- Chad Morris
Tuesday, September 30, 2008
Rich Dad, Poor Dad
It is a SHORT, easy-reading financial book that helps us at least consider a few financial mentalities that could help us. It is a worthwhile read. Robert was raised with two different father figures, one that thought "poor" and had "poor" financial strategies. The other thought "rich", not just positive thinking, but smart. He brings out the point that sometimes we teach ourselves to think and act "poor" and therefore keep ourselves that way.
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8 comments:
I'm about a fourth of the way through the book. So far I have really enjoyed it. I loved the story of determined 9 year old Robert that was told he needed to make money to be rich. He took it literally and "made" money until he received instruction that such a practice was illegal. What an example of a hard work ethic and persistence. As well as a fun story that made me laugh.
I have been surprised by the discipline young Robert exhibited in giving up his baseball games to work for Mike's Father for the measly payment of 10 cents an hour. He stood up for himself confronting his boss saying he wasn't being treated fairly.
I must admit I found myself in the category of one who works for money. One who would work hard hoping my efforts would be noticed and rewarded accordingly. I haven't really thought of the principle having money work for me.
No wonder Robert is so knowledgeable when it comes to finances, he has dedicated a good portion of his life to learning the trade. It reminds me of the story my mother would often tell of the world renowned pianist. After one of his performances he was approached by members of the audience praising his talent. One individual said, "I would give anything to be able to play like that." To which the pianist responded "I have." Meaning he had dedicated himself, his life to this musical pursuit.
Alright, a book that's short enough to match my attention span! Actually, I can't even claim that, I've been listening to the audio version...
Anyway, I love it so far. Rich Dad has some great insights into working for money vs. letting money work for you. Like Michelle mentioned, the story about them working for 10 cents an hour was pretty interesting. It reminds me of my days at Bowman's...
Maybe I should open up a comic shop and let the neighborhood browse my collection. I'd be a hit with all of the 10 year olds.
What a perfect book for this whole stock market excitement we are going through. I have to admit though i was not enjoying the lesson on whether your house is an asset or a liability. I totally fit in the statement that houses are emotional purchases and when emotions are involved you get dumber in financial smarts. Right on both accounts and MY HOUSE IS GREAT. love jenny
OK, the month is getting close to ending and the book is pretty short so I bet most of you are getting close.
I have a question that those who read this might be able to answer for me....
With what you have read, what are you planning on doing differently?
With the loss of one of my favorite contributers to this elite book club I bet there are those who have put reading financial books on hold. That's OK. After all it's just a book.
Will wonders never cease? Shane actually read a book for the book club. Of course, I had to finish the last 15 pages in the library lobby before I returned it.
I really liked the book and he made a lot of good points about the "rat race" and about having money work for you instead of working for money. I have to admit some of his points hit too close to home.
I think the timing of reading this book is great since the stock market is probably at, or will soon be at, the best time to buy (housing market too in some areas). Right now, I'm not sure where I'd get the money to invest, but I need to learn to have the right attitude about it - its not "I can't afford it", but "how do I afford it?"
One of things I'll be thinking about is other assets to target. He says that the housing market and the stock market are just 2 of the ways to gain assets, but he really doesn't mention any others. I really don't know a whole lot about the stock market or the housing market so I'm trying to figure out if I would really enjoy following one of those or something else. I'd be curious to hear what all of you are interested in doing. Maybe we can put together some sort of group where we share tips we've learned about investing or share good stocks we've discovered or things like that. I think Dad suggested doing something like that once before.
Good pick Chad and Shelly.
Shane I think that is a great idea. If you want I can set up a blog for Morris Money Matters or whatever lame name we can think of. If someone has a better sharing site we can do that.
Kiyosaki's big three are real estate, business, and paper assets (i.e. stocks). He also LOVES his royalties on intellectual property.
With that being said I say you invest in Casey's comic book shop.
Thanks for setting up the new blog Shelly
anyone else want in on the money blog let me know
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