Admit it. This book is shit...

Cash flow quadrant changed my life.
I now have an accounting degree and 20 thousand in stocks thanks to it. Based rich dad!

Yeah, I got about three chapters in when I knew it was wasting my time with all that storytelling and dramatization. It just seemed so fuckin fake, and I knew there were more concise sources for what was useful in there. Felt something was amiss and looked up his controversies, turns out he's dodgy like I suspected.

>you are now aware that many, many people are eligible for million dollar loans for starting a business

you could write down the useful stuff on a single page. but then he wouldn't have an info product right? i'm guessing he could have wrote on the last page "you see you retard? you bought it not it's my money all i had to do was type some shit."

You are right, but the book is simple and easy to understand for peple that know nothing about how money works. I read it while i was in jail when i was 19, im 25 now and worth around a half mill. I think it's a great book to start with OP. If you give it to a teenager with not much financial knowledge im sure it will be great help for them, maybe we wont have so many people wondering why the rich keep getting richer if everyone read this book.

No fucking shit

This is just a troll we use to tell people to fuck off when they ask how to get rich.

The book is downright worthless

This diagram alone can change your whole financial outlook!

Pirate the game and books if you want.

Yeah I just checked it out and the online version is crap. Long loading screens which don't even work half the time. Still, a fun game to play once or twice so you can understand what its trying to teach you.

I created my own version of it using monopoly which is more fun, anyway.

Fuckin jokes on me right? I actually took that advice as a newb a few months ago.

Yeah dude.

Most books about Finance are W O R T H L E S S.

Only a very few are valuable. The rest is just marketing bs like this one

>rest is just marketing
He says this in his book that he isn't the greatest writer, but good at marketing. Gives a long example about a scholar with poor book sales who he tried to help.

Yeah his marketing of the book for sub 80iq twits is good, but it's not a useful book.

It's not bad for sure, but he says everything anyone with a lick of common sense already understood.

>but he says everything anyone with a lick of common sense already understood
I totally disagree. Why do people buy half million dollar houses with a 30yr mortgage when they could buy or make a business for far less.

Because they are afraid of risk

Rich Dad would call those people the ones that are taking risks by buying things that don't put money in their pocket. If you are going to take on large debt, then make sure someone else is paying for it!. That's a quote!

two different people recommended this book to me a few years ago. i didn't read it and they're both still poor. i'm not, so i obviously made the correct choice.

>so i obviously made the correct choice.
Probably not, cause you are posting here.

you make a valid point, kind stranger.

brb killing myself

i still think this is the most retarded picture ever conceived.

1mil sounds ridiculous. i could see 100k or a few 100k depending on what business i dont think that many people would be eligible

you know the book can give you some insight, but it pissed me off seriously the useful part could fit on a single page.

it all boils down to this: "rich people see the world different think different and assess risks different, you never gonna be rich unless you start thinking different" and "invest in your financial education" and "don't spend your money on stupid shit that cost you even more money in time" and . wow write an entire book for all this gem.

Can you explain why you think this?
I'm serious. I found this diagram very helpful and it lead my to an accounting degree.

because the second pic doesn't exists.
most people have some job or hold a formal position that provides income and have expanses and liabilities.
so it would be some mixture of the two.

something like this

You can easily retire by 40 living on an average salary by being frugal and making sensible investments.

you can retire but it's not good for most people.
my father could have retired when he got to pension age he kept on working until he felt it was too much. he looked a hell of a lot better when he still worked. after that it was a quick downslope. many people just wither when they stop. it's incredible how much people can age in two years. i don't know the reason for this but i seen it many occasions and others too.
if you stop working make sure you have a very consuming hobby and stay active.

Its quite simple really. The body is designed to move. Moving heals the body by signaling where injury is and by moving waste through the lymph system. Stop moving and these systems back up, and all your bad habits just sit in your bloodstream without being moved and injury goes untreated and builds up.

>second pic doesn't exists.
Of course it does. Rich (second gen) people living off their stock dividends is one example.

no it doesn't everyone has expenses and liabilities even hobos the pic is just retarded.

>work until they can physically no longer do it
>rapidly decline right after hitting this threshold of health

I think your under the effect of a huge bias here.

