Reddit reviews Rich Dad Poor Dad: What The Rich Teach Their Kids About Money - That The Poor And Middle Class Do Not!

Pyramid scheme recruiters know who to target: anyone who's young, naive, or struggling with money. I know at this point that's pretty much an entire generation's worth of people in Vancouver, but don't underestimate the power of desperation.

Here's a quick cheat sheet to figure out if the new person you just met is a pyramid scheme/MLM recruiter:

• They may call themselves a life coach instead of a mentor. Or if they're really delusional, claim to be entrepreneurs/business owners and decline to be specific.
  
  
• They really believe in dressing for success, so regardless of situation, the most ambitious scammers are always perfectly groomed and wearing something more suitable for a night at a high class lounge. Men will be in flashy suits and wingtips, while women will be in cocktail dresses and heels. Of course, not all of them dress like this -- it can also range from smart casual to business casual. If you're a new immigrant to the country and a very nice, "rich-looking" white guy offered to share the secrets of wealth with you, are you going to turn him down?
  
  
• They often work in pairs -- dating/engaged/married couples. It projects a more trustworthy image to their target. They'll share their personal histories (where they're from, how they met each other, etc.)
  
  
• If you do go for coffee with them, they'll greet you with a hug (and you'll get another one at the end of the meeting before you leave.) I know it's weird to point out, but every pyramid scheme meeting I've ever spectated/eavesdropped on does this for some reason. A cheap method of building rapport, I suppose. It creeps me out because it just oozes fakeness.
  
  
• They'll ask if you've ever read any of Robert Kiyosaki's books, specifically Rich Dad, Poor Dad and The Business of the 21st Century. If not, they'll generously offer to lend you a copy. The Go-Giver and Pro-Sumer Power are also books they try to peddle, but definitely not as much as the first two. Basically any motivational/self-help/finance book or audio tape they suggest is a red flag.
  
  
• They'll never say the name of the scam company they work for in the first meeting. They realize the stigma attached to "Amway", "Primerica", "Herbalife", "World Financial Group", or "ACN". They want to hook you on first. It'll be much easier to convince you that all the bad things you hear or read about online about Amway are lies if you've chosen to drink the kool-aid on your own free will.
  
  
• They'll try to impress and talk about flying off to attend conferences in pseudo-exotic places. My cousin's an audio tech and he gets hired to work a shit ton of MLM events at hotels in Vancouver.
  
  But seriously, when in doubt, just use google.

Don't get me wrong, I absolutely understand you are young and need guidance. I was 17 when I started investing as well.

I can give stock recommendations all day but I can give you two really good pieces of advice right now.

1: Read. Read everything you can. The Intelligent Investor by Ben Graham is the bible of value investing. Warren Buffet himself said that this was the best book on value investing he's read. Read this book. Also, read Rich Dad Poor Dad This was the single most influential piece of literature I've ever read.

2: Be extremely careful who you take advice from. Just because people are older doesn't make them smarter. You want to find people who have exactly what you want for yourself. These people are worth taking advice from. The average person is an idiot, and they all think they know the right way, and yet they all are slaving away at jobs they hate that "don't pay them enough". This could even be your parents or friends. It may be hard to reject their advice. They may not even realize that they don't know what they are doing. Again, you want to learn from people who have exactly what you want.

From the sounds of it you have no idea what to do with the money, and have no existing savings or investment plans.

This is not intended as a criticism of you, as I reached my 40's myself with just about no plan.

However, what it means is that this £80,000 is like an immediate thing, and it should be only a component of your longterm savings and investment plans.

I.E. you need to sort out your longterm savings and investment plans first, and only then fit the £80,000 in the appropriate slot(s).

IMO you should put the £80,000 in the bank for the next 12 months. Figure o building a plan by the end of the tax year - be prepared, say, to put it all into action in March 2018.

Use www.bankaccountsavings.co.uk to maximise the interest on your savings for the next 11 or 12 months.

I think the first books you should read are Rich Dad, Poor Dad and Your Money or Your Life. IMO you and your gf should each read one of these books in the next fortnight or month, then swap and read the other. Some people get a lot out of these books, others not so much - read the criticism of Rich Dad, Poor Dad, too, but hopefully within the next 3 months or so you should be able to build an idea of your financial goals. Generally financial goals should support life goals, but it's ok to have financial goals that support open-ended life goals. Might be worth taking a look at Martin Bamford's Money Tree and Martin Lewis' Money Diet (I haven't read them, but one of the sub's mods put them in the sub's wiki, he's a financial advisor and I trust him) then dig into Tim Hale's Smarter Investing.

Read this sub everyday and ask questions about anything you don't understand.

Se queres ler para aprender, dos temas que mencionaste aconselho-te IMENSO a leres sobre finanças. Perceber como o dinheiro funciona é uma das coisas mais essenciais na vida e a triste realidade é que a maioria das pessoas não sabe sequer fazer um budget para gerir o orçamento familiar.

É um dos melhores investimentos que podes fazer no teu futuro, não posso deixar de recomendar que comeces o quanto antes.

Algumas recomendações dentro do tema:

• Rich Dad Poor Dad - é para ler com um grão de sal porque na minha opinião tem alguns conselhos que não concordo e em termos de investimento é focado em real estate, mas ainda assim é um bom livro introdutório para começar a pensar de forma diferente
  
• Motley Fool Investment Guide for Teens - introdução ao investimento em bolsa, de forma muito simples
  
• Total Money Makeover - princípios básicos de finanças pessoas que toda a gente devia saber
  
  Deves encontrar quase todos estes livros na fnac.
  

Rich Dad, Poor Dad.

Let him help himself.

Also, get a copy of Rich Dad Poor Dad (http://www.amazon.co.uk/Rich-Dad-Poor-Robert-Kiyosaki/dp/1612680003/ref=sr_1_1?ie=UTF8&qid=1409136346&sr=8-1&keywords=rich+dad+poor+dad) - I wish I'd read this when I was younger, might give you a new perspective...

Real estate has the benefit of being equity that can yield you a pretty high income and you can shelter your earnings from taxes by incorporating. (Think rental property - the property has value but it also yields rental income) Of all the rags to riches stories out there, most people seem to do it with real estate.

A good portfolio of dividend-bearing stocks is a great source of passive income. Investment earnings are only taxed at 15% so you get to keep most of it but you have to build a large investment (read: hundreds of thousands of dollars) before you'll get returns that you could live on.

I've never considered franchising or other types of business ownership but most millionaires own their own business, so keep that in mind.

I have a feeling you would LOVE Rich Dad, Poor Dad. It doesn't get a lot of love for useful content, but it presents a really good way of looking at money a bit differently that has stuck with me for a long time.

I would also add Rich Dad Poor Dad by Robert T. Kiyosaki, yes, it's aimed at an American readership but the principals are still the same.

It doesn't teach you to pick stocks or anything specific like that, but for me it was a real eye opener and educated me about having your money work for you, rather than the other way round.