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The Magic Cafe Forum Index » » Not very magical, still... » » Recommended Personal Finance Books? (0 Likes) Printer Friendly Version

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Dorian Rhodell
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San Francisco, CA.
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Quote:
On 2007-03-15 16:24, elmago wrote:
...For example, the one about hiring people who are smarter than you. One guy partnered himself with someone and expected him to do all the work because he is smarter. Someone missed the point. You hire people who are smarter than you in their own specialied, specific area. Accountants, lawyers, managers, stock brokers, all do specific jobs. They will do that specific job better that you because they have training, education, certifications, and degrees. They do not and should not run your business. You ultimalty make the final desicion based on the info they give you. They may disagree with you and advise against it, but you look at the overall business and become a leader and make the decisions.

Which is exactly what Henry Ford and Walt Disney both did.
kregg
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Danny,

SAVE MORE MONEY THAN YOU SPEND.

In the event that you hit pay dirt, learn how to best manage your taxable income. Real estate is a great way to make money. Buy a house, live in it for two years and sell it if the market goes up (Singles can write off 250K, married couples 500K tax free). You can sell a house before two years, however, you need to put all of the gains back into another property to avoid penalties.

Kregg
POOF!
Andy the cardician
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A street named after my dad
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The RICH DAD series are good introductions, and easy to read as well.
Cards never lie
balducci
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Canada
230 Posts

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Quote:
On 2007-03-15 17:13, Danny Diamond wrote:
Exactly elmago,
The main points I came away with, were as follows:

• work smarter, not harder
• become financially literate/educated
• increase your assets, reduce/eliminate your liabilities
• do not fear losing/failure
• be creative with your financial investments
• make sure your money is working for you all the time

Isn't all of that just common sense? Certainly it was when I was growing up. Maybe I'm dating myself.

Anyway, funny you posted about RDPD today as one of RDPD's students, Casey Serin, also mentioned it over on his blog:

http://iamfacingforeclosure.com/176/my-view-on-college/
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
elmago
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Northridge- Los Angeles, CA
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Quote:
On 2007-03-16 00:27, balducci wrote:
Quote:
On 2007-03-15 17:13, Danny Diamond wrote:
Exactly elmago,
The main points I came away with, were as follows:

• work smarter, not harder
• become financially literate/educated
• increase your assets, reduce/eliminate your liabilities
• do not fear losing/failure
• be creative with your financial investments
• make sure your money is working for you all the time

Isn't all of that just common sense? Certainly it was when I was growing up. Maybe I'm dating myself.

Anyway, funny you posted about RDPD today as one of RDPD's students, Casey Serin, also mentioned it over on his blog:

http://iamfacingforeclosure.com/176/my-view-on-college/



You would think it is common sense. We are not thought to think that way. Go to school, get good grades so you can go to a good college. Get good grades there so you can graduate and get a good job. This is what we are taught from birth. The few that break out of the mold are the people who think different and become rich. Schools do not teach kids finacial literacy so everyone is lost. When people follow the formula and are "Successful", they never seem to be making enough money. They learned how to make big salaries, but not how to become wealthy with it.

RDPD opens your eyes to the possibity that being rich and wealthy is within you grasp and realistic if you are willing to work for it. You could be a janitor, (Cashflow Game) and become wealthy.

I like to think the book gives you permission to think different and go againts the grain. And trust me, most people will not understand. It is like taking the red pill in the movie The Matrix. Anyone who is not unpluged depends on the system that supresses them to survive and cannot handle the truth. Smile

MR
"Excellence is not a single act; it's a habit" Shaq quoting Aristotle after winning NBA MVP.
Danny Diamond
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Connecticut
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Quote:
On 2007-03-16 00:27, balducci wrote:
Quote:
On 2007-03-15 17:13, Danny Diamond wrote:
Exactly elmago,
The main points I came away with, were as follows:

• work smarter, not harder
• become financially literate/educated
• increase your assets, reduce/eliminate your liabilities
• do not fear losing/failure
• be creative with your financial investments
• make sure your money is working for you all the time

Isn't all of that just common sense? Certainly it was when I was growing up. Maybe I'm dating myself.


Well you are lucky that all of those points were common sense for you growing up. I sure wish these points were drilled into my head when I was much younger. I don't think your average teenager, is all that concerned with building assets and being cautious with liabilities. I mean, I admit that while I knew what liabilities/assets were - I have never really thought about my possesions with an asset/liability column in mind.

Yes, it is pretty basic, but SOUND advice. The book did not really expose any mind-blowing new ideas to me - it simply drilled the basics into my head by illustrating things in an easy-to-digest manner through the story he told of his two dads.

After reading the book, I have no intention of purchasing real estate or high-risk stocks, as the author apparently did/does. But the book has motivated me to just start thinking more about finances and what I can do to make my money work for me better.

I am moving on to other books now, and I think RDPD was a nice little book to start with.
You don't drown by falling in the water;

you drown by staying there.



- Edwin Louis Cole
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