If that sounds like me the altruist, hoping to save the world, don't kid yourself.  I like all the imbalance personally and find that it offers great opportunities for profit.  It's just tiring to listen to all the misinformation, half-truths and false prophecy that I find myself struggling against on a daily basis brought to us compliments of ads, ads, and more ads. Life is one big subliminal message after another.

Back to the book.  Poor Dad is a highly educated father of the author who heads up the education department with the State of Hawaii.  His father is depicted as very talented in his career, but otherwise a financial illiterate who never learned the ropes of building wealth.  Rich Dad was the father of his next-door playmate with whom he developed a mentor relationship.  Rich Dad is a high school dropout who worked hard and became a successful multimillionaire.  He owned a variety of small businesses.

The book pounds formal education, almost with contempt, in favor of alternative approaches that promise a better life.  It was as though formal education is the enemy.  Not only did I find the tone to be offensive, but throughout the book, he offered numerous examples of wealth building strategies which were, I'll be kind here . flawed.

For example, he clearly loves corporations as a form of doing business and owning real estate.  In his book, he states his corporation purchased him a Porsche, thereby allowing him a full deduction for his personal usage.  Nothing could be further from the truth . a corporation does not convert personal expense to a business expense.  He claims a corporation is great for purchasing investment real estate.  But the fact is, almost no one with any tax savvy would use a corporation for that purpose. The tax laws clearly favor individual ownership.  He contradicts himself repeatedly . on page 154 he states "Wise investors buy an investment when it's not popular."  On the same page, he counsels "Smart investors don't time the market."  He claims his methodology will lead you to wealth so that you can buy luxuries and engage in conspicuous consumption.  Yet in the book The Millionaire Mind, we know that such characteristics are not common to the typical millionaire.

To the underinformed and/or under experienced, this book has a lot of pretty words and attractive by-lines to offer.  Unfortunately, I found his advice and conclusions to be so far removed from the realities of wealth building that I can only conclude that he perpetuates the very ignorance to which he assails.  Instead of expelling myths, he promotes them.

Since his books was released, he has written several others and is engaged in all forms of promotion, er, I mean education. These include seminars, tapes, workbooks, and on and on. Clearly, the author knows how to turn a dime.

I do want to add my two-cents about formal education however.  It is a fact that many millionaires in this country became so without the help of any high academic standing.  Thomas Stanley in his book, The Millionaire Mind, discusses in depth the role of formal education in the wealth building process.  His studies reveal that there is almost a negative correlation, implying that formal education may, for many, over channel our thinking with the result that we miss out on opportunities that we have been conditioned to ignore or devalue.

There might also be some systemic bias against wealth accumulation shaped by our values in a way that we are "tuned out" to money or otherwise view those who have it in a negative or suspicious fashion.  Our society seems increasingly more altruistic to me.  And consider the fact that 82.7% of all income taxes paid in this country are paid by the 25% wealthiest.  What does that fact do to the theory that minorities should be treated with equality?  Perhaps the term "minority" is a value term only, subject to selective reference.

The "Saturday Night Live" Dennis Miller could certainly do a better job with a rant on this book. But he's not available. Take what you can.