Hey Kiyosaki disciples

[thyme4change]

I wonder which Dad taught him that.

[thyme4change]

Trump

[Deleted]

That would be Slimey Dad!

[thyme4change]

The best part is that most of his money came from selling books, and now his BK is related to selling books. Has anyone even verified if this guy actually owns any houses?

[hoops902]

Oct 10, 2012 12:07:33 GMT -5 thyme4change said:

The best part is that most of his money came from selling books, and now his BK is related to selling books. Has anyone even verified if this guy actually owns any houses?

No, because he refuses to provide the proof. He's continually been challenged to show that he's actually followed any of the principles he teaches, and has declined at every opportunity.

[thyme4change]

So, bascially it is the bookstore's fault for not marking it "Fiction."

[souldoubt]

Unless I'm mistaken going back to the MSN board days it was pointed out I believe by MTL that Robert K. had filed BK at least once and most of his money came from speaking engagements and books and not practicing what he preached.

[Deleted]

I like John Reed. He calls a spade a spade:

www.johntreed.com/Kiyosaki.html

You can read about other so-called Real Estate Gurus on this website. He has a real issue with folks who engage in fraud and tax evasion.

[thyme4change]

I miss MTL.

[thyme4change]

Too good for us?

[thyme4change]

Had to get a job to pay for ridiculous new house?

[Deleted]

I think he had to work for a living and we were too much of a distraction.

I tried to get 2kids to leave a note at his door. For some silly reason he had a problem with stalking?

[Deleted]

Too busy slapping hookers with benjamins while he smokes a cigar.

[Peace Of Mind]

Oct 10, 2012 11:57:56 GMT -5 thyme4change said:

I wonder which Dad taught him that.

LMAO!!! That would be the poor dad. Yeah, I read him and, to me, it was just gambling. I'm too chicken to leverage that much. I'd rather be very comfortable and stable than either filthy rich or dirt poor from gambling like that. But I'm just a simple girl. And I don't think there are enough spices in the world to make cat food taste good.

[kittensaver]

And I don't think there are enough spices in the world to make cat food taste good.

==============================

!!!! Nomination for POTD !!!!

[thyme4change]

Yeah, I read him and, to me, it was just gambling.

I read the first few chapters and basically he said that my dad was a sucker, an idiot and did everything wrong. Given that I have a huge deep respect for my Dad - that didn't sit well with me.

[thyme4change]

P.S. My Dad has plenty of money - so, calling him a failure is pretty inaccurate.

[souldoubt]

If you read the first few chapters then you pretty much got the points he was trying to hammer home the rest of the book. He definitely doesn't come off as a fan of people who work for someone else and put money away in stocks/bonds through 401K's, taxable accounts, etc. He came off as condescending towards those people but I never took it personal. His methods definitely aren't for everybody and quite a few of the people I've looked up to in my life have done just fine by climbing the corporate ladder, investing and saving.

[Peace Of Mind]

Oct 10, 2012 17:07:19 GMT -5 kittensaver said:

And I don't think there are enough spices in the world to make cat food taste good.

==============================

!!!! Nomination for POTD !!!!

Thank you, kitten!!

[2kids10horses]

Hey! I didn't want to stalk MTL.

My dad grew up in a house on that same street. Next door, I think. Or close to it. (That was a LONG time ago! My dad passed away about 4 years ago at 97 years young.)

I read RDPD. It's fiction.

However...

I would agree with the premise that everyone ought to develop some strategy for financial independence. Back when my wife and I were working, we started buying rental houses. The goal at that time was to be able to replace her income so she could be a stay at home mom. Well, we did that, and kept going. Good thing. Because about 5 years later, my company was sold, and the buying company already had a staff doing what I did. So, they paid me a bonus to stay until they could take over, and turn out the lights and lock the door. Fortunately, I was able to transition into being a full time landlord. (Oh, I tried being a traditional "list and sell" real estate agent, but there's more money in landlording and flipping the occasional house.)

But, my point is, I work for myself, don't depend on a job anymore. I was able to effectively "retire" at 48.

[Deleted]

Does Paul know?

[Deleted]

LOL, I've been thinking about him since I gave the Reed link.

[Nazgul Girl]

I don't remember much about MTL, unless he was that guy that used to put up pictures of older middle-class houses and then proclaim that they were slums, and just HAD to have a $650,000 or $750,000 house to live in, because anything less was quite beneath him. He wasn't exactly even Donald Trump, although he wanted to come off that way. I think he lived down Atlanta way. I don't remember any more.

Paul seems to have been contemplating a move back to Chicago, possibly because his wife missed family. I think he either won big in Florida, and now is just too busy to write about his exploits, or he fell into the depths and now can't bear to check in. I think maybe it's the former, though. He was a pretty successful person, unlike Robert Kiyosaki. He had the formula down.

[thyme4change]

Paul was here yesterday declaring Mitt our new president. It was pretty glorious.

[Deleted]

I don't know how "successful" Paul really is. It seems to me he spend an awful lot of energy for very little net gain.

I think he spends most of his time over in P & M which is fine by me.

If I were looking for a guru on this Forum, I'd be following Phil and 2 Kids. I like Wxyz without the political slant over on IBB's the Long Term Investor thread.

