Why you should not save!

**5MinuteMoneyTips** · 07-28-2013, 07:39 PM

Rich Dad Poor Dad

I just finished listening to Rich Dad Poor Dad and became hooked. Like the book says, the poor and middle class work for money while the rich has money work for them.

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Jake Posey
5 Minute Money Tips

**YLTL_Dan** · 07-29-2013, 03:28 AM

Wait, isn't this the same Rich Dad/Poor Dad who taught everyone to become over leveraged in real estate they couldn't afford and then they went bankrupt when the housing market collapsed?

I read his book quite a few years ago and do agree with many of his philosophies. However, getting in the mindset of out earning your dumb/too risky money moves is dangerous. I'd rather go with the slow and steady approach to getting rich.

**bjl584** · 07-29-2013, 03:55 AM

I've read his book as well. A lot of his strategies concerning real estate investing are dated and simply won't work anymore due to more stringent lending practices since the 2008 crash. He does have some good advice but it's definitely not for everyone. Proceed with caution.

**Mesem** · 07-29-2013, 04:20 AM

Anyone else agree with Kiyosaki?

**Mesem** · 07-29-2013, 04:22 AM

Originally posted by bjl584 View Post

I've read his book as well. A lot of his strategies concerning real estate investing are dated and simply won't work anymore due to more stringent lending practices since the 2008 crash. He does have some good advice but it's definitely not for everyone. Proceed with caution.

I agree with you somewhat. A person should always take it slow and see what works for them. "You are your best doctor!"

**rennigade** · 07-29-2013, 06:24 AM

The quickest way to become a millionaire is to start with a million. Thats my advice.

**bjl584** · 07-29-2013, 06:27 AM

Originally posted by rennigade View Post

The quickest way to become a millionaire is to start with a million. Thats my advice.

If only you could snap your fingers and make a million dollars appear in your bank account......then I wouldn't have to get up every morning and go to work.

**cooliemae** · 07-29-2013, 12:54 PM

Originally posted by bjl584 View Post

If only you could snap your fingers and make a million dollars appear in your bank account......then I wouldn't have to get up every morning and go to work.

A million isn't what it used to be, so if I had the wish I might ask for something a little bigger.

**4theluvofgold** · 07-30-2013, 02:38 PM

There are points to RDPD. If all you do is work for your money then the flow stops when you stop. If you diversify wisely and have your money working for you. When you stop, your money is still working for you. But it isn't the easy thing like he preaches. It takes saving to get the start up.

Being over leveraged beyond the capability isn't responsible. It is like pulling an over sized load with an underrated vehicle up hill to a goal. It may pull for a while and may last the distance but when (not if) something fails or hiccups it all rolls down. If you save and get the right staging and setup for the load it will go up to the goal successfully. But we aren't fortune tellers either otherwise we would always know the next best move.

**shaggy** · 07-31-2013, 02:04 PM

I read RDPD when it was new and all the rage. I didn't like the book at all. Found it simplistic and overly optimistic. It read like a Get Rich Quick scheme.

The one good point -- Don't buy liabilities, buy assets -- could have been explained in 10 pages.

But I was a Boglehead long ago, so I was never the target audient.

Why you should not save!