Rich Dad Poor Dad
 

I just got "Rich Dad Poor Dad" today at the library. I didn't even really look through it, but the subtitle of the book "What the rich teach their kids about money - that the poor and middle class do not" hit me like a ton of bricks reflecting on my middle class upbringing.

Degen recommended this book and it looks good, anyone else read it?

Re: Rich Dad Poor Dad
 

Re: Rich Dad Poor Dad
 

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http://www.johntreed.com/Kiyosaki.html

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There are a lot of naysayers out there, but I've read this book (as well as a few other Kiyosaki books) and he is a great author with many great points of view. I recommend reading this book and forming your own opinion, rather than judging his material from the opinions of others.

Re: Rich Dad Poor Dad
 

I haven't read this book, but my parents own it and several others like it- "the millionare next door" etc. and i perused them once while i was home

the gist of all of them seems to be the same... money management for people with no common sense. ie:

-pay off your credit cards every month
-car leases are generally -EV
-don't go into debt for things like vacations/christmas/unnecessary items

while i can't blame the publishers of these books for their content, its amazing to me that there are enough idiots out there who have no idea how to manage their money that books like these routinely become best sellers

Re: Rich Dad Poor Dad
 

Never underestimate the power of stupid people in large groups!

Re: Rich Dad Poor Dad
 

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Never underestimate the power of stupid people in large groups!

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-Red State Moto

Re: Rich Dad Poor Dad
 

I bought and enjoy reading and re-reading Rich Dad.
GOOD NEWS -- it preaches very basic, common sense investing wisdom, but does it in a very interesting way. It tells a story. Kind of like in the Christian Bible. Jesus wouldn't just teach a lesson. He would tell a parable or story, which illustrated the concepts. Just like you would tell kids a fable, an interesting, easy to remember story, that sticks in your mind, because it involves talking animals.

The info in Rich Dad can be stated in a few sentences. But the power of Rich Dad is that the story really helps you appreciate the lessons being taught.

Buy assets that appreciate, don't spend your money on depreciating assets. Don't just live for the moment. Let your money work for you. Invest in real estate or stocks or IRAs and 401ks. Study accounting and law.

Parables and stories are mainly intended for kids and illiterate peasants back in Jesus's time. Though they are certainly fun for more educated people to read.

It is sad, though, that so many people think that the basic advice in Rich Dad is a revelation. Almost any basic money management book communicates the same concepts. But most other books do it in a dry matter of fact way.

People want to be entertained.

Rich Dad is a book with one-paragraph of information stretched out over 150-200 pages and illustrated with a fun story.

But if that's what it takes to drive the message home. So be it.

Re: Rich Dad Poor Dad
 

i'll reccomend it again

most life changing book i've ever read

Re: Rich Dad Poor Dad
 

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Buy assets that appreciate, don't spend your money on depreciating assets. Don't just live for the moment. Let your money work for you. Invest in real estate or stocks or IRAs and 401ks. Study accounting and law.

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this is pretty true

tho you forgot to add corporations into this mix...


perhaps the reason the book helped me so much is because prior to reading it i did not see these things at all...like the millionaire next door, this book helped me to grasp the idea of 'living below your means' and that every guy you see driving a BMW is not necessarily rich...and that having nice things and being in debt is way worse than having not so nice things and having massive wealth on paper

these things were not preached to me growing up...the idea of setting up a corporation to avoid paying taxes, or at least significantly reducing my taxes...was not one i knew about


but yes...the book basically says to be cheap, pay yourself first, invest wisely, do not spend your hard earned money on homes and cars, but instead to spend it on assetts that you can then buy homes and cars with

Re: Rich Dad Poor Dad
 

What kind of corporation did you set up? Any futher reading suggested for someone who is interested?

Krishan