Thanks folks. I think I have the mindset and I am bursting with wanting to achieve financial freedom. It's now just a matter of taking one step at a time to achieve that goal. When I have nothing to do then I may re-read the books and if I get one idea every time then it's worth it. I also read somewhere that write down your goals on a piece of paper, read it three times daily it may help.
rich dad poor dad, think & grow rich, I don't get it
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Im finding Kiyosaki's second book cashflow quadrant better than rich dad poor dad. Haven't finished reading it yet though.
It's a great read - they all are.
Wait until you get to "Rich Dad's Prophecy".
Which quadrant are you in currently, Eddie?
I'm currently in E and B, and about to move out of E.
I would like to say I'm in I, but not really a big enough player to justify it.
They are meant for the financially illiterate eg a first book.
The average forum member here will find them of little use.
Kiyosaki is a bankrupt. If you have time read Warren Buffett's letter to shareholders to see how a billionaire thinks.
http://www.berkshirehathaway.com/letters/letters.html
Currently an E focussing on the 'I' quadrant. Once fully in the 'I' quadrant I plan on branching up to the B
you don't read the book, get three wishes and get rich.
it's about explaining the difference between passive income and J_O_B income, and how to - very basically - traverse from one to the other.
it's aimed at folk who have been working for the gubmint for the past 5 years and are wondering " is this as good as it gets?".
it's about the spark that started a bushfire.
i'm in the S, B and I quadrant all at once - and it sucks,
it's about explaining the difference between passive income and J_O_B income, and how to - very basically - traverse from one to the other.
it's aimed at folk who have been working for the gubmint for the past 5 years and are wondering " is this as good as it gets?".
it's about the spark that started a bushfire.
i'm in the S, B and I quadrant all at once - and it sucks,
Ditto, I have this. RDad P dad is about motivation, CFQ is about how to do it.
I have subconsciously built abis which now provides $$$ cashflow for very little effort from me. I didnt plan it though, however it still works. Also how many IPS can you buy if they are CF+? as many as you can afford.
Peter
Hi all,
Rob W,
While I generally agree, I have to tell a true story. My brother bought a part share in a $15,000 yearling, a fifth. This filly come mare did OK won a few city races and almost paid for herself. The retired mare was kept by the syndicate and they raced her offspring. The first foal died young, there was something wrong with the second one, but the third one did great things (won the oaks as a 3 year old) They then auctioned off mother and Oaks winner for $1.25m, whilst keeping a couple of younger sibblings.
I think it turned out to be an OK asset for him. This was his first foray into horses. Lucky bugger.
bye
Rob W,
While I generally agree, I have to tell a true story. My brother bought a part share in a $15,000 yearling, a fifth. This filly come mare did OK won a few city races and almost paid for herself. The retired mare was kept by the syndicate and they raced her offspring. The first foal died young, there was something wrong with the second one, but the third one did great things (won the oaks as a 3 year old
) They then auctioned off mother and Oaks winner for $1.25m, whilst keeping a couple of younger sibblings.I think it turned out to be an OK asset for him. This was his first foray into horses. Lucky bugger.
bye
If there's one thing that I got from RDPD that was a wake up call it was this.
The poor earn money, pay tax and spend what's left, whilst the rich earn money, spend as much as possible on legitimate expences and pay tax on what's left.
Just the application of that one principal can mean the difference between financial freedom or financial hardship.
Tony Melvin and Ed Chan have a great example at the front of their "How to legally reduce your tax" book which says that if you have $2 and compound it at 100% over 20 years you will end up with $1,000,000. If, however you tax the gains at 48.5% each year before reinvestment, at the end of the same 20 years you will have just over $5,300.
I would also imagine that those who pick holes in the writings of Robert Kyosaki would be in much the same financial position that they were 5 years ago.
The poor earn money, pay tax and spend what's left, whilst the rich earn money, spend as much as possible on legitimate expences and pay tax on what's left.
Just the application of that one principal can mean the difference between financial freedom or financial hardship.
Tony Melvin and Ed Chan have a great example at the front of their "How to legally reduce your tax" book which says that if you have $2 and compound it at 100% over 20 years you will end up with $1,000,000. If, however you tax the gains at 48.5% each year before reinvestment, at the end of the same 20 years you will have just over $5,300.
I would also imagine that those who pick holes in the writings of Robert Kyosaki would be in much the same financial position that they were 5 years ago.
I'd put that in the same basket as someone playing Tattslotto for the first time and winning first division.
What happens to the other 99% of people who buy into horses?
My thought, too. It was have turned out to be some sort of asset, but how it came about was a gamble, not an investment.
