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So the funny thing is this article is the exact opposite of the two most influential financial books in my life: "The Millionaire Next Door" and "Rich Dad Poor

by maire 7y ago

So the funny thing is this article is the exact opposite of the two most influential financial books in my life: "The Millionaire Next Door" and "Rich Dad Poor Dad". The true wealthy don't ever think of spending money as if it isn't important. Instead they distinguish between spending on income generation vs spending on luxury. They only spend on luxury intentionally but will spend on income generation freely. In other words, if someone is frivolously spending their money on luxuries they are very definitely not wealthy. They only want to appear wealthy. The true wealthy really don't look wealthy. They never really leave level 1 on the chart.

namdnay 7y ago
I would steer clear of the bullshit peddled by Kiyosaki... https://www.johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1 https://www.johntreed.com/blogs/john-t-reed-s-real-estate-in... It's exactly this kind of get-rich-quick crap (that always seems to revolve around heavily leveraged real estate) that was one of the causes of 2008
- martokus 7y ago
  +1. When I was young and naive I used to praise Kiyosaki. Later experience taught me he's just a charlatan getting rich by teaching others how to get rich.
- maire 7y ago
  In general I agree with you. I hesitated to bring Kiyosaki up because of his later activities. I never highly leveraged anything. The first book never mentioned this. But it did get me to invest in income real estate. I have been glad of that. I never read his later books because they didn't pass the smell test. I also liked the Rat Race game. I used to play it with the kids. One thing he had you do is pick a goal of what you wanted to do when you retired. I always picked saving a forest and my daughter always picked a small farm. We compared notes recently and realized that we have both reached our goals.

by maire 7y ago

namdnay 7y ago

I would steer clear of the bullshit peddled by Kiyosaki... https://www.johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1 https://www.johntreed.com/blogs/john-t-reed-s-real-estate-in... It's exactly this kind of get-rich-quick crap (that always seems to revolve around heavily leveraged real estate) that was one of the causes of 2008

martokus 7y ago
+1. When I was young and naive I used to praise Kiyosaki. Later experience taught me he's just a charlatan getting rich by teaching others how to get rich.
maire 7y ago
In general I agree with you. I hesitated to bring Kiyosaki up because of his later activities. I never highly leveraged anything. The first book never mentioned this. But it did get me to invest in income real estate. I have been glad of that. I never read his later books because they didn't pass the smell test. I also liked the Rat Race game. I used to play it with the kids. One thing he had you do is pick a goal of what you wanted to do when you retired. I always picked saving a forest and my daughter always picked a small farm. We compared notes recently and realized that we have both reached our goals.