TRUMPbooks:Midas Touch

Midas Touch
Book cover
Book cover
Author Donald Trump
Robert Kiyosaki
Country United States
Language English
Subject Personal finance
Genre Self-help
Publisher Plata Publishing
Publication date
2011
Media type Hardcover
Pages 240
ISBN 978-1612680958
OCLC 701019420
Preceded by Why We Want You to be Rich (2006)
Followed by Time to Get Tough (2011)
Website Official website
[1][2][3][4]

Midas Touch: Why Some Entrepreneurs Get Rich — And Why Most Don't is a non-fiction book about personal finance, co-authored by Donald Trump and Robert Kiyosaki. The book was published in hardcover format in 2011. The coauthors became familiar with each other through mutual work at The Learning Annex, and The Art of the Deal. Trump was impressed by Kiyosaki's writing success with Rich Dad Poor Dad. The coauthors then wrote Why We Want You to be Rich together in 2006, and followed it up with Midas Touch in 2011.

Trump and Kiyosaki intersperse financial lessons with personal anecdotes from their respective careers. They elaborate on points previously raised in Why We Want You to be Rich, and criticize a dearth of financial literacy education in the U.S. system. The authors warn of the middle-class squeeze and the harm this will cause to the American middle class. They praise entrepreneurship and advise aspiring business owners to embrace failure and learn from it. Trump and Kiyosaki end the book by extolling the economic benefits of immigration to the United States.[1][2][3]

The book received a positive review from Publishers Weekly, which called Trump and Kiyosaki, "the gold standard of the entrepreneurial spirit".[3] The review called the book a "galvanizing narrative", and "an impassioned argument for business self-actualization".[3] Kirkus Reviews praised the combination of Trump and Kiyosaki, "the authors complement each other surprisingly well".[2] In its overall assessment, Kirkus Reviews concluded the book was "Serviceable but undermined by its political proselytizing."[2] The Intercept called multi-level marketing a form of pyramid scheme and lamented the authors' recommendation of the tactic.[5] Both BuzzFeed News and Business Insider contrasted advice in the book with messages from Trump's 2016 U.S. presidential campaign.[6][1]

Contents summary

Midas Touch elaborates on points made by Trump and Kiyosaki in their prior work Why We Want You to be Rich. The coauthors assert their ideas will lead to an uptick in the American economy. Trump and Kiyosaki lament the lack of financial literacy espoused in the U.S. education structure. They argue students should be taught how to become business owners instead of learning how to go work for another company. Trump and Kiyosaki write that such students are instructed to achieve academic excellence through avoiding risk. They say those who do engage in risk will learn from their mistakes and be stronger for it.[2][3][4]

Kiyosaki expands on the idea of taking risk, advising, "Success in the world of the classroom means not making mistakes. When your report card is perfect, you get an A+. The opposite is true in the world of business." He emphasizes a different set of skills are needed to be a successful business owner, "To be successful in the world of entrepreneurs, a person must learn to fail, correct, learn, apply what was learned, and fail again. Success comes from failure, not from memorizing the right answers."[2][3][4]

Trump supports Kiyosaki's view on the learning opportunity created by failure, writing, "If 'A' students are considered the smartest people of all, why don’t they all become extremely wealthy entrepreneurs? The answer is because most 'A' students are winners in the classroom where they win by making the fewest mistakes and failing the least. They learn that mistakes and failing are bad." Trump compares this to the business sector, "In the real world of entrepreneurship, by contrast, the people who make the most mistakes – and learn from those mistakes the fastest – are the winners. Being school smart isn't the same as being street smart."[2][3][4]

Trump and Kiyosaki emphasize that business owners help create opportunity for others, writing, "Government cannot create real jobs. Only entrepreneurs can do that." The book puts forth a strategy for success elaborated upon in five segments. The authors refer to this strategy as the "Midas Touch" formula, and write that such expertise is a requisite part of learning how to become a good business owner. These qualities include smaller inumerable characteristics, networking skills, brand name value, concentration to the task at hand, and mental fortitude. The authors warn about the middle-class squeeze, writing, "As the middle class disappears there’s only one or two ways you can go: rich or poor. We want you to be rich."[2][3][4]

