Free Kindle eBook - Rich Dad, Poor Dad by Robert Kiyosaki @ Amazon AU

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bobcrankypants on 02/06/2019 - 09:02 amazon.com.au (6092 clicks)

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It says the author is Cullen Coby but I've downloaded it and flipped through it and as far as I can tell, it's the real book. No idea who Cullen Coby is.

Product Description
Robert’s definition of the “Rat Race”

"If you look at the life of the average-educated, hard-working person, there is a similar path. The child is born and goes to school. The proud parents are excited because the child excels, gets fair to good grades, and is accepted into a college. The child graduates, maybe goes on to graduate school and then does exactly as programmed: looks for a safe, secure job or career. The child finds that job, maybe as a doctor or a lawyer, or joins the Army or works for the government. Generally, the child begins to make money, credit cards start to arrive in mass, and the shopping begins, if it already hasn't.

"Having money to burn, the child goes to places where other young people just like them hang out, and they meet people, they date, and sometimes they get married. Life is wonderful now, because today, both men and women work. Two incomes are bliss. They feel successful, their future is bright, and they decide to buy a house, a car, a television, take vacations and have children. The happy bundle arrives. The demand for cash is enormous. The happy couple decides that their careers are vitally important and begin to work harder, seeking promotions and raises. The raises come, and so does another child and the need for a bigger house. They work harder, become better employees, even more dedicated. They go back to school to get more specialized skills so they can earn more money. Maybe they take a second job. Their incomes go up, but so does the tax bracket they're in and the real estate taxes on their new large home, and their Social Security taxes, and all the other taxes. They get their large paycheck and wonder where all the money went. They buy some mutual funds and buy groceries with their credit card. The children reach 5 or 6 years of age, and the need to save for college increases as well as the need to save for their retirement…

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      nurbsenvi on 02/06/2019 - 15:32

      +1

      Both fantastic books.
      Secrets of The Millionaire's Mind is also good.

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  freemoneyhunter on 02/06/2019 - 13:43

  +3

  I have looked at this book before and I don't think much of it. My recommendation is to work hard, scrimp and save pennies, invest in term deposits and online savings accounts with bonus interest. Eat cheap vegetarian food. Don't drink or smoke, don't shop except for food, everything else can be got for free like pots and pans and things from roadside cleanup, clothing wear thrown away clothes. Ride a bike, fare evade public transport, live on crown land in a tent to avoid rent and utilities. You can save nearly all your salary living like this. These are ideas from reasonable to extreme but they are to put in your mind what is really possible if you really want to save money. I recommend open library to browse through some books on the subject, the books are free to borrow, this is a selection of their books under the term 'frugal'. https://openlibrary.org/search?q=frugal&mode=ebooks&m=edit&m…

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  Splashtash on 02/06/2019 - 13:53

  What i got most out of this book is what i see in myself as a confidence booster. THat is, keep your mother trucker eyes open and go for gold when u see that bright light behind the rock no one else is seeeing. In other words when he talks about looking for real estate gold mines by noticing moving trucks by driving around areas and such. Get in before others can and so on.

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    ihbh on 02/06/2019 - 14:54

    That's how he reels in the unsophisticated readers. "Here's a course that'll teach you how to spot the gold mines or we've found some and we'll take you on as a partner … all you have to do is supply the dough."

    Successful investing is not about that kind of BS. Invest in growth assets as early as you can and at the lowest cost (e.g in index funds) and that's how you build wealth. You don't do it paying (tens) of thousands of dollars for BS courses that reduce the amount you invest and delay when you start investing.

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  nurbsenvi on 02/06/2019 - 15:35

  +1

  Getting rich is simple.
  Start investing as soon as you start making money in your 20s or what ever.
  10% of your income every month.

  That's it.

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    [Deactivated] on 02/06/2019 - 16:28

    I've been investing in Term Deposits and putting more than 10% in (because I started investing late). Do you have any low-risk investment recommendations?

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      nurbsenvi on 02/06/2019 - 17:51

      +1

      Diversify into little bits of following:

      Vangard ETF US stock
      Real estate fund

      Gold
      US dollar
      Japanese Yen
      Term Deposit
      Bitcoin (just for shits and giggles)

      You can't lose.

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        [Deactivated] on 02/06/2019 - 21:05

        Thanks. Will look into those.

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        UncommonName on 06/06/2019 - 20:04

        Vangard ETF US stock

        How do we buy Vangard ETF US stock in Austrlia?

