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3.54 AVERAGE
3.54 AVERAGE
slow-paced
I think the majority of this book were the same simple philosophies repeated throughout in different manners to get you to think about money differently. It honestly felt repetitive and like it could've been paraphrased in a chapter or less. That being said, I did enjoy the philosophies Rich Dad Poor Dad had to offer. Here were my takeaways from the novel:
- "Mind your own business. Financial struggle is often directly the result of people working all their lives for someone else." Think: who am I really working for? Who am I making rich?
- What do I really want to study? What do I really want to do with my life? What do I NOT want to do with my life? Answers to both are important.
- Invest in assets and minimize liabilities. Excess cash flow from assets should be REINVESTED in assets --> The money is self-generating.
- Learn accounting, and market literacy (identifying market trends, ex price of gas rising). Learn how to make a business and how a successful business operates.
- Learning > Earning --> pays dividends in the long-term
- Take risks and embrace and learn from your failures
- Don't give in to fearmongering. The hardest times are usually the best times to invest.
--> shopping for real estate at foreclosure auctions
--> Play off of the 1031 tax-deferred exchange in real estate
- "How can I afford it?" instead of "I can't afford it". Set goals and problem solve.
--> Pay yourself first (spend money on assets and self-investments) and the government last. It forces you to problem solve and find other means to pay off the bills. Invest in your (financial) education.
- "If I work for money, the government takes it"
--> Use corporations and assets for your income. Keep expenses low and build up assets.
--> "Taxes are highest on earned income and lowest on passive income".
- "Savings are only used to create more money, not to pay bills"
- Pay for good counsel -- find out how much property or stocks they personally own and what percentage they pay in taxes, and has the same interests as you
- Stop and assess my current goals and financial situation. The definition of insanity is doing the same thing over and over and expecting different results.
- Make offers with a "subject to the approval of my business partner" condition, and never specify who the business partner is. They don't even have to exist.
- "Mind your own business. Financial struggle is often directly the result of people working all their lives for someone else." Think: who am I really working for? Who am I making rich?
- What do I really want to study? What do I really want to do with my life? What do I NOT want to do with my life? Answers to both are important.
- Invest in assets and minimize liabilities. Excess cash flow from assets should be REINVESTED in assets --> The money is self-generating.
- Learn accounting, and market literacy (identifying market trends, ex price of gas rising). Learn how to make a business and how a successful business operates.
- Learning > Earning --> pays dividends in the long-term
- Take risks and embrace and learn from your failures
- Don't give in to fearmongering. The hardest times are usually the best times to invest.
--> shopping for real estate at foreclosure auctions
--> Play off of the 1031 tax-deferred exchange in real estate
- "How can I afford it?" instead of "I can't afford it". Set goals and problem solve.
--> Pay yourself first (spend money on assets and self-investments) and the government last. It forces you to problem solve and find other means to pay off the bills. Invest in your (financial) education.
- "If I work for money, the government takes it"
--> Use corporations and assets for your income. Keep expenses low and build up assets.
--> "Taxes are highest on earned income and lowest on passive income".
- "Savings are only used to create more money, not to pay bills"
- Pay for good counsel -- find out how much property or stocks they personally own and what percentage they pay in taxes, and has the same interests as you
- Stop and assess my current goals and financial situation. The definition of insanity is doing the same thing over and over and expecting different results.
- Make offers with a "subject to the approval of my business partner" condition, and never specify who the business partner is. They don't even have to exist.
I mostly read fiction because reading for me is an escapist act, but sometimes I read non-fiction as well. And this time, I picked up this book because I realized that sometimes one needs to deal with financial issues, and so I was told that reading this book would help whenever I needed to do some adulting.
See, I never really got a good financial education. My parents raised me with a very short perspective: they thought that the world was going to end soon, so long-term financial planning wasn't really in the horizon. They even thought that our family would just live happily in a house until the end comes, and so they never really gave us kids good education when it comes to long-term planning. Of course, instead of blaming my parents, I would rather find ways to solve this issue, so I am taking things into my hands and educating myself.
The ideas that this book gives were new, and I have to admit, this is a knowledge domain that I didn't venture in too often. I remember when I moved to Berlin a few years ago, and my bank manager called me to schedule a meeting with me. He told me that I was earning money, yet wasn't thinking about my future. I remember my first thought back then, thinking that I just started a career after being in graduate school for a while, and I thought it was absurd that I should start thinking about retirement already! Anyway, at that time I was convinced that a retirement plan sounded good, so I started one.
