Rich Dad...Poor Dad....comments??

[5inchfatlip]

Hello there- anyone read this book? I'm in the middle of it and it keeps saying how to make money work for yourself, not we work for it...what does everyone think of this book? is it true, does it help?...I ask this forum because I know most of us fortunately dont live "paycheck by paycheck" and I would to get to that "rich" ways of life as he talks about...thanks anyone!

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93RX7TT-(4sale for NSX!)
95 Legend LS Coupe
89 Mazda MPV-Daily Beater

 

[V12NSX]

Yes. I've read the book. But I would disagree that most of us don't live paycheck to paycheck. If you have a job - you do. Also, if you have a job and you own an NSX and a nice home, you are NOT following his advice. The author only recently bought a Porche 911 despite having been a millionaire for some time. He actually bought an apartment complex that generated the profits to pay for the car. The book is full of sound advice, but it is difficult to sacrifice and follow that advice.

S.L.
(not currently taking his advice)

 

[ilya]

I've read the books as well. It's not that any of the advice is bad. There is just more to it than that.
I think it's a worthy read because it talks about various attitudes and perspectives you should have to succeed in your own business.
However, reading the book is just the very first step. I assume it will take many years and lots of hard work, with failures along the way, to achieve the goal of a very profitable business.
It's a great book and a good start. Just don't expect to walk out the door, follow the advice and make millions. You can, but there is a lot of hard work in between.

 

[MYNSX]

Try the "E-MYTH" by GERBER...


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[Darkcyd]

I've also read the book as well and have to say that it is definitely a great start for most people. You have to understand who the book was written for. Most of the people who are reading that book aren't driving NSXs. =) However, working as a financial advisor I can say that a lot of the theories and reasoning behind what is written in the author's series of books is sound, but more difficult to do in reality since we live in a very 'immediate gratification' type society.

Bottom line: Save money, don't put it in the bank, invest it wisely and make your money earn money for you.

BTW, if anyone needs financial advice however complicated... feel free to ask away.

 

[true]

I could use some advise...mind if I email you some questions??

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jack of all trades, master of some.

 

[Larry]

This reminds me of the old Steve Martin monologue on "How to be a Millionaire"

.......first, get a million dollars....

The only folks making money on these books are the ones selling them.

 

[Darkcyd]

Sure thing, feel free to email away. =)

 

[randall]

if your only goal in life is to be RICH,you probabaly will never get there,unless your a MTV rap star!

 

[Darkcyd]

Define RICH? =)

Anyone who practices a steady habit of saving money, investing it properly, and starting early can be 'Rich'. By when? Well that depends on how early they start and how much they save on a consistent basis. But in general most people who can save for 20-30 years have a fair shot at amassing a sizable chunk of money. This is what we call retirement planning. =)

Afterall, after retirement you are no longer getting a paycheck and you still have a good 20 years to live... and inflation is eating away at your money. You better have a damn large amount!

Sources of income after retirement:
Traditional IRA: taxable
Roth IRA: Not taxable
401k and pension: taxable
Social Security: taxable if you even get it
Mutual funds/stocks: taxable
Life insurance: Not taxable

 

[randall]

i would assume that the above posts mentioned,"making millions",would constitute the term RICH.