25 years since original publication Rich dad, poor dad: Rich people teach their kids things about money – poor and middle class don’t!, a book originally self-published in 1997 by author Robert T. Kiyosaki’s Cashflow Technologies. Since its release, the book has been a bestseller, with more than 44 million copies sold.
Beyond Sales Success rich dad, poor dad, Kiyosaki has always viewed the book as part of a larger mission – since he was 9 years old. “Why don’t we teach kids about money?” he muses. Kiyosaki grew up in Hawaii, where his father served as the state’s education secretary and earned a Ph.D. for a modest salary.
“I grew up in this poor lower-middle-class neighborhood,” Kiyosaki said. When his father got a promotion, they moved to town, and Kiyosaki ended up going to a school with mostly wealthy students. This led to him being placed in a different world and left him wondering, as he put it, “How do these kids have money?”
Culture shock causes Kiyosaki to ask his father about the best way to get rich and is told to “stay in school”. He said that although he was only nine years old, he already knew that his father’s views on education to get rich were “nonsense”. This was proven wrong by his friend’s father, who was very wealthy but didn’t have any college degrees. It prompted Kiyosaki to understand the power of passive income—how the rich don’t work for money; money works for them. Poor people work for paychecks and thus never get ahead.
“Most people don’t really understand money,” Kiyosaki said. “America has $30 trillion in debt. That’s 32 zeros!” 25 years ago rich dad, poor dad Calling attention to the fundamental lack of financial literacy among a generation of young professionals. “I thought someone would stop it now,” Kiyosaki said. “Nothing has changed.”
The purpose of this book is to spread an understanding of how money works. Perhaps that’s why Kiyosaki struggled to find a publisher for it, leading him to decide to self-publish. “I was turned down by every publisher in New York,” he recalls. “They said I didn’t know what I was talking about. I didn’t have a degree from Princeton or Stanford.” With no interest from big companies, Kiyosaki self-published the title and focused on effective marketing strategies, including putting the book together Put it in a place where books aren’t usually sold, like a gas station.
rich dad, poor dad Started attracting New York publishers after it appeared in New York New York Times Bestseller list. “I was with the Time Warner Book Group in the early 2000s,” says acquisitions editor Rick Wolff. rich dad, poor dad. “Part of my day job is to check New York Times Weekly bestseller list. Sure enough, I noticed that a book I had never heard of before was published by a company called Cashflow Technologies. “
Wolff went to his boss, Larry Kirshbaum, and told him about rich dad, poor dad And its surprise appearance on the list. “He told me, ‘Let’s not be fooled by this,'” Wolfe said. But Wolff flew to Phoenix to meet Kiyosaki, who picked him up in a black Porsche and took him to lunch with the cash flow team. Wolfe was impressed with their operation and keen to gauge their interest. “They made it clear that there was another offer,” he said.
A bit of a failure, Wolfe tried to figure out a way to make it work and came up with the idea of protecting audio rights. In the early 2000s, snapping up audio and print rights was less common. Sure enough, the audio rights eventually led Kiyosaki to accept Wolf’s offer.
Kiyosaki has been recording audiobooks from the moment he signed the contract rich dad, poor dad, he continued to market it. Shortly after the Warner deal closed, Wolfe got a call from Kiyosaki’s office, which Wolfe said was “good news and bad news.”The good news is that Kiyosaki will appear in Oprah. The bad news is about a month later.”It’s unheard of for a book to be ruined so quickly,” Wolf points out, but the Warners production team was able to deliver 300,000 copies in time to customers and bookstores within an hour Oprah appearance.
In 2010, Kiyosaki Moving Published rich dad to his Plata publishing company, which also produces a line of books related to personal finance. To keep the book in the public eye, he still gave almost all of his interviews. He estimates he has completed over 2,000 ads.
“Robert is a self-made story,” Wolfe said. “rich dad, poor dad The #1 selling personal finance book of all time. More notably, this book also regularly appears at the top of parenting lists. ” (According to NPD BookScan, 12 months through April, rich dad, poor dad is the best-selling personal finance book. )
For the past 25 years, Kiyosaki has kept the book’s core messages about financial literacy intact, with only occasional updates. Starting with the 20th Anniversary Edition, Plata added callouts and sidebars on topics like student loan debt and consumer debt, and updated much of it again for the 25th Anniversary Edition.
Kiyosaki is proud of the multi-generational readership of the book, with parents giving the book to their children so they can understand how money works. “I only write about what I’ve done,” Kiyosaki explained. “When people go to school, they don’t know anything about money. What I wrote in the book is still there today.”
A version of this article appeared in the May 16, 2022 issue Publishers Weekly Under the heading: Showing Americans How to Get Rich for 25 Years