What does Veeky Forums think of this book?

Cash flow quadrant is best book.

He literally got rich telling others how to get rich. He has no usefull advice when it comes to running a business or investing that isn't common sense.

yep, this. He ran a bunch of unsuccessful bullshit business ventures until at some mysterious point in history that he can't substantiate, he got rich. Then he built a self help empire off of telling people how to get rich. The problem is, he doesn't actually know anything. He gets loaded on idiots' dreams

>durr cashflow

I was really underwhelmed when I skimmed the book (parents bought it). I guess people really have no idea about finances.

I downloaded ebook 4 free and I regret the time I spent reading it, 0 useful advice if you are not a complete retard. I guess its target market was people who buy useless shit on credit card debt and pretty much live hand to mouth.

AMAZING

DONT BE A CHICKEN LITTLE AND BUY ONLY INVESTMENTS THAT RETURN 16%+ YEAR

ALSO REMEMBER TO ONLY BUY ASSETS - THINGS THAT PUT MONEY IN YOUR POCKET

LOOK AT PIC RELATED DUMB OLD FUCK WHO ONLY BUYS STUPID STOCKS. HE'S ONE OF THE RICHEST IN THE WORLD AND EVEN HE DOESNT KNOW THAT YOU SHOULD BUY THINGS THAT PUT MONEY _IN_ YOUR POCKET

GET THIS BOOK AND YOU CAN LEARN MONEY SECRETS THAT NOT EVEN THIS OLD GEEZER KNOWS ABOUT

Awful advice and made up story.

What about

>The 4-hour workweek
>$100 Startup
>Outliers

>OK AT PIC RELATED DUMB OLD FUCK WHO ONLY BUYS STUPID STOCKS.
fuck off Robert T. Kiyosaki

4hour and outliers are meme books
$100 startup doesn't even know what a startup is

These books are bad because they promise vague shit like
- get rich
- become successful
- become happy

But those are terms with very individual definitions. For some success is winning a dancing competition, for others its getting a job at McKinsey. The authors always suggest that there's a huge overlap between the skills and mindset required to succeed in various endeavors (which is why you should totally buy their book!!).

But the truth is the overlapping skills only account for like 1% of the total amount of skills required to succeed in a given field. Otherwise we'd have ice skating champions retiring their sport to start billion dollar empires all the time.

Read books that teach you the 99% instead.

My Dad makes much monies. He told me: automatically put money in a tax exempt retirement account, and invest in index funds.

So even for someone new to Veeky Forums, these books are not worth buying? There are book summaries of these popular self-help books on blogs and YouTube videos too.

Is Dave Ramsey ok, guys? ;-;

You faggots clearly did not understand the book, he described using real estate as passive income which is very viable if you can hustle, he said do not use your own money or the banks. And you can rent it out and then sell for a higher price. All you have to do is buy a house, hire contractors to fix it up and sell for a higher price. Few hours of work for literally tens of thousands of dollars profit.

Well, it was recomended in an interview by gary keller i listned to. On real estate and how to understand money.

>All you have to do is buy a house

Unless you live in bumfuck Ohio, houses in the cites are expensive.

As for Robert Kiyosaki...youtu.be/HE6nT0oyPt8

McKinsey is a fucking meme. Main skill you need to be rich is sales. Nothing else.

Real estate is a fucking mess, and will be a complete suicide coming years. All over the western world.

>All you have to do is buy a house

Oh shit, I never thought of that! Yeah brb, gonna run out and grab a few rental properties on the way to the grocery store.

Don't use your own money, or money from the bank? Cool, I guess I'll just shit out some silver to liquidate for startup investment.

indeed

>he described using real estate as passive income which is very viable if you can hustle
>which is very viable if you can hustle
>if you can hustle
>if
that's a big if user 99% of the people would get slaughtered trying and real estate is costly to fail at.
shit advice for noobies.

>hustle

Will this meme die soon?

It's become equivalent to saying "if you just believe hard enough"

I'm just starting out, and I can promise you I know nothing.

URRRE SHILL our numbers re growing.

I just finished listening to this at work.