The authors illustrate their arguments with anecdotes throughout the work. Kiyosaki discusses his military contributions during the Vietnam War. He talks about an unsuccessful business venture attempting to sell wallets made out of Velcro. Kiyosaki recounts his increased success and popularity after an appearance on The Oprah Winfrey Show. He discusses his surprise when he found out one of his businesses was deriving profit from a sweatshop. Trump recounts adventures experienced while engaged in real estate investing in Manhattan. He discusses what it was like to star in the television program The Apprentice.[2][3][4]

Trump and Kiyosaki conclude the book by embracing the phenomenon of entrepreneurs created through immigration to the United States. Trump and Kiyosaki write, "For centuries, Ellis Island in New York Harbor has beckoned and welcomes the 'huddled masses, yearning to breathe free' — men and women from all parts of the world drawn by the beacon of hope and freedom, drawn to the Land of Opportunity." The conclusion emphasizes the hardship some immigrants have experienced prior to arrival in the U.S., "Whether these immigrants fled oppression or were drawn by the lure of the American dream, most viewed this Land of Opportunity as a place for them to stake their claim, make their mark, and create a life of freedom and happiness for themselves and their children." Trump and Kiyosaki assert immigrants to the U.S. are motivated to find economic success, "Many first generation immigrants are willing to pay any price, take any job, shoulder any burden if there is a chance it will give them a foothold, a start. They do what must be done, for they have come for the opportunity to build the life of their dreams, to give their children something that they themselves never had. And for that, there is no price too steep, no challenge too great, no burden too heavy."[1]

Composition and publication

Trump and 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.[7][8] The coauthors became familiar with each other through encounters at the company The Learning Annex.[8] 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."[8] Trump and Kiyosaki first published Why We Want You to be Rich as a private business venture together, forming a new company as a partnership called Rich Press.[9][8]

After their initial book venture, Trump and Kiyosaki next collaborated together on Midas Touch.[10][5] Kiyosaki explained to CBS MoneyWatch why he partnered with Trump on Midas Touch, saying they agreed about the declining American middle class, "He is an entrepreneur -- probably one of the most famous and influential entrepreneurs today. I met him in 2004 and we have always shared the same concerns [including that] the middle class is getting crushed."[11]

In an interview with Forbes, Trump said of his coauthor, "Robert is an extremely smart guy who really has proven to have 'The Midas Touch' in what he does. You know Rich Dad, Poor Dad was one of the biggest selling books of all time and so was The Art of the Deal. So, we got together on doing this book and it’s sort of an interesting combination."[12] Kiyosaki was interviewed by Forbes and contrasted his business experience with Trump's, "I actually think that Donald was born an entrepreneur and I had to become an entrepreneur. I really had to study entrepreneurship – I became a student of it and then progressed; so it took me a little longer. Donald apparently has a lot more self-confidence than I do – that was a big factor."[13]

The book was first published in 2011 in hardcover format by Plata Publishing.[10][14] An ebook was released the same year,[15] as well as an audiobook.[16][17] The audio book was published by Simon & Schuster and narrated by Skipp Sudduth and John Dossett.[16][17] A print book was published again in 2012 in paperback format,[18][19] in addition to an ebook and audiobook.[20][21] A Chinese language print edition was published in 2012 by Shang Zhou Wen Hua Chu Ban,[22] and released in a Spanish language edition the same year,[23] and Romanian.[24] A Polish language edition was released in 2013.[25] The work was published in Hebrew in 2014.[26] An ebook was released again by Plata Publishing in 2015.[27] A Vietnamese language edition was published in 2015,[28] and a Khmer language version.[29] Another Spanish edition was published in 2015,[30] and in 2016.[31] The work was published in a Hindi language edition in paperback in 2014,[32] and ebook format in 2016 by Manjul Publishing.[33]

