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Rich Dad Poor Dad

Discussion in 'Other Off Topic Forum' started by shmark, Mar 21, 2004.

  1. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,967
    Atlanta
    Full Name:
    Mark
    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
     
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  3. Uberpower

    Uberpower Formula Junior
    Silver Subscribed

    Feb 6, 2004
    907
    If you want to read something a billion times better... try reading something written by a funny looking man with a goofy sounding name back in 1910.

    His words are priceless, and the ebook is free on that site (no affiliation to me whatsoever).

    You can read the whole thing in an hour, and it will be the best time you've ever spent on your finances.

    www.scienceofgettingrich.net

    Enjoy- and thank me later.
     
  4. ralessi

    ralessi Formula 3

    May 26, 2002
    1,093
    Houston, TX
    Full Name:
    Rikk
    Do you have a direct link? I was searching through that site and couldn't find what you were talking about.
     
  5. Uberpower

    Uberpower Formula Junior
    Silver Subscribed

    Feb 6, 2004
    907

    Well, you just sign up and get the ebook. Here is a direct link to read it online from another site.

    The site is goofy and weird, but the text from the book is the same.

    If you don't have a ton of time, just read the last chapter, it is an overview.

    http://www.deeptrancenow.com/sogr.htm

    Nick
     
  6. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,893
    Arlington, VA
    Schmark,

    Do yourself a huuuuge favor. Read this link in its entirety, including the links off of the page http://www.johntreed.com/Kiyosaki.html ... then proceed to the nearest trashcan and drop your Kiyosucker book into it.

    -R
     
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  8. benedict

    benedict Formula Junior

    Nov 6, 2003
    731
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    Ben
    Actually, John T Reed has been widely criticized for his baseless and unfounded "reviews" all the while promoting his own competing real estate materials. Check out this site www.creonline.com and put his name in the archives. You will get an objective viewpoint.
     
  9. Forza1

    Forza1 Formula Junior

    Mar 20, 2004
    486
    California
    Bottom line: Read and understand both sides of the conflict, then decide for yourself what's "right".



    -DC
     
  10. isellpower

    isellpower Formula Junior

    Nov 30, 2003
    882
    Midwest
    Full Name:
    Jason
    Read all books by Warren Buffett. Lets face it, the others are running a scam to sell books, while he makes and loses more in an hour than their combined net worth.
     
  11. Forza1

    Forza1 Formula Junior

    Mar 20, 2004
    486
    California
    It sounds as if he's not looking for books on the market, but more business philosophy?

    If it's market you're after, then this is where the road ends:


    Ben Graham - "Security Analysis"


    What do you fellows think of the ever popular "Richiest Man In Babylon"?
     
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  13. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,967
    Atlanta
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    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
     
  14. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,967
    Atlanta
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    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
     
  15. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,967
    Atlanta
    Full Name:
    Mark
    Thanks. I got the download and will take a closer look.

    Mark
     
  16. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,967
    Atlanta
    Full Name:
    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
     
  17. Artherd

    Artherd F1 Veteran

    Jun 19, 2002
    6,588
    Bay Area, CA
    Full Name:
    Ben Cannon
    While diversification is always good to mitigate risk, if you are a buisness owner, often the best possible investment you can make (especially early on) is in yourself.

    My opinion.

    But all of my success, and for that matter, all of the very successful people I have ever met, got there by holding nothing back. I'm talking third morgauges on their house, maxing out credit cards, hitting up friends, etc.




     
  18. Uberpower

    Uberpower Formula Junior
    Silver Subscribed

    Feb 6, 2004
    907

    This is not uncommon. Most of the time the reward is directly proportional to the risk you take.

    This does not mean that you should take foolish risk, but a calculated risk that has the potential for an awesome upside.

    It isn't 'difficult' to get rich, it just takes vision, dedication and gratitude.
     

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