This book made a lot of waves back in 2000 when it came out. People were recommending it left and right. Most of what the book claims makes sense and is probably common knowledge in certain circles.
The author regularly mentions that financial education needs to be taught in schools. In an entirely financially controlled world, the fact that we don’t teach basic finance in schools should be a very obvious lapse in judgement. But it continues to be so.
He mentions looking out for yourself and exploring new financial vehicles to increase your assets. This is a good idea for everybody and can be derived from accounting 101. The problem being most people don’t know shit about accounting.
It’s a good thing that the book doesn’t spend much time discussing the specific ways to make money unless they serve as examples for a larger idea.
The author also mentions other things like multi-level marketing, insider trading, divine intervention and other ideas which should obviously be taken with a large dose of salt.
In my opinion this book can be slashed to half it’s size after a nice crapectomy. What remains however is quite nicely summed up by the titular quote:
What the rich teach their kids about money — that the poor and middle class do not!
Things to remind myself: always read up on the summary of a non-fiction book before you start reading it. It will save you time.