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

We found 32 Reddit comments about Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!. Here are the top ones, ranked by their Reddit score.

Business & Money
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
This New York Times best seller was originally self-published in 1997.Do you get rich by climbing the corporate ladder or by being an entrepreneur?Six key points of the book:1.The rich don’t work for money; 2.The importance of financial literacy; 3.Minding your own business; 4.Taxes and corporations; 5.The rich invent money; 6.The need to work to learn and not to work for money.Overall a good start in financial investment.
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32 Reddit comments about Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!:

u/RishFush · 61 pointsr/IWantToLearn

Rich Dad Poor Dad catches a lot of flak, but it's actually really good at teaching the absolute basics in an easy-to-follow manner. Like, learn what a Cash Flow Statement is, increase your asset column, learn basic accounting language, separate emotions and money, minimize taxes. Just glean the overall principles he's teaching and don't blindly follow his specific strategies.

The Richest Man in Babylon is another great, easy to read, investing 101 book.

And The Millionaire Next Door is a research-based book on Millionaires in America and what kind of habits and mindsets got them to their current wealth. It's a wonderfully refreshing read after being brainwashed by tv and movies saying that millionaires won it or stole it and live lavish lives. Most actual millionaires are pretty frugal and hard working with modest lives.

And here are some resources to help you learn all the new words and concepts:

u/NachoDynamite · 8 pointsr/personalfinance

The younger you start savings the better off you'll be. Even if it's just a little every day.

READ: The Richest Man in Babylon

READ: Rich Dad Poor Dad

Do this, and you'll be ready to be on your own.

u/btfftb · 7 pointsr/ynab

YNAB flow chart.

First off - either in YNAB, Google Sheets, or with pen & paper - write out EVERYTHING you spend money on. Check your bank statement to help you. This
is what mine looks like.

Now, dig deeper if you haven't already . Don't just estimate how much you will spend on gifts - set a budget for those people you enjoy gifting to. What does that look like - how much are you spending? write it out! Set a budget for anyone you gift to! Here is mine.

Have Credit Card debt? Make sure to stop using those RIGHT NOW! Begin paying those off ASAP.

TIP: not sure how much your bills will cost you? OVER budget! My Electric bill is $22 a month in non summer months. but my bill come summer and the AC is on comes out to be $50-60 per month. So i budget $40 year round. This evens out. Be conservative on all your numbers.

Great! Forgetting anything? Add it when you think of it.

"Beware of little expenses. A small leak will sink a great ship."

Once you have your expenses laid out - make sure you are spending less than you are making. YNAB won't help you if you don't help your self realize what your financial priority is. Is it makeup and shoes or is it Saving 6 month worth of an emergency fund & eventually a house. Be wise. Only you can help you.

Now that you know how much 1 month of living costs you and your debit is paid down or off - multiple the 1 month by 3months. Say the month costs you 3K x 3 = $9K Emergency Fund. Now you have a financial goal . /r/personalfinance can really help you determine what goal fits you best. This was just an example. I personally am trying to grow a 6 month E-fund.

Determine how quickly you can afford to meet that goal of a 3 month emergency fund. Will it take you 4 months or 12 months? How ambitious are you? Are you willing to not buy clothes for a few months? Again, this is where you have to determine YOUR goals and what track you want to be on. This has nothing to do with YNAB but read Rich Dad Poor Dad. Figure out what you want to do and want in life.

Once you have your expenses broken down into a monthly budget. Input that data into YNAB. Rent, Electric, Internet, - assign a monthly goal - why not? You know how much you need each month so assign the goal.

This is what my YNAB currently looks like. Organize yours how you see fit. I like to organize based on Priority and Due Date. It's just what works for me.

Notice "Gift Giving" This way doesn't work for everyone - some might say it's over kill but it's what works for me! It's what i need to realize my financial priority. I assign every gift a Goal by date - Generally 1 month before i plan to give the gift so i have 1 month to shop. Example i budget xmas for atleast November so i have 1 month to shop for gifts.

TIP: Don't buy anything makeup, shoes, etc impulsively. Add and Itemize everything to a Wish Farm Category . Hands down one of the best things I did. Makes you realize how many things you thought you wanted but for sure can live with out because there is other things you NEED.

