Has anyone read Rich Dad/Poor Dad?

[Mai72]

If anyone has read the book what did you think about it? I'm currently reading it and I really like it.

The author Robert Kiyosaki has been criticised, and he has been called a liar. His critics have said that there was never a rich father. Also, his critics has said that his advice is dangerous.

John T. Reed, a critic of Robert Kiyosaki, says, "Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred."

I like the book so far. A few things Robert touched on...

*Your home is not an asset but a liability.
*The Rich focus on assets, the middle class focus on liabilities that they think are assets, and the poor focus solely on liabilities.
*You should be self-reliant and when you rely on government assistance you are asking for trouble. This is also true for government workers.

Thoughts?

 

[Newell Steamer]

,.. I don't know how to read,...

:$

 

[Vdubchaos]

Thoughts

I don't want to or strive to be rich, that's because I already am.....based on world and my own standards (where I come from). But I have low standards and really don't need much (especially when it comes to money or materialistic crap)

Anything materialistic is not only worthless, it is HARMFUL. We spend our entire life working to obtain them, once we get them we waste even more time using these items......all while ignoring things that mean the most (our loved ones/family).

The sooner this country and the world learn this, the better off entire planet/human race will be.

 

[spidey07]

Good book. All about creating and generating wealth. Your money and assets are supposed to make more money for you.

 

[highland145]

,.. I don't know how to read,...

:$

Here's the look.

 

[CADsortaGUY]

If anyone has read the book what did you think about it? I'm currently reading it and I really like it.

The author Robert Kiyosaki has been criticised, and he has been called a liar. His critics have said that there was never a rich father. Also, his critics has said that his advice is dangerous.



I like the book so far. A few things Robert touched on...

*Your home is not an asset but a liability.
*The Rich focus on assets, the middle class focus on liabilities that they think are assets, and the poor focus solely on liabilities.
*You should be self-reliant and when you rely on government assistance you are asking for trouble. This is also true for government workers.

Thoughts?

Finish it and then read the cashflow quadrant. Follow that one with Tim Ferris's 4-hr work week. I could list another 10 after that...

 

[Mai72]

Finish it and then read the cashflow quadrant. Follow that one with Tim Ferris's 4-hr work week. I could list another 10 after that...

How did you like Tim's "4-Hour work week?" That's on my list, and I haven't gotten to it yet.

I have David Bach's book "Start Late, Finish Rich" I started my retirement late so hopefully his book can help me.

 

[xochi]

The Bogleheads' Guide to Investing, The Bogleheads' Guide to Retirement are great books.

The most important lessons: live below your means, be aware of investment expenses choose an asset allocation and stay the course.

 

[Mai72]

The Bogleheads' Guide to Investing, The Bogleheads' Guide to Retirement are great books.

The most important lessons: live below your means, be aware of investment expenses choose an asset allocation and stay the course.

What is your opinion on owning a home?

Is it an asset or a liability?

 

[Rakehellion]

What is your opinion on owning a home?

Is it an asset or a liability?

It's a liability.

Also, do you own it or are you still paying for it?

 

[monkeydelmagico]

Long time ago. IIRC was heavily reliant on real estate. Back when it was written had you followed the advice for a decade or so and then gotten out you would be rich for sure. Picking up that book in 2007 and following his advice would have put you way under water.

 

[drbrock]

How did you like Tim's "4-Hour work week?" That's on my list, and I haven't gotten to it yet.

I have David Bach's book "Start Late, Finish Rich" I started my retirement late so hopefully his book can help me.

4 hour workweek is legit. I read that book and it became my business bible. Rich Dad Poor Dad was great also. That was my first Self Help Book. I just thought 4 hour workweek had better ideas and implementation. All the Rich Dad books were at least decent. I liked the real estate one and cash flows one were the best. I never followed the real estate one in my personal life. Thank god since I read it in 2005.

4 Hour Work week should be next book you read. The one guy I begged to read it since he is a self help book reader finally read it a few weeks ago. He already hired a personal assistant to help him at work out of his own pocket lol.

 

[halik]

The only people that become rich with personal finance/how to become rich books are the authors. It's vastly marketing bullshit targeting middle class.

PS: Your house is both an asset and a liability (assuming you have a mortgage), as is your car or anything else you financed.

 

[Mai72]

I don't own a home, but I was thinking about buying one in the near future.

I'm just thinking about my brother. He just recently refinanced his home for another 30 years. I thought it was a bad decision. He took the money and added an extension to his home. He didn't even have to do it, but his wife insisted.

*His mortgage went up.
*His taxes have increased.
*He has another 30 years to pay off his mortgage.

 

[drbrock]

It's a liability.

Also, do you own it or are you still paying for it?

Rich Dad states that your house is a liability. I kind of disagree. Once you get past the 50% paid off and are aggressively paying it down it. Then it turns into an asset. You are basically paying yourself now to not have a rent payment in the future.

Also when Rich Dad was really popular Loans were at 6-9%. 3-4% loans now I think change the game.