But there are plenty of people on this forum who aren't ueber wealthy but are comfortable. That's perfectly acceptable to me. I don't believe in dying with the biggest pile of cash.

[Nazgul Girl]

I like Phil & 2 Kids' ideas, as well. I feel that the Not Uber-Wealthy But Comfortable lifestyle is just fine. Emotionally, that's the type of life I'm the most comfortable with living. I am not a Red Carpet type of person at all, so Uber-Wealthy to me wouldn't matter, except that I would like to be able to do "Good Works" with that type of money. I just think that Paul has the correct forumla down for acquiring wealth if he is truly following it. It's quite possible that he has his string of paid-off old homes that he rents out to the lower middle class, but I think Florida was kind of make it or break it for him. I think that his possible ocean-front mansion purchase was the make-it or break-it point for him. He never did report back about it, which made me kind of sad. I'd like to have known how that all turned out.

[thyme4change]

The only problem is that everyone always gives the same advice - "Be a landlord." Isn't there any other way to have money? I don't want to own houses and have people live in them, and decide who is worthy and if they don't pay, kick them out and make them homeless. I don't want to deal with my own toilet, much less the toilet of 20 other people. I'm not desparaging landlords, just stating it isn't something I'm interested in. But, it appears to be the only idea. So, I work - because I don't want to landlord. And then everyone tells me I'm a chump. Not really. A friend of mine is a landlord, and they are in serious trouble right now because they bought all the way up the bubble. Half their properties are underwater. And they are having trouble finding renters they are comfortable with, because so many people have lost their shirts in Phoenix. The "old rules" about who to rent to are out the window. They feel like they are starting over. I'm glad I didn't take the only advice ever given 10 years ago, because we would be in pretty bad shape right now.

[souldoubt]

Oct 11, 2012 12:08:18 GMT -5 thyme4change said:

The only problem is that everyone always gives the same advice - "Be a landlord." Isn't there any other way to have money? I don't want to own houses and have people live in them, and decide who is worthy and if they don't pay, kick them out and make them homeless. I don't want to deal with my own toilet, much less the toilet of 20 other people. I'm not desparaging landlords, just stating it isn't something I'm interested in. But, it appears to be the only idea. So, I work - because I don't want to landlord. And then everyone tells me I'm a chump. Not really. A friend of mine is a landlord, and they are in serious trouble right now because they bought all the way up the bubble. Half their properties are underwater. And they are having trouble finding renters they are comfortable with, because so many people have lost their shirts in Phoenix. The "old rules" about who to rent to are out the window. They feel like they are starting over. I'm glad I didn't take the only advice ever given 10 years ago, because we would be in pretty bad shape right now.

It's not the only advice most people give but I agree that it's the most common. That said just last week I was debating whether or not I wanted to buy a rental property or start a taxable account and something 2kids posted in a thread started in the last month made me decide on a taxable account. He laid out the pros and cons of real estate as far as being a landlord vs. buying stocks and bonds. Like you for me the thought of owning a property and having to deal with tenants (directly or through a property manager) doesn't appeal to me at this time. I also live in an area where RE is expensive and going out of the area to do research alone isn't something that appeals to me so for now it was a definite no go. I'm a long ways off from retirement and I don't want to continue putting money in a savings account so it can sit there so his advice made it an easy decision for the time being.

[tskeeter]

I think that RK gives advice that is about as good as any other financial guru. Much of what they say isn't appropriate for a good part of their audience. And there only a couple of nuggets that offer a unique perspective.

My take aways from RK. Your's may be different. The only true asset is one that generates income. As a CPA, I know this doesn't agree with the accounting definition of an asset. But from a living your life and managing your finances perspective, it is an interpretation that has merit and should affect how people make decisions about how they spend their money. Second, the value and use of section 1031 of the Internal Revenue Code. I've known about 1031 exchanges for more than 40 years. I knew about them before I started college. But RK is the first person who explained them in a fashion that I really appreciated how they could be used grow wealth. If I had read some RK when I was 18 or 20, I might have made some very different decisions during my life.

I think if you view RDPD as a self help book, not as a financial primer, your opinion of RK's writing may change. RK's father was generally pessimistic. He couldn't see a way to get ahead. The father of RK's friend, on the other hand, was chronically, and maybe unjustifiably, optimistic. Great things and financial security were just around the corner.

How many successful people do you know who never had a vision of what being successful would be like? I bet none. People who can not envision success, who always see themselves as downtrodden, do not achieve great success. Either financially, or in their lives. Successful people are rarely as successful as they would like, but they know that what they consider success is just around the corner. All they have to do is figure out how to get there. And they are confident that they are capable of figuring out how to achieve their definition of success.

So how are you going to live your life? Convinced that the world is keeping you down? Or with a vision of success and the confidence that you can achieve it? Even if you have some miscues, and maybe declare bankruptcy, along the way.

[thyme4change]

If that was the point of his book, maybe it wouldn't have been so bad - but that isn't what he said. He said that his Dad was a sucker and would never get ahead with a good job. His Dad may have been a loser - but that doesn't mean that every choice he made was wrong for everyone.