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I read this book, was skeptical given the gungho attitude, so I did some due diligence: Roberty Kiyosaki claimed to have founded a company that went public. S
by MCRed 11y ago
I read this book, was skeptical given the gungho attitude, so I did some due diligence: Roberty Kiyosaki claimed to have founded a company that went public. So I figured Kiyosaki was a rare enough name and searched the SEC records to find out if this was true. Was unable to find any evidence that he had taken a company public, and so he lost credibility with me.
You meet really entertaining characters in bars sometimes too. They are fine for entertainment but don't take them too seriously.
Putting money to work for you is wise, good advice and there are better books for it. Like "The millionaire next door" and "the wealthy barber" (a little lite but a good intro) and "Buffetology" and "The dummies guide to REITs" and the like.
Managing real estate yourself is no small task- you have tenants and a lot of work to do for them. Putting an agency in between you and the tenants means you may be giving up a lot of your profits to the agency.
The best thing that happened to me, though was I started reading http://mises.org http://mises.org. There in 2000ish I learned about how the fed and CRA were going to create a housing bubble. And the consequences of that. I invested along that thesis in the mid 2000s, getting out of the market in 2007 when things were too crazy to make sense (missed the top by a year, but still good timing.)
Macroeconomic understanding (And I don't mean what politicians talk about or the politically connected people like Paul "we need a housing bubble" Krugman) has been very profitable for me. More profitable than any stock tip.
Also gained a lot of insight from attending Berkshire Hathaway annual shareholder meetings, but now I just read the annual reports.
- branchless 11y agoPlus in "managing real estate" you are living off the backs of others in a flawed system. These real-estate "investors" are simply the foot-soldiers of banks who are creaming off real wealth creation. You only have to think about it for a moment to realise this. What if everyone did it? We'd all starve. What if everyone worked hard to gain a skill and then used it to create wealth? We'd have a great life. I understand what's happening with land exploitation but I won't join in because it's disgusting. It's not "just business" as these sorts would say.
- mywittyname 11y ago> What if everyone did it? We'd all starve If everyone did anything other than grow/hunt food, then we'd all starve. The entire structure of our economy is built are specialization where only a small fraction of workers produce enough food for the entire population.
- branchless 11y agoI knew someone would try to skew this so that's why I specifically categorized it into "creating wealth" vs "rentier activity". I don't see your point as valid, of course if we all made kitchenware and nobody made food we'd starve, that wasn't the point of my post.
- mywittyname 11y agoIf you knew somebody was going to make that argument, you should have preemptively addressed it in your origin post.