Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
When I first read this book 15+ years ago, it calcified my belief that a degree was not the guarantee of success. That one income stream is not "security" - not by a long shot. As I get ready to make a career move in the next few months (in the same industry), Remaining a (albeit well-paid) W-2 is a trap.
It keeps the compass at true north that the long-term goal is to be a business owner. Real freedom is found wilst making money while you sleep.
Other long-term indelible take-a-ways:
Use your income to buy assets.
You buy toys (cars, watches, vacations, etc.) with the money your assets create, not with your income.
Your house is a liability, not an asset. This is a function of cash flow, not appreciation. It costs you money day-in and day-out to maintain. Only a piece of real estate that kicks out more cash than it brings in an asset.
My smoking hot PMs liked rich dad poor dad. The pod would be playing in the car
Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
When I first read this book 15+ years ago, it calcified my belief that a degree was not the guarantee of success. That one income stream is not "security" - not by a long shot. As I get ready to make a career move in the next few months (in the same industry), Remaining a (albeit well-paid) W-2 is a trap.
It keeps the compass at true north that the long-term goal is to be a business owner. Real freedom is found wilst making money while you sleep.
Other long-term indelible take-a-ways:
Use your income to buy assets.
You buy toys (cars, watches, vacations, etc.) with the money your assets create, not with your income.
Your house is a liability, not an asset. This is a function of cash flow, not appreciation. It costs you money day-in and day-out to maintain. Only a piece of real estate that kicks out more cash than it brings in an asset.
Re: primary residence as an “asset” it’s tricky. I’m batting .750 on making purchases that appreciated greatly so my viewpoint is probably clouded.
This definition is all about cash flow. Cash flows OUT of your accounts every month on your primary residence - mortgage, taxes, maintenance, etc ..
It is certainly reasonable for profit to be realized at the end of a long-term exit strategy. But until then, it acts as a liability.
Yes, of course, mortgage, taxes, maintenance, etc, is a liability on the balance sheet. But paying rent is a liability too and w/o and tax reduction benefit, nor building of equity. For most Americans, the majority of their net worth is socked away as equity in their primary residence. Home ownership comes with a lot of risks (e.g., buying a lemon, market correction, etc) and paying those god damned rea-la-turz their commission sucks ballz; it still is an "asset" though if you buy smart.
I mean shit if the White Wakanda market appreciates as projected for 2021 (don't ask - it's a stupid number) half of our net worth as a family will be in the primary residence.
Like all professional services, good ones are worth their weight in gold. Was yours not good? Sorry to hear.
You should join with me in demanding the barrier to entry be higher. Much fucking higher. Redfin is the bain of my existence, more on that later.
90 hours of 'study', a GED and a multiple choice quiz is a fucking joke for the amount of liability and legal knowledge required. Especially when in a court of law, a broker is held to the same standard as a Bar-admitted attorney.
With all that said, I completely agree with the poont you and Throbber are making. The liability argument is the author's and should be seen as a practical matter of out-of-pocket cash in the near term.
@pawz I'm only half way serious on realtors. You know how much I love my agent who is one of the best in the biz. And you're absolutely right, a great realtor is worth their weight in gold. What I want out of an agent is 2 things: (1) help prevent me from making a stupid decision and (2) be proactive and a good fucking negotiator when the time comes.
The beef I have with RE is that a lot of agents land in the profession because they don't know what else to do with their lives; and they end up sucking. And to your point the bar to entry in the profession is way too low.
I know. I was fucking with you. If I wasn't in the biz, he's one of the few I would recommend.
That's exactly the beef I have with 90% of agents - they do this shit part time. My friend Harry's third-cousin Salley's boyfriend's daughter just got her license and she's kinda thicc so I'll write it up with her.
Right out of college I worked for the #1 agent at the #1 Coldwell Banker office in the nation. I would walk down the middle of the bull-pen and wonder how multiple people managed to pass the state exam.
I could add to your list, but that's for another thread. Speaking of which - MODS!!! @YellowSnow@creepycoug@DerekJohnson Can you move the last half-dozen posts to another thread titled, Why You Should Find a Good Real Estate Broker?
I really do want this thread to be about Business Books - hijacked as it may be.
Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
When I first read this book 15+ years ago, it calcified my belief that a degree was not the guarantee of success. That one income stream is not "security" - not by a long shot. As I get ready to make a career move in the next few months (in the same industry), Remaining a (albeit well-paid) W-2 is a trap.
It keeps the compass at true north that the long-term goal is to be a business owner. Real freedom is found wilst making money while you sleep.
