Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

fortune.com

Post reply on HN
Print view View original

41–50 of 92 posts

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#41

Post by dgellow »

LargeTomato wrote: post #11
al_borland wrote: post #10

Earlier quoted context omitted.

Which means for the average person, where nearly all their purchases are liabilities, telling people to live debt free is good advice and Kiyosaki quotes getting thrown around out of context do more harm than good. I’m also curious to see how all these debt gluttons using “OPM” are going to fair in an environment of rising interest rates. When the tide goes out we’ll see who was swimming naked. I’m sure we’ll see man…

That's right, almost everything you buy is a financial liability. Debt glutton is a very loaded term. I bought 2 houses in the pandemic but I did so thoughtfully, after much research. My income can fully cover both mortgages and living expenses. In the US, interest rates are usually locked in and the monthly payment on the mortgage is not affected by the rates of today. Everyone I know who did "the real estate thing"…

The lesson I remember learning from 2008 was that a really, really large part of the population is foolish and reckless. On both sides, not only buyers. What if you’re the exception here instead of the norm?

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#42

Post by chiefalchemist »

Mo3 wrote: post #27
ixaxaar wrote: post #24

How is this guy wrong in hedging against the declining dollar and rising price of commodities? At a time when all central banks are de-dollarizing and buying gold, wouldn't this be the perfect hedge? I know for a fact that most fund managers (at least in India) have been converting as much as 10-20% of their portfolios into gold and other commodities.

He is in debt, in US dollars, to buy cash flow generating real assets like rental property. He is effectively shorting the US dollar, inflation corrodes the debt value and at the same time boosting the asset value.

Right. It's good debt. It's the type of debt rich people do to get richer. He's got assest that more than likely appreciate greater than the interest on the debt. It's not like he's run up $1B in high interest credit card debt buying needless shite at TJ Maxx.

This is one of the key differences between rich and poor. Rich use debt to their advantage. Poor use debt to stay poor, lose ground.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#43

Post by Seanambers »

ClassyJacket wrote: post #19

My sister tried to get me to read this book, around the same time she lost a bunch of money to a pyramid scheme.

Rich Dad Poor Dad is a good book for beginners.

It introduces a lot of concepts, views and rules that most people have never encountered before. And packages this into a story which makes it easy to understand.

Judging from the comments in this thread nobody have either read the book or knows very little about investing/finance in general but of course they have strong opinions.

Nothing wrong with the book at all, and honestly I dont understand this endless bashing of the author.

Just checked Amazon it has a 4.7 star average with 94,163 ratings for a book that was self published in 1997.

Pretty Good I would say.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#45

Post by itsoktocry »

mrkeen wrote: post #8
mewpmewp2 wrote: post #3

Earlier quoted context omitted.

How does life of a tape worm connect with the idea?

I think the idea is that Kiyosaki's lifestyle is that of a parasite. Society is built from people producing economic output. But this guy just buys low, sells high, and uses other people's money to do so?

>and uses other people's money to do so?

Other people who entrust him with their money, and expect a return. It's not like he's stealing it, and I'd argue he's the one doing the most work in that transaction.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#47

Post by HenryBemis »

ProllyInfamous wrote: post #23
beAbU wrote: post #9

If you owe the bank $100k that's your problem. If you owe the bank $100M that's their problem.

If you owe the hospital $1,000 that's your problem. If you owe the hospital $100,000 that's their problem. Medical debt is the #1 USA reason to personally declare bankruptcy... USA! USA!! USA!!! [EDIT]: Despite this comment's unpopularity, this was how I first heard a similar quote, over a decade ago (in Medical School)... so it remains posted =P

This is a typical saying in many languages. You owe , it's your problem. You owe , it's their problem.

Coz if you get hit by a bus good luck collecting on the debt.. Now, regarding the medical debt.. I remember the day that I found out that in EU i was getting €60k gross, for a job that would pay $130k gross in the US.. so yeah.. eat well, work out, and if in the US you can save an extra $30-50k per year depending on your lifestyle.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#48

Post by is_true »

mrkeen wrote: post #8
mewpmewp2 wrote: post #3

Earlier quoted context omitted.

How does life of a tape worm connect with the idea?

I think the idea is that Kiyosaki's lifestyle is that of a parasite. Society is built from people producing economic output. But this guy just buys low, sells high, and uses other people's money to do so?

I used to think like you, but then I learned about market makers.

If you would need to sell something in a time there aren't many buyers and you needed the money, that kind of people can help you liquidate your asset.

A lot of the times this happens because people make bad investments, but I'm not sure it's his fault.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#49

Post by ProllyInfamous »

HenryBemis wrote: post #47
ProllyInfamous wrote: post #23

Earlier quoted context omitted.

If you owe the hospital $1,000 that's your problem. If you owe the hospital $100,000 that's their problem. Medical debt is the #1 USA reason to personally declare bankruptcy... USA! USA!! USA!!! [EDIT]: Despite this comment's unpopularity, this was how I first heard a similar quote, over a decade ago (in Medical School)... so it remains posted =P

This is a typical saying in many languages. You owe , it's your problem. You owe , it's their problem. Coz if you get hit by a bus good luck collecting on the debt.. Now, regarding the medical debt.. I remember the day that I found out that in EU i was getting €60k gross, for a job that would pay $130k gross in the US.. so yeah.. eat well, work out, and if in the US you can save an extra $30-50k per year depending on…

Definitely, different approaches to ease of maintaining a "healthy" lifestyle.

I have about five years of my annual salary in investments (no house, yet), plus a healthy "retirement" account, if you can call bitcoins and gamestops "sound."

But I also DO NOT HAVE HEALTH INSURANCE (private contractor, for two+ decades). Nor any dependents (so no life insurance, obviously). I cannot contribute to such a broken system [healthcare] — I'd literally rather die.

For the GDP% spent in US, we really ought to treat ourselves better!

Post reply on HN