Creating wealth disscusion - ideas!

RayWolfe

It was meant as a joke!

lr1277

I like the ideas in Rich Dad Poor Dad. I learnt a long time ago to separate the ideas espoused from the person espousing them. In terms of the books, I liked 1 and 3 (Rich Dad's guide to Investing). 3 covers the content of 2 in such a way you don't have to buy book 2. Book 3 is essentially intended for people who have already made money, but I found it helpful to read.
I also like Rules of Wealth by Templar which covers whys and wherefores ground without any specific ideas, but lots of tips.

As Kyiosaki says in his books, develop some income streams even if they are part time jobs. This 'extra' cash will give you the basis for investing in assets. I also like Kiyosaki's definition of assets and liabilities.

I currently have 3 income streams (two of which are very modest) and am taking action to have a 4th income stream if I get any good at it.

HTH

thewinkshow

Did you read the website I posted about Kyiosaki being a bit of a scam?

http://www.johntreed.com/Kiyosaki.html

I will have a look into your book recommendation, rules of wealth

lr1277

thewinkshow wrote: »

Did you read the website I posted about Kyiosaki being a bit of a scam?

http://www.johntreed.com/Kiyosaki.html

I will have a look into your book recommendation, rules of wealth

Yes, I have seen a site like that before.
I still like his ideas on assets, liabilities, income & expenditure. All the personal development stuff including things like NLP say the best way to get ideas across is by the use of stories. Most people tend to lower their analysis mode when listening to stories and you can communicate valuable ideas. Think about the lessons you learnt as a kid whilst listening to stories e.g. little red riding hood, goldilocks etc.

He also addresses some concerns raised on websites in book 3. Upto you whether you read book 3 and then believe his answers. Like I said you need to separate the message from the messenger (well in my view).

As for answering some of those statements on that front page, lets see now:

• Dangerous advice
• "If you're gonna go broke, go broke big" - that is up to your attitude to risk
• Convinces people that college is for suckers - well for some entrepreneurs college wasn't necessary. As an example, I am not sure how many of the current Dragons in the den went to college/university.
• Law-breaking advice
• Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for." - that's for you and your friends' morals.
  
• Recommends tax fraud by deducting vacations and health club dues - based on american tax law. Probably wouldn't work here based on UK tax law. Speak to a professional before trying this.
• Brags about using a partner weasel clause in which his cat is his partner - Again, up to you.
• Bad liar
• Can't keep track of his story - I didn't feel that, but I enjoyed the book
• Shouts from the rooftops how rich he is, but refuses to disclose real estate portfolio because he "doesn't want people to know he has money" - Would you want the world to know how rich you are if you are rich?
  
• Apparently lied about going bankrupt in 1985 - don't care
  
• Claimed his net worth is $50-$100 million depending on the day; his Rich Dad Poor Dad coauthor said in court that he only made $9 million - don't care
  
• His "best teacher ever" changed repeatedly
  1. '92 - Ralph Kiyosaki (Poor Dad)
  2. '97 - Rich Dad
  3. '06 - Buckminster Fuller - Why not. As you grow and learn more, your perspective changes so you may need a different teacher. Would you like to have learned the same ideas at 16 as you did at 6?
     
• The blueprint to becoming a "Financial Genius" - maybe , maybe not. It depends what you take out of the book and use for yourself.

Maybe I am defending this guy, but like I said, I liked the ideas. Rich Dad was the book that made me want to be debt free and the reason I found this site.

HTH

lr1277

Also the go broke big is for Americans. There it seems you are not considered a proper entrepreneur until you have had at least one failure. Also the psychology there rewards people who try.
Here there is shame in failure. But that seems to be amongst the non-entrpreneurs. If you see entrepreneurs in discussion (say on the tv), they too seem to have taken on the American attitude of you have to give it a go.

In all these books/guides/advice, take what you want and use it. Leave the rest.

HTH

Terence01

There are many ways you can make money within a very short span. Creating wealth is not at all a difficult job. You can start a small business firm of your own, you can join some well earning jobs, you can get into real estate business, you can join some work from home affiliate marketing programs,etc

Wobblydeb

thewinkshow wrote: »

I have done a bit of research into the author of Rich Dad poor dad, found a site that basically claims hes a fake, and his advise is poor, and he cannot really back up

I have posted the link below

http://www.johntreed.com/Kiyosaki.html

I don't understand why, when somebody recommends a book to read, that you have immediately posted back to say it is rubbish. :huh:

If you want a book to tell you how to become independently wealthy, this is not it. It is based in the US, and the author (apparently) made his money through real estate schemes that do not work in the UK. However I really enjoyed it as a way of changing my thinking about employment and wealth.

Perhaps its not one for you though, as you are already have a mindset which is looking at the long term impact of the decisions you are making.

Moving on ... to make real wealth, you're either going to have to be phenomenally talented or lucky ... for instance become a footballer, investment banker or TV presenter.

Or ...... start a business.

Alternatively, you could do something you love and simply live within the means that gives you.

If you can combine the two, all the better, so I would say if you are going to focus on wealth creation then do something that you get enjoyment out of. I've tried BTL, and hated it - didn't like dealing with people, and the awful feeling you get when you have to pay the mortgage and there is no income coming in.

But... now I'm investing in shares, and really enjoying it. So much so, that I'm thinking of taking a postgraduate course in Economics or Finance. It will reduce my wealth quite considerably, but hey, I'll be enjoying life and that's the main thing isn't it?

Primrose

One good way of generating wealth is to get a job where you have the opportunity to participate in a good stock options scheme, but I suspect these days the banks, financial institutions and Footsie 100 companies which offer them are not recruiting too heavily at the moment.

It all depends what you mean by "wealth". There's an e-mail circulating round the internet at the moment which says if you have a roof over your head, a meal in your stomach, and a good education" compared with 80% of the world's population you are "wealthy".

A combination of a good job, prudent/frugal living and good management of your financial affairs should eventually see you with adequate money to spare. However, I suspect you'll need to make a huge amount of money to be able to retire at 45 - 50, especially if you intend to spend the next 45 years in pleasurable living and travelling.

thewinkshow

I don't understand why, when somebody recommends a book to read, that you have immediately posted back to say it is rubbish.

Hi Wobbleydeb, I will try to help you understand , its quite simple really.
I asked for any books people would recommend on the subject of finance e.c.t
I was recommended one on Robert Kiyosaki
I did some research on his books, and purchased one from amazon (his 1st one)
Whilst researching I also came across a website on the above author
The website basically claims he is a fake e.c.t and his advice is bad(not my words)
I did not say the book was rubbish (I have not read it)
I was merely pointing it out to the person who recommended the book as it may be of some interest to them as they seem to be an advocate of his work/book

Hope this clears up the situation

Regards

Jonbvn

Wobblydeb wrote: »

I don't understand why, when somebody recommends a book to read, that you have immediately posted back to say it is rubbish. :huh:

I prefer to believe the WSJ rather than self-help gurus!
Rich Men, Poor Advice: Their Book Is Hot, But Their Financial Tips Aren't