Critical reception

A book review by Publishers Weekly observed, "Magnate Trump and Kiyosaki (Rich Dad, Poor Dad) are the gold standard of the entrepreneurial spirit — self-made, resilient, and charismatic."[3] The review concluded, "This galvanizing narrative skews a bit toward mantra-like big ideas rather than executable steps, but is nonetheless an impassioned argument for business self-actualization."[3] Kirkus Reviews published a book review about Midas Touch, writing, "Trump and Kiyosaki are back with a tag-team tutorial on how to rake in oodles of cash as a winning entrepreneur."[2] The review noted, "The authors complement each other surprisingly well, as both men possess rare insights into the way business really gets done. This manual is as good as many of the other so-so entrepreneurial handbooks out there".[2] Kirkus Reviews' piece concluded, "Serviceable but undermined by its political proselytizing."[2]

Kimron Corion wrote for The Huffington Post, "I have never met Mr. Trump, but I enjoy reading his enlightening books. My favorite is The Art of the Deal, and I also love The Midas Touch which was also co-authored by Robert Kiyosaki."[34] The book inspired Australian entrepreneurs to create a real estate company and name their venture after the title of the work.[35] Casey Bond wrote for GOBankingRates, "Theoretically, you could just read the list at the end of every chapter and get the gist of the book, but I find the value of Midas Touch to be in the storytelling of real-life experiences."[36]

Trip Brennan of The Intercept reviewed both Why We Want You to be Rich and Midas Touch, and was critical of both books.[5] Brennan criticized Midas Touch for its support of multi-level marketing, a practice he described as a pyramid scheme in disguise.[5] He wrote negatively of the book's discounting of investment in mutual funds.[5] BuzzFeed News wrote about the work during Trump's 2016 U.S. presidential campaign, and contrasted the book's views on the changing American economy with Trump's statements from the campaign trail.[6] BuzzFeed News was critical Trump had shifted his perspective from the book, where he had previously written U.S. industrial jobs would never return and individuals needed to learn to cope with new skills in the Information Age.[6] Business Insider similarly compared the work with Trump's 2016 campaign message, noting the book ended with a passage embracing immigrants whereas the Trump campaign was critical of illegal immigration from Mexico.[1]

