Finance:Why We Want You to Be Rich

From HandWiki
Revision as of 04:51, 5 May 2022 by imported>Carolyn (change)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Short description: 2006 book by Donald Trump and Robert Kiyosaki
Why We Want You to Be Rich
Book cover
Book cover
AuthorsDonald Trump
Robert Kiyosaki
Audio read byJohn Dossett
Skipp Sudduth
CountryUnited States
LanguageEnglish
SubjectPersonal finance
PublisherRich Press
Publication date
2006
Media typePrint (Hardcover)
Pages345
ISBNISBN:978-1933914022
OCLC858530825
Followed byMidas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't (2011) 
[1][2][3]

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.

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;[4] and remaining on the list for four weeks.[5][6][7] Publishers Weekly called Trump and Kiyosaki, "a strangely winning combination".[2] Kiplinger's Personal Finance was critical, calling it an "unimpressive book".[3] The Intercept called multi-level marketing a form of pyramid scheme and lamented the authors' recommendation of the tactic.[1] San Antonio Express-News was critical of the contradictory advice imparted in the book.[8]

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.[1][2][3]

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."[1][2][3]

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."[1][2][3]

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."[1][2][3]

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."[1][2][3]

Composition and publication

Trump and Kiyosaki
Donald Trump
Donald Trump
Robert Kiyosaki

Prior to their work together on the book, Donald Trump had established himself in the business of real estate development and written The Art of the Deal, and Robert Kiyosaki authored The New York Times best seller Rich Dad Poor Dad.[3][9] The coauthors became familiar with each other through encounters at the company The Learning Annex.[9] Trump explained his motivation for wanting to work with Kiyosaki: "Robert wrote a book that was a tremendous success, like 30- some-odd million copies of 'Rich Dad, Poor Dad,' and I wrote a book called 'The Art of the Deal' which was the biggest selling business book of all time and since then I've written a lot of other books and they've all gone into being bestsellers. And we just wanted to join forces."[9] Trump and Kiyosaki published the book as a private business venture together, forming a new company as a partnership called Rich Press.[2][9] They stated they would allocate a segment of profits from its publication to be given for altruistic purposes.[2][10] After their initial book venture, Trump and Kiyosaki collaborated on another book, Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, published in 2011.[11][1] Why We Want You to be Rich included work from writers Meredith McIver and Sharon Lechter.[2][12][13]

Trump appeared on a television program hosted by Paula White to market the book.[14] White said viewers could obtain a copy of the book for a $25.00 contribution to her religious ministry.[15] Trump and Kiyosaki promoted the book together on Larry King Live in 2006.[10][9] Trump spoke about financial awareness in a YouTube video as part of advertising for the work.[16]

The first edition of the book was published by Rich Press in 2006 in hardcover format.[17] A DVD video of the coauthors was released to accompany the book.[18] An audiobook format was released in 2006, with narrators John Dossett and Skipp Sudduth, published by Simon & Schuster Audio, with a runtime of 5 hours and 34 minutes.[19] A Chinese language edition was published in hardcover format in 2007 by publisher Shang Zhou Chu Ban She,[20] and again in 2008.[21] Additional language versions were published in 2007 in Indonesian,[22] Korean,[23] Russian,[24] and Slovenian.[25] A paperback edition was published in 2008.[26] The same year, the work was published in languages including Japanese and Hindi.[27][28] A Spanish language hardcover was released in 2009,[29] in addition to a Thai language version.[30] A Spanish language audiobook was released in 2009 by FonoLibro Inc.[31][32] Simon & Schuster published an audiobook again in 2011.[33] The work was published in Malay and Vietnemese languages in 2012.[34][35] A Spanish language paperback was released in 2013 by Punto de Lectura.[36][37] A paperback edition was issued in 2014 by Plata Publishing.[38] An e-book version was released in 2015 by Plata Publishing.[39][40]

Sales and reception

Why We Want You to be Rich debuted at the first spot on The New York Times best seller list in its first week of publication.[4] It remained in the top four spots for the next three weeks.[5][6][7] The book sold 260,000 copies in its first printing.[12] Trump reported in a 2016 statement he earned less than $201.00 from the book that year.[41][42] The book saw increased sales in Iran in 2017 prior to Trump's inauguration as U.S. president.[43]

Publishers Weekly wrote a book review for Why We Want You to be Rich, commenting, "if it's not exactly Kierkegaardian in scope or language, this collaboration of real estate magnate and rags-to-riches financial guru manages to entertain and to inform."[2] Publishers wrote, "Trump and Kiyosaki ... together are a strangely winning combination".[2] The review concluded, "Bottom line: these Messrs. Money-bags know their business. We're talking billionaires here, and really, how can you argue with success?"[2] Kiplinger's Personal Finance gave the work a critical book review writing, "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."[3] The review noted, "They sell positive thinking and can-do haziness – specific details cost extra."[3]