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    Other on 02/06/2019 - 16:29

    Why not try to save 30-50% of your income and get their faster?

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      nurbsenvi on 02/06/2019 - 17:46

      Because human beans don't work that way
      If you start saving 30-50% you will run out of will power very quick and just give up 3 months later.
      make sure to spend another 10% on yourself

      Make sure you do not get married until you reach 35.

      And I never said SAVE I sad INVEST big difference.

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        montorola on 02/06/2019 - 18:04

        As someone who doesn't have a clue on investing, where do I start

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          nurbsenvi on 02/06/2019 - 23:13

          +2

          @montorola: Vangard ETF US stock index fund
          REIT real estate fund

          Personally AMD stock (Sell when you reach 10% and do not look back)

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      Cheap Steve on 02/06/2019 - 18:17

      My favorite money blogger is Mr Money Moustache and he reckons saving/investing anything less than 70% take home pay makes you an amateur.

      I’m an amateur btw.

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        Other on 02/06/2019 - 23:25

        ah the old MMM, hmmm…..

        I remember that the wife (before divorce) was running an etsy candle store which was making i THINK approx $25k per year (go find the article) or at least $12k which was the mortgage payments.
        Also he was a computer guy earning big - try doing in Aus on $35k…..

        He never told anyone about it either, which means while he was saying all this stuff to save money he knew his rent was covered.
        Woe the person who followed him exactly as they would not have access to the extra $12k/$15k - $25k per year.

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    RubenM on 02/06/2019 - 20:53

    +1

    10% probably won't make you rich though.

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      nurbsenvi on 03/06/2019 - 03:01

      Magic of compounding will.

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        RubenM on 03/06/2019 - 07:51

        I've just run the scenario of having a 5% above inflation return (which is very good) and saving $10000 a year (after tax).
        It still took 37 year with compound interest to get to $1m (I assumed 0% inflation, just to keep everything in today's money). And $1m isn't even rich.
        So you need to do more than that! Increasing saving rate and using leverage would be the best suggestions.

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          nurbsenvi on 04/06/2019 - 20:03

          @RubenM: US index fund has been performing at 7-12% in the last decade.

          His wage will increase too probably significantly.

          Combine that with his primary residence which he will get eventually, which will also grow 5-8% on average he will definitely be a millionaire.

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  raptormesh on 02/06/2019 - 15:41

  Read this in high school and thought this is the shit. Then I grew up.

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    MITM on 02/06/2019 - 16:51

    +1

    …… and now I know it’s shit.

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  Zazer on 02/06/2019 - 17:06

  Says not available for purchase..

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  Cave Fire on 02/06/2019 - 17:15

  Great to have another perspective. It's also a classic is this genre for good or bad.

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  lostn on 02/06/2019 - 17:40

  I've read the book 15 years ago. There is not much specific advice. It's just him telling stories of deals he has made, but they are not deals you yourself could make, so there is little you can actually learn from this. Also, some of his claims are dubious. Including the existence of this Rich Dad character that Bob Kiyosaki never reveals the identity of. The Rich Dad gave Bob a lot of good advice and taught him how to be wise with his money and get rich. But it's worth noting that Bob was bankrupt at one stage and lived in a car. So I guess Rich Dad's advice was not so great after all?

  There is another economics author out there who created a website that dissected this book critically. I would recommend reading that instead.

  The point of RDPD is to sell you his next set of books and a very expensive board game. If you're after a book telling you how to get rich, you won't find it here, though your skepticism alarm should have gone off the moment you heard the claim.

  The real suspicion is that Bob got rich not from making deals but from writing a book on how to get rich. Like something of a pyramid or ponzi scheme.

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    Other on 02/06/2019 - 23:56

    Rich dad was actually real, he owned property in Kona/Kailua, Hawaii. They used to have major fights with the unions too, as Hawaii is heavily Dems (owned Hawaii politically for 40 years & less than 10% of seats are held by Republicans).

    But it's worth noting that Bob was bankrupt at one stage and lived in a car. So I guess Rich Dad's advice was not so great after all?

    This has happened to heaps of entrepreneurs, even google started out in a garage. Gary Vee talks about his family having 5 adults+ 2kids (I think) to a 1 bedroom apartment. I think his old business became the largest mail order wine business (and largest wine club) in the US. He now runs Vayner media.; Net worth around $160M, so not bad. Steve Jobs dropped out of College because he couldn't afford the tuition fees, and used to eat meals at the Hare Krishna temple for free. Andrew Carnegie worked in factories during his very young teenage years.

