Mr. Delicious
Senior Don Juan
I wanted to know from the people that did not like the book what was it about the book you didnt like or thought was bad advice.
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Just read Rich Dad Poor Dad, got a question.
- Thread starter Mr. Delicious
- Start date
Kerensky
Master Don Juan
Yeah I thuoght the worst part of the book was under-emphasizing education. He chose the worst example he could find (school teacher dad) to represent someone with an "education." Obviously, you can get farther than his dad ever did by going to a good university and getting an awesome job.
He is too selective in his examples in my opinion. Fuk all that "smart money" shiat. Just don't buy the stuff you don't need. It's simple. That's how you manage money. You don't need bull crap about how his dad is superior to someone with eduction (he's a goddamned teacher...he's probablty got like 4 sh1tty ass degrees from some sh1tty ass community college).
Real Education > author's dad. Face it. PEople are lazy and are always looking for a fast easy way out of things. I rate this book a 4/10.
He is too selective in his examples in my opinion. Fuk all that "smart money" shiat. Just don't buy the stuff you don't need. It's simple. That's how you manage money. You don't need bull crap about how his dad is superior to someone with eduction (he's a goddamned teacher...he's probablty got like 4 sh1tty ass degrees from some sh1tty ass community college).
Real Education > author's dad. Face it. PEople are lazy and are always looking for a fast easy way out of things. I rate this book a 4/10.
I'm not patient enough to follow his plan of save now and buy later. I don't want to wait until i'm near retirement to enjoy my money. I want to find a way to make it now and enjoy it as i make it.
Most money managers cringe about the thought of living life for today and not tomorrow. My mom's two sisters have each saved every dime they have ever made. You would never in a million years guess that these people are millionaires. They look and live like people struggling to survive. My aunts are also very dull, depressed, and negative individuals; so the cliche of money equals happiness isn't always the case in all instances.
I guess we all know who will enjoy their money when they die; the government and their kids.
Most money managers cringe about the thought of living life for today and not tomorrow. My mom's two sisters have each saved every dime they have ever made. You would never in a million years guess that these people are millionaires. They look and live like people struggling to survive. My aunts are also very dull, depressed, and negative individuals; so the cliche of money equals happiness isn't always the case in all instances.
I guess we all know who will enjoy their money when they die; the government and their kids.
Page
Master Don Juan
I just finished reading the book, and it definitely struck a chord in me. I hate paying taxes to the government, and i hate the government for being so wasteful with the money that i work hard for.
After reading the book, I began to appreciate the political clout that the rich possess, for they make it possible to get tax-free income legally. They probably did it for themselves, but i can use it too.
I'm going to start applying his advice about investing to see how well it works. Real estate is a big thing to get into when you first start, so i'm for starting small and working my way up to bigger stakes when I get the hang of investing.
After reading the book, I began to appreciate the political clout that the rich possess, for they make it possible to get tax-free income legally. They probably did it for themselves, but i can use it too.
I'm going to start applying his advice about investing to see how well it works. Real estate is a big thing to get into when you first start, so i'm for starting small and working my way up to bigger stakes when I get the hang of investing.
Alpine
Master Don Juan
Tristran,
The book is not designed for you. It's to prove the average Joe can still be financially independent without taking too many risks.
If you can get a very well paid job, or run a successful business AND play and spend hard then good luck to you.
Delayed gratification is merely another manifestation of self discipline, no-one is successful in the long run without self discipline.
The book is not designed for you. It's to prove the average Joe can still be financially independent without taking too many risks.
If you can get a very well paid job, or run a successful business AND play and spend hard then good luck to you.
Delayed gratification is merely another manifestation of self discipline, no-one is successful in the long run without self discipline.
PRMoon
Master Don Juan
I've read this book and the a few more in the series. The point it's saying is that being a consumer is buying what you want now satisfy your wants and needs in the present vs being and entrepreneur and just filling your needs and planning a big score to cover your wants all at once instead of a little bit at a time.
I definately think both aspects of the two lives portraited are good, valid, and fulfilling in their own way. Having a 9 to 5 at a job you love and pays a decent amount of money can't be replaced by any amount of money or opporutnity. That's been the basis of the american dream for years now.
Conversely there are people who want to work towards pay offs in the long run and aren't really happy working a 9/5 for other people. These people will surrender endless amounts of time striving to get outside that box (the accepted norm for the US) and find a different way of making it.
