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Rich Dad, Poor Dad

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Someone from the PriceMotion staff recommended Rich Dad, Poor Dad. IS that a book or program??
 
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It's a book by Robert Kiyosaki.

There's several in the series.
 

Knobby22

Mmmmmm 2nd breakfast
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It's a book. I recommend it too, though some of his politics and prose is pretty ordinary the basic facts he pushes are very true.
 
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Most libraries would have it in there investment section, along with 30 or 40 similar books.

They are all written to provoke thought about where are you going in life and what do you want to achieve and how are you going to do it................in other words motivation to achieve the goals you have set yourself after reading the book :)

For a lot of young people this type of book can be a real eye opener :)

PS: You could also try second hand book shops and garage sales
 
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Or Limewire File Share (cough cough) did I say that? <Disappears>
 
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should be able to pick up a copy from a second hand bookstore for $10 in good condition.

Worth it's wieght in gold
 
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Great book but beware the subsequent and many sequels.......they basically say the same thing over and over and over again......
 
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I have done a lot of research on technical side of markets on the internet recently and I would like to share them here with you all.

So to begin I would like to start with software

TA software
http://www.amibroker.com
easy to use.

For Advanced users
WealthLab3
http://www.wld3.com

I was looking for many simulations teaching how to trade.
for training and learning
http://pricemotion.com/
PriceMotion's new version is much better. It has many features.

Dynamite Sentimentor
I found it to be excellent in simulation mode.
http://www.fipertec.com

please reply with your comments. maybe I missed some great stuff.
 
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I think there's some valuable messages in Robert Kiyosaki's book(s) - especially if you're young. rich dad poor dad gives some pretty good examples of counter cyclic and value based investing (in property not shares).

The cashflow quadrant also gives some good insights - particularly about the difference between making a lot of money versus investing and sustaining wealth over the long term. I think he goes overboard with the focus on cashflow but its a good message to absorb.

Most of his books are about property investment and some simple truths can be learnt from them (though probably a bit late given that there's very little good value property around at the moment in Australia), but will be relevant in the years to come. I'd ignore the stock market sections of his books though (at least one of them had a bit about equities) - I doubt he wrote them and the advice was pretty ordinary.
 
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Got hold of this book the other day..,. half way through,
also got 'Guide to investing' anyone read that? what is it like? I'll get around to reading it this week sometime.

I have found 'rich dad poor dad' very good so far but I could see someone that takes things to heart putting the book down within the first chapter due to his style of getting the point accross. You have to be prepared for some constructive criticism if you want to lean from this book.
:2twocents
Mint Man
 

LPA

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Although I did like his book about investing, as I was completely green when I read it, I have heard some interesting things about him.

Do a search on google to double check all of this, but apparently his books became top sellers when he broke into selling to the MLM (Multi level marketing) scene. Also, allegedly people have done checks on his stories and can't find any trace of this 'rich dad' that lived next door. It all seems like a big marketing scheme to me....throw together some common sense analogies about investing and get all your MLM peons to buy heaps so that it gets on best seller lists then just churn out book after book.
 

Prospector

Not a scaredy cat anymore
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I read his books several years ago, and while I agree with the concept of passive income, I wonder if the concept of earning money without the effort comes across as an easy (lazy) solution for some Gen X and Gen Y youth. :2twocents
 
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LPA,
done search and came up with these links
heres the one I think your talking about http://www.johntreed.com/MLM.html
and heres Robert Kiyosaki's Response http://www.mastermindforum.com/kiyosakiresponsetoreed.htm
apparently his books became top sellers when he broke into selling to the MLM (Multi level marketing) scene
Ok, but do you agree with whats in his books? if you dont have a problem with it then it shouldnt matter how it became a best seller IMO.

How do you think most pop stars make their music popular? simple, they sell it to places like Kmart, BigW, HMV etc. in the thousands so that they get to No.1 on the charts. If the people like it then a career is started otherwise the retail outlets send them back to be destroyed.
Not much difference IMO.
 
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Probably the best financial educator going around.

why? well he basically defines the differences on 2 sides of the quadrants (cashflow quadrant is my fav book of his). And how to get money working for you instead of you selling time for dollars. If you look at the rich in this world you will notice a common thing that they usually make more and more money with the same amount of effort. Tell that to a bricklayer that he can make 10x his income and not work extra and he will tell you to visit a mental institution.


The difference between a poor mentality and a rich mentality.

(P.S the reason i used a bricklayer as an example is because my dad is one and i have worked with him and have had those responses).
 
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Ageo said:
why? well he basically defines the differences on 2 sides of the quadrants (cashflow quadrant is my fav book of his).
Yeah I agree I found cashflow quadrant was a pretty good read and gets some good principles across in a simple manner.
 

TraderPro

Optimus Prime
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Knobby22 said:
It's a book. I recommend it too, though some of his politics and prose is pretty ordinary the basic facts he pushes are very true.
I recently stumbled upon a website that goes about discrediting Kiyosaki's Rich Dad Poor Dad. I used to be a believer but now I'm not too sure. John Reed presents a very convincing case on his website:

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

I've read through the whole document... it took quite a while (you'll see what I mean) but very convincing - he seems credible and plus the website with all that evidence has been around since the book was first published.

Make your own mind up...
 
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Summary of book:

1. Set up your own business (corporation is preferred due to tax advantages).
2. Find people to run and manage the business whist you go fishing.
3. Find a good stock broker, do what they tell you and pay them well when you make money.
4. Find a good R/E agent who will find positively geared investments for you, pay them well for their advice.
5. Make silly offers on R/E until some poor desperate sucker throws in the towel and hands over his property to you for half the market price.
6. Look outside the box to find opportunites that everyone else misses. You have to train your mind to do this then you will have special goggles.
7. Go to investment courses - even if you are out of your depth. Actually, go to any course/seminar to get ideas for the next big thing.

Did I miss anything? :2twocents
 
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It's right on my desk at the moment, I finish reading it yesterday. I think what he says makes a lots of sense whether it's a real story or not doesn't really matter to me.

A good educational entertaining read.
 
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Here is a very important point that most people miss.

Associate with like minded people who support your new identity and beliefs.

I am sure nearly everyone has heard of lotto winners who have returned to their former means of existence in a matter of afew years. So why is that you wonder? Could it be that they had some underlying beliefs that did not support having money?

Did they unconsciously divest themselves of it in all sorts of creative ways to return to a state of what they believe is 'normal' for them - an immune response? Remember the brain is goal directed so be careful what you wish for.

Cheers
Happytrader
 

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