The “Rich Dad, Poor Dad'' Philosophy
To improve our financial position we need to:
CHANGE the way we do things
LEARN how to create wealth from professionals and be prepared to act on their expert advice
IDENTIFY and use successful investments
POOR DAD" SYNDROME "RICH DAD" SYNDROME
Avoid or fear investing Understand they must invest
Buy things that lose them money Buy things that make them money
Pay full tax Minimise their tax
Get advice from family and friends Get advice from experts and specialists
Work harder Work smarter
Squander time and lose opportunities Use every opportunity
Kiyosaki's work is so good to read.
Makes you think about who and what you want to be. Always a good thing.
Not for me…unreferenced, repetitive, vague.
Gee, you make it sound like you'd rather watch grass grow or paint dry.
You don't have to like the style of Kiyosaki's book(s) but you have to appreciate the fundamentals; and it is the fundamentals in the way so many people think that need to change first. You don't have to like the style of the written book so that's why I condensed it for everyone.I read the Cash Flow Quadrant by Kiyosaki when it first came out and this book changed my life. I GOT the concept of leverage in a big way from that book and owe it to Robert K for where I am today. I might add I also identify with him to a degree as I dropped out of UNI early to get into business myself.. have made and lost money, nearly been bankrupt umpteen times and somehow learned the ropes of surviving financially. Now older and wiser and enjoying some financial security (and freedom) .. valuable books.
Thanks ALF1
I started reading that book just 6 months ago. I got the gist of it but didn't finish it. Working smarter not harder is certainly what I learned; plus buying things that make money rather than "keeping up with the Jone's" approach.
It's a good reminder,
Cheers.Thanks Anthony
I think it was 1998 that I got my hands on Rich Dad Poor Dad. Have read most of his books since then. Sure they're not perfect but I'm getting his latest book during a trip to Melbourne this weekend and can't wait. I find them brilliant for getting my "head back in order"
It's so easy to slip back into long held, bad money habits and Richard's work sure gets my "attitude adjustment team" firing Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I think there a great read – particularly for developing an investor mindset. I’ve taken something away from each Kiyosaki book I’ve read.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Was one of the first investment books i read and changed my life. Great starting point!
Read the book a while ago, great book.
But it doesn’t encourage blind optimism in the market, and ridicules concepts such as dollar cost averaging. It encourages research and accessing the knowledge of professionals.
So one could easily with the rich dad attitude choose not to invest in RE at the moment.
Are you willing to Change a Winning Strategy that has been working for the past 30 years if the evidence points against it? Or at least put in on hold of a year or two?
I did pick up his latest book, Unfair Advantage, last weekend (as mentioned above). Enjoying it a lot. It interesting to see how he's developed his ideas over the years.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
To add some positive comments to the forum rather than just constant negative ones, and in an attempt to shed further light on my investing attitudes I will share an investment I have recently made.
I am now the owner of Paladin Energy (PDN.ASX), great depth can be taken in researching stocks and can be quite daunting if you know nothing about the sector. Obviously research everything and only invest when you feel comfortable, more importantly get professional advice (I did).
But my Macro thinking is this, I would like to think that I am fearful when others are greedy and greedy when others are fearful. I am optimistic about the inevitability of Uranium in the long term future 10+ years. I think recent circumstances (GFC + Japan) have pushed down related share prices but have in no way affected its practicability.
Thus I have invested a small amount 3 months wages to show my long term commitment to this company. I have no intention of realising any gains from this company for along time, but I think the timing of my entry is quite pivotal.
This Macro view does not carry to my view on housing, yes I am optimistic about Australia’s future and therefore the need of housing but I am quite fearful that Australian housing is incorrectly priced at the moment.
No financial experts predicted the GFC, a few economists of a certain school did. Those same economists can explain why Australian housing didn’t crash due to government stimulus and are now again predicting it to unless the government pumps an even larger stimulus package in. Therefore as buying a house is going to be a long term investment I am quite happy to wait a few years and see if a correction occurs. I believe the risk of sitting out (house values rising) is less then the risk of getting in (house values falling) at the moment.
Of course not every purchase is a financial investment i.e. a car. Whilst the majority of people need cars, the type of car they buy I would speculate would be more based on emotional needs rather than financial. If one is looking to make a home, risk of depreciation probably doesn’t come into the equation.
It's so easy to slip back into long held, bad money habits and Richard's work sure gets my "attitude adjustment team" firing 
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