Reddit reviews Rich Dad's CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom
We found 7 Reddit comments about Rich Dad's CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom. Here are the top ones, ranked by their Reddit score.
Plata Publishing
Going to take the hit for this because I believe it.
I read Rich Dad, Poor Dad when it first came out. imo if you strip out the MLM stuff, imo he's 100% on point.
If someone were to read a RK book I'd recommend Cashflow Quadrant. imo that one diagram with the (E)mployee (S)elf-Employed (B)usiness owner (I)nvestor was a game-changer for shifting mindset.
These are the books I recommend to start with:
All direct amazon links, no referral links.
> Driving to houses to teach piano has felt kind of flat. I have a lot of students and I make money from them but I can only increase my rates so much.
Bear with me: My wife is a hairdresser. She used to drive to people's houses to cut hair, so we have been through something similar. No more.
Step 1: Make people come to you. That could mean a garage/shed conversion into a studio, or setting aside a room in your house.
Step 2: Price. This is the hardest part, but put your rates up once you have premises. Think about this:
So from the tone of your post, I'm probably hearing you right now saying "but we've thought about a home piano studio but we can't do it because ... we're renting/we can't afford it/we don't have space/we live in a bad area". So, I refer you to what you said here:
> looking for a next step in my career.
Premises. Home preferably because its cheap. Get planning permission if necessary to run a home business, and get insurance. "Build it and they will come."
> I only have a bachelors degree in music and five years experience teaching piano.
That's heaps. Also a degree doesn't prepare you for being in business. Qualifications don't teach customer acquisition, or treating your clients in a way that is respectful and wants them to re-enroll.
> Should I look into jobs with companies like Hal Leonard or Penders music or music and arts?
No. If you want to swap time for money then go ahead. I suggest swap your brain for money. Or, work with them for a 6-12 months (tell them you're in it for the long haul). See what they're doing wrong and branch out. With an exterior premises you'll be able to employ others after a year or two (e.g. music students with Grade 5 or above to teach kids).
If you can afford to drive, and waste all the time that entails (time is money), and come home tired, you can afford to rent. Use a reasonable quality digital piano (Roland, Kawai) because they're light and easy to move around. Rent one if you can't afford to buy - it's a tax deduction.
My "day job" is a financial planner. So if you need help getting serious, then I'll do some figures with you on reddit. I'm in Australia, so I can't help you with specific tax codes in your particular country, but I can help with financial strategy for what you're doing.
Also - buy this book: "Cash flow quadrant" by Robert Kiyosaki.
Well, first, again I'm not a CFA and these are just recommendations you'll have to consider and figure out if the risk is acceptable to you. I'm not liable for any financial decisions you make.
With that being said, you should be researching every means of investment opportunities available: rental properties, careful long-term stock investments, potentially starting a business (different than a sole proprietorship or being unemployed—the business, once set up, should effectively run itself). If you want to start simple, you could do a mall pop-up store or a local service of some sort and employ high-schoolers.
But if that's not for you, 7% is the approximate amount you can expect from sticking your money in an index fund and letting it sit there, so that's what you're looking to beat with other investments. If you can get a 10% or 15% return from an apartment rental, for instance, then that's a better place to stick your money.
But at the very least you want to be getting some return on your money so long as it beats inflation. Putting it in well-performing index funds or exchange traded funds to get a 6-7% return is a good start. I'm pretty bullish of self-driving cars being huge after 2020, so Tesla and other manufacturers of self-driving cars might be a good bet.
If you want to get really crazy you can invest in buying stuff like the crypto-currency Etherium (Reddit.com/etherium) as that seems to be taking off. It took me a while to realize that a crypto-currently like Etherium (ETH) or Bitcoin (BTC) are not "funds" like on a stock market but are the actual product, like an actual bar of gold, that you're buying and holding on to ... it just happens to be stored on your computer in a digital wallet instead of a safe.
I've also heard of people making lucrative over-seas trades on Japanese or other foreign stock exchanges because of the time zone difference from the US, but I have no idea how that works.
Anyway, two good books to start with are
Rich Dad's Guide to Financial Freedom https://www.amazon.com/dp/1612680054/ref=cm_sw_r_cp_api_rs2nzb2S9WABC
And
How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition (Personal Finance & Investment) https://www.amazon.com/dp/0071614133/ref=cm_sw_r_cp_api_xL2nzbJRN9YA5
Curioso, acabei de o ler há umas duas semanas :P
Para além das sugestões dadas, sugiro também que leias a "continuação" do Rich Dad Poor Dad, o CASHFLOW Quadrant. Estou a lê-lo atualmente e se gostaste do RDPD, também vais gostar.
Um livro que eu também vou ler em breve é o A Random Walk Down Wall Street. Já o comprei, já vi muita gente referir-se a ele como obrigatório para qualquer pessoa que pretenda investir na bolsa.
O conceito de fundos e de acções aplica-se em Portugal tal como em qualquer outro país. E mesmo que não se aplicasse ou os aches demasiado instáveis por cá, nada te impede de investires na bolsa ou em fundos de outros países. O PSI 20 seguiu sempre as tendências do Dow Jones nos últimos 25 anos, de acordo com este gráfico, à exceção dos últimos 5 anos. Muito provavelmente por causa da austeridade / instabilidade nos bancos, diria eu. Mas a economia funciona de igual forma em qualquer lado, a tendência é sempre subir. Pode é demorar mais nalguns casos.
Só por curiosidade, começaste-te a interessar pelo tópico por alguma razão ou com algum objetivo em específico? Podes também procurar blogs de pessoas que tenham objetivos semelhantes, ou que já os tenham inclusive atingido. Costumam ser leituras bastante interessantes. Posso-te sugerir alguns se o teu objetivo for atingir independência financeira o mais rapido possível :P
Sure! So I assume your interest lies in getting more money. Whether that means saving more money, maximizing the value of your money, having more money for retirement, or you just want more money in general (Ferraris ain't cheap amirite?)
Anyways, most classes like this one will give you a classic look at finances taken from a fairly middle class view. By and hold some mutual funds, work your way up into job security, etc. If you want to do that kind of thing then simply work out a budget, save money when you can, and invest in some index fund-syle mutual funds. But for me, that isn't enough. I prefer to work towards financial freedom rather than security.
Step 1: Mindset (books in order)
Those 3 books are great starters. You'll start thinking differently about money, and in turn your actions will start to change as well. They will also introduce you to ideas about making your money work for you. So then the question is, how do you want your money to work for you?
There are several avenues to investigate. I personally trade stocks. The redditers in the personal finance section seem to push people towards investing rather than trading, and indeed you can make some conservative gains that way. But again, I want my money working aggressively for me. Anyways, read those first few books and see what you think. From there, if you are interested in good stock trading books let me know.
Again you are at a great time in your life to start doing this. I'm assuming you have at least 40 odd years until retirement, may as well see what you're capable of!
http://www.amazon.com/Rich-Dads-CASHFLOW-Quadrant-Financial/dp/1612680054 helps too