If you have any questions let me know. YNAB has changed my life for the better - got me on the right track and I know you are on the right track just because you have posted on this sub but you have to commit to using YNAB DAILY!!!!! Every time you a financial transaction happens - log it! Every time you have inflow of cash (get paid) Assign every dollar to your true essentials not things that don't help you.

Don't neglect the YNAB blog - they have a bountiful amount of information on the proper way YNAB works.

u/TK503 · 6 pointsr/USMC

yaaaaa... this kid is the classic example of a money burner

He has minimal work experience as an 18 year old. Fortunately for me i joined when i was 23 so i was a little more level headed about spending but im worried for him

someone else here linked this book and since i know he wont read it, maybe i will to give him some tips along the way

u/yt1300 · 4 pointsr/personalfinance
  • First of all congratulations. It's terrifying and awesome to become a father.

  • Get 30 year term life insurance today. You are going to sleep better knowing this is taken care of. No "cash value" life insurance. TERM!!

  • Read some books, The Millionare Next Door, Rich Dad Poor Dad, Financial Peace any of the etc. These books will give you some contradictory advice but they'll also give you the information to make your own decisions.
u/oishiiiii · 4 pointsr/smallbusiness

I've read a lot of business books in the past year. These include:

7 Habits of Highly Effective People

Rich Dad Poor Dad

Think and Grow Rich

How to Win Friends & Influence People

Secrets of Closing the Sale

How to Master the Art of Selling

The E-Myth Revisited

The Compound Effect

The Slight Edge

The $100 Startup

The Toilet Paper Entrepreneur

I have 4HWW waiting to be read, in addition to about 15 other books that are sitting there, waiting to be read.

The $100 Startup is very inspiring, especially for people who have no chance at securing a "normal" job (I dropped out of college). The Toilet Paper Entrepreneur is also very informative. But out of this list, by far, my two favorite books are The Compound Effect and The Slight Edge. #1 going to The Slight Edge. Read this book. Maybe it won't apply to everyone as much as it did to me, but it totally changed my attitude towards life.

u/GenosHK · 3 pointsr/financialindependence

> A good general rule is to pay yourself first. This means after setting aside money for whatever you have to pay each week/month (rent, phone bills, food, utilities, etc - and work out what this is going to cost each paycheque to set that aside. Eg $40 a month for phone, set aside $10 a week if your paid weekly etc) put this into your savings. Even if it's $20, do it.

Robert Kiyosaki would argue that is paying yourself last.

That being said, what you suggested is EXACTLY what my wife and I did, and it was THE turning point in our finances. We weren't making any more, and it didn't seem like we were spending less, but we had money in savings at the end of the month.

u/nathanaherne · 3 pointsr/smallbusiness

These are the books I recommend to start with:

All direct amazon links, no referral links.

u/anon35202 · 2 pointsr/TheRedPill

Having two fathers and two mothers competing over your love can be the best thing ever. One teaches you the shrewdness and cut-throat world of winning deathmatches and earning respect through force, the other teaches you the socially optimal solution, how to be poor and find pleasure and joy with a mat and a guitar.

Story reminds me of the writer from Rich dad poor dad:

u/ErsatzFabel · 2 pointsr/USMC

Its sounds like both of you ought to bear down on this knowledge:

u/tedted8888 · 2 pointsr/politics

> Now if we just say 'tough, your kid your problem' then we're going to have tons of kids growing up in even worse poverty, which are even more likely to become burdens on the system.

Steven levitt in freakonomics argues that the drop in crime rate from the 70's to the 90's was largely in cause of abortion. High crime happens in poverty stricken downtown neighbor hoods where kids are brought up in single family households. He argues because the women have the option to abort the child, that child is not brought into the world and further continues a life of crime. So since no child is born, crime goes down. If we outlawed abortion, yes we would have lots of children running around in adult bodies burdening society, but since we have abortion, theres no child to grow up in destitute environments. (the conservative argument is foster care should take care of these unwanted children, but I would argue there is not enough foster parents capable of taking on these unwanted children, and also it sounds nice to use the state to support foster parents, but there are unintended consequences from subsiding anything, even nice well intention things like foster parents.). I'm willing to compromise and let single mothers have child support from the state for one child, but any further, "your kid your problem". Agian, I think private charity or womens society's should be responsible for supporting the single mom and kid, not the gov't.

