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Rich Dad, Poor Dad

Discussion in 'Investor Resources & Tools' started by Meggsy, 16th Aug, 2007.

  1. Meggsy

    Meggsy Well-Known Member

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    Has anyone else read this book or others by Robert Kiyosaki? What is your take on them? I found them motivational but unbelievable. I did, however, buy Cashflow on eBay, it hasn't arrived yet but it could be good although expensive.
     
  2. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Hi Meggsy,

    RDPD is good for novices as it explains some investing basics in a way that is very easy to understand. The rest of his stuff is rubbish. I played Cashflow a few times and got bored of it very quickly, although a lot of people seeem to like it.

    Mark
     
  3. coopranos

    coopranos Well-Known Member

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    his stuff definitely serves a purpose - i cant remember the number of books i have read of successful people that list reading that book as the eye-opening experience that started them off.
    Dont get too hung up on the detail, rather the concepts. Forget the probability that the stories are entirely made up, the underlying concepts are still very sound. You arent going to learn any specifics, but it is fantastic for realizing that there is more to life than the normal 8-5.
    After reading RDPD i went and purchased all of his books, and although similar I still recommend them as the ideal starting point.
    The cashflow game is mildly entertaining, I get the feeling it just hammers home a few of the concepts in the books. Interestingly when playing it with my parents they really struggled to get out of the "Rat Race", yet my brother and I both did it consistently without any difficulty. Perhaps it might show up some differences in mindsets, but on the whole it is fairly elementary.
    If you are interested in more of the personal development stuff a bit more challenging than RK's stuff, I cant recommend highly enough material by people like Zig Ziglar, Og Mandino, Tony Robbins, or Jim Rohn (my personal hero!).
     
  4. Meggsy

    Meggsy Well-Known Member

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    Thanks for your comments. I haven't purchased all of the books but I have about 7 or 8 of his that I got from eBay. I found the idea of building a system (ie the McDonalds/better burger example) something that makes sense that I will think about more.

    As for the game, if I play it with my family and friends a few times and someone learns something from it to save/make them $200 then I figure it is worth it. Especially if my younger sister can learn something valuable from it at the age of 15.

    I'm only 20 and I'm just getting into reading again (since leaving school), I think I've found a genre that I like. I made a list of the books he talks about and I'll try and read them too.
     
  5. tailcat

    tailcat Well-Known Member

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    Meggsy,

    Remember your local library.

    They will usually have a fair selection of these types of books available.

    Read them, and then buy the ones that match your point of view.

    Tailcat
     
  6. Meggsy

    Meggsy Well-Known Member

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    That is a good point, I'll keep that in mind. I'll probs sell some of the RDPD series on eBay again.
     
  7. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Hi Meggsy,

    Knowing what I know now, if I was to select a group of books to read, they would be:

    - More Wealth From Residential Property - Jan Somers
    - How To Grow A Multi-Million Dollar Property Portfolio - Michael Yardney
    - Building Wealth Story By Story - Jan Somers
    - The Warren Buffett Way - Robert Hagstrom
    - Buffettology - Mary Buffett
    - The New Buffettology - Mary Buffett
    - Trump - The Art of The Deal - Donald Trump (possibly the best book ever written, seriously)
    - How To Think Like A Billionaire - Donald Trump
    - How To Get Rich - Donald Trump
    - Your Money or Your Life - Joe Dominguez
    - Trump Strategies For Real Estate - George Ross
    - Common Stocks And Uncommon Profits - Philip Fisher
    - The Intelligent Investor - Ben Graham
    - Chairmans Letters - Warren Buffett (downloadable from BERKSHIRE HATHAWAY INC.)

    This is the circle of books (except The Intelligent Investor - haven't read it yet) that are the 'keepers', that is, these are the ones that I will never give away or sell They are all readily available at most bookstores or you can borrow them to read first before you make the choice to buy them. When I say circle, I mean these are the books that I read over and over again. Anything that I don't read more than once goes - either given away or sold.

    Another one I can recommend for basics is John Burley's book - Australia's Money Secrets of The Rich (or something). Nice, basic, easy read which will plant some good ideas in yer noggin.

    Mark
     
  8. Meggsy

    Meggsy Well-Known Member

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    Way to fill up my Christmas Holidays ;) Thanks for that, I really appreciate it.
     
  9. Tropo

    Tropo Well-Known Member

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    and few more....by EDNA CAREW :
    Fast Money
    Fast Money 2
    Fast Money 3
    Fast Money 4
    The Language of Money
    Westpac:The Bank that Broke the Bank

    You have got enough reading for the next few years. :D :D
    Enjoy :p
     
  10. Dr Lobster

    Dr Lobster Well-Known Member

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    RDPD got me orf my @rse. Same as Jan Somers book. I only subscribe to the themes, not the mechanics of those books, but I'm way ahead of were I'd be if I hadn't read them.