Rich Dad Poor Dad - Page 2

JonPKibble · #11 10-02-2005, 10:28 AM

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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.

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That is the beauty of the book, it is written in terms that simpletons can understand. You don't need an MBA to understand the concepts he explains.

Now that you have read Rich Dad, check out his previous book, "If You Want To Be Rich And Happy, Don't Go To School?" The title is actually a bit misleading, he isn't really recommending people don't go to school. It's merely a constructive criticism of our public education system. Definitely worth a read.

Sniper · #12 10-02-2005, 11:03 AM

Despite the naysayers, its a good book, that I definately recommend.

Most people are not taught the concepts that he conveys.

vindikation · #13 10-02-2005, 01:39 PM

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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

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Well holy [censored], that's me to a "T". I'm one cheap bastard with zero debt and around $50,000 saved up which I'm in the process of starting to invest. I can't afford to buy a house in Los Angeles, so I want this money to work for me.

Degen · #14 10-02-2005, 01:53 PM

LLC

talk to a good accountant, there is also a lot of stuff available on the web

the moral of the story is that a corporation is not a building with a secretary and file cabinets...it is some papers in a file with your accountant and your lawyer

it is a massive tax shelter if you use it the right way

READ THE BOOK

Degen · #15 10-02-2005, 01:54 PM

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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

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Well holy [censored], that's me to a "T". I'm one cheap bastard with zero debt and around $50,000 saved up which I'm in the process of starting to invest. I can't afford to buy a house in Los Angeles, so I want this money to work for me.

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you got the first part down...its taken me a lot of effort, and i still got a loooong way to go, to trim my spending

Peter666 · #16 10-03-2005, 10:57 AM

It's true. One of the concepts that really sticks out and is so important to understand from this book is that your house is never an investment, especially when you take out a mortgage for it. The banks and lending institutions love to feed this lie to the average Joe.

wmspringer · #17 10-04-2005, 12:15 AM

I've read it; I found it quite interesting.

squiffy · #18 10-04-2005, 05:22 AM

Again, the info he presents is not new. You can get it from any basic personal finance book. In fact, he actually presents much less info than you would find in a long, boring lecture on personal finance.

But what little he does present, he presents in a very interesting and memorable way, by telling a story. And he spends many pages, emphasizing a few important points. So it's easier to grasp and hits home.

Its kind of like the difference between telling a kid to work hard and save for a rainy day. Or telling a kid a story about the ant and the grasshopper, how the grasshopper spent all day playing around, and the ant was working really hard, so when winter came, the ant had tons of food stored up and the grasshopper froze his behind off and was starving.

It's easier to remember the story. And it has more emotional impact, than if you just tell someone, save your money and invest in stocks and real estate.

There are lots of business books and personal finance books that take this approach. Who Moved my Cheese. The Richest Man in Babylon, etc.

Just realize that it's a more colorful way to convey the same information that you could also get in many other places.

BradleyT · #19 10-13-2005, 12:35 PM

I'm pretty sure this book will return more for the $20 I spent on it than any poker book I've ever spent $20 on. I got it over the past weekend and really enjoyed it and have the means to put it to use.

DesertCat · #20 10-13-2005, 01:12 PM

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It's true. One of the concepts that really sticks out and is so important to understand from this book is that your house is never an investment, especially when you take out a mortgage for it. The banks and lending institutions love to feed this lie to the average Joe.

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I don't understand this at all.

Homes over long periods appreciate at 4% a year. Banks will lend you 90% of that for an interest rate that is tax deductible. Essentially your 10% equity will appreciate at 40% per year, a pretty awesome return. If you don't own a home, you have to pay rent.

So how is your home not an investment? I'm not a real estate nut, I understand we are in a bubble now, and that many people overpay for their homes. But how is buying a affordable home and living in it for ten years or more not a great positive investment decision?