Rich Dad Poor Dad changes my life

@scheng1 (24649)
Singapore
April 19, 2017 7:50am CST
When I read the blogs of many successful bloggers who have retired early, I notice that many of them attribute their success to the book Rich Dad Poor Dad written by Robert Kiyosaki. For example, in the blog early retirement extreme, the blogger mentions about Rich Dad Poor Dad. This blogger retires in less than ten years of working. While he is very frugal to start with, the book Rich Dad Poor Dad shows him that passive income from investment is the way to go. Without this book, he probably never accepts that passive income can be large enough for him to retire on. It is the same for me. Rich Dad Poor Dad changes my life too. Even though I was a good saver, I never thought that anyone could retire on passive income. The interest earned on saving account is so little. Even when the saving interest for fixed deposit was more than 5%, I never could retire on the earned interest. Anyway the saving interest rate dropped steeply after that. Now if anyone can get more than 1.5%, that is already a miracle. Rich Dad Poor Dad opened up the possibility of riches. It opens up to show us the way that the rich manages to survive without a job. Though it is not a practical book in the sense that it tells you what to buy or when to buy, it does say that we have to invest for income, not capital gain. It says that we have to build up asset. For me, I like stock market, because of the ease of buying and selling. I am different from Robert Kiyosaki in that I do not like physical asset, as in apartments or houses or other real estate. I still have a long way to get out of the rat race. However, the journey has started, and passive income has grown bigger and bigger with reinvestment of dividends.
— a combination of simple living, anticonsumerism, DIY ethics, self-reliance, and applied capitalism Published on April 19th, 2017 Posted by Jacob in How to, Philosophy Tip 23 Comments after this if ad is up If you're new here, this blog will give you the
4 people like this
4 responses
@JudyEv (340250)
• Rockingham, Australia
20 Apr 17
Are you saying that some of the advice in the book is no longer applicable?
1 person likes this
@scheng1 (24649)
• Singapore
20 Apr 17
That book lacks in specific. The general concept is good, in that you build assets to get cash flow, but there is nothing specific about it. He mentions about seller financing, and zero down for a house, but that will not apply after 2008, and in many countries, the law does not allow.
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@JudyEv (340250)
• Rockingham, Australia
20 Apr 17
@scheng1 I think these sorts of books could get out of date pretty quickly - not that I'd know really.
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@scheng1 (24649)
• Singapore
20 Apr 17
@JudyEv the concept never goes out of date though. For centuries, people get rich by being landlord, and the same concept is still applicable now. It will still be applicable in the future. That forms the basis of the book Rich Dad Poor Dad. As for the law on ownership and loan, it keeps changing depends on demand and supply.
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@ilocosboy (45156)
• Philippines
19 Apr 17
Tell us more about Rich Dad Poor Dad
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@scheng1 (24649)
• Singapore
19 Apr 17
You go and read it. This book has been around for 20 years.
• Philippines
26 Apr 17
to tell you short cut about the Rich Dad Poor Dad the book tells about a men even you get your college degree and you will just devote your life to work might not give your satisfaction in life, education and skills must be apply by making your services and own niches on what is your idea to set in service and apply leverage when the times come that business grow. its tells how to make passive income and practical on spending money in a simple way not to be extravagant when spending money and keep 10 % and after 10 months its already ready to keep on trying to make your money grow as its a soldier or slave that your money will work for you
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@scheng1 (24649)
• Singapore
26 Apr 17
@laisbonita The concept of using money to buy assets to provide income is a powerful one.
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@marlina (154131)
• Canada
19 Apr 17
I read that book decades ago.
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• United States
19 Apr 17
Sounds to me like you're on the right road for thinking about early retirement.
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@scheng1 (24649)
• Singapore
20 Apr 17
This book is worth reading again and again. I think after the 2008 crisis, you will have a greater appreciation for the book.