Anyway, this book gives me a lot of new ideas, and I definitely would consider implementing them slowly. I finally started having an understanding of what assets and liabilities are, and I am telling you, the house you own isn't an asset! Not everyone is a fan of Kiyosaki, and I am not saying that I embrace all of his ideas either, as there is still a part of me that is more socialist than capitalist, but I see where he is coming from. It is better to have money than to have none, and sometimes, these two philosophies can clash. Nevertheless, what this book is showing me is that sometimes there are ways to game the system. Taxes are needed, but taxes are bad if you want to get rich. Of course there are unfortunate sectors of society, and they would benefit from welfare, but sometimes, instead of giving a poor man a fish, it is better to teach a poor man how to fish.
There are parts of this book that appear sensational and appeal a lot to emotions, but I suppose that is how humans actually function. In my opinion, I thought this book actually recognized that and made good use of it.
In any case, I am not saying that money is not important. Money is important. But it is not my driving force: I live not to be rich, but to pursue happiness. That said, sometimes I need money to pursue my happiness, so of course I am finding ways how to increase that. We'll see. I have a plan.
I give this book 3 out of 5 stars.
See my other book reviews here.
See, I never really got a good financial education. My parents raised me with a very short perspective: they thought that the world was going to end soon, so long-term financial planning wasn't really in the horizon. They even thought that our family would just live happily in a house until the end comes, and so they never really gave us kids good education when it comes to long-term planning. Of course, instead of blaming my parents, I would rather find ways to solve this issue, so I am taking things into my hands and educating myself.
The ideas that this book gives were new, and I have to admit, this is a knowledge domain that I didn't venture in too often. I remember when I moved to Berlin a few years ago, and my bank manager called me to schedule a meeting with me. He told me that I was earning money, yet wasn't thinking about my future. I remember my first thought back then, thinking that I just started a career after being in graduate school for a while, and I thought it was absurd that I should start thinking about retirement already! Anyway, at that time I was convinced that a retirement plan sounded good, so I started one.
Anyway, this book gives me a lot of new ideas, and I definitely would consider implementing them slowly. I finally started having an understanding of what assets and liabilities are, and I am telling you, the house you own isn't an asset! Not everyone is a fan of Kiyosaki, and I am not saying that I embrace all of his ideas either, as there is still a part of me that is more socialist than capitalist, but I see where he is coming from. It is better to have money than to have none, and sometimes, these two philosophies can clash. Nevertheless, what this book is showing me is that sometimes there are ways to game the system. Taxes are needed, but taxes are bad if you want to get rich. Of course there are unfortunate sectors of society, and they would benefit from welfare, but sometimes, instead of giving a poor man a fish, it is better to teach a poor man how to fish.
There are parts of this book that appear sensational and appeal a lot to emotions, but I suppose that is how humans actually function. In my opinion, I thought this book actually recognized that and made good use of it.
In any case, I am not saying that money is not important. Money is important. But it is not my driving force: I live not to be rich, but to pursue happiness. That said, sometimes I need money to pursue my happiness, so of course I am finding ways how to increase that. We'll see. I have a plan.
I give this book 3 out of 5 stars.
See my other book reviews here.
adventurous
challenging
emotional
informative
inspiring
reflective
fast-paced
Make money work for you not the other way around.
inspiring
reflective
medium-paced
I didn't like the structure of this book, the last 100 pages were hard to read, he keeps jumping from a historical event, to something a guy he knew once said, to the the fact he likes Texans, to chicken little and he says whatever comes to mind in that moment. He often talks about how talent isn't enough and you need to know how to sell, here I felt like he proved his point, no talent in writing, not a good book, but still made a ton of money by knowing how to sell it.
hopeful
informative
inspiring
reflective
fast-paced
This book really captured my attention, and I regret not reading it earlier. This book teaches a fundamental concept that the common man is missing. There are many lessons like working on increasing your asset column, paying yourself first, choosing a great consultant in each field, and investing in your own financial education.
I read this in college and was so uncomfortable with it, but was too young to understand what was bothering me. Heard this episode of If Books Could Kill podcast today and they totally nailed it! Not to mention debunked so much if not only what he said but his origin story as- shocker- a grifter largely inventing his image out of thin air.
informative
fast-paced