God speed to which ever path you choose. Me I'm trying to be an entrepreneur. I got to seminars, have god knows how many meetings with people in really big houses and pick their brain. Listen to endless lectures on CD audio (alot of which are free), and talk to other people who have the same mindset that I do. I have a bunch of 9 to 5 jobs lined up but i've been told that even with a great work effort in my industry it'll take me at least 40 yrs for me to see the kind of sucess that I really want to attain. I want to see If I can at least cut that time period in half.
I definately think both aspects of the two lives portraited are good, valid, and fulfilling in their own way. Having a 9 to 5 at a job you love and pays a decent amount of money can't be replaced by any amount of money or opporutnity. That's been the basis of the american dream for years now.
Conversely there are people who want to work towards pay offs in the long run and aren't really happy working a 9/5 for other people. These people will surrender endless amounts of time striving to get outside that box (the accepted norm for the US) and find a different way of making it.
God speed to which ever path you choose. Me I'm trying to be an entrepreneur. I got to seminars, have god knows how many meetings with people in really big houses and pick their brain. Listen to endless lectures on CD audio (alot of which are free), and talk to other people who have the same mindset that I do. I have a bunch of 9 to 5 jobs lined up but i've been told that even with a great work effort in my industry it'll take me at least 40 yrs for me to see the kind of sucess that I really want to attain. I want to see If I can at least cut that time period in half.
Re:
The book is dead on.
If 100 people posted to this thread, only 5 would end up well off enough to not require government assistance. It doesn't happen without luck.
I've met and have clients who have high income, but those high incomes support high expenses. While they 'appear' to live well, they are trapped in a never ending cycle of work and short-term satisfications to keep them going. A guy who makes $200k and has no assets is no better than a guy who makes $50k and has most of his income from investments.
Generally, until you change your philosophy, expenses rise to meet income, until you hit it big, and there's enough stories about lottery winners going broke to prove that income and assets aren't the determinant of wealth. It's the man beneath the wealth.
IN fact, 1 of my clients won the lottery, he receives $800k/year. In 8 years the payments cease. He, at the point, will file bankruptcy and knows this. His family has created a lifestyle they won't change and it gobbles up all of his disposable $550k (after tax income). He would have lived well until his day were over, and set up trusts, passive investments, and even R/E to provide a much more massive and tax-efficient income stream, but alas, he has chosen not to has his large family does what they want with him.
___________________________
It's not BAD being a teacher, but it is bad ASSUMING that being a teacher entitles you to the knowledge of understanding money, finance, and insurance. When hunters had to hunt to get food, they knew how they animals they hunted reacted. They knew what killed them. How to cook them. And were even resourceful at learning what other uses their remains could provide for.
In this day and age where that is all gone, understanding money, finances, and investments has become the new darwinian survival challenge.
It's when you don't believe that any of this is possible, that it never becomes possible. Which is ok, because much like sosuave proves, when there's a disproportionate amount of negative emotions around, the positive emotions win out. With more symps, the few pimps that exist can profit. The fewer fearful investors, the few fearless ones profit.
The book in and out of it sell is no Holy Grail, especially for $20. Some get it expecting riches and wealth beyond all possiblity. If you paid $2000, you might have a position, but not for $20. The insights alone should be a good stepping stone to broaden your thinking INTO how you should set up your overall financial life.
___________________________
Many people rely upon government sanctioned investment accounts, such as IRAs and ROTHs. These are fine, but you must be near 60 to access them without penalty. Social Security and Pensions operate much the same, and yet most of America invests this way, meaning the government dictates when you retire, not you.
It's the OTHER investments that enable you greater freedom and control over your life. Neither road is bad, RK was merely highlighting what our educational system fails to do properly. One would think "education" would provide a foundation of knowledge to operate profitably in modern society. I ask you "Does education provide a framework for success?"
In a sense yes, in a sense no. Careers maybe, but then you're a slave to 1 way of thinking. It's well and good to know how to read, to write, but there's a lack of education going on and it's poorly done. Kids should and could learn.
-Languages earlier
-NLP (learn to think with tools younger)
-Investments
-How compound interest works
-How the court system operates
-Laws and business functions
-Technical trade
-Writing, marketing, publishing
And THIS should be in High School. Perhaps kids would be motivated for college if they left HS feeling as if they LEARNED something of value. Sure they have technical schools, but all guys should learn 1 trade, even if they never use it.
And the US is 1 of the worst spots for language. We should learn at least 1 more language for cultural purposes.