This is the crux of our disagreement. We both want to get poverty down to 3-7%, and have nearly 90% of 30-60 year olds in the middle class. I see 70 years of welfare leading to multiple generations stuck in welfare traps. Clearly the results are that gov't welfare does not accomplish its intended goal of bringing people out of poverty. If it hasn't worked in 70 years, I dont see how its going to work in the next 5, 10, 20 years. I'm not a historian, and I may be doing a very shallow analysis, but something was working from 1940 to 1960 to reduce poverty. And since welfare, medicare and medicare didn't happen until the 1960s, one cannot blame these programs for decreasing poverty.

Poverty is a mindset. Did you know that most lottery winners go bankrupt? link. They go bankrupt because they have a poor persons menality. They get $5MM in the lottery, go buy a dream house, their friends cars, pay off their friends debt, travel the world, go on a giant spending spree. They end up 10-20MM in debt and cannot pay off their debt. It doesn't matter if you give them 5MM or 50K. The spend 2-4x the money they receive, and go bankrupt from the debt they incur. Rich people on the other hand, put 10-20% of their money in savings, no matter how little they earn. Rich people only spend 50-70% of the money they earn, and only go into debt for things that appericate in value, like a home, or something they need, like a car. For more on this read "rich dad poor dad" link

I"ll have to get to the rest later. Time for bed

u/geekyearthmomma · 2 pointsr/homeschool

We read [This] ( in school.

But in my opinion the best way is to make them pay the bills. Take them shopping and let them buy their own groceries for a week and then analyze what they could have done to cut cost or have a more balanced diet. Show them your expenses then have them get a job, rent an apartment and pay the bills (on paper). We did a project like this in college where you ran a company and every week you made choices like which insurance policy to get then next week your truck would break down, a competitor moves in, then your storage facility burns to the ground. (you could get more in depth like if they take out a credit card then don't pay on it bam drops their credit and they cant get the loan on the minivan when baby number four comes along.)

u/lcoursey · 1 pointr/AdviceAnimals

Anyone wondering about wealth:

Read The Millionaire Mind

Read Rich Dad, Poor Dad

Read The Millionaire Next Door

These books highlight the differences in how people talk to their children about wealth.

u/mk2ja · 1 pointr/personalfinance

Baby Step #7: Build wealth and give!

Once your financial house is in order—all debts are paid off, emergency funds are fully funded, retirement contributions are maxed out, then the only thing left to do is keep finding ways to build wealth and enjoy it.

I've been reading a book this week (almost done) that has really helped me think of some things I can do once I get to that point myself. Rich Dad, Poor Dad by Robert Kiyosaki really harps on the idea that money should work for you, instead of you working for money; the trick is to find creative ways to make that happen. It's got me really excited to get my debts and savings squared away so I can move on to the wealth-building stage!

Edited to add: In response to your remark about chasing income increases… read the book linked above! Don't just make it your long-term goal to keep finding ways to work for more money, when you could be finding ways to get money working for you! It's not right for everybody (it might not even be right for me), but the sooner people think about it like that, the sooner they can try it for themselves, the better their chances of achieving it!

u/tallish_possum · 1 pointr/AskReddit

Rich Dad Poor Dad

Read it, teach them object lessons and show them the things that the educational system will never teach them if you don't now.

u/burncycle · 1 pointr/AskReddit

This book. Read it.
Dad read this -> he's wealthy now. I read this -> I see what everyone is doing wrong. I'm now waiting my turn to get out of college and get started on this.

u/Trugy · 1 pointr/personalfinance

The best ones are of course free, and both this subreddit and bogelheads have a wealth of knowledge. I try and watch a tutorial or read a story a few times a week on both

For how to create and stick to a budget as a young professional, I like Dave Ramsey. He has tons of good rules of thumb and pitfalls to avoid that will be useful for the rest of your life. He's a bit conservative though, and I don't necessarily agree with his cash only, no debt strategies.