Don't buy this book. Download it.

There are two good ideas in it, but very basic ones.
They boil down to: "An asset is something that puts money into your pocket, anything else is a liability" (So that house/car/monkey you 'invested' in is a liability) and "Find some way to get started with what you have now".

Most of the rest of the book is a guy who's never had real money troubles in his life talk about how greedy poor people are.

My favorite bit was about how he went 'completely broke', and in the same breath goes on to the story of how much money he spent on a first date with his now wife.
Yea, "I was completely broke... nice restaurant... the wine was $20... bribed the matradee to suggest a walk on the beach..."

Dude has no idea what working 60 hours a week is like, so you can pay rent, food, electricity, car insurance and hope the water doesn't get cut off before you pay it next month

no the book was meant to just entertain you.

being in real estate is not passive income btw.

OWN AND MAKE MILLIONS OF DOLLARS FROM REALESTATE WITHOUT A SINGLE DOLLAR OF YOUR MONEY DOWN111!!!

This book is legitimate

Rich Dad is a scam to sell seminars

>100% read.
>changed my fucking life.
>everything i have done with money in 8 years revolves around that book and others like it.

Will be 32 and debt free in april short of a $400 house payment for another year.

Currently working on 2 rental houses and heavily considering going in on a lease or 2 with a good buddy of mine that has a small oil company.

Strickly money partnering tho. I know how doing business with friends goes and i dont know the first thing about day to day oil shit.

My dad actually just bought some land with 1 well on it. Should have it running in a couple weeks and see if it's worth fucking with. Gonna sneak out there at night and krylon it neon pink and put solar panel and punk leds all over it just to fuck with people.

Lol, will post pics.

FUCK NO. stupid ass mutherfucker. "Cut up your credit cards..."

Meanwhile flys around giving speaches and shit and renting cars "WITH A FUCKING CREDIT CARD."

My credit was sub 450. Yesterday it was 680 and climbing. Saved thousands this year just by paying the fuck attention.

Fuck u dave ramsey and fuck u suzie orman u 2 stupid cunts...

I read this book a long time ago and thought it was really smart. Now? Shit no. I can't even make real estate work on paper with the most optimistic projections.

Also, this guy made his money writing these books and doing seminars, NOT actually doing anything he says in the book.

He's a moron.

There's a big difference between most people who use credit cards, who have no financial discipline at all, and those who know how to handle them without paying a penny in interest. If you're of the former, he's right, you should stay away.

It's a pretty silly book, for silly people who think a car and a mortgage are not money drains.
It's also for silly people who can't absorb simple instructions and need them delivered through allegories.

Does anyone have the latest ebook for this? Could only find the 1995 pdf version

probably the best book to convert consumer mentality to business/entrepreneur thinking

easy to read, easy to 'get'

It's just a con for Bob to make a buck off the downtrodden and desperate. Don't waste your time.

did not buy the book, free audible book. no need to go to seminars

i actually own free real estate
one duplex i got by agreeing to pay the seller's note so he didn't have to deal with it any more.
his lawyer talked him into requiring $1500 down.

rented it out the day after closing at 350/mo/side and 350 deposit each - got $1400 back the next day. 30 days later i got my other 100 back when 700 dollars of rent came in, i spent 350 on the note for that month and pocket 250. pocket 350/mo for 4.8 years, then pocket 700/mo for life. (minus maintenance, taxes, insurance, etc.)

investor is literally one of his 4 cash flow quadrants.

>free real estate
>required 1.5 k as a down payment

yeah, it pays for itself within 5 years.
got my 1500 back+ some within 30 days.
you could write a rubber check for 1500 if you wanted to and just tell your bank to shut up for 30 days. collect 2100, pay 1500 + $30 overdraft fee = still profiting
but if that ain't free enough:
my first acquisition was $25 down. yep. five $5 bills. 175/mo - rents for 675/mo

I posted earlier, but this is the problem with this guy. You didn't get $1400. The $700 in security should have created a liability account that balanced it out as money that is required to pay back. Sounds like you pocketed it. That's just the first mistake. You already fail at simple accounting.

