Finance Forum

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LukeLewis
I've made it to chapter four, lesson three of Rich Dad Poor Dad. This section is called Mind Your Own Business. The chapter starts out talking about Ray Kroc, the founder of McDonalds. I actually...
  • LukeLewis
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LukeLewis
LukeLewis
Phoenix1
I read a quote by Ayn Rand a few days ago. It goes like this: "We can ignore reality, but we cannot ignore the consequences of ignoring reality." Now there's something to think about. I'm...
  • Phoenix1
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Phoenix1
Phoenix1
LukeLewis
To make money, you need to set out after a few goals. The first goal is to learn the difference between an asset and a liability. I've discussed the difference above, but I'll repeat it here. An...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
Educated Dad's Financial Statement This is interesting. In this section, Robert offers an illustration of his real (educated) father's financial statement. At the top, there are two equally sized...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
If you ask anyone over the age of 40 what they wish they did earlier in life, I bet most of them would say they wish they began investing heavily back in their 20s. I sure wish I did. Reviewing...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
If you've never owned a house, all you have to go on is what other people say. That's fine, but when listening to these people, make sure they're telling you the truth and not covering up some...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
Tell me is any of this sounds familiar. Two highly educated people find each other and get married. Each of them rents an apartment, but since they're now married, they move into only one of...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
I find this section of Robert's book very interesting. He talks about how assets are things that put money in your pocket and liabilities are things that take money out. It's pretty simple...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
Mike's father (rich dad) explained it perfectly when he said, "Assets put money in your pocket." Forget about all of those fancy definitions, if you aren't an accountant. Accountants need to know...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
What's the rule to become wealthy? It's this: you first need to learn the difference between an asset and a liability and you then need to spend the rest of your life purchasing assets. Now, I...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
I'm at a mental impasse here. I'm reading the next section in this chapter and while I appreciate Robert's sentiments when it comes to the importance of financial education, I honestly don't think...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
Do you know what an asset is? I mean, do you really know? Would you say that your house is an asset? I would. I'd be wrong though. Houses are actually liabilities because they earn no income. Now...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
I think once a person begins to see opportunity, he or she never really stops. It's just part of the entrepreneurial spirit. This used to be the way it was before the internet arrived, but since...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
Fear and greed. The beginning of this section covers Mike's father offering the two boys $.25, $1, $2, and finally $5 per hour to do the same work they had initially done for $.10 and then nothing...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
This section was a short one. It basically described how Robert and Mike continued working for three more weeks without pay. At the end of the third week, Mike's father arrived and brought both...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
I will tell you that it's uncanny how this book makes me feel so many years after I read it the first time. Back then, I was younger and I read it because I wanted to learn its lessons. Today, I'm...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
We've got a real problem in this country. I'd called it being entitled. Do you know what entitled means? It means that someone believes they are inherently deserving of privileges and special...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
I just finished reading a section in Chapter 2, Lesson 1 of Robert Kiyosaki's book titled, Rich Dad Poor Dad. Robert and his friend Mike asked Mike's father how to make money. They wanted to learn...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
I take issue with the title of this post. I'm reading Rich Dad Poor Dad by Robert Kiyosaki and I'm up to Chapter 2, Section 1. I have a feeling Robert will explain what he means by the rich don't...
  • LukeLewis
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LukeLewis
LukeLewis
LukeLewis
In Robert Kiyosaki's book, Rich Dad Poor Dad, he discusses having two fathers. Of course, he only had one real father; the other father was a friend. Or a friend's father. I haven't gotten that...
  • LukeLewis
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0
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31
LukeLewis
LukeLewis

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