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Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

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Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#131

Post by 13rules »

zavulon wrote: post #10

I disagree.. the most important message in the book is that business and entrepreneurship is the path to success, NOT being an employee and staying in the rat race. While it may be common sense to someone who's been in business for a while, or read a lot of similar literature, it's far from obvious to most people. I'm not ashamed to say Rich Dad Poor Dad has been one of the most influential books I've read in my life…

"the most important message in the book is that business and entrepreneurship is the path to success, NOT being an employee and staying in the rat race."

The best book that I have read that emphasizes this point is "The Millionaire Fastlane" — awesome, awesome read ... a must for anyone starting, running, or thinking about creating a business.

http://amzn.to/millionairefastlane

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#132

Post by gm »

ThomPete wrote: post #98
zavulon wrote: post #10

I disagree.. the most important message in the book is that business and entrepreneurship is the path to success, NOT being an employee and staying in the rat race. While it may be common sense to someone who's been in business for a while, or read a lot of similar literature, it's far from obvious to most people. I'm not ashamed to say Rich Dad Poor Dad has been one of the most influential books I've read in my life…

I think you are confusing your success with the books ability to help you. I am pretty sure the number of people who read the book dwarfs the number of people who actually are successful of those readers.

What you say may be true, but it's no indicator (at all) of a weakness or invalidity in the book's message.

Just look at any book that advocates healthy eating as a way to lose weight and be healthy.

That's why the saying "You can lead a horse to water, but you can't make him drink" exists.

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#133

Post by gm »

martinkallstrom wrote: post #24

I disagree with the review. The book doesn't contain a complete and perfect path to personal wealth for anyone. But what book could ever accomplish that? Disclaimer: I read it several years ago. But the takeaways of the book that stayed with me to this date are: * Don't get emotionally attached to the concepts of money and debt. Money is not worth anything by itself and debt is not bad by itself. They are simply tool…

You wrote exactly what I wanted to write in response to the article.

This book I read a long time ago, and it truly opened my eyes to another way of thinking.

For someone raised with an employee mindset (as I was), this book turns those notions on their head, and sparks a new way of looking at independence, wealth, debt, income, and initiative.

There are no hard answers found in the book. I don't think there was an intention to provide them. What there is is an explanation of how the world works at a different level (the company owners' level instead of the employee's level).

Like Chris Rock explained the difference between being rich and being wealthy ("Shaq's rich. Very rich. But the guy who signs his paycheck every month, that guy's wealthy."), this book explains how money works.

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#134

Post by gm »

arandomJohn wrote: post #92

Here's the thing. His rich dad is fictional. He doesn't make money the way he tells you to. He's not a real estate mogul. He make money selling books and seminars. If the advice he gives were so great he'd be Donald Trump ten times over.

Kiyozaki has made a lot of money in real estate.

And he does cooperate a lot with Trump: http://www.amazon.com/Why-We-Want-You-Rich/dp/B0013MN78Q/ref...

At the very least they have written several books together.

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#135

Post by toadi »

weavejester wrote: post #23
toadi wrote: post #2

Don't really get the arguments. Don't spend more then you earn. So why is it bad to destroy your credit rating? Advise is not using credit. Maybe he wrote the book for Europeans? We don't have a credit rating. Just if you fuck up you get blacklisted and don't receive any credit. But we don't have a personal bankruptcy system either ;) Actually it's not that bad to pay yourself first and the government later. You have…

The UK is in Europe, and we certainly have credit rating agencies and personal bankruptcy. Laws differ between countries in Europe. Please don't try and generalize unless you're certain there are no exceptions, otherwise it may give people incorrect information. Instead, mention your country specifically.

UK doesn't have the euro to start with. They have their own monetary system so it differs from all the other countries in the EU. Yes you live on an Island and are special ;)

The other EU countries just do an audit of existing loans, employment history, income, ...

If you miss payments you end up getting blacklisted for loans in the future. So we use some form of credit rating.

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#136

Post by ThomPete »

gm wrote: post #132
ThomPete wrote: post #98

Earlier quoted context omitted.

I think you are confusing your success with the books ability to help you. I am pretty sure the number of people who read the book dwarfs the number of people who actually are successful of those readers.

What you say may be true, but it's no indicator (at all) of a weakness or invalidity in the book's message. Just look at any book that advocates healthy eating as a way to lose weight and be healthy. That's why the saying "You can lead a horse to water, but you can't make him drink" exists.

Not that I want to defend any kind of selfhelp book but when it comes to loosing weight you are wrong.

Those two are by no metrics the same.

One of them gives you step by step advice (eat this apple, eat this brocoli don't eat fat) things you can act directly on and that can be measured the direct effect of.

If you follow the advice in most of these books you will loose weight.

There is no external factors involved.

With RDPD the external factors are extreme. Actually following the advice of the book wont make you rich.

Following a diet will make you slimmer.

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#137

Post by weavejester »

toadi wrote: post #135
weavejester wrote: post #23

Earlier quoted context omitted.

The UK is in Europe, and we certainly have credit rating agencies and personal bankruptcy. Laws differ between countries in Europe. Please don't try and generalize unless you're certain there are no exceptions, otherwise it may give people incorrect information. Instead, mention your country specifically.

UK doesn't have the euro to start with. They have their own monetary system so it differs from all the other countries in the EU. Yes you live on an Island and are special ;) The other EU countries just do an audit of existing loans, employment history, income, ... If you miss payments you end up getting blacklisted for loans in the future. So we use some form of credit rating.

Out of the 27 countries in the EU, 10 still retain their own currency. The UK is in the minority, but it isn't the only country outside the Euro.

So given you've gotten that little detail wrong, forgive me if I'm a little dubious that the UK is the only EU country with personal bankruptcy and credit ratings!

Re: Rich Dad Poor Dad... Worst Personal Finance Book of All Time?

#138

Post by pbackx »

Czarnian wrote: post #81
aculver wrote: post #68

Earlier quoted context omitted.

Anyone familiar with this able to give a quick overview of the legality of this? I've looked into this before and it sounded to me like doing this too much (e.g. all your meals?) is dishonest and/or illegal.

It's legal until you get audited. Then, depending on the quality of your attorneys and accountants, it may still be legal.

Exactly how it works in Belgium too.

Whenever I ask my accountant if I can expense something to the firm, the answer is "We can try"

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