The Intercept wrote critically of the book's advice, including the recommendation by Trump and Kiyosaki to invest in multi-level marketing companies, asserting instead that these are harmful pyramid schemes.[1] The Intercept contrasted assertions in the book with promises by Trump during his 2016 campaign for president, writing Trump's later views were contradictory with the work.[1] San Antonio Express-News was critical of the contradictory advice imparted in the book, writing, "Trump and Kiyosaki argued that because they were already rich, they had no need to make more money, all the while cashing in on the very books that said so."[8] The paper marveled at the reaction among consumers, "Fans responded to this kind of contradiction by praising both the authors' earlier financial success and their shrewdness in taking advantage of the new opportunity to sell."[8]

See also

  • List of self-help books


References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Brennan, Trip (March 10, 2016), "Donald Trump's get-rich quick advice makes a mockery of his campaign rhetoric", The Intercept, https://theintercept.com/2016/03/10/donald-trumps-get-rich-quick-advice-makes-a-mockery-of-his-campaign-rhetoric/, retrieved June 13, 2017 
  2. ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 2.12 "Why We Want You to Be Rich: Two Men, One Message.". Publishers Weekly. October 2, 2006. https://www.publishersweekly.com/978-1-933914-02-2. 
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 Anderson, Thomas M. (October 6, 2006), "Investor Psychology: Trump and Kiyosaki Say They Want You to Be Rich", Kiplinger's Personal Finance, http://www.kiplinger.com/article/investing/T031-C000-S001-trump-and-kiyosaki-say-they-want-you-to-be-rich.html, retrieved June 14, 2017 
  4. ↑ 4.0 4.1 "Paperback Best Sellers: October 29, 2006", The New York Times, October 29, 2006, https://www.nytimes.com/2006/10/29/books/arts/paperback-best-sellers-october-29-2006.html, retrieved June 14, 2017 
  5. ↑ 5.0 5.1 "Paperback Best Sellers: November 5, 2006", The New York Times, November 5, 2006, https://query.nytimes.com/gst/fullpage.html?res=9900E1DA143FF936A35752C1A9609C8B63, retrieved June 14, 2017 
  6. ↑ 6.0 6.1 "Paperback Best Sellers: November 12, 2006", The New York Times, November 12, 2006, https://www.nytimes.com/2006/11/12/books/arts/paperback-best-sellers-november-122006.html, retrieved June 14, 2017 
  7. ↑ 7.0 7.1 "Paperback Best Sellers: November 19, 2006", The New York Times, November 19, 2006, https://www.nytimes.com/2006/11/19/books/arts/paperback-best-sellers-november-19-2006.html, retrieved June 14, 2017 
  8. ↑ 8.0 8.1 8.2 Fridman, Daniel (January 7, 2017), "You're rich so you must be smart? Not necessarily", San Antonio Express-News, http://www.mysanantonio.com/opinion/commentary/article/You-re-rich-so-you-must-be-smart-Not-10840850.php, retrieved June 14, 2017 
  9. ↑ 9.0 9.1 9.2 9.3 9.4 King, Larry (October 9, 2006), "Interview With Donald Trump", Larry King Live, http://transcripts.cnn.com/TRANSCRIPTS/0610/09/lkl.01.html, retrieved June 14, 2017 
  10. ↑ 10.0 10.1 "Donald Trump book royalties to charity? A mixed bag", CBS News, August 11, 2016, http://www.cbsnews.com/news/donald-trump-book-royalties-to-charity-a-mixed-bag/, retrieved June 14, 2017 
  11. ↑ Trump, Donald; Kiyosaki, Robert (2011), Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, Plata Publishing, ISBN 978-1612680958, https://archive.org/details/midastouchwhysom00dona 
  12. ↑ 12.0 12.1 Pallotta, Frank (July 20, 2016), "Meredith McIver, who took responsibility for plagiarized speech, is prolific Trump collaborator", CNNMoney, https://money.cnn.com/2016/07/20/media/meredith-mciver-donald-trump-plagiarism-books/index.html, retrieved June 14, 2017 