I don't own a home currently because I think there will be another collapse in Florida but I can see how people think it is a good investment.

Another great book is Dave Ramsey series. Thought he had a great style for saving money and getting financially secure. It helped me pay off my credit card debt and live within my means.

 

[monkeydelmagico]

I don't own a home, but I was thinking about buying one in the near future.

I'm just thinking about my brother. He just recently refinanced his home for another 30 years. I thought it was a bad decision. He took the money and added an extension to his home. He didn't even have to do it, but his wife insisted.

*His mortgage went up.
*His taxes have increased.
*He has another 30 years to pay off his mortgage.

I'm pretty sure the book says not to do any of that...... including the wife part

 

[Rakehellion]

Rich Dad states that your house is a liability. I kind of disagree. Once you get past the 50% paid off and are aggressively paying it down it. Then it turns into an asset. You are basically paying yourself now to not have a rent payment in the future.

Any kind of rent payment is a liability. And you still pay money in taxes and insurance. And up until it's paid for, you still have to make monthly payments on it. You don't get those refunded just because it's paid for now.

 

[Rakehellion]

The only people that become rich with personal finance/how to become rich books are the authors. It's vastly marketing bullshit targeting middle class.

Only because they don't follow the advice given. Most people never become rich and reading a book won't change that, but it'll keep you from being poor.

 

[CADsortaGUY]

How did you like Tim's "4-Hour work week?" That's on my list, and I haven't gotten to it yet.

I have David Bach's book "Start Late, Finish Rich" I started my retirement late so hopefully his book can help me.

4HWW was a mind shift type book for me. RDPD and CFQ are books that reinforced the money belief system one needs to have as far as money mindset. I've always been a work hard for the paycheck guy while attempting to be very conservative with my money. 4HWW has allowed me to loosen things up a bit and start enjoying and making memories with my earnings now without being stupid ofcourse. Reading books like these can be a building block type of process. IMO, if one just read 4HWW they may do fine but most won't do much with it if they haven't understood sound money and business ideas like presented in RDPD and CFQ. As other have stated following his story may not work in every environment/situation but that's the beauty of it if you look to the roots of the concepts instead of looking for the get rich quick type stuff. These guys put tons of work into building their brands and businesses - it didn't come easy or quick.

 

[Mai72]

Only because they don't follow the advice given. Most people never become rich and reading a book won't change that, but it'll keep you from being poor.

I think most people don't read period. The book isn't going to help you if it's sitting on the shelf unread.

I like to take notes and I incorporate visual cues while I'm reading. Microsoft's One Note is awesome for this.

 

[CADsortaGUY]

Rich Dad states that your house is a liability. I kind of disagree. Once you get past the 50% paid off and are aggressively paying it down it. Then it turns into an asset. You are basically paying yourself now to not have a rent payment in the future.

Also when Rich Dad was really popular Loans were at 6-9%. 3-4% loans now I think change the game.

I don't own a home currently because I think there will be another collapse in Florida but I can see how people think it is a good investment.

Another great book is Dave Ramsey series. Thought he had a great style for saving money and getting financially secure. It helped me pay off my credit card debt and live within my means.

Ramsey's stuff is great too. I haven't followed it to the letter but adopted many of the principles he lays out. I really want to check out his new book aimed at kids to help with my kids education on money.

 

[CADsortaGUY]

I think most people don't read period. The book isn't going to help you if it's sitting on the shelf unread.

I like to take notes and I incorporate visual cues while I'm reading. Microsoft's One Note is awesome for this.

<cough> evernote <cough> I was a one note guy but have switched back to evernote since it was updated(I tried it early on and it was clunky)

 

[Mai72]

<cough> evernote <cough> I was a one note guy but have switched back to evernote since it was updated(I tried it early on and it was clunky)

I have a few note taking apps on my Nexus 5. I tried Evernote and I didn't care for it. I know a lot of people love it and swear by it.

I will maybe try it again.

 

[halik]

Only because they don't follow the advice given. Most people never become rich and reading a book won't change that, but it'll keep you from being poor.

No, all they sell is oversimplifcations of personal finance ("house is a liability", "pay off smallest debt first") etc. None of those advices are correct, but they're still better than not doing anything.

My house is is a 440K asset with a 335K liability. Unless you borrow money and turn around and burn it, each one of those loans will have corresponding asset on your balance sheet.

 

[CADsortaGUY]

No, all they sell is oversimplifcations of personal finance ("house is a liability", "debt snowball, pay off smallest debt first") etc.

None of those advices are correct, but they're still better than not doing anything.

This is a habit breaking/building type exercise. In Ramsey's case, people find him because they are in a bad spot or want to get to the next level. He provides a simple and reliable way to help them achieve what they want. Yes, the debt-snowball doesn't make money sense but it does in a mental sense. Celebrating wins and lifting(even a small piece) of load off your shoulders. It keeps people striving to achieve more instead of get frustrated with not seeing "progress". With the state of most people's money situations I don't think Ramsey will have any problems continuing to sell his process(that works BTW) to more and more people.