"People who do math don't have credit card debt."

[redpoint5]

Originally Posted by jamesqf

Rapidly? I don't know about that: I still have some of the money (the electronic accounting, of course, not actual coins & bills) that I earned up to 30 years ago, stashed in 401(k) and mutual funds.

Investments can still contribute to currency churn in the economy. When a company has an IPO of stocks, they take the cash and invest it to grow the business. Investing is a lot different than just simply letting wealth sit on a ledger doing nothing.

[freebeard]

Originally Posted by redpoint5

If the US $20,000,000,000,000 debt were in bitcoin, it would be growing even worse given the natural deflation of the currency as more demand for an ever decreasing amount drives the price up.

...It shouldn't be valued as a collectors item due to its scarcity, but instead change ownership rapidly as transactions, which is what a strong economy does with money.

https://en.wikipedia.org/wiki/Trillion_dollar_coin

Congress ceded control of paper currency to the private Bank, but retains the ability to mint platinum coin in any denomination. Using your number, the Mint mints 20 platinum coins and hands them to the Federal Reserve Bank. Done. Easy, peasy.

[redpoint5]

I've only recently begun to understand how Bitcoin works. My comments regarding the unsustainability and unsuitability of it as a currency seem to be confirmed by others who know a lot more about how it works.

Here's a Cleantechnica article.

https://cleantechnica.com/2018/01/12...p-drastically/

Distributed ledger is a superior idea, but the currency also needs to have a relatively stable, inflating value, and consume small amounts of power.

[Fat Charlie]

Originally Posted by jamesqf

Rapidly? I don't know about that: I still have some of the money (the electronic accounting, of course, not actual coins & bills) that I earned up to 30 years ago, stashed in 401(k) and mutual funds.

Your money changed very rapidly, and what you've got left is an electronic representation of the shares you own in said mutual funds and other accounts. The beauty of the system is that by logging in you can see how many shares you own in those accounts and the current cash value of those shares- which you can immediately convert to cash, minus any fees, penalties and taxes.

Value the representation of the money, not the papers or coins. It's fake anyway, so unless you want to insulate with bales of greenbacks let it go full imaginary and accrue more imaginary value.

[Xist]

I think I have said here I agree with 90% of Ramsey's advice, but my coworkers were gushing over "Rich Dad, Poor Dad." What do you guys think of Kiosaki?

I once listened to that book and read and watched everything from Kiosaki I could find. I did not feel any single part of it was useful. I shared some things from https://johntreed.com/blogs/john-t-r...oor-dad-part-1.

I do not know why I try. People always dismiss evidence that contradicts what they want to believe. I just do not want them following bad advice and dealing with the consequences.

[redpoint5]

The advise that Kiosaki gives is mostly accurate, and mostly unhelpful. The book doesn't give specific advice on how to get rich, rather it talks about the character traits necessary to grow wealth. It's plainly obvious to most everybody that owning wealth producing assets, and minimizing liabilities is a big key to earning wealth. The thing is, it isn't so much lack of knowledge of how to grow wealth that people have, it's lack of discipline. You can't really teach discipline. It's a daily choice to make decisions that further your goals.

This was the first book I had read that hinted at the diminishing value of a college education. It has the triple-impact of not only costing a fortune and taking up time that could have been used earning money/advancing career, but the interest on the debt sets a person back financially, well into the future. It's no wonder college is a poor investment for many people.

Kiosaki's book is worth skimming for the summarized info, regardless of the fictional stories. Developing character traits to implement what you know is up to each individual.

[Xist]

My supervisor said that while not all of his ideas are bad, he is still useful.

I will stick to my broken clock.

From the link I shared: "[Y]ou have to admire a guy who can spin two or three paragraphs of very ordinary financial platitudes into such a range of books."

I think I mentioned here a few years back his company filed for bankruptcy. I felt like I had gathered everything useful I could from Kiosaki was completely empty-handed. Then I found out about the bankruptcy and found other ways to waste my time. My supervisor says that bankruptcy is a rite of passage for rich people. I tried explaining that writing off millions of dollars worth of debt is a good way of boosting one's finances.

[freebeard]

Originally Posted by redpoint5

The advise that Kiosaki gives is mostly accurate, and mostly unhelpful. The book doesn't give specific advice on how to get rich, rather it talks about the character traits necessary to grow wealth.

How about the #1 book on Amazon?

https://duckduckgo.com/q=12+rules+for+living

[redpoint5]

Originally Posted by Xist

I think I mentioned here a few years back his company filed for bankruptcy. I felt like I had gathered everything useful I could from Kiosaki was completely empty-handed... My supervisor says that bankruptcy is a rite of passage for rich people. I tried explaining that writing off millions of dollars worth of debt is a good way of boosting one's finances.

Bankruptcy is an important tool our economy depends on to innovate. There is a reason the US is among the most innovative countries, and that is how we have structured our risk.

Investors are free to make bets (investments) in risky new ideas, and the most promising ideas get funded. Since innovation is the process of failing often, there has to be a means to protect individuals from permanent catastrophe, otherwise they won't take a risk in the first place. Bankruptcy is the mechanism of spreading consequence over a larger group of people who are more likely able to bear it.

Lack of failure tends to indicate a lack of pushing limits and taking risks. An entrepreneur who has never failed is likely a poor entrepreneur, or extremely lucky.

You'll never see a successful race car driver who has never crashed, for instance. Winning is risky, very risky.

Originally Posted by freebeard

How about the #1 book on Amazon?

I've recently discovered Jordan on a most excellent podcast with Dave Rubin and Ben Shapiro. Now I'm working my way through his podcasts and fully intend to read his book.

I'm impressed with his level of thinking, but can barely follow with him as he sometimes assumes your familiarity with basic philosophical/psychological concepts.

Not sure how that is related to personal wealth and finance, but then I haven't read the book yet.

[Xist]

'beard, what are you trying to do?! I stupidly clicked on that and got a big angry screen! Now my principal is going to call my mom and she will ground me!

Can you just list the twelve things? It seems everyone is too lazy to do so.

Some guy thinks he can defeat chaos?



"Fortune favours the bold." "It felt wrong not to swing"--"Signs." "Aim for the bushes"--"The Other Guys."

Bankruptcy has its place, but I am glad that dentists and attorneys cannot complete school and write off their student loans anymore. It took me too long to earn my Spanish degree and I cannot cite a single benefit that I have received from it, but I have never regretted going to college.

I just wish I studied speech therapy in the first place!