    The real suspicion is that Bob got rich not from making deals but from writing a book on how to get rich. Like something of a pyramid or ponzi scheme.

    They sold a training business before that, then he wrote rich dad, and ploughed the profits back into real estate, which is the advice of the book.

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      lostn on 03/06/2019 - 11:21

      Rich dad was actually real, he owned property in Kona/Kailua, Hawaii.

      Was his identity ever revealed? It astounds me that such an important figure would be able to keep his identity a secret for decades. Investigative journalists would have figured it out by now if he was real.

      This has happened to heaps of entrepreneurs, even google started out in a garage.

      This happened to him after he became a successful investor upon RD's lessons in finance. Then he lost it all and lived in a car, which makes the lessons of questionable value.

      It's not the same as going from rags to riches like the Google founders or famous college dropouts. It's about making your ritches and then losing it all.

      They sold a training business before that, then he wrote rich dad, and ploughed the profits back into real estate, which is the advice of the book.

      Did he have real estate investments before he wrote the book, or after the proceeds from the book?

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        Other on 09/06/2019 - 05:16

        They had a confidentiality agreement with the family.
        It all had to come out when he went on Oprah's show (producers insisted to avoid million little pieces saga).
        you could always search in google "is dad real?" and find the answer… :/

        This happened to him after he became a successful investor upon RD's lessons in finance. Then he lost it all and lived in a car, which makes the lessons of questionable value.

        The lesson of Rich dad is to build a business and then invest in real estate.
        It is extremely difficult to build a business and usually there are many, many failures. Thats why 80% close in the first 5 years.
        Kiyosaki created the nylon Velcro wallet company, but didn't patent some of their products, and China suddenly was producing it in mass quantity (considering how China breaks IP law, I seriously doubt that even with a patent he could of stopped it).

        I think tthe lesson one can take is - Figure out how to earn 'super' profits (business, good paying job) or reduce expenses (living with parents), save like mad (I would say 50% of your income) and invest in real estate. In about 8-10 years you can retire.

        famous college dropouts

        Gary Vee never went to college.

        It's about making your ritches and then losing it all.

        Chris Gardner was homeless as was John Paul DeJoria. Harry Triboff (Australia's richest man?) almost completely lost it all in the 1970s, and made it back, as well.

        Did he have real estate investments before he wrote the book, or after the proceeds from the book?

        Yes, he did. He had a property in Hawaii. My understanding is that he retired by buying property that was acquired when he ran his training company.

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  nurbsenvi on 02/06/2019 - 17:57

  +1

  Couple of things that I took from this book:

  Accumulating wealth is not just about working hard at 9-5pm but through investments.
  You do need to work hard in the beginning
  You shouldn't run a business unless you love it.
  Real estate in your portfolio is essential

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  Cluster on 02/06/2019 - 18:18

  +2

  Seems Mr Kiyosaki has a few financial problems and is a bit of a hypocrite:

  https://thecollegeinvestor.com/4726/ultimate-hypocrite-rober…

  Remember, the main thing that Kiyosaki sells is seminars. Once you attend the basic seminar it's a high pressure sales session to get you to sign up to the next seminar, where the cycle repeats.

  How do you get rich? You generally can't do it working 8-6. Your employer is the one getting rich, not you. You get rich by investing, not going on holidays, not buying new cars, not gambling, and avoiding other frivolous expenses.

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    Other on 03/06/2019 - 00:54

    Or starting a business, and then investing the proceeds into real estate.

    Really the formula is:

    Earn High Income (either through job or a business) -> Save -> Invest in Real Estate (due to leverage).

    Problem I have seen is that people tend to fall over at the savings bit.

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  jingsu6688 on 02/06/2019 - 18:49

  One realises that there are more poor than the rich. One realises that there are more negative comments than positive.

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  gimme on 02/06/2019 - 23:21

  +1

  Here's the long and short of it. If you don't want to be poor don't have kids. If you want to be rich do not listen to 95% of the 'expert' advice.
  Working hard may be necessary for some but what's the point of living if you're just working your backside off and running yourself to the ground.

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  fredk1000 on 02/06/2019 - 23:42

  I just got a copy from the amazon.com.au store, not expired there.

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  Ranagade on 03/06/2019 - 11:06

  Back for free again on both Amazon US and AU.

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