dad. It's obvious that he despises him and worships at the alter of "Rich Dad." It's offensive and disturbing.
Read the first review of this book and you'll have the essence of the whole thing. Don't give this guy any more money for putting out this drivel.

This work warns of the coming increase in the retirement population throughout the world. The baby-boom retirement will create both opportunities and challenges. The opportunities will
be to grow markets to serve the new customer mix. The threats
will be underfunded pension and retirement accounts.

The author provides the next decade as the time to be careful financially. Although he recognizes that
many investors are educated, there is a difference between school and street smart investing. The book encourages us to invest cautiously and conservatively in mutuals while diversifying to avoid excess pockets of unacceptable risks. The author encourages us to diversify and invest in real estate over the long term.
This is an important work which will assist in long term planning
for early retirement or mid-term corrections in the portfolio
strategy to avoid catastrophic losses. The price is reasonable
considering the value of the information presented.