"Now I know people will say 'if you get rich you will be able to do that stuff later on', but I want to spend the prime of my life doing these things. I don't want to be 50 trying to play basketball or missing my kid's formative years so I can take care of them later."
I found this quite contradicting, it might be my intrepretation of it, but if you don't want to be 50 playing basketball and you don't want to miss your child growing up, how are you supposed to play basketball when you aren't 50? Because if you don't miss your child grow up, you are doing that when you aren't 50, and then once you reach 50 and finish watching your child grow up, you aren't in your prime anymore so you can't go get into the NBA - Not really relevant though - (I get the point... Maybe I'll just keep my mouth shut next time)
I guess I wasn't being that clear. I didn't mean I was going to the NBA. I just meant that is seems many of my friends who have been going the "money route" spend most of their 20's and 30's work extremely hard. They are consumed by the desire to make millions. Some will succeed and some will fail, but they all spend their younger years working to make enough capital to get their money working for them.
I dunno, I would rather take the path I am on. I don't make so much money, but I have a ton of free time to do things I really want to do. I work on my hobbies (like sports and BW), I spend time with my wife and child, I travel.
I feel like I would rather work really hard when I am older and play catch up, than work hard when I am younger and have more freedom later. Obviously I will not have as much money, but I think I will be wealthier.
edit: I guess part of it comes from living in a society where you are expected to kill yourself at a desk for 20 years before you can relax. I look at the train zombies around here and just cringe.
that's exactly how I'm spending my time, too. It's best to travel, do hobbies, and stuff while we're still young, and then when we're older and not as mobile, we can sit behind a desk or something and work.
I have read this book. I think it is a load of rubbish. His investment strategies do not make sense. His advice on life misses very important points such as the value of hard work and the value of a formal education. It is also incredibly snobbish while pretending not to be. Basically, he's saying only his way is the right way.
One example: the only way you can make a lot of money is by starting your own business. The evidence is that most of the richest people in the world run their own business. What he doesn't say is that people with degrees tend to be much richer in general than people without. That implies that if you want a good chance of getting rich, you should go get a degree. So why doesnt he say that? Because it's not what people want to hear. Students want to hear that they're wasting their time studying and their parents are wrong. People without jobs like to hear that they're just destined for greater things and not leeching off society.
This book is seductive because it tells people what they want to hear and what they would like to do with their lives, and makes making money by investing sound deceptively easy. It also provides a good excuse for failing - at least you learned something. It's just fluff that is no more valid than the vague horoscopes you get in the Sunday papers.
A quick internet search will turn up some good criticism of his book. I advise anyone who reads this to think critically about what he's saying.
If you really want good advice about life and getting rich, I advise reading "The Millionaire Next Door". It is a little repetitive, but is backed up by solid data. Rich Dad Poor Dad is not.
I am able to live a comfortable existence in a single-income family. I would much rather spend my time on things other than money, such as my family and my hobbies. I would rather be known for the things I do then the amount I get paid to do them.
Now I know people will say "if you get rich you will be able to do that stuff later on", but I want to spend the prime of my life doing these things. I don't want to be 50 trying to play basketball or missing my kid's formative years so I can take care of them later.
The thing is that you are comfortable and you would rather spend your time with your family than getting richer. But when you are poor and have a family, the priority is to get enough money for everyone to get comfortable before spending time with them (or they'll starve to death etc.). I don't think you need to be rich to do stuff, you just need to be decently well off. Which you seem to be, so I envy your family =)
And I agree, knowledge on money mangement is sorely needed.
The book has some reading value. Other than that its a no-go in my eyes. To sum up my thoughts : 1) the financial part of the book has been totally smashed by the current crisis. 2) it has some reading value in the sense of making people think. We all agree that the book is written emphasising hard on the psychological part of "you can make it, just try hard and don`t take your degree for granted to instant success".
Younger people might find this book pretty useful in the sense of no need to have debts, mortgages, too early repsonsibilities and stuff like that. If you fail, then you fail on your own. But if you have family to feed, mortgage and debts to pay then you just cant take the risk of going "all-in". Yet its just another and pretty clear psychological part in the book.. Do we, young people, really need all that stuff?? And what are the consiquenses ??
Its pretty clear that everybody want to become rich. Yet nobody knows how. I suggest looking this series. Its free, its available to everyone and yet only 30 000 views?
Li Ka-shing:
Warren Buffett:
This is available to everyone to gain some interesting thoughts. Yet people rather watch Britney Spears and etc. videos
EPT
