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#1
11-16-2006, 11:49 AM
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beginners question about the rich dad poor dad book
ok,so i know very very little about money,investing,finance,etc,but since i'm making a decent amount of money from poker i figured it was time to start trying to learn a little...
so i went out today and bought three books,the automatic millionaire,rich dad poor dad (both of which i'd seen recommended in the sticky on this forum) and another personal finance book specific to ireland,where i live... anyway,i just read the introduction to rich dad poor dad,and it contains the following sentence: "for any accountants who read this book,suspend your academic book knowledge and open your mind to the theories robert presents.although many of them challenge the very fundamentals of generally accepted accounting principles..." it was around here that i stopped reading... basically,this sounds very fishy to me... so i'm wondering if someone who knows about this sort of thing can tell me if the books is worth reading for me basically,i have a decent income from poker,which is even more decent since i don't have to pay tax on it,and i would like to learn the basics of investing and saving since i have just been spending all the money i've made so far. however,i am not interested in some sort of miracle cure,get rich quick scheme,or trying to set up huge corporations or whatever-i want to learn about the basics of fairly low risk,solid savings and investments... should i keep reading,and if not,what should i read? 
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#2
11-16-2006, 12:09 PM
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Re: beginners question about the rich dad poor dad book
Kiyosaki is a real estate investor and he will push the real estate issue a few times. He also adds his own advertisements. The book is more about opening your mind though. It's taking any preconceived ideas that you have, and throwing them out the window.
It's a great book, and I can read it in 1 night. Keep reading, you won't be disappointed, IMO. He won't tell you how to invest though. It's a personal finance book, not investment.
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#3
11-16-2006, 12:43 PM
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Re: beginners question about the rich dad poor dad book
[ QUOTE ]
ok,so i know very very little about money,investing,finance,etc,but since i'm making a decent amount of money from poker i figured it was time to start trying to learn a little... so i went out today and bought three books,the automatic millionaire,rich dad poor dad (both of which i'd seen recommended in the sticky on this forum) and another personal finance book specific to ireland,where i live... anyway,i just read the introduction to rich dad poor dad,and it contains the following sentence: "for any accountants who read this book,suspend your academic book knowledge and open your mind to the theories robert presents.although many of them challenge the very fundamentals of generally accepted accounting principles..." it was around here that i stopped reading... basically,this sounds very fishy to me... so i'm wondering if someone who knows about this sort of thing can tell me if the books is worth reading for me basically,i have a decent income from poker,which is even more decent since i don't have to pay tax on it,and i would like to learn the basics of investing and saving since i have just been spending all the money i've made so far. however,i am not interested in some sort of miracle cure,get rich quick scheme,or trying to set up huge corporations or whatever-i want to learn about the basics of fairly low risk,solid savings and investments... should i keep reading,and if not,what should i read? [/ QUOTE ] If you want a pep talk about going off the beaten path to find your riches, showing all those "smart guys" who went to college and got good steady 9-5 jobs that they are really pretty stupid because they won't make as much money as entrepreneurial mavericks who can barely spell their own names, then read it. If you want to learn any practical, applicable advice about investing, skip it. ObReedLink: http://www.johntreed.com/Kiyosaki.html eastbay
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#4
11-16-2006, 12:59 PM
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Re: beginners question about the rich dad poor dad book
[ QUOTE ]
"for any accountants who read this book,suspend your academic book knowledge and open your mind to the theories robert presents.although many of them challenge the very fundamentals of generally accepted accounting principles..." [/ QUOTE ] I think this is referring to his definitions of assets and liabilities which are different from 'accepted accounting principles'. There were a few threads about RDPD in this forum, I'll link them for you if you're interested. Out of curiousity, what was the name of the personal finance book specific to Ireland? If you want to learn how to invest you should try reading investment books as opposed to personal finance books. Also, there are a few organisations that do investment seminars in Ireland. Invest like the Best and T.I.C.N. being the largest I think. They will give you a good foundation and a platform to start learning more. However these are very expensive.
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#5
11-16-2006, 02:11 PM
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Re: beginners question about the rich dad poor dad book
thanks for all the responses
red joker-the irish book is loot by eddie hobbs-i presume you know of it,any idea if its any good? anyway,i thought i'd just start off with some general personal finance books,since i am in no way organised about these things as it stands... as for investment seminars,i'm not really interested in very complicated investment... i've heard that the best thing for most people to do is put money in an index fund,or spread investments around as many companies as possible,which is what i'd be looking to do,since i already spend a lot of time with poker,i wouldn't want to be trying to assess different companies or anything.. is there an irish equivalent of an index fund where you can just invest a set amount and it will be spread over say 500 companies,or can i invest in the american version anyway? sorry if my questions are very basic or don't make much sense,i'm totally new to all this
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#6
11-16-2006, 04:33 PM
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Re: beginners question about the rich dad poor dad book
[ QUOTE ]
red joker-the irish book is loot by eddie hobbs-i presume you know of it,any idea if its any good? [/ QUOTE ] No idea; I've never heard of it. Index funds are probably the best way for you to go. If you want to invest in American index funds you should go to vangaurd.com, you are running currency risk aswell doing this. If you are investing long term then it shouldn't matter but I'm not positive about that. For Irish index funds you should try going to Quinn Life, Irish index funds aren't as large as American ones so you could try investing in European indexes aswell. There is stamp duty on a lot of those however. As you can see there is a lot of pros and cons to weigh when deciding where to invest. It may be worth your while speaking to a financial advisor, I don't know enough about the ISEQ to really be very useful.
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