Suze Orman is another great author for younger people, especially when tackling big things for the 1st time like home ownership and loans

My top suggestion though is Rich Dad, Poor Dad. It's not as direct as many other personal finance books, as its more general advice on how to steer your financial life, but itss an incredible book

u/The-muffin-man34 · 1 pointr/personalfinance

Read rich dad poor dad. It is easy to read and teaches you basic concepts of money and investing. The main point of the book is to make money work for you, not you working for money. Link:

u/YellowKingNoMask · 1 pointr/changemyview

It seems you're confusing your critique of Marx's theories with the idea that he wasn't the first to articulate those ideas as well as he has. Just so you know, the idea that Marx's theories were just a rearticulation of what a bunch of people had thought through time immemorial is false. In fact, the kind of capital-as-powersource Marx was talking about didn't really come into it's own before that time period. Before that, major power sources were armies or feudal alliances or churches, not the business class.

Regardless of how you feel about what he said, he was one of the first (if not the first) person who can really be shown to have said it.

> Indeed, the early criticism of Marx surrounded his fathomless ignorance of the landowning peasantry, which certainly owns capital, and that he wrote off as the lumpenproletariat.

We often use the word Capital to describe currency or owned object of any kind, but that's not really what Marx means when he says 'Capital'. How can owned land be 'capital' in one case but not in another? Because Capital is meant to refer to something which can be rented, loaned out, or otherwise gain interest or increase in value. The landowner who lives on and, say, subsistence farms a small tract of land is not equivalent to a landowner who owns a larger acreage that he rents out to farmers or factories or whathaveyou. The latter can use his land to function as an asset, while the former is not in a position to property capitalize on what he owns.

A word I like to use instead is asset; which has the explicit meaning of something that will increase in value and is relatively liquid.

> Indeed: there is no such thing as a capitalist class, because everyone who participates in the commerce of society owns capital of a sort.

But, as I hope I've explained, Capital is a matter of scale. Enough money to live on is not capital, as it must be spent and can't be used to invest in assets capable of generating more capital with relative independence. If one can leverage their capital to the degree that they no longer need to sell their labor, makes one a capitalist. The ownership of something that could be capital depending on the circumstances does not.

If you don't like Marx, the best book for pointing this out is actually Rich Dad, Poor Dad, by Robert Kiyosaki-

His intention, of course, is to explain to everyone why it's good to be and how to be rich; but in doing so, he defines a worldview that is almost pure Marxism.

u/CallMeJono · 1 pointr/OpTicGaming

I'm pretty sure it is this book: Rich Dad Poor Dad

u/SocratesTombur · 1 pointr/india

Sounds like a great father, he is working to build a desirable habit in you real early. But really your investing will start once you have regular income.

> Any sources to learn about such stuff?

Too many sources to mention. The book, The Intelligent Investor by Benjamin Graham continues to be a gold standard. But it is pretty wordy and difficult for the first timer. Rich Dad, Poor Dad is exciting to read but very shallow and even misleading. Most of these books use the American market in perspective.

The Four Pillars of Investing. Great book for beginners!

u/wizardomg · 1 pointr/booksuggestions

The Shadow Of The Wind by Carlos Ruiz Zafon and The Curious Incident Of The Dog In The Nighttime by Mark Haddon. You're welcome... about Shadow.. It's mystery someones burning copies of a book and the kid in the bookstore tries to figure out who's behind it. It's soooo goooood. For the other request maybe Think and Grow Rich by Napoleon Hill and Rich Dad Poor Dad by Robert Kiyosaki

u/urfree2 · -1 pointsr/Entrepreneur
u/haidruh · -1 pointsr/financialindependence

For a very beginner book on how to start thinking about money I would start here:
Dave Ramsey is totally against debt. If he could have it his way, nobody would even take out a loan for a house. You can make your own choice on how you feel about that, but in general the book gets you thinking about the power of freeing in your income to become financially independent.
After that, u/hayekspolsives pointed out a good resource, I would also recommend Rich Dad/Poor Dad:
This book is also another book that will try to get you thinking differently. The truth is, there are many ways to invest. This is why there is so much info out there. The best way is the way that interests you.

u/skhatri · -2 pointsr/finance

I would read Rich Dad Poor, its not a "finance" book per say but it puts investing in perspective for you. Highly recommended as one of the first books to read.