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Old 14.10.2014, 21:09
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Re: Rich dad poor dad?

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Touche!

I confess, my review was based entirely on what other readers have said about the book. Most readers are overwhelmingly positive, yet demonstrate a worrying lack of scepticism and financial literacy.

But! I finished a novel last night and am currently bookless. In the interests of demonstrating that not everyone on the internet who gets into robust debate is incapable of actually trying to understand the other person's point of view, or -SHOCK - actually being persuaded to change their mind, I shall now purchase and read said book on my kindle. It's only $5.84.

I shall even try to read it with an open mind, instead of with the overwhelming sense of cynicism I currently feel towards it.

I'm sure it will be a good read. A bit like a Dan Brown novel... at the end of each chapter I feel a little dirty because I know I am being cheaply manipulated and yet I keep reading...

STAND BY FOR REVIEW #2
The RDPD bookie is mere snapshot of what the real estate world offers and serves as a trigger or encouragement to debate. It doesn't contain much numeric info and investment methods as the latter one. If you read the book I posted the link to, you will defo get brainwashed to such extent that the critical review #3 will be on its way. Have fun
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Old 15.10.2014, 00:43
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Re: Rich dad poor dad?

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...Most readers are overwhelmingly positive, yet demonstrate a worrying lack of scepticism and financial literacy...
If they're trying to apply the author's definitions of "asset" and "liability" in the conventional world of finance, yes, that might be worrying. But to his credit, the author is pretty clear that he's using his own unique and unconventional definitions, and the book actually encourages readers to attend classes and/or seminars to become financially literate, so he's not trying to talk anybody into applying the book's definitions outside the context of the book's narrative.
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Old 15.10.2014, 17:14
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Re: Rich dad poor dad?

Ok - I am only half way through this book and it is flabbergastingly bad. Really, really, terrible. Much worse than I expected.

Whatever trivial snippets of mediocre advice he offers are drowned out by shockingly bad and incorrect advice in other areas.

As Forbes put it: "The tips ran the gamut from ridiculous to illegal and downright hurtful and included advocating for insider trading, arguing for the purchase of multiple real estate properties with little or no money down and telling followers they could purchase stocks on margin via unfunded brokerage accounts."

I have found the book motivating. But that's due to an effective story-telling technique. It says nothing about the quality of the content.

I will finish reading the book, because its very entertaining in a perverse way. Like watching a car crash.
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  #64  
Old 15.10.2014, 19:16
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Re: Rich dad poor dad?

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Ok - I am only half way through this book and it is flabbergastingly bad. Really, really, terrible. Much worse than I expected.

Whatever trivial snippets of mediocre advice he offers are drowned out by shockingly bad and incorrect advice in other areas.

As Forbes put it: "The tips ran the gamut from ridiculous to illegal and downright hurtful and included advocating for insider trading, arguing for the purchase of multiple real estate properties with little or no money down and telling followers they could purchase stocks on margin via unfunded brokerage accounts."

I have found the book motivating. But that's due to an effective story-telling technique. It says nothing about the quality of the content.

I will finish reading the book, because its very entertaining in a perverse way. Like watching a car crash.
I'm on the edge of my seat!...
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Old 15.10.2014, 19:42
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Re: Rich dad poor dad?

It must be a torture to read the book then.
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Old 15.10.2014, 20:19
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Re: Rich dad poor dad?

It's very useful! What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
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Old 15.10.2014, 23:05
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Re: Rich dad poor dad?

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It must be a torture to read the book then.
I couldn't sleep last night, so filled with rage, I was!

Raaaaaage!

It is not recommended bedtime reading.
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Old 15.10.2014, 23:11
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Re: Rich dad poor dad?

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One has to find one's own way to success. You do not have to always take a house bond and keep on repaying your loans. Combination of one's savings, inheritance, retirement annuities, unit trusts, shares, bonuses and other assets might come handy in time - opportunities present themselves in time. Importantly, do not put all your eggs in one basket
Hey Jacek...what you say is true but i personally disagree with the diversification approach...i do not think is good...i personally believe in doing the homework and FOCUSING rather then spreading my eggs in too many baskets...but there is no universal rule...it may has to do even with your personality...
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Old 15.10.2014, 23:24
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Re: Rich dad poor dad?

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I couldn't sleep last night, so filled with rage, I was!

Raaaaaage!

It is not recommended bedtime reading.
You say rage? Next time try something less brutal and evoking positive feelings Perhaps something less taciturn - my recommended selection:

.

Let me know how that one worked for you.

