Rich Dad Poor Dad
I’m back home for the holidays and found the book Rich Dad, Poor Dad (Click Here to Buy), which I had lent to my brother over Easter. I had read Rich Dad, Poor Dad once before and I had gotten a lot out of the book, so I grabbed it off the shelf and started reading again. It’s an incredibly quick read for me and I finished it in less than 2 days.
Rich Dad, Poor Dad is subtitled “What the Rich Teach Their Children About Money - That The Ppoor and Middle Class Do Not” - and that is really what the book is about. The rich think about money differently than the poor and middle class do. My father owned his own business for as long as I’ve been alive, but he never made much of a profit, and he always had a lot to blame on the tax man. Come to find out, that if my father might have incorporated his business (rather than sole-proprietorship) and hired some competent advisors, he might have been substantially more successful.
Another big idea from Rich Dad, Poor Dad is that of Passive Income, and how the rich don’t take their hourly earnings and burn it on worthless entertainment or toys - they instead take that money and invest it - then they spend the passive income on whatever they want.
I have read some negative things about Rich Dad, Poor Dad - but I think it provides a lot of great insight. Yes, portions of the book are probably embellished for the sake of story telling and no it doesn’t give you all the answers - but one book can never give you all the answers. If you want to get started down the path of building your financial knowledge, or just to get a glimpse of what might be possible if you could manage your money properly, check out Rich Dad, Poor Dad.
Click Here Now to buy Rich Dad, Poor Dad or to check out the other books from the Rich Dad series.
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December 28th, 2007 at 7:43 am
The idea of passive income is great… unfortunately, its not as easy to come by as is implied by the book.
The reality is you have to have money to make money. When you are living paycheck to paycheck, “Rich Dad, Poor Dad” doesn’t do you much good.
December 28th, 2007 at 2:33 pm
John -
Getting started with passive income is the absolute hardest part. Once you get the ball rolling, it builds on itself.
If you’re really dedicated to developing a stream of passive income, you can make it happen. First look at all the extra things that you spend money, which you could save that money and use it to establish a stream of passive income. Then look at any hobbies or interests that you might have, which you could use to create a home-business…
I believe the opportunity is there for most anyone. Even if you are living paycheck to paycheck, you probably spend some cash at the movies, bar, or other places that are unnecessary. It will seem like a huge sacrifice at the time, but how long will you really remember your night out on the town? Do something smart with that money, and you’ll have a lot more fun in the future.
-Chris
January 14th, 2008 at 12:36 am
In response to John, I believe that that way of thinking is what keeps people from even trying.
Anytime someone who is perceived as rich makes more money, friends say the rich get richer or it takes money to make money.
That’s fine, let them think that. I started an ebiz with $200 last year (could have done it for $37) and it made back its money in the first 3 weeks.
With the knowledge I’ve learned I know that you can get almost passive income with zero dollars out of pocket. In fact, that’s what I work on now.
February 15th, 2008 at 11:39 pm
The book has its own merit. The intention of the book I feel, is to deliver a message about the lack of financial literacy and how important it is, in a simple and interesting way that a general population can relate or understand it.