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Discussion in 'Credit Talk' started by Ender, Aug 22, 2001.
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Sorry... I can't say that I have.
i have the audio cassette program. it's ok will sell to u if interested.
I have read 2 of his books (rich dad, poor dad, and Cashflow Quadrants) and I am currently reading the third (Guide to Investing). I find the series to be excellent and plan on attending his seminar in DC this October. I also own the first board game Cashflow 101 and plan on purchasing the second game Cashflow 202 by the end of the year.
Great and simple advice on putting a financial plan together to be financial free. It also addresses the importance of being financially literate. I highly recommend the books. I have not listened to the audio series (brother misplaced it) so I cannot comment on that.
One of his main points deals with being financially literate. Specifically, he talks about the definition of assets and liabilities. In short, assets puts money in your pockets (without you working for it) and liabilities do not. By this definition, your house is not an asset.
Mike G - your house is not an asset because you are making mortgage payments whereas property you rent out is an asset because you have cashflow, correct?
I've heard that his books/tapes are a bit too "basic".. kinda like a dummies book, but then I've also heard that's what makes it so powerful.. and his ideas, such as not really believing in the 401k, SS, etc. are interesting as well..
The Robert Kiyosaki books are fabulous. The reason being, they are simple. We are all human and we all have a problem from time to time keeping our vision. His stories are not so much about his rags to riches, but they are more focused on his upbringing and how he has risen to where he is today. Many of the ideals that he spouts you may have heard elsewhere, or maybe this is the first time. The point of his books are to bring each of us to financial literacy. They dont teach us these tools in school. You learn them from real life experience. His board games take the risk out of the equation and makes the process fun. We must learn how to read and utilize financial statements in order to know where we are and where we are going. I recently purchased the book on Tax Loopholes and I have changed my viewpoint on how I mind my own business. Good stuff!
If you would like an opposing view, visit www.johntreeed.com for his opinions on these gurus..
One too many EEE's
Very good, Dave. I thought that might be the case.
Thanks Dave!! THat goes with A's also. Would you rather be an AA member or a AAA member. I guess it would depend on your situation....
Click on Real estate. Then glick on Guru Ratings. Lots of reading,....
I was just checking out John T Reed's site.. what do you think of his information? I am thinking about going into real estate and I was wondering if you have had heard anything good/bad?
I like John T Reeds ideas. The only problem that I have with him, is that he does not like it when others use hard core sales tactics to get what they want in life. He is a more simple man with simple(yet an educated approach) to investing. He definatley has something to offer in a very realistic fashion. If you want to try new concepts and ideas (or even revised old ideas for that matter) Mr, Reed will not give you inspiration to creative financing or other real estate related techniques...
Your house is an asset in an accounting sense. What you also have is a liability and owner's equity. From a cash flow perspective the only cash comes from equity recoveries and gains on sale of assets (or loss if property values have fallen). Basic accounting formula
Assets = Liabilities + Owner's Equity
House = mortgage + principle payments already made
So would you guys recommend John T Reed's documents? I am debating whether or not I should order a copy.. hmm
I would definitely recommend the rich dad poor dad series, but I am not familiar with the other person mentioned.
The price of the John T Reed series is very reasonable. I have seen some of his material and it is definatley useful. You cant go wrong with the price$$.
Mike G - you should check out the criticism that John T Reed goes into regarding the whole richdad poor dad concept.. very in depth analysis of what he found. At least it was convincing enough for me to stay away from.. altho I did find a few tapes of the whole rich dad poor dad via Morpheaus (napster replacement). .
as for John T Reed's, the avg price is around $29 or so.. so I am thinking about purchasing the first in the series and checking it out. Although it may not produce new innovative ideas, I'd figure it would be a good place to start. For me, my only real estate experience has been what I learned in college through a class.. and it was useful, where we did an analysis on having rental income cashflow, using excel to map out the interest rates, ROE, ROA, etc. based on the rental income minus mortgage, intererest rates and expenses factored in..
Anyhow, should be interesting when I check it out.. I am also currrently taking a class at the local community college to try and get the license to become an agent as well.. and eventually a broker.
I am not trying to sway you either way, but in all fairness I wouldn't give to much weight to John T Reed's opinion. They are very well thought out pros and cons of the notorious gurus. The problem that I have with his review of Robert Kiyosoki, is his closed minded view of his efforts. Yes, most of his opinions are right on about the other gurus. But he classifies the Ridhdad series in with Real Estate investing. Yes, some of what is talked about in the books is about RE, For the most part, it is solely based on sound principles of how to be financially literate. He never claims that one will get rich or live a lavish lifestyle(like other gurus claim). His focus is more on the educational aspects of learning to invest and how start your own business if you desire..
Top inesiment books in my opinon are:
How to create multiple streams of income buying houses in nice areas.
By Peter Conti
How to create multiple streams of income (and INternet Income) by Robert Allen this is where the infamous Carellton Sheets stole most of his stuff.
THE ENTIRE Rich Dad Series including the Board games..
Any seminar or books, programs by investor John Burley...
The best advice that I can give is to explore these different ideas and concepts.
1.)Pick the idieas or "gurus" that you like best.
2) follow their game plan as best as humanly possible (there is no reason to reinvent the wheel here)
3.)Evaluate your self on a regular basis and be persistant.
4.) make any changes necessary to achieve your goals.
5.) Never give up!
Thanks for the listing of books.. I'll check some of those out. I think I have some coupons floating about and some GCs to use at the local Barnes.. just trying to figure out what to do with the extra income that I'll be having soon. I am finally done paying off all my debts, school loans, credit cards, etc. and hoping my credit shhould be clean within the next two months..
I also understand you when you mean you don't mean to sway me.. and in no way do I take your suggestions as such. I've enough of a background in finance and such to understand the basics, but learning specific ways on real estate and topics regarding RE such as trust deeds, promissory notes, etc. and any other type of income streams is interesting...
What have you been investing in lately? THe market or moreso property? Have the books that you have read helped you?