Rich Dad Poor Dad/Millionaire Next Door - PeachParts Mercedes-Benz Forum

Trakehner · #1 01-01-2007, 07:15 AM

Any of you read either of these? Are they worth the price?

Lately it seems buying books isn't worth it, I just read the reviews and pretty much find that the reviews cover most of what's in the book. I'd be especially interested in hearing the key points of "Millionaire Next Door".

Kuan · #2 01-01-2007, 07:22 AM

I have both. Millionaire next door is kinda old and some of the advice is outdated, such as buy a MB and it'll last you a lifetime. It's about having common sense with your money.

Rich Dad is, well, part Zig Ziglar, part Dale Carnegie. It reads like a motivational speech.

waybomb · #3 01-01-2007, 09:42 AM

I'll sum it up - it is not how much you earn, it is how much you keep.
In other words, don't buy the books - save the money.

G-Benz · #4 01-01-2007, 10:19 AM

There are members here who practice a "debt-free" lifestyle, and could share far more wise info than the books prescribe...I got "Rich Dad/Poor Dad" as a gift years ago.

The book deals with some common sense issues, but life has a way of throwing some real tragic curve balls, so it's not always simply "cut-and-dry".

Start another thread with the same premise, but ask members what their tips are to a debt-free lifestyle?

Hatterasguy · #5 01-01-2007, 10:46 AM

Yes I am a big fan or Robert K's teachings. I plan on going Rich Dad HQ at some point. Rich Dad Poor Dad is a great book to start with, it really opened my mind to what is possible.

They have a pretty decent forum I am a member of course, check it out. Its a great place to network and find like minded people to do deals with. Its kind of like this forum except insted of talking cars we talk business.

Hatterasguy · #6 01-01-2007, 10:50 AM

The main difference is the millionaire next door talks about a very conservative approach that some people use to achieve a pretty high net worth. Ie living below ones means, owning a business, owning there house outright ect. It is certainly worth a read.

RK's methods are a bit different. He talks about things like passive income, expanding ones means, and having your money work for you. RK is big into RE investing and not really strong in paper assets. The forums seem to reflect this, if you like RE they are great. He is now working with Trump, they have a similer style.

I find the subject fascinating and love studying RE and various methods to make money, hold, sell, and leverage it.

sixto · #7 01-01-2007, 08:29 PM

Rich Dad/Poor Dad is worth reading for the perspective. There's nothing you'll have to refer to in the future so I don't think it's worth owning.

Sixto
93 300SD

Hatterasguy · #8 01-02-2007, 11:08 AM

I keep my original copy around! I read it when I was in 7th or 6th grade, it was pretty new at the time. It forms the core of my financial values, so to some of us its an important book.

If you want practical they are out there, sitting right next to my hand as I type this is Steve Berges book: The Complete Guide to Real Estate Finance for Investment Properties. This book is very practical he gives you spread sheets of various deals his company has done, formulas, insight ect. So you can make your own, and use it as a basis to create your own system. It reads almost like a text book, so you have to really want the info to read it.

Orkrist2 · #9 01-02-2007, 11:11 PM

I read Rich Dad Poor Dad last year. I enjoyed the book but to be honest I had learned most of what he had to say in law school on a bit more sophisticated level. (It amazes me how people go to law school with the plan of "getting a good job" but never realize how empowering what they learn is regardless of working in the law, but thats another story). Of course law school cost a lot more than the book did, but I think what has become a small scale publishing empire for Rich Dad Books pushes a skewed view of wealth building. Its full of good ideas and many truths; truths about "working for a living", truths about credit cards, buying new cars, real estate, corporations and so on. The thing that bothers me a bit about these books as well as the "learn by tape" infomercials is exactly like another poster said, life throws you curve balls. Not only that, but things can be a bit more complicated than the book describes. There were times reading it I actually laughed out loud. Nonetheless, there are great ideas in there. I don't know everything of course and frankly reading the book did me some good. I've never read the other book, the millionaire next door. Maybe I'll look into that one next!

Hatterasguy · #10 01-02-2007, 11:44 PM

I think RK's books are often misunderstood. He represents one view point on building wealth, and his books are by no means how to books. You get no specifics, which is good because the details are way to complicated for one little book to get into.

What he does do is throw out some powerful ideas. These ideas are starting points to change ones financial life. Yes at this point in the game they are pretty basic, but they were not when I first read the book.

The whole idea of having your money work for you, and buying assets instead of liabilities is powerful.

Considering that social security is going to be gone eventualy, he is doing the younger generations a service. Its time to get our own financial houses in order and not rely on the government, or financial service salesmen.

Whatever to each there own, I'm a pretty big RK fan so my views on the subject are biased.

sixto · #11 01-02-2007, 11:48 PM

I agree. His definition of a balance sheet makes more sense than the FASB and GAAP definitions from the standpoint of being a way to measure the effectiveness of personal finances.

Sixto
93 300SD

Monomer · #12 01-03-2007, 01:47 AM

I'm digging "It's a Job, not a Jail" right now.

really changes the views on employer relations.