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Rich Dad, Poor Dad (Read 565 times)
moneymarketing
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Rich Dad, Poor Dad
3rd Jul, 2021 at 6:28am
 
If you haven't read this book, you should.

I have heard about this book for years but I never got around to reading it. It was in the download section at DLF and I finally downloaded it and read it since I had some free time and was bored.

It is a mindset changer. Many of the concepts I already knew and practiced so it wasn't revolutionary for me but it did help fine-tune some thoughts.

One of the things it talked about was a board game called cashflow. The book is probably a couple of decades old now and so, having read about the game, I figured there was an app for that. No luck. Hmmm. I decided to do a web search and I found an online version of the game so I gave it a run. It is very basic - probably targeted at kids - but it does teach some simple concepts. If you have kids you might want to give them a run through it to change their thinking about how money works after you have tried it yourself.

Couple this game with the book and it will probably plant a seed in you. I'll leave it at that.

https://www.richdad.com/classic

You can find the book here once you are logged in at DLF:

https://downlinefarm.com/members.php?mf=md
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« Last Edit: 3rd Jul, 2021 at 7:15am by moneymarketing »  

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Re: Rich Dad, Poor Dad
Reply #1 - 3rd Jul, 2021 at 1:23pm
 
I read the book a while ago. Also read some of the other books written by the same author. If you liked this one, you may also like some of his other books.
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Re: Rich Dad, Poor Dad
Reply #2 - 3rd Jul, 2021 at 7:04pm
 
dansbanners wrote on 3rd Jul, 2021 at 1:23pm:
I read the book a while ago. Also read some of the other books written by the same author. If you liked this one, you may also like some of his other books.


I'm not sure I like all of his methods. I am strongly opposed to debt and he seems like one who wouldn't have a problem using it but I do like his thinking about being an employee and working for money as opposed to how wealthy people look at money. I've basically thought that way but this helps to take it to another level. Not much higher but a little firmer. His analogy about the comic books was mind-blowing. I'll admit that.  Shocked

I like how he talks about fear and greed/desire. I discerned these years ago (and may have picked it up subliminally as his books have permeated the culture) but it basically laid out what I thought in that regard. It's nice to know you have arrived at a destination successful people use while not walking the same path. It tells you at least some of your instincts are correct.
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Re: Rich Dad, Poor Dad
Reply #3 - 3rd Jul, 2021 at 8:44pm
 
I think when he was talking about debt he may have also been partly talking about real estate. I also think he means that if necessary, spend the money if it'll really help you to grow. As opposed to spending too much money on trivial things that really doesn't help you to grow. And there's some truth to it. Although there are still some overlaps and gray areas.

He also has a book on investing if you're interested.
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Re: Rich Dad, Poor Dad
Reply #4 - 3rd Jul, 2021 at 10:56pm
 
dansbanners wrote on 3rd Jul, 2021 at 8:44pm:
I think when he was talking about debt he may have also been partly talking about real estate. I also think he means that if necessary, spend the money if it'll really help you to grow. As opposed to spending too much money on trivial things that really doesn't help you to grow. And there's some truth to it. Although there are still some overlaps and gray areas.

He also has a book on investing if you're interested.


Yes, good debt versus bad debt. Investment debt versus consumption debt. The problem is that all debt feeds the banks and you can't get ahead of them when they get huge preferential treatment from the government.

They also take your interest payments and will turn around and lend them to your competitors. They don't care if there is a coffee shop on every corner because they have a stake in all of them and if two or three fail, they already have a down payment, a few years of interest payments and they can claim the shop. Then they turn and sell it to the next sucker and write off any losses against profits.

You take the risk, they get bailed out by the government if they fail.

I haven't looked at his investing book yet but most of his emails seem to be heavily focused on crypto at the moment.
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Re: Rich Dad, Poor Dad
Reply #5 - 3rd Jul, 2021 at 11:00pm
 
I suppose I sound like the person who doesn't want to break free from "the mindset"  Smiley
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Re: Rich Dad, Poor Dad
Reply #6 - 4th Jul, 2021 at 1:08am
 
Did you read the part where he talked about the 4 different quadrants?
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Re: Rich Dad, Poor Dad
Reply #7 - 4th Jul, 2021 at 6:35am
 
dansbanners wrote on 4th Jul, 2021 at 1:08am:
Did you read the part where he talked about the 4 different quadrants?


Do you mean the four technical skills" (I might be reading a rewrite)
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Re: Rich Dad, Poor Dad
Reply #8 - 4th Jul, 2021 at 1:47pm
 
The cashflow quadrant. "E" is for employee, "S" is for self-employed, "B" is for business and "I" is for investor.

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Re: Rich Dad, Poor Dad
Reply #9 - 4th Jul, 2021 at 8:32pm
 
dansbanners wrote on 4th Jul, 2021 at 1:47pm:
The cashflow quadrant. "E" is for employee, "S" is for self-employed, "B" is for business and "I" is for investor.




I think that's in a different book. I did skim some of the book but I did a search and found nothing like that.
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Re: Rich Dad, Poor Dad
Reply #10 - 4th Jul, 2021 at 8:52pm
 
moneymarketing wrote on 4th Jul, 2021 at 8:32pm:
I think that's in a different book. I did skim some of the book but I did a search and found nothing like that.

Ok. Cause the same author did talk about the 4 quadrants in some of his books.
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Re: Rich Dad, Poor Dad
Reply #11 - 4th Jul, 2021 at 9:38pm
 
dansbanners wrote on 4th Jul, 2021 at 8:52pm:
Ok. Cause the same author did talk about the 4 quadrants in some of his books.


The second book in the series

https://www.amazon.com/Rich-Dads-CASHFLOW-Quadrant-Financial/dp/1612680054
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Re: Rich Dad, Poor Dad
Reply #12 - 4th Jul, 2021 at 11:43pm
 
moneymarketing wrote on 4th Jul, 2021 at 9:38pm:

Yes. That's probably the main book that talks about it. Although my memory is that he did seem to talk about it in more than one of his books.
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