RDPD was one of the first few books I read several years ago when I made that decision to begin a journey towards re-educating myself about money, investments with the end goal of financial freedom. RDPD didn't provide those light-bulb moments that came from reading this forum, however it served its purpose unprogramming some bad habits/opinions about debt and money I had learn from family and friends.
Finally bought Rich Dad Poor Dad book
- Thread starter JennD
- Start date
Yeah I totally looked into them after reading about them, but luckily couldn't find anything appealing enough to follow through on...
My fav in the series though is Rolf de Roos' book... The first chapter on prop v shares is mind blowing...
I went to a few of them because some 'friends' took me there for a 'business opportunity' without telling me what the opportunity was. Needless to say I don't talk to those people these days.
Ha! I've had just the same invitation. From my parents!
I had a bit of a flick through Rich Dad Poor Dad when I found a PDF of it, and wasn't too impressed.
A lot of the approaches to building wealth seemed to be risky. For example, if you start a business then it's most likely it will fail, but this sort of thing is glossed over.
I don't think that risk is necessarily a bad thing, and at some level it'll need to be taken on if you want to build wealth. But Kiyosaki doesn't talk about any sort of risk management, and advocates an all-out approach. And I'm not the only one to pick up on that.
To me it read a lot like a motivational text, more "you can do it" rather than "here's how you might do it". To be fair, I've been self-employed for years, had one attempt at starting a business, and am trying to figure out another one right now, so I'm not necessarily his target market.
A lot of the approaches to building wealth seemed to be risky. For example, if you start a business then it's most likely it will fail, but this sort of thing is glossed over.
I don't think that risk is necessarily a bad thing, and at some level it'll need to be taken on if you want to build wealth. But Kiyosaki doesn't talk about any sort of risk management, and advocates an all-out approach. And I'm not the only one to pick up on that.
To me it read a lot like a motivational text, more "you can do it" rather than "here's how you might do it". To be fair, I've been self-employed for years, had one attempt at starting a business, and am trying to figure out another one right now, so I'm not necessarily his target market.
I have a signed copy of this book!
I went to see him when he came to Melb some years ago.
I've read every book, and they are inspiring.
A little short on "nuts and bolts" if you are looking for that, but once you read the book, your mindset will be changed forever.
You will look at all spending on "doodads" and have a hard time pulling the trigger to spend.
One thing about his writing; don't take it all too literally; he says to get rid of your PAYE job...but he doesn't say to quit your job and start up a business.
Some folk get this message confused.
Network Marketing has been around for decades - long before RK mentioned it in his books.
I first got exposed to Amway in 1985, and it was already huge in the USA then.
You can go back even further for Avon and Mary Kay I suspect.
I didn't hear about RK until 2001.
Finally finished it! Enjoyed it. Interesting ideas in there and, ignoring the irritating writing style, it was a good motivator. Some of the American info made me tune out but the ideas about how to find opportunities were interesting.
The asset/liability thing is also worth a note. As someone else mentioned, your PPOR is not an asset. The car that's costing you money isn't an asset. In fact, even IPs that are - geared might not be assets. Definitely pushing me more towards being a fan of the cf+ properties.
Another interesting point was the idea of owning a business - this seemed to be what his friend ended up doing and is worth considering. I've heard that a lot of people consider business investments along with their property investments (even if you treat property as a business etc).
More feedback coming - I'll pick out some of my favourite bits when I have the book back in my hands tonight
.I have a signed copy of this book!
I went to see him when he came to Melb some years ago.
I've read every book, and they are inspiring.
A little short on "nuts and bolts" if you are looking for that, but once you read the book, your mindset will be changed forever.
You will look at all spending on "doodads" and have a hard time pulling the trigger to spend.
One thing about his writing; don't take it all too literally; he says to get rid of your PAYE job...but he doesn't say to quit your job and start up a business.
Some folk get this message confused.
Ahhh yes! The 'doodads'. This was interesting to me - I have plenty of these money suckers and it make me rethink entirely why I buy these things. Looking to live the simple life to use the money to invest instead. A boat is not an asset etc...
Every time I read one of the series, my mind wanders to a cf+ strategy, but then I realise the American market he's talking about and realise it's so much harder to find those opportunities here (particularly in 2012).
Oh and about his writing style, don't get me started on when he tries to tie religion into his books... Totally unnecessary and leads me to skip many pages.
But all that aside, I wouldn't be where I am today without his books so I've gotta give him some credit!
I am a complete atheist and have a strong dislike for most religions due to the hypocritical element of many of their participators (that's another story for another thread I guess), and given my anti-religion radar I don't remember any such content in any of his books.
Definitely disagree with this line!
Of course, if the ppor is only used as somewhere to live i guess it can ring true.
Yes obviously he is talking about it from the perspective of having a place to live and the fact that it doesn't generate income in of itself.
WOW.
I had never considered that it was fiction. But now that you highlight it - it kinda makes sense.
I couldnt find anything on the "wide webs" to confirm/deny this claim.
On an aside, looking to buy a copy and so thought i would scower the web/local bookshops.
In the local bookshop - in stock - $24.99
On ebay - about $5-6.00, and then usually postage on top.
Lastly the bookdeposity.co.uk - $5.50, with free postage from the UK.
I think i will wait the couple of extra days to save myself the $20. I don't know how they can make a profit on these transactions sometimes.
In the local bookshop - in stock - $24.99
On ebay - about $5-6.00, and then usually postage on top.
Lastly the bookdeposity.co.uk - $5.50, with free postage from the UK.
I think i will wait the couple of extra days to save myself the $20. I don't know how they can make a profit on these transactions sometimes.
True - when I spoke to AMP's Shane Oliver the other day, he said he considers 50pc of his home as an investment...
Agreed - cf+ hard to find, unless you're out West. Could buy US properties though? While my brain says no, I'm increasingly interested in what I can put my money to over there...
That's a good point. The bit that covers the equivalent rent MUST be an asset.
Also depends on strategy in buying home, I guess. For those of us without kids and are fairly happy to commute quite a way, buying a home that's also a capital growth investment (or future cf+) makes sense.
