Has anyone here read "Rich Dad Poor Dad?"

[Droopy]

I picked it up a couple of weeks ago on the recommendation of a real estate investor. I was under the assumption that the book just came out, but the copyright date says 1998.

Anyway, has it turned you into a lean, mean, money-making machine? It has inspired me to a certain extent. I was sitting on the fence, debating on whether to make a bid on a property and the book is probably responsible for making me pull the trigger. I won't have an answer or a counter offer for a few more days probably. I'll let you guys know how it goes.

What are your thoughts on the book? How has it influenced you?

[JCMach1]

1. I don't mean to offend, but I found what I could stomach a load of rubbish

Honestly, check your motivations if this book has moved you to buy a property.

Especially when we may not be near the bottom of the real estate burst...

[Droopy]

2. I know what my motivations are

They are not to be a trucker anymore. I also know the local real estate market because my aunt is a realtor.

What specifically did you find a "load of rubbish?"

[JCMach1]

4. I would go by the general rule, don't invest in real estate

unless you can afford to invest in real estate... i.e. you have cash that needs a place to park. Taking a loan to do this is liking taking a margin account to play the stock market.

Unless, you are buying the property to live in... that's another story.

If financial 'intelligence' makes you rich, why doesn't every economics professor become rich.


No one book will teach you everything... there are no shortcuts...


Unfortunately, you also need a great deal of luck as well.

If you are interested in a critique of the book: http://www.johntreed.com/Kiyosaki.html

[av8rdave]

3. I read it, and found it pretty much useful, although....

It's long on general principles and short on specifics. His latest book, "Increase your financial IQ" is a lot better.

The book did motivate me to learn more about real estate. This actually could be a very good time to invest in it - IF you're careful. I think the days of making a quick buck on speculative deals are about over. However, if you're interested in buying property cheap and holding it for a while, there may be some opportunity out there.