What do you think of Rich Dad Poor Dad?

[ZCP]

Alright thanks, I think I'll give it a read

Interesting, thank you for writing this as I guess now I won't waste my time reading it. It also looks like you got a thank you from MJ so I guess that's what he think of it.

Thanks for all of this guys, I have decided to give it a read but not before reading the great rat race escape , I would read unscripted but a lot of the reviews say that it is the same information from TMF .

My reply was after this back and forth...... back and forth ..... maybe i hadn't seen the rest of the thread when i replied....

that indecision above along with your other thread, I've seen similar mindset before (looking for the silver bullet, susceptible to the 'latest' opinion from others). add to that the arguing with anyone that helps you and you'll have a path of anger and frustration with little results ahead of you.

I'm stepping in to help you. And my replies are not just for you, they are for the 1000s that will read this over the next 10 years.

You seem lost. DM me and we can do a call this week and see how I can help you / make some connections / get you on the path to achieve your outcome.

 

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[El1mination]

My reply was after this back and forth...... back and forth ..... maybe i hadn't seen the rest of the thread when i replied....

that indecision above along with your other thread, I've seen similar mindset before (looking for the silver bullet, susceptible to the 'latest' opinion from others). add to that the arguing with anyone that helps you and you'll have a path of anger and frustration with little results ahead of you.

I'm stepping in to help you. And my replies are not just for you, they are for the 1000s that will read this over the next 10 years.

You seem lost. DM me and we can do a call this week and see how I can help you / make some connections / get you on the path to achieve your outcome.

I appreciate your invitation for a call but I was just telling you that I never said I wasn't going to read it, I just wasn't going to read it now

 

[Güero Tonka]

As people that have read Millionaires Fastlane, what do you all think of Rich Dad Poor Dad? Is it worth a read? Do you agree with what the author says?

I think rich dad poor dad is garbage, when I first read it, it blew my mind but when I actually studied business more I realized the book was elementary

 

[ZCP]

I appreciate your invitation for a call but I was just telling you that I never said I wasn't going to read it, I just wasn't going to read it now

and just like that @El1mination misses another opportunity ..... bummer

 

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[El1mination]

and just like that @El1mination misses another opportunity ..... bummer

I politely declined your offer, no need for the snarky comment as usual with you.

 

[Awakened2022]

and just like that @El1mination misses another opportunity ..... bummer

Our people say,"it is those without teeth that are given food."
@ZCP ,appreciating your offer on behalf of OP

 

[eneevour_]

and just like that @El1mination misses another opportunity ..... bummer

feels just like the story unfolding in "Wealth Exposed"

 

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[Jon822]

I politely declined your offer, no need for the snarky comment as usual with you.

Just curious, why did you decline? Wouldn't a 10 minute conversation with someone who has had success in business be valuable? I'm not judging you or condemning your decision, I just want to know what y0ur reasons are if you don't mind sharing.

 

[Antifragile]

Maybe he should write a new book: "Rich Dad, Poor Bank.”

 

[ZCP]

My Dad was a homebuilder / developer. He talked about a VERY distinct change the day he got over a certain level of debt with the banks. Guys that he used to have to 'sell' on the deal were suddenly calling him. Asking him how he was feeling. Was he taking care of himself. What did HE think was happening next in the market. He realized the power dynamic changed. Now he owned them. They did what he said. He provide the paperwork and information he wanted to provide.

Nothing wrong with good debt.

 

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[ZCP]

I politely declined your offer, no need for the snarky comment as usual with you.

Again, that post wasn't for you. Anyone coming behind, if you are in a similar spot as @El1mination , hit me up. Maybe I can help.

 

[ZCP]

Just curious, why did you decline? Wouldn't a 10 minute conversation with someone who has had success in business be valuable? I'm not judging you or condemning your decision, I just want to know what y0ur reasons are if you don't mind sharing.

A lot of the time it is fear. The excuses insulate people. When they are removed, sometimes the panic response is triggered. Their brain is fighting them to stay in the 'comfort' zone they are in, even if it isn't truly comfortable. To be pushed is seen as a threat. They can't help it. The only thing in their way is their brain.

Unfortunately, even if they fight through that, they won't reach out / take the call. Pride then keeps people from reaching out. Again, the brain keeping them 'safe'.

 

[ZCP]

feels just like the story unfolding in "Wealth Exposed"

@MJ DeMarco didn't know you were doing short stories?!

 

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[El1mination]

Just curious, why did you decline? Wouldn't a 10 minute conversation with someone who has had success in business be valuable? I'm not judging you or condemning your decision, I just want to know what y0ur reasons are if you don't mind sharing.

I just didn't like his attitude towards my statements or messages. I would be fine texting with him if he was polite but I found him rude a lot. Also he asked to call, I'm not interested in voice talking I prefer texting.

 

[Jon822]

I just didn't like his attitude towards my statements or messages. I would be fine texting with him if he was polite but I found him rude a lot. Also he asked to call, I'm not interested in voice talking I prefer texting.

Like I said, I wasn't judging you or condemning your decision, I was just curious. Appreciate the reply. Have a great rest of your day!