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Hey Jacek...what you say is true but i personally disagree with the diversification approach...i do not think is good...i personally believe in doing the homework and FOCUSING rather then spreading my eggs in too many baskets...but there is no universal rule...it may has to do even with your personality...
Again, let me repeat that ad nauseam - read this book as a motivational and inspirational novel with mind stimulating ideas for financial independence but take any non-radical advices with pinch of salt. Do your homework for yourself (no one will do it for you as good as DIY). Study property market in your area and try to make the best possible investment based on data. You learn from mistakes as you go along. If you feel like it's not kind of your thing seek professional expertise or do not bother at all if you are a non risk taker and losing few grants will give you sleepless nights.
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Old 15.10.2014, 23:51
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Re: Rich dad poor dad?

Never read the book but set up my own income from rental properties in my early 20s. I read reviews on the book but thought it wouldn't be anything new but maybe i'm wrong. I though my dad was silly for putting his money into his pension but he did retire at 55. He's now time rich and spends his winters here in our summer time.
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Old 16.10.2014, 00:08
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Re: Rich dad poor dad?

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Never read the book but set up my own income from rental properties in my early 20s. I read reviews on the book but thought it wouldn't be anything new but maybe i'm wrong. I though my dad was silly for putting his money into his pension but he did retire at 55. He's now time rich and spends his winters here in our summer time.
Sounds like a wise life choice. My idea to have vacation house in Southern Hemisphere as part of retirement and spend half year up here and half year down there, with sunshine the whole year around. Plenty of free time of course to pursue my hobbies.
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Old 16.10.2014, 06:04
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Re: Rich dad poor dad?

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...Again, let me repeat that ad nauseam - read this book as a motivational and inspirational novel with mind stimulating ideas for financial independence but take any non-radical advices with pinch of salt. Do your homework for yourself (no one will do it for you as good as DIY). Study property market in your area and try to make the best possible investment based on data. You learn from mistakes as you go along. If you feel like it's not kind of your thing seek professional expertise or do not bother at all if you are a non risk taker and losing few grants will give you sleepless nights.
...Which is pretty much a summary of the book's core message. (Not worth losing sleep over, IMO. )
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Old 16.10.2014, 10:50
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Re: Rich dad poor dad?

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let me repeat that ad nauseam - read this book as a motivational and inspirational novel...
"Novel" is the correct term. The book is a work of fiction.

But I understand your point. It is motivational. I agree.

My point is that there are plenty of other personal finance books that are both motivational and factually correct and full of good practical advice. Hence the negative review.

Maybe we can move onto what the OP asked... putting the ideas into action...

One of the few snippets I found myself agreeing wholeheartedly with was regarding the folly of desiring a "secure" job.

When I was 19, I got my first "real" job in an office of a multi-national commodity conglomerate. I worked as a contractor, earning an hourly rate that, when annualised, was more than 2x what the "permanent" staff earned. The higher pay made up for the lack of "security".

The permanent staff had to work unpaid overtime to demonstrate their "commitment" to the company. I got paid for every hour I worked. At the end of the six month contract, the project was finished. The permanent staff were all made redundant. So much for "security".

I've been a fan of freelancing ever since. And it's worked out very well so far.
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Old 16.10.2014, 10:55
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Re: Rich dad poor dad?

there's no such thing as a secure job.
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Old 16.10.2014, 11:12
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Re: Rich dad poor dad?

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"Novel" is the correct term. The book is a work of fiction.

But I understand your point. It is motivational. I agree.

My point is that there are plenty of other personal finance books that are both motivational and factually correct and full of good practical advice. Hence the negative review.

Maybe we can move onto what the OP asked... putting the ideas into action...

One of the few snippets I found myself agreeing wholeheartedly with was regarding the folly of desiring a "secure" job.

When I was 19, I got my first "real" job in an office of a multi-national commodity conglomerate. I worked as a contractor, earning an hourly rate that, when annualised, was more than 2x what the "permanent" staff earned. The higher pay made up for the lack of "security".

The permanent staff had to work unpaid overtime to demonstrate their "commitment" to the company. I got paid for every hour I worked. At the end of the six month contract, the project was finished. The permanent staff were all made redundant. So much for "security".

I've been a fan of freelancing ever since. And it's worked out very well so far.
Major magic of investment is that no one will share with you their positive first hand experience when needed "right here right now". Usually, the stories of success are told afterwards or like in case of the author who must have made few brutal mistakes that had forced him to declare bankruptcy. But he also must have had few success stories to tell after he had gained some insight from his personal experience in the field.

Bottom line, I doubt anyone will share true secrets of successful investment. Firstly, it is so complex that "God" only knows and please do not tell me that these people are clairvoyants. Secondly, usually the soup is served after the dinner and those real estate gurus look for scapegoats to further feed their empires and way of thought by selling promotional materials, seminars and prospects of lucrative investment somewhere beyond other souls reach.

Everyone prepared to invest and take risks needs to do one's homework and get the facts about "location location location", scrutinize carefully one's financial readiness and draw possible scenarios in case of "what what" will happen.