See also

References

  1. 1.0 1.1 1.2 1.3 1.4 Tani, Maxwell (March 3, 2016), "One of Donald Trump's books has a 2-page ode to the immigrant experience", Business Insider, retrieved June 15, 2017, Many first generation immigrants are willing to pay any price, take any job, shoulder any burden if there is a chance it will give them a foothold, a start. They do what must be done, for they have come for the opportunity to build the life of their dreams, to give their children something that they themselves never had. And for that, there is no price too steep, no challenge too great, no burden too heavy. 
  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 "Book Review: Midas Touch: Why Some Entrepreneurs Get Rich—and Why Most Don’t", Kirkus Reviews, Kirkus Media LLC, October 15, 2011, retrieved June 15, 2017 
  3. 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 "Book Review: Midas Touch: Why Some Entrepreneurs Get Rich—and Why Most Don’t", Publishers Weekly, Reed Business Information, October 2011, retrieved June 15, 2017 
  4. 4.0 4.1 4.2 4.3 4.4 4.5 Muth, Chuck (May 19, 2017), "Chuck Muth on the Trump effect: How to 'fail' our way to greatness again", Pahrump Valley Times, Pahrump, Nevada, retrieved June 15, 2017 
  5. 5.0 5.1 5.2 5.3 5.4 Brennan, Trip (March 10, 2016), "Donald Trump's get-rich quick advice makes a mockery of his campaign rhetoric", The Intercept, retrieved June 13, 2017 
  6. 6.0 6.1 6.2 Kaczynski, Andrew (April 4, 2016), "Trump In His 2011 Self-Help Book: 'Old Economy Of The Industrial Age Is Dying'", BuzzFeed News, retrieved June 15, 2017 
  7. Anderson, Thomas M. (October 6, 2006), "Investor Psychology: Trump and Kiyosaki Say They Want You to Be Rich", Kiplinger's Personal Finance, retrieved June 14, 2017 
  8. 8.0 8.1 8.2 8.3 King, Larry (October 9, 2006), "Interview With Donald Trump", Larry King Live, CNN, retrieved June 14, 2017 
  9. "Why We Want You to Be Rich: Two Men, One Message. Robert T. Kiyosaki, Author, Donald J. Trump, Author, Meredith McIver, With (with Sharon Lechter). Rich Press $24.95 (345p) ISBN [[Special:BookSources/978-1-933914-02-2|978-1-933914-02-2]]", Publishers Weekly, Reed Business Information, October 2006, retrieved June 13, 2017  URL–wikilink conflict (help)
  10. 10.0 10.1 Trump, Donald; Kiyosaki, Robert (2011), Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, Plata Publishing, ISBN 978-1612680958 
  11. Levin-Epstein, Amy (October 5, 2011), "Robert Kiyosaki on Entrepreneurship, His Critics, Trump & Obama", CBS MoneyWatch, CBS News, retrieved June 15, 2017 
  12. Schawbel, Dan (October 3, 2011), "Donald Trump Has The Midas Touch [Exclusive Interview]", Forbes, retrieved June 15, 2017 
  13. Schawbel, Dan (October 4, 2011), "Robert Kiyosaki Says Entrepreneurship Will Bring Back Jobs", Forbes, retrieved June 15, 2017 
  14. OCLC 701019420
  15. OCLC 956520711
  16. 16.0 16.1 OCLC 861682147
  17. 17.0 17.1 Trump, Donald; Kiyosaki, Robert (2011), Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, Simon & Schuster, ISBN 978-1442347953 
  18. OCLC 841561192
  19. Trump, Donald; Kiyosaki, Robert (2012), Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, Plata Publishing, ISBN 978-1612680965 
  20. OCLC 951065247
  21. OCLC 780367507
  22. OCLC 849097406
  23. OCLC 958702733
  24. OCLC 923841362
  25. OCLC 876500243
  26. OCLC 898029998
  27. Trump, Donald; Kiyosaki, Robert (2015), Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't, Plata Publishing, ASIN B01BFJBK1M 
  28. OCLC 950858482
  29. OCLC 934737873
  30. Trump, Donald; Kiyosaki, Robert (2015), El toque de Midas (Midas Touch: Why Some Entrepreneurs Get Rich and Why Most Don't) (Spanish Edition), Debolsillo, ISBN 978-6073131735 
  31. OCLC 953008598
  32. Trump, Donald; Kiyosaki, Robert (2014), Kaise Paye Vyapar Mein Jadui Safalta (Midas Touch) (Hindi), Manjul Publishing, ISBN 978-8183225144 
  33. Trump, Donald; Kiyosaki, Robert (2016), Kaise Paye Vyapar Mein Jadui Safalta (Midas Touch) (Hindi), Manjul Publishing, ASIN B01N9A4QPR 
  34. Corion, N. Kimron (May 13, 2014), "Think Big, Work Smart, Hustle Hard: The Battle Cry of the New School Entrepreneurs", The Huffington Post, retrieved June 15, 2017 
  35. "About Us", Midas Real Estate, 2017, retrieved June 15, 2017, Our name 'Midas' is derived from the famous book written by two entrepreneurial icons, Donald Trump and Robert Kiyosaki titled “The Midas Touch”. Their book shares their experiences and insights into building successful businesses which have made them into the successful entrepreneurs that they are today. This inspired us to begin our journey in building wealth for our clients through property investment. 
  36. Bond, Casey (April 3, 2013), "Review: Midas Touch by Donald Trump and Robert Kiyosaki", GOBankingRates, retrieved June 15, 2017 

Further reading

External links