Book: Rich Dad Poor Dad

[joack]

Re: Investing

Has anyone read this book or the series of books? Just curious.
My girlfriend's friend bought the book and is now bringing in, after everything is paid, an extra $1,600 per month from her first rental property. Her friends parents followed what the book said (aggressively) and they retired a year later, just recently.

I'm just curious to hear if anyone here has either read this book or is financially secure through investing from scratch.

 

[MattTheSkywalker]

I am secure but not through investing from scratch as teh book describes. Note: secure meaning I could retire and be comfortable, but not sustain my lifestyle.

The book is great practical advice . It won't get you living like a king.

 

[HULKSTER]

I read it. It is the book with that Wayne Newton-looking Hawaiian who talks about what he learned from his own father (poor dad), and his white friend's dad (rich dad). The poor dad had a bueracratic, unionized position a teacher, and the rich dad was the owner of a major construction firm or something like that. And the author goes on to talk about how his "rich dad" treated him like crap when he first started working for him, but eventually made him see that working for someone else, no matter how much money you are paid, is not a good way to live life. Basically, it delves into the benefits of investing into the stock market and real estate. That's great---IF YOU HAVE MONEY TO INVEST IN THE FIRST PLACE.

 

[ZenMachine]

I read it. It is the book with that Wayne Newton-looking Hawaiian who talks about what he learned from his own father (poor dad), and his white friend's dad (rich dad). The poor dad had a bueracratic, unionized position a teacher, and the rich dad was the owner of a major construction firm or something like that. And the author goes on to talk about how his "rich dad" treated him like crap when he first started working for him, but eventually made him see that working for someone else, no matter how much money you are paid, is not a good way to live life. Basically, it delves into the benefits of investing into the stock market and real estate. That's great---IF YOU HAVE MONEY TO INVEST IN THE FIRST PLACE.

Hulkster, you may need to read it again if that is what you got from it.

Curious thing about Kiyosaki is that the whole "Rich Dad" part of the story is completely unverifiable. He also refused to divulge any of his holdings.

The book has some good, but not original ideas for wealth building

 

[flex123]

Hulkster, you may need to read it again if that is what you got from it.

Curious thing about Kiyosaki is that the whole "Rich Dad" part of the story is completely unverifiable. He also refused to divulge any of his holdings.

The book has some good, but not original ideas for wealth building

I agree I read the book and enjoyed it. I wouldn't live by what he says. I'd just get his perspective. He has good points about learning new tactics and such and applying them and seeing if they work for you. He also states that you need to take chances, which is true.

Like you said though, he never shows evidence of his "rich dad"

 

[grlpwrd]

I think his "poor Dad" may not have been poor after all because it's tradition to have parents take care of their children in Hawaii, especially with inheriting property. It makes a big difference if you have something to start with already and there's no evidence how rich he really is anyway.

I like his point that it doesn't matter how much money you make, it's all about how much money you keep, use to your best advantage, and make your money work for you. Good recycled information, but there are others. There's also Suze Orman, Peter Lynch, and Dave Ramsey whom are realistic about accumulating assets and reducing debt over time. Whatever works for you, though.

 

[joack]

Thanx for the input fellas.

I guess it works for those who work-it. My girlfriend's co-worker/friend saved & used credit cards to buy her first rental property and is paying off those credit cards with the $1,600 per month that she receives. Down payment $20K. Thats not bad.

Now she has an asset which will enable her get buy more assets and get more credit to buy more assets. She didn't "come from money" or "have money to start with" she just used her credit.

As for her parents, they probably already had at least a house to borrow against to get started.

As for her sister, I dont know what her financial situation was, all I know is that she's young and not working a 9-5 anymore.

 

[joack]

www.richdad.com

Forums, discussions & advice (just like EF).

 

[Baby Gorilla]

That's about it....

....I guess it works for those who work-it. My girlfriend's co-worker/friend saved & used credit cards to buy her first rental property and is paying off those credit cards with the $1,600 per month that she receives. Down payment $20K. Thats not bad....

I have enough credit to do that, but it's more than that.

The key to being a playa with real estate is knowing what's hot, what's not, and how to get it cheap.

Buy the wrong real estate, and you'd be lucky to break even. Buy good real estate at a bad time and you could loose money or be stuck with something you can't afford to pay for.

I'm sure you can learn that kind of stuff, but my sister and brother-in-law went and ran rental property for a while. I don't think they did too well with it in the long-run.

It's like playing the stock market. You can't make money buying and selling your own stocks and checking progress on the nightly news. You have to be connected 24/7, know the market trends, know what you are investing in and why. Fortunes are made and lost over a matter of minutes of hot trading. Not a game for armchair athletes. The playas that make big money generally put a lot of time and attention into it.

 

[Zander1983]

Property investment is where its at. Less risky than the stock market as you can practically follow the business cycle, taking lag into account, with your investments.