  13. ↑ Tatum, Sophie (July 20, 2016), "Who is Meredith McIver?", CNN, http://edition.cnn.com/2016/07/20/politics/meredith-mciver-who-melania-trump-speech/index.html, retrieved June 14, 2017 
  14. ↑ Montgomery, Peter (January 20, 2017), Donald Trump's far-right inauguration: Meet some of the more extreme faith leaders at the event, http://www.salon.com/2017/01/20/the-preachers-on-trumps-inaugural-commitee_partner/, retrieved June 14, 2017 
  15. ↑ Woodruff, Betsy (August 30, 2015), "Match Made in Heaven: Trump Hosts Televangelists Who Fleece Their Flocks", The Daily Beast, http://www.thedailybeast.com/trump-hosts-televangelists-who-fleece-their-flocks, retrieved June 14, 2017 
  16. ↑ Corn, David (June 2, 2016), "Trump U: The Big Con Behind the School Accused of Fraud", Mother Jones, https://www.motherjones.com/politics/2016/06/donald-trump-says-success-is-genetic/, retrieved June 14, 2017 
  17. ↑ Trump, Donald; Kiyosaki, Robert (2006), Why We Want You to Be Rich: Two Men, One Message, Rich Press, ISBN 978-1933914022, https://archive.org/details/whywewantyoutobe00trum 
  18. ↑ OCLC 368273063
  19. ↑ Trump, Donald; Kiyosaki, Robert (2006), Why We Want You to Be Rich: Two Men, One Message, Simon & Schuster Audio 
  20. ↑ Trump, Donald; Kiyosaki, Robert (2007) (in zh), Why We Want You to Be Rich: Two Men – One Messag0e (Chuan Pu Qing Qi Rang Ni Zhuan Da Qian)-, Shang Zhou Chu Ban She, ISBN 978-1933914022, https://archive.org/details/whywewantyoutobe00trum 
  21. ↑ OCLC 430279307
  22. ↑ OCLC 271608673
  23. ↑ OCLC 132912138
  24. ↑ OCLC 212372733
  25. ↑ OCLC 440173481
  26. ↑ Trump, Donald; Kiyosaki, Robert (2008), Why We Want You to Be Rich: Two Men, One Message, Rich Press, ISBN 978-1933914053, https://archive.org/details/whywewantyoutobe00dona 
  27. ↑ OCLC 676073232
  28. ↑ OCLC 795759256
  29. ↑ Trump, Donald; Kiyosaki, Robert (2009) (in es), Queremos que seas rico [Why We Want You to Be Rich]: Dos Hombres un Mensaje 
  30. ↑ OCLC 860140541
  31. ↑ Trump, Donald; Kiyosaki, Robert (2009) (in es), Queremos que seas rico [Why We Want You to Be Rich]: Dos Hombres un Mensaje, FonoLibro Inc. 
  32. ↑ OCLC 401155473
  33. ↑ OCLC 748283262
  34. ↑ OCLC 971525565
  35. ↑ OCLC 853564639
  36. ↑ Trump, Donald; Kiyosaki, Robert (2013) (in es), Queremos que seas rico [Why We Want You to Be Rich]: Dos Hombres un Mensaje, Punto de Lectura, ISBN 978-6071126597 
  37. ↑ OCLC 866692935
  38. ↑ Trump, Donald; Kiyosaki, Robert (2014), Why We Want You to Be Rich: Two Men, One Message, Plata Publishing, ISBN 978-1612680910 
  39. ↑ Trump, Donald; Kiyosaki, Robert (2015), Why We Want You to Be Rich: Two Men, One Message, Plata Publishing 
  40. ↑ OCLC 956121791
  41. ↑ Mak, Aaron; Park, Maya (July 22, 2015), "6 ways Trump makes his money", Politico, http://www.politico.com/story/2015/07/six-ways-donald-trump-makes-his-money-120495, retrieved June 14, 2017 
  42. ↑ Thielman, Sam; Rushe, Dominic; Gabbatt, Adam (July 22, 2015), "Donald Trump is already president – of 457 firms, campaign filings reveal", The Guardian, https://www.theguardian.com/us-news/2015/jul/22/donald-trump-financial-records-fec-disclosures, retrieved June 14, 2017 
  43. ↑ Ayed, Nahlah (January 18, 2017), "Iranians size up Trump with cautious curiosity", CBC News, http://www.cbc.ca/news/world/tehran-trump-nuclear-deal-views-1.3939805, retrieved June 14, 2017 

Further reading

  • Trump, Donald; Kiyosaki, Robert (2011), Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, Plata Publishing, ISBN 978-1612680958 

External links

  • , for audiobook, Simon and Schuster



Retrieved from "https://handwiki.org/wiki/index.php?title=Finance:Why_We_Want_You_to_Be_Rich&oldid=887267"