Most people just ask us for financial advice. While we’re
happy to offer it, we first recommend building your own understanding on the
topic of wealth management. This can be done whether your bank account holds $10
or $10 million. Much wisdom can be obtained by reading several or all of the following books:
1. “The Richest Man in Babylon” by George S. Clason
2. “Your Money or Your Life” by Joel Dominguez & Vicki Robin
3. “The Millionaire Next Door” by Thomas Stanley & William Danko
4. “I Will Teach You To Be Rich” by Ramit Sethi
5. "Fail-Safe Investing" by Harry Browne
What's your opinion of the book Rich Dad Poor Dad? I found it to be rather simplistic and probably allegorical but valuable to the degree that it does make one singular point. That point being that we should acquire things that generate income rather than things that cost us money. Residual income in my opinion is definitely key to wealth creation and accumulation. As we know being wealthy is quite different from simply being rich or having money.
ReplyDeleteI agree with your synopsis of that book. Smart Money magazine in 2001 or 2002 did a profile on the author, discovering he is mostly hot air. His eagerly anticipated seminars are full of fluff, and there actually was no Rich Dad or Poor Dad. Still, yes, two good points from that book:
ReplyDelete-Defining the difference between an "asset" and a "liability."
-Telling the writer struggling to get published and sold to try to be a New York Times "best-selling" author, not just "best-writing" author, and his advice for her to take a class on sales was good.
Otherwise, I think Robert Kiyosaki is more of an expert on moving paper than offering good financial advice.