A-Unit
The book is dead on.
If 100 people posted to this thread, only 5 would end up well off enough to not require government assistance. It doesn't happen without luck.
I've met and have clients who have high income, but those high incomes support high expenses. While they 'appear' to live well, they are trapped in a never ending cycle of work and short-term satisfications to keep them going. A guy who makes $200k and has no assets is no better than a guy who makes $50k and has most of his income from investments.
Generally, until you change your philosophy, expenses rise to meet income, until you hit it big, and there's enough stories about lottery winners going broke to prove that income and assets aren't the determinant of wealth. It's the man beneath the wealth.
IN fact, 1 of my clients won the lottery, he receives $800k/year. In 8 years the payments cease. He, at the point, will file bankruptcy and knows this. His family has created a lifestyle they won't change and it gobbles up all of his disposable $550k (after tax income). He would have lived well until his day were over, and set up trusts, passive investments, and even R/E to provide a much more massive and tax-efficient income stream, but alas, he has chosen not to has his large family does what they want with him.
___________________________
It's not BAD being a teacher, but it is bad ASSUMING that being a teacher entitles you to the knowledge of understanding money, finance, and insurance. When hunters had to hunt to get food, they knew how they animals they hunted reacted. They knew what killed them. How to cook them. And were even resourceful at learning what other uses their remains could provide for.
In this day and age where that is all gone, understanding money, finances, and investments has become the new darwinian survival challenge.
It's when you don't believe that any of this is possible, that it never becomes possible. Which is ok, because much like sosuave proves, when there's a disproportionate amount of negative emotions around, the positive emotions win out. With more symps, the few pimps that exist can profit. The fewer fearful investors, the few fearless ones profit.
The book in and out of it sell is no Holy Grail, especially for $20. Some get it expecting riches and wealth beyond all possiblity. If you paid $2000, you might have a position, but not for $20. The insights alone should be a good stepping stone to broaden your thinking INTO how you should set up your overall financial life.
___________________________
Many people rely upon government sanctioned investment accounts, such as IRAs and ROTHs. These are fine, but you must be near 60 to access them without penalty. Social Security and Pensions operate much the same, and yet most of America invests this way, meaning the government dictates when you retire, not you.
It's the OTHER investments that enable you greater freedom and control over your life. Neither road is bad, RK was merely highlighting what our educational system fails to do properly. One would think "education" would provide a foundation of knowledge to operate profitably in modern society. I ask you "Does education provide a framework for success?"
In a sense yes, in a sense no. Careers maybe, but then you're a slave to 1 way of thinking. It's well and good to know how to read, to write, but there's a lack of education going on and it's poorly done. Kids should and could learn.
-Languages earlier
-NLP (learn to think with tools younger)
-Investments
-How compound interest works
-How the court system operates
-Laws and business functions
-Technical trade
-Writing, marketing, publishing
And THIS should be in High School. Perhaps kids would be motivated for college if they left HS feeling as if they LEARNED something of value. Sure they have technical schools, but all guys should learn 1 trade, even if they never use it.
And the US is 1 of the worst spots for language. We should learn at least 1 more language for cultural purposes.
A-Unit
MetalFortress
Master Don Juan
They're too stupid and/or closed-minded to understand it. Rich Dad's Guide To Investing really elaborates on what this book is talking about. You minimize the income on your own PERSONAL statement, yet on your corporation's income statement, you maximize total income. Net income is minimized, though, because you only pay taxes on what's left. You take your total income and spend it on reinvesting, business expenses, etc (and since you can have your own personal corporation, with you being the only owner, you can buy anything you want using the corporation money). If you make 500,000 dollars through your personal corporation, and spend 300,000 on business expenses and 150,000 on personal expenses, and all of those are filtered through your personal corporation, your corp will only be taxed on 50,000 dollars.
Basically, a sole proprietorship or a partner ship is an extension of you, whereas a corporation is another you. And a corporation is not a physical entity or building. It is merely a legal document. Me and my friend Jaik are going to the chamber of commerce next week to find out more about each of us getting individually incorporated (the first step, then we will begin our business and run it through our personal corporations)
Me and a select few friends are going to get into entrepreneurship; getting incorporated, starting an ownership group or more than one ownership group (this can be another corporation, with multiple investors, run through you via your own personal corporation, or your "other you" - a mask, if you will), running our businesses through our corporations. My goal is to be a millionaire before 25, but there is a very good chance I could do it by 22-23. Jaik is currently only 17, and his birthday is on the same day as mine - in reality, he could be a millionaire as a TEENAGER if we become business partners.
