Just finished reading "Rich dad poor dad"

[Russell]

Has anyone else read this book ? Its only my second book on money related matters, the first one was "Personal Finances for Dummies" but thankfully this dummy's personal finances are now in order I'm now interested in ways to build wealth, 3.3% from ING is just not cutting it anymore

I found "Rich dad poor dad" to be quite interesting, although I think the book could've been condensed into 5 pages but that's just me. Here are the key points I was able to pickup from it (I don't read every single sentence, I kinda skim through books so I may have missed some other key points):

1. Know the difference between assets and liabilities

2. Increase assets and decrease liabilities

3. Invest money, don't "save" money, to do this you have to overcome things like fear, skepticism etc

4. Taxes are the biggest expenses which were designed to 'punish' the rich but they ended up punishing the middle class.

5. The rich always avoid them by hiding their money in corporations...so start one of your own!

I just ordered some more books from Amazon. It took me half a day reading all the reviews of about 30-40 books before selecting the books I ordered, hopefully I picked up some good ones:

- The Complete Idiot's Guide to Getting Rich (2nd Edition)
- More Wealth Without Risk
- Rental Houses for the Successful Small Investor

[dewdrop]

I read Rich Dad, Poor Dad and also found it too long and drawn out but did have good info.

I haven't read the others you mentioned. I just check them out at my library when they come in.

[Tree0164]

I havent read that one. It is on my financnce reading list.

While saving money is always good, ways to build your income is even better. I have set some goals to make my business to even more profitable in the upcoming year.

[BAGAGT1]

Originally Posted by Russell

Has anyone else read this book ? Its only my second book on money related matters, the first one was "Personal Finances for Dummies"

"Personal Finances for Dummies" was the first finance book I read. I learned so much from that book, that I highly recommend it for any one. I believe that book should be required reading for all high schoolers. I recently read "The Total Money Makeover" by Dave Ramsey, I didn't really learn anything new, but it was a good refresher and wake up call from things that I learned from "Personal Finances for Dummies".

[CRFSaver]

the only thing I have to say about the guy who wrote rich dad poor dad, is he has declared bankruptcy (I believe more then once)... Take that into account when you follow his advice...

[Russell]

Really ? wow, I didn't know. Jeez, you can't trust anyone's advice and motives these days, just have to use your head and determine if something makes sense or not.

[BAGAGT1]

Originally Posted by CRFSaver

the only thing I have to say about the guy who wrote rich dad poor dad, is he has declared bankruptcy (I believe more then once)... Take that into account when you follow his advice...

Is the bankruptcy something that the author has tried to hide? I haven't read the book, but I did read the "Total Money Makeover" by Dave Ramsey, and he admits in his book that he did file for bankruptcy once in his life, and it is from that experience that he developed his plan.

[marglo]

I have read bits and pieces of that book but not all of it. This is the key point you mentioned that has always tripped us up! :-)

2. Increase assets and decrease liabilities

[Tree0164]

If he didn't hide it I wouldn't have a problem hearing his advice especially if he uses it as learning experience.

[fultron]

Advice from someone who had at one point declared bankruptcy can certainly be helpful to those who haven't. If he has been through the process and learned from it, why not pass that information along to help others.

[jmjj215]

Take it for what it's worth, but I think Kiyosaki is obsessed with money. His books are mostly fluff. Rich Dad did have a few good ideas, but man was it poorly written.

A bit of digging about his credibility by John T. Reed can be found in this article. Again, take it for what it's worth.

[Russell]

Holy cow, Jesse, I just saw this page: http://www.johntreed.com/bestseller.html

[byusteeler]

I was looking at "Rich Dad" at the book store today. Saw his infomercial in the middle of the night, the other night. I really believe all these people get more of their wealth selling their ideas to others than on their ideas. But I am looking for a good book on real estate investing. Flipping or rentals. If anyone knows of one.

[marglo]

oh my goodness, talk about fallen heroes! I wonder if this is true.

[cercis]

I really enjoyed "Your money or your life" and "Affluenza". I've heard good things about "Rich Dad" but it just doesn't sound like my cup of tea.

[jmjj215]

William Nickerson told the truth—but he did that back in 1959. His book, which is excellent, says to save money, put 25% down on rental property, renovate it, and exchange up to a bigger one and repeat the process.

I love that quote.

His whole site is pretty interesting I've spent too much time there reading already. He has a funny, but intelligent, way of writing that's pretty entertaining.

[PFJournal]

Yeah, "Rich Dad Poor Dad" is a very popular personal finance book. I read it a while ago. It was pretty good.

[VJW]

Originally Posted by Russell

4. Taxes are the biggest expenses

Untrue.

which were designed to 'punish' the rich

Myth (propagated by guess who ?)

but they ended up punishing the middle class.

Only because the “Rich” didn’t pay their fair share.

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[Russell]

Originally Posted by VJW

Untrue.

It turns out that for us it *is* the biggest expense. Its a lot more than our yearly rent (which is $1700/mo, about $20k). In fact, just the federal taxes are more than that

When I look at my total deductions on the paycheck, I'm left with almost half of what I make. After 401K and Roth, I'm down to less than 1/2 of what my salary is

For the other stuff I don't have any data or first hand knowledge so I'd just be speculating.

[VJW]

Oh, you rent.

That’s a different calculation. Most people, since most people own homes, spend more on housing and what is referred to as “shelter”, than they pay in federal income taxes.

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