Rich Dad Poor Dad

Ok I've heard from a bunch of you to read this book and I finally picked it up yesterday. I'm almost done with it and what a good read. It's all the ideas I already know, but put into simple language so it's easy to frame it out.

If you enjoy your job, keep it. Mind your own business (I like that phrase), acquire assets instead of liabilities, learn the difference between P&L and a balance sheet. Really simple. It's the path I'm starting to take now, but it's nice to have it explained well. I especially like his definition of wealth -- it's not amassing huge piles of money, but having assets in place that balance your liabilities so you could lose your job tomorrow and not worry about paying the bills. assets=expenses+liabilities.

My race car is going to a new owner next week and that's my seed money to start gaining wealth instead of liabilities. Sad to see it go, but excited about the new possibilities.

Mark

 

Didn't mean to start a holy war. I wasn't looking for a book on specifics (this time) but more a book on overall philosophy. The idea of concentrating your efforts on acquiring assets (and I do like his definition) instead of income/liabilities may seem obvious, but seeing it presented in a simple fashion is really great. I think it's a great starter book for anyone who wants to get on the road to financial independence.

It is not a detailed book by any means, but it gets you thinking in the right direction, and it's an easy read. After you absorb the ideas, go find what makes you happy and do it. That's something else he says. He may be hawking books, but it's a good book to re-orient your thinking from the middle-class trap.

Mark

 

I agree with this, big time. I follow everything the man does religiously. But then it is easier for him because he can actually tilt the market when he wants to.

Mark

 

Thanks. I got the download and will take a closer look.

Mark

 

Sorry for so many posts in a row, but it's just how the flow goes. FWIW I'm interested in overall philosophy and how to approach wealth-building. There are many paths but without the correct approach, you just dig a deeper hole for yourself.

As for paths I'm interested in, I've started my own business, investigated several different franchise opportunities (none really click with me), and pursued greater training in my profession. When I boil it all down, I enjoy what I do for a living -- IT project management and development -- so I might as well continue doing it.

Given all that, I now have to decide what's my best path. Investing in the market is a given, and I'm a fan of small caps. I've got discretionary funds for that and don't mind big swings as long as the trend is up. I'm also interested in commercial real estate, and am currently trying to learn as much as I can. I have no desire to maintain rental houses and commercial looks like a better option if I can learn the ins and outs.

Mark