How is this? If I buy a car that I'm not planning to sell anytime soon, yes it has running costs that qualify it as a liability, but at the same time I'm not planning to make money off of it. Having a 70k dropped on a car that I'll drive for 5 years and then give to my kid, is actually a damn good deal. For me that is, I will be saving it in costs that renting etc would've taken me. My comfort is worth to me enough to overcome "liability", in fact for me in this case it's an asset. I have something to do my business with, I can always guarantee I have the means to go to my work. Now, if I own two apartments and the other one is rented out and the other one is used by my children during their vacations from university, so they don't have to pay rent, that again is to me an asset. I can rent it out anytime too, so it is by all means an asset. Do I have a mortgage on them? Yes, but when it comes to taxing, I need to have one to drop my tax percentage around a bit. If spend more money in fact if I didn't have one, instead when my mortgage is gone I get a new one and buy a new house which I rent out. Funny how it works? My apartments are an asset and a liability at the same time, same with a car that is in my price range and needs. I could get a S-series mercedes or a 700 series BMW, like much of my work buddies, but that would be a liability. Making a lot of money doesn't mean a lot if you use it on silly things. I have stocks, real estate, super cheap credit cards, you want your assets to be greater than your liabilities is the whole point of that all and to realise that you need to look in your future and your kids future. My parents did all they could do for me, they were soviet time middle class, I'm lower upper in western, hopefully my children will reach into middle upper class. Do try to accumulate money down the line too.

you did not just post this wall of text in hopes of anyone reading it are you?

You are using the accounting definition of an asset with a little sentimentality throw in.

Rich dad basically says it isn't an asset unless it puts money in your pocket.

ugh, that trigger me so much
A business want the lowest amount of Asset possible. They want enough debt to use as a tax shield and operate at the optimal level of capital.
And its about return on equity, create the most wealth to investor.

No business want assets they can get cheaply. At least exxon does cause they won't do a deal when asset prices are too high. Debt is just to pay for assets.

it's not always about health. sometimes they just let go or quit because they are tired of working. but the phenomenon is always the same. stop work wither fast and die.

i plan on trying to make a business for my father he is very hand with machines and stuff. i want to rent a workshop for him where he can make stuff in his own pace for some side cash. and i could use the workshop and his vast assortment of tools to my own projects if i get the itch.

Nah youre stupid.
>No business want assets they can get cheaply At least exxon does cause they won't do a deal when asset prices are too high

They want to optimize their financial ratio and a low ROA is bad. They hedge their position using derivative. The hedged position goes in the balance sheet and gain/lost goes in the income statement according to US GAAP.
Dude what? Exxon sell gas, youre saying they dont like high price?

>Debt is just to pay for assets
Kek, please never work in corporate finance.

You don't want assets you can't do anything with though. Only take what you need and can make money off of. That's why you need to separate businesses that do acquisitions for no reason to those who always seem to have a reason. Oil businesses don't operate like most do, they are in their own little paradise mostly and the lead is still very much antiquated line of thought on a belief that oil is a never ending treasure cave of alibaba.
I don't think he knows too much yet that acquisitions are nothing more than a exchange for money for things worth the money at the time. The price just has an untapped potential, but to unlock it you need work, that's why a lot of acquisitions these days end up in a spinoff a few years later.
To a point yes, a tax shield is always good. Most businesses know they are unable to eternally expand, so they understand smart and convenient acquisitions. Keep an eye out on Nokia's acquisitions.
>Reading makes my head hurt, I am unable to skim lines to see if there's anything that catches my interest, instead I will use the equivalent time it would take to skim through to write an useless post.

if you want to mix up stuff i think this is the way to do it.

This was is a surprisingly fun game, considering it likely had no budget.

I read it you fucking prick. Appreciate someone put their thought into a comment for once damn.

i can read i have read hundreds in not thousands of books but that wall of text just hurts my brain if i try.
maybe he is a master troll and carefully edited his text to mess me up i don't know.

Did you get out of the rat race?

It took me two tries before I figured out what he was trying to teach

The flow chart is nice but the original tries to show the balance sheet and income statement as separate statements, which they are.

literally dozens user