God, you're a moron. Assuming you aren't completely full of shit, you're not going to last long. Nobody listen to this guy.

come on moron.
you are nitpicking the wording.
consider the deposits are set back, the point is the down payment comes back quickly.

There is no nitpicking the wording. You're truly an amateur who doesn't know what they're doing.

my mistake. i didn't realize at first that you are the dedicated shitposter for this thread.

perfect wording and non-round numbers are in the contracts.

pull your head out of your ass, and go read a kiyosaki book.

Many years ago, when I used to rent, my landlord had me wait for an illegal amount of time to get my security deposit back, because of idiots like you. I can only assume that he didn't keep it liquid enough and used it toward a "down payment" or drugs or whatever you morons do. Had to save up for it again before he gave it back to me with no interest accumulated. Wasn't even worth my time to fight it, just wanted to split.

I read them. Thought they were brilliant at first. Then I learned actual finance and accounting and realized how full of shit he is. Enjoy your ignorance and cloud-headed risk.

>my first acquisition was $25 down. yep. five $5 bills. 175/mo - rents for 675/mo

please point the way 2 these 25$ down(up from free already...) real estate deals, i think we all would love to be a part of that.

i've covered most of it in this thread

Don't even bother with him. Basic accounting, finance and risk assessment is out of his reach, since his book never taught him about it. He may be able to create a spreadsheet to justify "profits"(that he doesn't have) and projections, he's in for a huge loss and doesn't even know it. I've run real estate rental models on paper, with risks involved, and the taxes alone are enough to kill the deal, even if the property was paid for in cash.

I'm not mad though, he'll figure it out in time.

and he was willing to take 0 down, i made him take 25 as a binder, and also so that the monthly payment was a round number 175 for 57 months
0 interest.
just gotta do a lot of prospecting.
it's like panning for gold. sift through a lot of shit to find a few nuggets that pay off

>and he was willing to take 0 down, i made him take 25 as a binder, and also so that the monthly payment was a round number 175 for 57 months
0 interest.
just gotta do a lot of prospecting.
it's like panning for gold. sift through a lot of shit to find a few nuggets that pay off
>what is a "lottery"?
>what is time cost basis?

well, #1 came while i was spending 70 hrs/wk truck driving
checking emails during loading/unloading
it was spare time
better than lottery.
pass on 99 idiots who don't think they can sell on payments
close on the 1 guy who has a decent property/price/terms
repeat until have X units all cash flow positive.

I'd ask what you pay annually for taxes and insurance(for the duplex) but I know I'll get bullshit numbers. Also what do you set aside monthly for maintenance? Where is it located?

you talk like someone who is full of shit, not saying you are. but your numbers don't read with a veteran business aesthetic, you seem inexperienced or avoiding the hard numbers ie scammy.

this is not a viable financial plan you have . it is not a business.
maybe it happened 2 luck out for you. but it is certainly not a formula for a viable business model or business plan.

also, it helps to have some education prior to making a deal
business courses, real estate licensing courses (license not req'd)
kiyosaki, ron legrand, bigger pockets, phil pustejovsky, dolph de ruse, trump, shark tank, many other books, podcasts, videos

duplex runs ~800/year
on this property, the set-asides are 50/mo
still haven't had to replace anything. currently about 2500-ish from memory. but when running the business, compartmentalizing too much is stupid. if the boiler dies in a 4-plex, may have to dip into duplex reserves, and vice verse. there's pretty much one communal pool of reserves. try to keep it at 3% of total market value, even though insurance is fairly good.

Yep. Exactly what i'm getting at.
This is the risk I'm talking about. Boilers aren't cheap. One dies and you have to fork out $5k, where are your profits then?

In real estate these days(I'm a homeowner, a dumb vice in itself), it's financially better to rent. The reason being is because as a renter, you don't have to pay for shit that breaks. It's a ticking time bomb. One (inevitable) event will wipe out all your profits, and at $50/mo you'll probably have to finance the repair.

What other risks are you considering(besides maintenance/repair)? You have me intrigued now.

