RichDad seminars

[TStoneMBD]

im very interested that youve said such good things about john t reed. i assume you recommend that i read his books? which one should i start with?

[DesertCat]

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I think the whole "Rich Dad, Poor Dad" thing is completely retarded. That book and "The Millionaire Next Door" are basically both handbooks on how to live a miserable life but die with some money in the bank.

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I think this is a poor interpretation of TMND as well. The only way to go from poverty, or middle class, to wealth, is to spend less than you make. It's a simple law, and the basis of TMND.

Now, you may not want to live as cheaply as some of the millionaires featured in TMND, but through out your life if you want to build wealth you will need to make important choices.

I have a friend who's live-time earnings are well in excess of $5M. He's close to filing personal bankruptcy because his living standards grew with his income, but when his income declined, he was unable to lower his living standards. If he had found a way to live on a mere $250,000 a year, he'd still be rich today.

The key lesson from TMND is to save money. Anyone at practically any income level can do it. As your income grows, try to hold back on buying more things, instead try to save more money. Increase your living standards carefully and wisely. You'll find the freedom having money in the bank much more enriching than a few extra toys.

[guardianx]

the whole richdad crap is a scam because all he is telling u is common /basic knowledge. and cashflow 101 game is super retarded. I went to one of the cashflow community game jus to check it out. and it was infested with people who doesnt know how to manage money doesnt have money and speak like they are going to be the next millionair lol.

[eastbay]

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the most informative book that i have read from the kiyosaki series is cashflow quadrant.

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The whole "cashflow quadrant" thing just sort of exposes Kiyosaki as being a hype machine with no redeeming value.

Why does he construct a "quadrant" to organize these types of income? There's nothing gained by having a "quadrant" diagram. It just sounds fancy and makes cool figures and is a catchy sounding phrase.

I wouldn't give this joker dime one. I don't understand how his books became popular at all.

eastbay

[DesertCat]

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both handbooks on how to live a miserable life but die with some money in the bank.

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Oh, and one more thing. After I read TMND, I told my friend about it. At the time he still had the huge house, ferrari, range rover, mercedes, and golf club membership. He was constantly eating out at the best restaurants and traveling (first class all the way), dropping twenty grand every weekend trip to Vegas.

He laughed, and gave almost exactly the same response as you, "it sounds like how to live a miserable life". He now lives in a studio apartment.

[guardianx]

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[ QUOTE ]
the most informative book that i have read from the kiyosaki series is cashflow quadrant.

[/ QUOTE ]

The whole "cashflow quadrant" thing just sort of exposes Kiyosaki as being a hype machine with no redeeming value.

Why does he construct a "quadrant" to organize these types of income? There's nothing gained by having a "quadrant" diagram. It just sounds fancy and makes cool figures and is a catchy sounding phrase.

I wouldn't give this joker dime one. I don't understand how his books became popular at all.

eastbay

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well said well said.....
this joker got fat from the retarded people who praise him.
if u dont believe me goto one of the cash flow community they praise him like a god.

[bob2007]

First book was good, the next ones were repetitive.

The most important thing I learned (I was initially studying accounting): an asset could be a liability.

An asset in accounting like a house, could be a liability according to RK if it were not making you any money.

[TStoneMBD]

RK says that any expenses you pay or any item you own that is depreciating are liabilities and anything that nets you money is an asset.

according to him, a house that you live in is a liability, or more accurately the mortgage is. bankers and accountants call a house an asset. in a way, a house really is an asset because you lose less money then you would have had you rented living quarters instead.

he actually makes it seem to his readers that owning your own home is a bad idea. the closest in his books that he has come to rectifying what hes said about this is that there is good debt and bad debt. good debt makes you money and bad debt makes you lose money. owning a home is good debt for the most part. hes never said that.

[Paluka]

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RK says that any expenses you pay or any item you own that is depreciating are liabilities and anything that nets you money is an asset.

according to him, a house that you live in is a liability, or more accurately the mortgage is. bankers and accountants call a house an asset. in a way, a house really is an asset because you lose less money then you would have had you rented living quarters instead.

he actually makes it seem to his readers that owning your own home is a bad idea. the closest in his books that he has come to rectifying what hes said about this is that there is good debt and bad debt. good debt makes you money and bad debt makes you lose money. owning a home is good debt for the most part. hes never said that.

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This seriously is the most boring, uninteresting topic there is. How do you guys make it through one of these books?

[BarkingMad]

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which one should i start with?

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It depends where you are at and what you want to do. If you already own investment RE the tax avoidance book is a good starting point. If you want to get started in RE investing then the how to buy for 20% below market books are good, as well as the deals that make sense book.

Another thought, since this is in the Stock Market thread catagory. Kiyosaki's thoughts on the financial markets are even more devoid of useful info than his real estate advice, IMO.

If you're getting started in RE investing and have good income but not a great net worth (and you're single or are with a spouse that can handle it), a great way to get started is to become a serial owner occupant. I don't think Iv'e even seen Reed write about this. Buy a multifamily property using owner occupied financing, move in and live there for a year (to satisfy the morgage co. requirement) then repeat the process until you have accumulated several properties. You obviously have to be willing to landlord to do this.