"100% of people who do not save money do not have any!"--Dave Ramsey

[redpoint5]

I'm listening to Robert Kiyosaki and Doomberg talk about how worthless college is while reading your post about trying to be accepted by a low value institution.

[freebeard]

Maybe something like trying to take anatomy the summer I came home from the Army and four groupmates in my four-person group dropped out before I was simply unable to prepare flashcards for 90 muscles, with diagrams, names, insertions, origins, and functions.

Story needs a little polishing.

You don't deserve it!

I know, right?

[JSH]

Originally Posted by redpoint5

I'm listening to Robert Kiyosaki and Doomberg talk about how worthless college is while reading your post about trying to be accepted by a low value institution.

Robert Kiyosaki's livelihood is based on selling people the "Rich Dad / Poor Dad" dream that they can become millionaires investing in real estate with other people's money. Sure it works for some people - a combination of both skill and luck - but it doesn't work for most people.

It is interesting (to me at least) that this thread title mentions Dave Ramsey - who got rich and then went broke using Kiyosaki's method of investing in real estate through massive leverage. Then he got even richer selling people the message that they can get rich by avoiding all debt.

[Xist]

In short, Kiyosaki got rich selling "Rich Dad / Poor Dad."

Fake it until you make it?

[redpoint5]

Originally Posted by JSH

Robert Kiyosaki's livelihood is based on selling people the "Rich Dad / Poor Dad" dream that they can become millionaires investing in real estate with other people's money. Sure it works for some people - a combination of both skill and luck - but it doesn't work for most people.

It is interesting (to me at least) that this thread title mentions Dave Ramsey - who got rich and then went broke using Kiyosaki's method of investing in real estate through massive leverage. Then he got even richer selling people the message that they can get rich by avoiding all debt.

That point wasn't lost on me. Neither perspectives should be followed like gospel unless one of them is a particularly good fit for the personality type. For instance, those who just cannot exercise financial discipline might find Dave's "no debt" strategy to work best.

Quick learners who are less risk averse than most probably should leverage debt as an entrepreneur. The fact is, the world requires mostly wage-earners, so none of the strategies could be followed by everyone.

That said, I read Rich Dad, Poor Dad in high school (instead of doing any homework, ever), and it was important for me to learn the concept of an asset and a liability. I'm more of a Kiyosaki personality though, where school is an impediment to my progress rather than a cause of it. I can learn at perhaps a 5x rate if I were to spend the same time as an autodidact than sitting in a classroom.

I bought my first 4 unity property in 2007 when I was 25 and earning a very modest wage. Leveraging debt has worked for me. My Vancouver rental has about $400k in equity now, which is pretty good considering tenants have paid all associated costs.

Anyhow, wage-earners should determine what they are interested/good at, and what career would pay the most with the least training. I kinda just float on as a wage-earner with a little side real estate investing.

Originally Posted by Xist

In short, Kiyosaki got rich selling "Rich Dad / Poor Dad."

Fake it until you make it?

He got rich in real estate, and got richer selling a book explaining his wealth strategy.

Dave got broke over-leveraging, and then selling books/programs that explain how to avoid debt.

Any story well told has the potential to create wealth.

[freebeard]

For instance, those who just cannot exercise financial discipline might find Dave's "no debt" strategy to work best.

"I started out with nothing and I've still got most of it left."

https://interestingliterature.com › 2021 › 06 › neither-a-borrower-nor-a-lender-be-meaning-origins-analysis
The Meaning and Origins of 'Neither a Borrower Nor a Lender Be'?
'Neither a borrower nor a lender be' is a line uttered by Polonius, a councillor to the King, Claudius, in Act 1 Scene 3 of the play. He is bidding farewell to his son, Laertes, who is leaving Denmark for France. Polonius, like any concerned parent, gives his son some advice before the young man leaves home:

[redpoint5]

Originally Posted by freebeard

"I started out with nothing and I've still got most of it left."

That might have made sense back when everyone had nothing and maintained most of it throughout their life.

In our modern age, there's no getting around needing to leverage debt to accomplish anything big, like buying a house, or building a nuclear power plant.

Debt is a tool like any other with regards to utilizing it wisely or unwisely.

[freebeard]

Toward the end of the last Century I was with OUR Credit Union, and there i could borrow $2K on my signature and I carried a loan just to support the Union, and never missed a payment.

When OUR failed, I was inherited by Northwest. I tried to roll the loan on the Superbeetle, and they refused.

They can't even say if an FUV qualifies as collateral. Worthless. I use them as a cash dispenser.

[redpoint5]

I'm considering diversifying a portion of funds into silver coinage as a hedge against The Ministry of Truth.

[Piotrsko]

I prefer $20 one ounce double eagles. Worse case you make jewelry after melting them