Aug 25 2016

#boutofbooks Bout of Books 17 Day 4

Bout of Books@JLenniDorner is a #boutofbooks expert

I read Rich Dad Poor Dad.
4 star rating image on the blog of @JLenniDorner

A motivational book on the philosophy of finance.
You need to learn what an asset is and how to acquire enough of them to have a steady passive-income — the book drives that lesson home, but doesn’t exactly give a step-by-step guide on how precisely to do it. (Though, the goal of the book is for the reader to learn to think differently.)

By the middle of the book (the beginning of chapter six), I felt like I should be investing– having more assets than liabilities (an asset increases your wealth every month, a liability decreases your wealth), and money coming in passively. I also feel that I don’t know real estate law, and therefore that I have no clue how to do those three things unless I study those laws. But unless I also develop a love for real estate, I may be setting myself up to fail, because I should be working on something that interests me.

Two-thirds of the way in, Chapter 8 is titled Getting Started. It’s a chapter of more philosophy. Which is good food for the mind, but doesn’t tell you what to do at 9am tomorrow. (Though the point is to make you think for yourself.)

The book made me want to know more. It proves there is knowledge out there which is easy to learn– but it doesn’t teach it or tell you where to find it; rather, the purpose is to cause you to determine if you wish to seek such an education. It’s philosophical, not directional.

Read it if:
Your fear of losing is greater than your excitement of winning.
You are ready to think a different way about money than most people.

After reading, you should want to figure out:
How to get a personal corporation.
What sales and marketing courses to take.
What are tax-lien certificates and where does one buy them for a 16% or more yield?

Great quotes:
“In an educated society with a well-run government, prices come down.”
“Avoiding failure means avoiding success, too.”
“It says best-selling author, not best-writing author.”
“If you know what you’re doing, investing is not risky. It’s just common sense.”

Thoughts as an author:
On minding my businesses: If an author gets an agent, the author is poised to make money for that agent. And if publishing with a house, the author makes them money. Self-publishing makes money for a printer and/or distributor. Yet royalties are good and hiring certain people for certain jobs is recommended. Which business, precisely, is an author supposed to “mind”? Land to build bookstores on? This lesson confused me.
Chapter 6 starts with Robert Kiyosaki talking to a novelist. “It says best-selling author, not best-writing author.” I’ve read before about the importance of learning sales to make money as an author. This book adds the value of learning marketing.


Think about the book you are reading or one that you finished during Bout of Books 17
Create a “tabloid” type headline. Make it fun, feel free to use sarcasm liberally.

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