Although "scammy" isn't the word I'd use. "Ignorant" is a better one.

They're actually around $8-10k where I live for a boiler installed, I was being generous since you didn't specify where you're from, it's likely more than $5k.

Nah man. Just do what i did. Work on shot u can do like fixing your credit and selling all my stupid shit to pay off bad debt. Sand rail, harley, blazer, couple trucks, etc. Bought a shithole rental house with an outbuilding and land for 10k. House is old but has a descent roof and i had a buddy crawl unround under it and seemed ok. Damned near worth it without the house. Renting it out to a newly single autist that already replaced the kitchen floor. Hes working on it and staying in it for 200 bucks a month.

That 10k was intrest free btw.

It is in my personal name so there is a little risk, but fuckit. I dont own shit and buying this place rent to own that i live in. Looking at a 3rd house. Gonna keep doing that until i get my shit together.

>read with a veteran business aesthetic
i know this. and i utilize the services of business folks to talk the jargon and make the numbers readable to financial people. idc if my numbers look stupid to them because they learned only one way to think. i know my numbers in my way. can i do it their way? sure, but for my own purposes i prefer my way.

>it's financially better to rent
maybe in the extreme short term.

>What other risks are you considering(besides maintenance/repair)? You have me intrigued now.
have to be aware of the area. crime, schools, businesses, zoning, local politics.
also, the market rises and crashes.
it's like riding a inner tube in a wave pool. stay on the damn floaty thing. don't just ship just cuz there's a few waves. but be aware.
once i reach X net worth, i'll be investing in food, water, textiles, transportation, raw materials to diversify.

Whatever newfag. I got a house for 10k, put maybe 1 or 2 in it. And rent it for $400 a month. interest free loan. Working on a 30k shithole. Probably have 40k in it and rent it for $700.

Why can you not make the numbers work on paper? I didnt even try since i can cover payments from my day job and have a few guest houses.

Yeah, that's what I thought. Those are surely long-term risks that I would worry about if they were on the uptrend, but you answered exactly like I thought. How about risks like tenants destroying the place, or vacancy. How do those play into your formula? Those are far more likely, far more expensive and should have been the first things on your list(even in front of maintenance).

The fact you don't know what "numbers work on paper" means shows what an idiot you are. It has nothing to do with a paycheck, asshole, and everything to do with figuring out if you can use that same money and make more elsewhere, which I have. BASIC FINANCE. I guess you just bought the property and hoped it would work out, don't run your luck too far.

it's included. do you expect me to itemize the various sizes of nails and screws too?
do you need each penny to be pre-allocated before you do anything? what do you do when you go to the grocer and the mustard is 9 cents more than you expected?

gotta stay mentally fluid, be able to roll with what comes. have a communal reserve for multiple units.

Yeah, i guess your right. But once you can change your mindset you begin to see just how much of a wagecuck normie faggot 95% of people are. I was raised to work hard and save money. Just like everyone else i been killing it and broke. Its fucking stupid.

>read rich dad
>go to free seminar
>pay $600 for intro seminar
>learn normal shit rich people do explained to me in english how to fix my shit.
>saved a few grand already.
>muh god muh $6,000 for a class reeee. Says every normal wagecuck.
>ask a few rich people what they would do. All 3 say to look at its legitamacy and take a chance or dont. But do something if u got the 6k. Still saving the 6 k. Still talking to people online that take these classes and ones like them. All of them say fuck yeah its worth it if youll do the work.

Never been affraid of hard work yet. Now i'ma a fucking cripple and my life sucks if i have to walk much at all. Hard work aint going to do it anymore.

I don't mind spending the cash since we gonna take a couple extra days and make it a mini vacation.

If i make 6k or meet a potential business partner wtf do i care?

Im not paying to get rich im paying for handholding, a little software, and some direction.

Having a hard time finding rich people that wanna handhold and i dont wanna be a douche and bother them. Not until i make progress anyway.

I guess well find out. Will post winrar or jokes and despair when i throw 6k innatrash.