This book is a great intro to the world of seeing money the way the rich do. It is only the intro, but there is no better intro.
Interpol and other slowbies: Here's how taxes work (these come in order from 1 to 3)
INDIVIDUAL:
1) Income
2) Tax
3) Spend
CORPORATION:
1) Income
2) Spend
3) Tax
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MetalFortress
Master Don Juan
Read the book, and you'll find out that this cat became a multimillionaire in 5 years, and is working on becoming a billionaire.
There has been oodles of controversy on Mr. Kiyosaki.
http://www.johntreed.com/Kiyosaki.html
^ is an indepth review on Mr. Kiyosaki himself. This "cat" did not become extremely rich until MLM Distributers like Amway picked up the book, and started distributing it to all their associates.
http://www.mastermindforum.com/kiyosakiresponsetoreed.htm
^ is Mr. Kiyosaki's response which is rather inadequate in my opinion. -shrug-
Make of it what you will.
http://www.johntreed.com/Kiyosaki.html
^ is an indepth review on Mr. Kiyosaki himself. This "cat" did not become extremely rich until MLM Distributers like Amway picked up the book, and started distributing it to all their associates.
http://www.mastermindforum.com/kiyosakiresponsetoreed.htm
^ is Mr. Kiyosaki's response which is rather inadequate in my opinion. -shrug-
Make of it what you will.
Alpine
Master Don Juan
Live now, get someone else to pay for your retirement.
We live in a 'fvck you' society, why should saving for your own retirement be any different.
In the UK the guy who p1sses his salary up the wall every month having a great time ends up at 65 with about the same pension as someone who has put a modest some away every month and get access to free services.
The pension time bomb will hit all developed countries in the next 20 yrs and it won't be pretty.
We live in a 'fvck you' society, why should saving for your own retirement be any different.
In the UK the guy who p1sses his salary up the wall every month having a great time ends up at 65 with about the same pension as someone who has put a modest some away every month and get access to free services.
The pension time bomb will hit all developed countries in the next 20 yrs and it won't be pretty.
20 years? Thats a bit optimistic isn't it? In 5-10 years we'll have more and more investment 'gurus' writing even more upon this subject. I think most Americans will start panicking and we'll see the people bringing out their worst aspects as they go along with their lives.
But thats if we don't invade China first... Its disturbing to me how short-sighted Americans can be. Look at Wal-Mart... Makes me admire the British for their foresight in banning any subsidiaries of Walmart into their country. At least they don't have a 'superstore' facilitating their demise.
Oh well... looking back at this post I seem like an overbearing idiot. -Shrug-
Sorry for making you read such tripe.
But thats if we don't invade China first... Its disturbing to me how short-sighted Americans can be. Look at Wal-Mart... Makes me admire the British for their foresight in banning any subsidiaries of Walmart into their country. At least they don't have a 'superstore' facilitating their demise.
Oh well... looking back at this post I seem like an overbearing idiot. -Shrug-
Sorry for making you read such tripe.
thefonz
Master Don Juan
If you read more towards the bottom of the link Reed talks about hw Kiyosaki lured young boys into the mansion with alchohol and marijuana and fondled them while under the influence.....who knew?
I'm halfway through the book (too lazy to read it in one day)and i will say i never thought much about investing until i saw his ideas. I'm still waiting for him to tell me though how i get started doing that.
MetalFortress
Master Don Juan
Those links have got me thinking...
Nevertheless, the interest in the field is still there, and perhaps a "truer" look into it has been provided by my recent read of "Think like a billionaire" by everyone's favorite real estate genius, Donald Trump. I also have a few "complete idiot's guides" waiting in the wings
Nevertheless, the interest in the field is still there, and perhaps a "truer" look into it has been provided by my recent read of "Think like a billionaire" by everyone's favorite real estate genius, Donald Trump. I also have a few "complete idiot's guides" waiting in the wings
LuvMyArmyMan
Master Don Juan
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Ok, i barely know anything about real estate and stocks and just from observing and asking my parents questions about both feilds (my parents huge on real estate and stocks) and i know that Kiyaskskdhhr guy is BS-ing.
MetalFortress
Master Don Juan
Are you thinkin Michael Jackson? I read that up and down and didn't see what you were talking about