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Thread: Rich Dad Poor Dad

  1. #1

    Rich Dad Poor Dad

    Has anyone here read Rich Dad Poor Dad?? good/bad?



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  3. #2
    slightly more informative than reading Twilight, about like listening to Suzie Orman.

    I'd go with Peter Schiff!

  4. #3
    It talks about the difference in thinking. All it says is to become rich you need to own businesses.

  5. #4
    Quote Originally Posted by forsmant View Post
    It talks about the difference in thinking. All it says is to become rich you need to own businesses.
    Savings helps to create wealth. Who would have thought?

  6. #5

  7. #6
    From what little I remember of it it talked about buying a house and renting it out and then another and another and then selling and buying bigger from the appreciated price until you own a whole apartment block and then just live off of collecting rent or something that direction.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  8. #7
    Quote Originally Posted by limerickman View Post
    Has anyone here read Rich Dad Poor Dad?? good/bad?
    It's actually a very good book. I recommend it. I love the beginning when he explains how one of the problems with public schools is that they don't teach kids how to manage money. Some of those kids grow up, become congressmen, and get to manage the nation's money.

  9. #8
    Guys!! I'm listening to the audiobook of Conspiracy of the Rich. And on the first disc he talks about how the financial crisis came about and he mentions the 2007 presidential candidates how none of them thought we were already in a recession and how they instead focused on the war, gay marriage, abortion and other stuff.

    AND THEN! he says only one single candidate was warning everyone but no one listened to him. Yep you guessed it, he mentions Ron Paul!
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )



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  11. #9
    Very good interview.
    "Like an army falling, one by one by one" - Linkin Park

  12. #10
    I've read the rich dad / poor dad series and even belonged to a real estate group where I live that preaches the principles.

    The one thing I can tell you is, they love debt. They finance EVERYTHING... and as of 2008 they took a blood bath in their own stupidity.

    100% financed and interest only mortgages, they loved it because of the cash flow principle. However with the impact of the recession they own upside down mortgages on most of their properties that can't be refinanced or sold.

    Needless to say, Rich Dad needs to be taken with a grain of salt.

    I've personally found that mix of rich dad / poor dad and Dave Ramsey principles to be the winning combo.

    No debt, high yield properties. You can rent a property pretty cheap when it only costs you the tax rate of the appraised value and insurance to keep a property. Vs taxes + mortgage + insurance + PMI.

    Also, it teaches principles of using financial loop holes of running your life through shell corporations to hide and protect assets. Which unless you know the tax code for both federal and state can get you in hot water unless you have a good tax attorney (expensive by the way). If done right you can pay little to no taxes legally while still making millions a year.

  13. #11
    If you know what you're doing, debt is not a bad thing. At all. Debt can be a GREAT thing.

    Debt is only bad if you go into it for the wrong reasons. Like student loans for a sociology degree. Or a huge mortgage on a house purchased in the middle of a bubble. Or credit card debt from shopping sprees.

    But if you're taking out debt to make money, and you know what you're doing, that's not a bad thing at all.



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