 

[Radar]

My Dad was a homebuilder / developer. He talked about a VERY distinct change the day he got over a certain level of debt with the banks. Guys that he used to have to 'sell' on the deal were suddenly calling him. Asking him how he was feeling. Was he taking care of himself. What did HE think was happening next in the market. He realized the power dynamic changed. Now he owned them. They did what he said. He provide the paperwork and information he wanted to provide.

Nothing wrong with good debt.

Hey, I am new to the platform, and I do not know if there is a way to private message, however, I would like to understand that a bit more. I don't remember reading much in MJ's books regarding "good debt". Could you explain what you mean in a bit more detail, please?

 

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[Antifragile]

My Dad was a homebuilder / developer. He talked about a VERY distinct change the day he got over a certain level of debt with the banks. Guys that he used to have to 'sell' on the deal were suddenly calling him. Asking him how he was feeling. Was he taking care of himself. What did HE think was happening next in the market. He realized the power dynamic changed. Now he owned them. They did what he said. He provide the paperwork and information he wanted to provide.

Nothing wrong with good debt.

I laugh because the boomer generation had it different with banks. My business partner who’s in his 70s now back when he started borrowed $30Million on a $10k net worth. Try that now!

But I get your point and it’s true. Rich Dad is middle fingering banks. And I don’t like any douche who’s willing to F*ck others to be rich. I think it’s that kind of attitude that gives entrepreneurs a bad rep.

As far as “good debt” goes… what are you talking about? Are you really implying that being so deep in debt that you can’t cover your payments is “good debt”? Nonsense.

Debt is leverage and …

Leverage is an amplifier​

Leverage is an amplifier of the gains and losses asymmetry.

Say you have $100 and borrow $400 to purchase an asset for $500. If the asset goes up by 20% and you sell it, you get back $200, great news – you doubled your money.

Unfortunately, the reverse is true too. If a developer who invested $100 and borrowed $400 to develop an asset with projected valuation of $575 (15% profit) were to see a drop of 20%, the value drops to $460. After repaying the lender $400, that leaves only $60.

This example shows that a 20% drop on a 15% profit margin led to a developer losing 40% of their initial equity! Leverage is an amplifier of gain/loss asymmetry.

 

[biophase]

I think rich dad poor dad is garbage, when I first read it, it blew my mind but when I actually studied business more I realized the book was elementary

So basically after you learned more, then the book was garbage. That's like saying when I first read the math 101 book and learned addition it was great. But after I learned calculus, the math 101 book was elementary.

 

[ZCP]

Hey, I am new to the platform, and I do not know if there is a way to private message, however, I would like to understand that a bit more. I don't remember reading much in MJ's books regarding "good debt". Could you explain what you mean in a bit more detail, please?

As @Antifragile said, it can be an amplifier. It also can give you the ability to do something in service or manufacturing businesses that you might otherwise not be able to do. We are about to take on a business note at 11% to allow us to do a set of projects with a 68% margin. That is good debt. My home mortgage is at 2.3%. Instead of paying off the note, I invest at 10%. Good debt. When my kids were doing the soap business, they regularly borrowed money from a friend of ours to cover the cost of all their raw materials. He would charge them like 5% and they would make and sell their products and double their money.

I'm just pushing back against the Dave Ramsey storm of 'all debt is bad debt'. We regularly use business LOC's, debt, notes, PO funding, etc. to do larger projects. In the case of the large debt w/ banks, you do own them once you reach a certain threshold. They treat you better, bring you in on other deals. Just like being the top customer anywhere, you get better treatment.

Just be careful like @Antifragile said, don't get overextended or negative leverage or they'll call the note on you. Of course, the advantage there is that if they do, THEY have to deal with the mess now. And I think that is what RK is getting at. He just is a boomer and always comes across curmudgeony.

I don't like a lot of the things RK says either, I just wouldn't throw out ALL of his advice, as there are some gems in there. And to bring it full circle, RDPD is not an end all be all business book. It is the gateway into a new world of thinking (at least it was for me!). If I would of had that book while working with my Dad, we would be gagillionaires and he would probably still be here. The P&L / Balance Sheet view of your life and how you interact with others is VERY valuable.

 

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[ZCP]

I laugh because the boomer generation had it different with banks. My business partner who’s in his 70s now back when he started borrowed $30Million on a $10k net worth. Try that now!

But I get your point and it’s true. Rich Dad is middle fingering banks. And I don’t like any douche who’s willing to F*ck others to be rich. I think it’s that kind of attitude that gives entrepreneurs a bad rep.

As far as “good debt” goes… what are you talking about? Are you really implying that being so deep in debt that you can’t cover your payments is “good debt”? Nonsense.

.....

Maybe business banking is different? We regularly are hit up over and over and over for piles of money. SO many BDC's out there I guess. The rates aren't great and the fees add up, but it is there and available if you can get the math to work on the deal and get the risk low enough to pull the trigger.

I think RK is just sensationalizing debt to get views. He knows the Ramsey army is against debt, so he says debt is great and gets eyeballs.