Rich Dad's Prophecy: Why the Biggest Stock Market Crash in History Is Still Coming... and How You Can Prepare Yourself and Profit from It!

FROM OUR EDITORS

The Barnes & Noble Review
Insightful, accessible, and timely, this book -- the latest entry in Robert T. Kiyosaki's phenomenally popular Rich Dad series -- should be required reading for every American who assumes that Social Security, personal savings, and a 401(k) plan will adequately cover their retirement expenses. Both a cautionary tale and a prescription for success, Rich Dad's Prophecy is filled with invaluable advice that will help you ensure the safety of your retirement nest egg.

Kiyosaki begins by taking aim at ERISA (the Nixon-era Employee Retirement Income Security Act), which passed the pension burden from employer to employee. In the post-ERISA era, workers no longer had a defined benefit they could always count upon; instead, they had the option of making a defined contribution from their own paychecks to 401(k) or IRA plans, which, as the staff of Enron discovered, offer no hard guarantees. Additionally, ERISA may have set the stage for a possible stock market collapse sometime around 2016: Once the baby boomers -- most of whom have defined-contribution plans -- turn 70, they will begin withdrawing their remaining 401(k) funds to pay for necessities like housing and prescription drugs, thereby producing a potentially devastating loss of market capital. Our traditional mode of retirement preparation could, Kiyosaki cautions, pulls our economy down into stagnation and depression.

With this impending disaster hovering over our future, what hope remains? Kiyosaki answers this question by offering eight controls (principles for focusing mental and monetary resources) that will help you build the financial equivalent of Noah￯﾿ﾽs ark -- a structure durable enough to survive the coming storm. Some of Kiyosaki￯﾿ﾽs principles are very personal ("control your excuses"), some are inspirational ("control your vision"), and some are practical (take "control over the rules"), but taken together they offer readers an opportunity to greatly improve their chances of retiring comfortably, without the pressure of constant worry and fear. (Sunil Sharma)

FROM THE PUBLISHER

Rich Dad's Prophecy will show you how retirement financing will affect all of us, regardless of our age or where we live, sometime in the near future. And after it exposes the reasons behind the coming crash, it reveals not only the best ways to safeguard wealth but how to actually prosper from the events to come.

SYNOPSIS

I think the 401(k) is a real scam," Edward N. Wolff, a New York University economist, wrote in the May 26, 2002, business section of The New York Times. Mr. Wolff, a recognized expert in wealth and income, was concerned with the deteriorating savings of millions of workers, caused by their 401(k) retirement plans.

Robert Kiyosaki's rich dad saw the 401(k) as more than a scam. His prophecy was that these new retirement programs, created in the U.S. in 1974 and adopted in various forms by many other countries, would cause one of the biggest stock market crashes in history...a crash that is still coming...a crash that will wipe out the retirement savings of millions of employees, leaving them dependent upon their families or the government in their later years. Rich dad often said, "Never in the history of the world have so many people bet their future financial security on the ups and downs of the stock market."

Rich Dad's Prophecy will show you how this obscure 1974 law will affect all of us, regardless of our age or where we live, sometime in the near future. And after it exposes the reasons behind the coming crash, it reveals not only the best ways to safeguard wealth but how to actually prosper from the events to come. Learn:
How the fears, dreams, and actions of millions of baby boomers will control the economic future Why the old advice "Buy, hold, and diversify" can lead to financial disaster How another stock market boom is on the horizon before the big bust-and when rich dad predicts it will happen How to build your own personal financial ark to stay afloat amid the turbulent waters ahead-discover rich dad's favorite investments, including tax-free funds that earn over 7 percent and more.

About the Authors

Robert Kiyosaki a financier, author and teacher says "that the main reason people struggle financially is because they have spent years in school but learned nothing about money. The result is that people learn to work for money...but never learn to have money work for them.

Sharon L. Lechter, C.P.A. and mother says "I love my children and want to ensure they get the best education possible! Traditional schooling, while very important is no longer enough. We all need to understand money and how it works."

FROM THE CRITICS

Publishers Weekly

When the first baby boomers celebrate their 70th birthdays in 2016, according to rich dad (the author's financial mentor and father of his boyhood chum), a massive stock market crash will ensue. Joining half a dozen popular Rich Dad books, this volume continues Kiyosaki's eloquent yet simple survival instructions to investors present and future. Kiyosaki's wealth stems from lessons learned at rich dad's balance sheets, and here he deftly illustrates those complex financial truths. He encourages readers-many of whom suffer from what he sees as the dismal lack of financial education in the school system-to understand factors such as ERISA, the investor-unfriendly retirement law for which rich dad vilified the government, and the overabundance of "white bread" financial advice for the masses. Wall Street has nothing to gain by smartening up investors, Kiyosaki warns, so it's up to people to educate themselves. Those convinced that reading financial statements is an activity solely for the sophisticated and the moneyed will be reassured by Kiyosaki's analogies-Noah's ark is a primary one-as he colorfully covers a host of investing esoterica and scrutinizes details every investor should recognize. "Investing time when I had no time, and investing money when I had very little money is what made me rich," he says. (Oct.) Copyright 2003 Cahners Business Information.

Library Journal

This time, superhot financial writer Kiyosaki directs his advice to baby boomers, who are now facing retirement. Copyright 2002 Cahners Business Information.

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