Well, made my d honor roll ass motivated. I downloaded a giant list of financial keywords and memorized them just so i could read these fuckin books at 1 per week. Fucking hate reading. Gonna buy audiobooks soon.

You still a wagecuck? You even read the book? If not fuckoff bat to tumblr.

If u rich then explain yourself.

Uh, missing a month or two of rent is far more expensive than a few nails and screws. This isn't nitpicking, this is basic risk assessment.

From everything you've posted so far, it all sounds great, until something goes wrong. You're in here touting Mr. Kiyosaki, who I'm very familiar with, and have later discarded for the very reason he doesn't teach actual finance and risk and accounting, and it seems clear you're still sucking on his ballsack.

I could be wrong! I'm just trying to draw out the details to prove myself wrong and so far it's not working out so well.

So you say "it's included". It's included in "what"? Your numbers don't add up. I'm just trying to figure you out here, man. Rather than giving me solid information you're resorting to personal attacks. After a solid string of bad info of course I'm going to attack your credibility.

What do you have? Kill me with data.

if you watch every kiyosaki video on yt and read all his books for free from library/torrents, and absorb it all, how much more would you expect to gain at the seminar?

Same here. I can attest for the 500$ memeclass after you get upsold i. A free class. We got a memetablet too with some cool shit and prepwork for the class. Be prepared to be upsold fucking hard for 3 days. Had a good time and their normie credit card advice got me from 450 to 680 last year or 2. Could have been higher, but we splurged a coupke times o. A weekend date and got some appliences. Utilization is a little high but we make at least trippke the payments or dont use them till we get caught up. Should only be used as a tool to get rich, and maybe latter on as a convienience when you can afford to ignore the fees. Was nice to be broke, see my freezer full of meat shut off for a few days before i notice it, an take credit cards to buy new freezer and groceries. Probably paying double for it but who cares. Because we been hardmode towards bad debt we got some breething room to pay it off before christmas.

For the record, I don't care what YOU'RE doing with your money. What bothers me is that you're upgrading this guy here to a bunch of people who are clearly retarded as if it's gold. He's the WORST thing that could happen to someone who doesn't understand basic finances. Not the way to start.

>and it seems clear you're still sucking on his ballsack.
actually made me kek

i'm seeing about 92% occupancy. 8% vacancy business wide. - i have solid contracts, leases and a tiger eviction lawyer. but i feel like i'm wasting money on him due to the substantial tenant screening.

asking me to break everything down, maybe i should run a seminar and charge you 5k.

it's like reaching for a phone. i just do it. i don't stop to calculate the amount of newtons required along which vectors while counting each muscle used.

Troof. Changed my life in a big way.

I'm reading it, it's pretty shitty, just like i described it.
But i'm also starting a business, graduating in STEM, learning hot to into stock and lining up the next books i'll read, which i hope won't be allegoric, fictional simplifications of ideas that could be exposed in, at most, 10 pages.

Kill the fucking credit cards brother, as if your life depended on it(it does). Worst financial instrument in the world. Keep it up.

We'll see how long that lasts, hotshot. Keep it up.

>What bothers me is that you're upgrading this guy
where did i do that?
the closest to sucking his balls from me is:
kiyosaki is just one of many voices in my arsenal of knowledge.

Okay, you got me, maybe just licking them, then. He's bad info all around. He's bad news and a bad start for people who are fiscally retarded.

Fuckoff NEET. I bought 10 copies and gave them to my closest friends. I'll be fucked if not 1 read. Maybe tho. Ones wife picked it up but i havent heard anything.

Litterally every single vlose frie d i have talks about ways to get rich or a brilliant business idea but wont even take the time to read an enjoyable picturebook that explaines basic personal finance and accounting in basic fucking english.

I mean, fuck the book entirely if u want but do something. I mean damn. Every one of these guys, a few i would trust my life to will spend all day long talking about their brilliant plans but then go buy a boat with a goddamn credit card or get a $400,000 house making $13 an hour. Nice house innawoods user. Perpetually broke and lives off of credit cards.

Goes to bed at night and doesnt even know what year they shit will be paid off and worried if they can do payments or need a payday loan.