I very much agree about the secure job. Some successful people that I know started from scratch and usually one of the spouses had a secure job and the other was more flexible and open for venture. It is already a way of leveraging the risk. I like the author's honest advice that if you fail at some point (touch wood), it is better that it happens sooner than later. So that you still have time to rethink your mistakes and start over again braced better for possibility of another storm coming.
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Old 16.10.2014, 11:44
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Re: Rich dad poor dad?

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Major magic of investment is that no one will share with you their positive first hand experience when needed "right here right now"... Bottom line, I doubt anyone will share true secrets of successful investment...
True.

But many people are willing to tell you how they identified their sucessful investments. They can describe their process. And the process can be the bit of practical advice that you can put to use to find your own investment.

Unfortunately, there is a lot of luck involved in investment. And sometimes people are blind to the role luck has played in their success and think it is all due to their amazing process.

The most difficult part is identifying who is truly good and who is just lucky.

Here is a good article on the problem: http://www.forbes.com/sites/rickferr...at-the-market/
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Old 16.10.2014, 11:55
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Re: Rich dad poor dad?

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@amogles... isn't it:

assets = liabilities + equity

???

Also, this talk of buying assets, not liabilities...
Agreed. It's misused terminology and a little confused. That said, the general idea of trying to put more into productive assets (interest bearing bank accounts, shares, real estate, antiques, etc) and avoiding assets which depreciate over time (fast cars, big TVs, lunch, etc) is sound, if not revolutionary. It's also pretty obvious that liabilities - i.e. borrowing - should be avoided unless you genuinely think the return on the investment made with the loan will exceed the interest cost of the loan. (Granted, in the case of a mortgage on a residential property you can effectively add the saved rent to that return figure.)

I read a thing somewhere which I thought was quite insightful that takes the point a little further. Can't remember where unfortunately, it may even have come from one of the books referenced in this thread. The idea was to rank things you spend money on along these lines:

1) Best: An asset with an (expected) return, like a share in an immoral business venture
2) Good: An asset which will retain its value and contribute to your quality of life, like a really nice table
3) Average: An asset which will lose its financial value, but that you will enjoy and which does not need to be replaced such as a "once in a lifetime" holiday
4) Bad: Things that will not only fall apart but will then need to be replaced or you will feel worse off, like a Porsche Cayenne
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Old 18.10.2014, 14:31
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Re: Rich dad poor dad?

When I was 19, I got my first "real" job in an office of a multi-national commodity conglomerate. I worked as a contractor, earning an hourly rate that, when annualised, was more than 2x what the "permanent" staff earned. The higher pay made up for the lack of "security".

The permanent staff had to work unpaid overtime to demonstrate their "commitment" to the company. I got paid for every hour I worked. At the end of the six month contract, the project was finished. The permanent staff were all made redundant. So much for "security".

I've been a fan of freelancing ever since. And it's worked out very well so far.[/QUOTE]




I agree that sticking to the idea of a secure job is an old approach which worked well in the past two generations but cannot work anymore in today´s society.....i think one of the most important point of RK books is that you SHOULD NEVER WORK TO EARN BUT WORK TO LEARN....if you pick up a job casue it gives you high salary but you learn nothing whatever amount you make will vanish....IF YOU LEARN than you know how to create-keep money....and i think people who know how to do this; IN PERSPECTIVE, HAVE NOTHING TO LOOSE AND EVERYTHING TO EARN IN SHARING their experience
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Old 18.10.2014, 16:55
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Re: Rich dad poor dad?

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...if you pick up a job casue it gives you high salary but you learn nothing whatever amount you make will vanish...
I can't say I agree with this entirely. I also found his remarks on this topic a bit contradictory throughout the book.

If you increase your expenditure every time you get a payrise, then yes, you will struggle financially. You will also be a moron.

There are plenty of well-paid salaried employees who know how to live within their means, enjoy nice things, save some money for a rainy day, invest some money for the future and have a plan ready in the event they lost their job or wanted to quit.

Whilst that way of life may not be the author's cup-of-tea, it is misleading to portray salaried employment as the bastion of financial ignorance and the path of servitude.
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Old 29.08.2019, 22:30
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Re: Rich dad poor dad?

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I would also recommend another one of his books which I bought online from Amazon.com called "The Real Book of Real Estate". This is how my journey into real estate investment world anyway had started four years ago. Now you can even get it free in PDF format: http://scoles.info/books/Kiyosaki,%2...l%20Estate.pdf. However donation of $20 was a nice reward to the author for giving me such a brain child , later worth hundred thousands or more.

I like the paper back better to open it up sometimes and constantly get reminded that before I turned "X-years" old my target would be "Y-properties" in my retirement portfolio. It's real life pursuit which I find as a very ambitious enterprise. I don't buy properties like fresh buns in the morning, but mere discipline of saving over years to acquire another one seems to be a very challenging task. I enjoy it

The book title mentioned above is now available here:
http://www.propmgmtforms.com/forms/e...eal-estate.pdf
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