#debtfreecommunity discussion
Book Club: Rich Dad Poor Dad
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"Rich Dad, Poor Dad" thoughts (just finished chapter 4)
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Thanks for kicking off the discussion! I thought his perspective on mutual funds was interesting too. I personally think they are strategies meant for different audiences. Dave Ramsey’s approach are targeted to wide audiences that are (mostly) getting started with personal finances. Having simple, low-moderate risk investment advice is a great way for a lot of people to get started that isn’t intimidating whereas Robert Kyosaki is advocating financial literacy and really understanding money in a much more intimate way such that you can understand creative, “riskier” investment vehicles that offer potentially larger returns.
Completely agree with both of you on The two opinions we have here - both are solid and for a different level of finance. I guess it just got my mind onto the ESA I have bc it’s mutual funds (and the only mutual funds we have actually) and wondering if there’s a better smarter way to save for his college. Thanks for your thoughts ladies :)
Just a side note from someone we'll acquainted with rich dad: he is very much the anti-dave Ramsey. :) debt is smart if it makes you rich. Specifically, he is what Dave Ramsey was 30 years ago before he went bankrupt! :) maybe that will help a bit with the context.
Good point to keep in mind! I think it's awesome that we are getting a non-DR point of view right off the bat with this book club. I LOVE Davey, but also realize no ONE person has all the "answers" and appreciate other perspectives.
I agree the different perspective is great! As I get further along in my financial journey, I like reading perspectives that I agree and don't agree with because it helps me hone my own financial literacy and strategy. I love the mantra 'personal finance is personal' and being able to pull from multiple credible sources is such as asset (pun totally intended) 😆
Samantha wrote: "I agree the different perspective is great! As I get further along in my financial journey, I like reading perspectives that I agree and don't agree with because it helps me hone my own financial l..."YES YES YES Samantha - i completely agree! :)
Main thing on my mind so far was he spoke negatively about mutual funds. I know Dave Ramsey actually recommends mutual funds. So a bit of conflicting perspective here? Perhaps it's just a difference of opinion and I'm sure there is more to come on this topic. Just curious what everyone else's thoughts are? This hit me because my oldest sons ESA account (college fund) is all in mutual funds. Now it's not much because we've only had it a couple years (total $4K right now) but still - good decision? I did try to pick low fee funds, etc.
Lastly,I have never been one to desire owning my own business but there is much to be said for some other options he mentions! Definitely food for thought and motivating to change our views/mindsets!