Some sketchy shit in the book sure. Did he really open a comic store or cast nikles at 9 years old? Maybe, but i really doubt it. Do i give a fuck? Not really. Not reading the book for entertainment so much as the information.

To each his own but as a 30 year old wagecuck i can tell u anons its a shit life. Do whatever u think is right to get richbut do something. Dont just pumpandump shillcoins with moms money. U meed to understand wtf to do if and win your rich uncle does leave u 2 grand...

also, don't forget about the creature from jekyll island

You're better off reading a Dave Ramsey book and then applying the things that are meaningful to you. Actually, I can't think of one book that does it right. A full 360 view of how money works for the common person who doesn't know shit about money.

At least having a basic understanding of interest rates(which MOST people don't seem to have) would be a good start. It's astounding. If you don't get that, then Mr. K's books are too heavy reading for you.

Yeah, but your not a NEET shillcoin virgin. You just demonstrated intellect of wizard status for this place. However, tips i learned from that shit you did not do.

>Nevada corp.
>hold duplex in llc if not in cali
>hire cpa for taxes because what is depretiation?
>as its a business can now write off all appliances and carpet and fans and paint and shit
>as house hopefully appreciates and you can force appreciation by fixing it up and landscaping then borrow against it every 6 months and shop for another duplex... etc

Invest your $700 back into more properties and keep all of them leveraged till u die. Because what is assett protection.

There's a lot of other shit u can do user. Im not saying your plan is bad. Its better than most. Its just in my opinion not the best way to use it. I dont understand all the numbers and could be wrong. But u for sure need it not in your personal name or you will get fucked one day.

Good luck out there user.

Thats fuck near free AND a duplex. So pretty much 2 houses. Who the fuck wouldnt.

Don't listen to these faggots. Keep it up. Learn to headge against lawsuit leaches. Learn about tax law and how to use it properly. Your right where im at user. Probably ahead some.

Ill take a guys word thats actively doing deals over some basementneet edgelord 7 days a week...

God you're probably more retarded than the guy you're replying to.

Guy, sorry for calling you ignorant and telling other people not to listen to you. Don't listen to this guy, but I've already ascertained that you're at least this smart.

not nevada corp, but all else you >greentext, i did/do. just didn't detail ITT. and yes the money goes back into the LLC, i'm still working for free and on paper i'm a pauper, but my business is doing well. and since i'm low maintenance, i don't draw much from the biz.
good luck to you too.

anonymity is greater than testosterone, even the femme-ist cuck eunoch has a huge set of balls on the chans. so i don't let them get to me. sometimes i reflect to them what they put out. but it's all part of the fun.

Maybe he did but it was still a fucking deal user. Look, he xoulda used credit cards for that small amount and had ~$1 profit making it an asset. This is fucking small potatoes for $700 rents. Some deals arent as good as others. Assets need to make you money and this one will after a month or two? Fucking hell yes id take it. Im eating mortgage on a house right now just because i meed to put a guy in it thatll do some light repairs and paint it and all i keeo getting is sponge fsmily and section 8 beggars. Its loosing money now sure. But im not gonna have to fix it, it should be perfectly fine if he stays there and fixes on it a little 6 months. Then i can have him stay there forever or even better, he moves after fixi g on it, i jack up the rents cause its not as much a shithole, and some other faggot pays way more than what i lost the year i let it set/had some faggot live there dirt cheap and work on it.

1 year breaking even for probably double the rents wich will currently STILL make a profit with the right trnnants not fucking shit up. And if i lose well, lesson learned. I can eat the mortgage and i learned something. Onto the next venture.

LOL, list your assett column if you a pro. Go on user. We will wait...

Your fault for trusting a faggot.

Never depend on getting your deposit back. Count it as a bonus. Dont be stupid like me. Save a little money for stupid shit like that.

Cloudheaded risk.

Gets nevada corporation.
Has attorney, cpa, business, and learns a little assett protection.

Not a perfect world but 90% of normal risks are now handled assuming you bought descently.

Accounting and finance pro are u rich yet or an accoutant or financial planner scam artist? Or u rich with real assetts?