Other long-term indelible take-a-ways:
Use your income to buy assets.
You buy toys (cars, watches, vacations, etc.) with the money your assets create, not with your income.
Your house is a liability, not an asset. This is a function of cash flow, not appreciation. It costs you money day-in and day-out to maintain. Only a piece of real estate that kicks out more cash than it brings in an asset.
My smoking hot PMs liked rich dad poor dad. The pod would be playing in the car
Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
When I first read this book 15+ years ago, it calcified my belief that a degree was not the guarantee of success. That one income stream is not "security" - not by a long shot. As I get ready to make a career move in the next few months (in the same industry), Remaining a (albeit well-paid) W-2 is a trap.
It keeps the compass at true north that the long-term goal is to be a business owner. Real freedom is found wilst making money while you sleep.
Other long-term indelible take-a-ways:
Use your income to buy assets.
You buy toys (cars, watches, vacations, etc.) with the money your assets create, not with your income.
Your house is a liability, not an asset. This is a function of cash flow, not appreciation. It costs you money day-in and day-out to maintain. Only a piece of real estate that kicks out more cash than it brings in an asset.
Re: primary residence as an “asset” it’s tricky. I’m batting .750 on making purchases that appreciated greatly so my viewpoint is probably clouded.
This definition is all about cash flow. Cash flows OUT of your accounts every month on your primary residence - mortgage, taxes, maintenance, etc ..
It is certainly reasonable for profit to be realized at the end of a long-term exit strategy. But until then, it acts as a liability.
Yes, of course, mortgage, taxes, maintenance, etc, is a liability on the balance sheet. But paying rent is a liability too and w/o and tax reduction benefit, nor building of equity. For most Americans, the majority of their net worth is socked away as equity in their primary residence. Home ownership comes with a lot of risks (e.g., buying a lemon, market correction, etc) and paying those god damned rea-la-turz their commission sucks ballz; it still is an "asset" though if you buy smart.
I mean shit if the White Wakanda market appreciates as projected for 2021 (don't ask - it's a stupid number) half of our net worth as a family will be in the primary residence.
Like all professional services, good ones are worth their weight in gold. Was yours not good? Sorry to hear.
You should join with me in demanding the barrier to entry be higher. Much fucking higher. Redfin is the bain of my existence, more on that later.
90 hours of 'study', a GED and a multiple choice quiz is a fucking joke for the amount of liability and legal knowledge required. Especially when in a court of law, a broker is held to the same standard as a Bar-admitted attorney.
With all that said, I completely agree with the poont you and Throbber are making. The liability argument is the author's and should be seen as a practical matter of out-of-pocket cash in the near term.
@pawz I'm only half way serious on realtors. You know how much I love my agent who is one of the best in the biz. And you're absolutely right, a great realtor is worth their weight in gold. What I want out of an agent is 2 things: (1) help prevent me from making a stupid decision and (2) be proactive and a good fucking negotiator when the time comes.
The beef I have with RE is that a lot of agents land in the profession because they don't know what else to do with their lives; and they end up sucking. And to your point the bar to entry in the profession is way too low.
It honestly should be higher. When you think about it, 99.999% of people don't use a lawyer on what is a technical transaction from a document complexity standpoint and one of the, if not the most, important transaction most people will enter into. Great real estate agents can help back-fill that role by being intimately familiar with the purchase agreements and how they work, and other technical aspects of the transaction. Many are; many are not. Like I said in the other poast, it sucks when you are dealing with one who is just mailing it in. It's too important of a role to have slackers be doing it. My sense is that they don't last long because they don't get word-of-mouth referrals and no repeat biz.
Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
When I first read this book 15+ years ago, it calcified my belief that a degree was not the guarantee of success. That one income stream is not "security" - not by a long shot. As I get ready to make a career move in the next few months (in the same industry), Remaining a (albeit well-paid) W-2 is a trap.
It keeps the compass at true north that the long-term goal is to be a business owner. Real freedom is found wilst making money while you sleep.
Other long-term indelible take-a-ways:
Use your income to buy assets.
You buy toys (cars, watches, vacations, etc.) with the money your assets create, not with your income.
Your house is a liability, not an asset. This is a function of cash flow, not appreciation. It costs you money day-in and day-out to maintain. Only a piece of real estate that kicks out more cash than it brings in an asset.
My smoking hot PMs liked rich dad poor dad. The pod would be playing in the car
Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
When I first read this book 15+ years ago, it calcified my belief that a degree was not the guarantee of success. That one income stream is not "security" - not by a long shot. As I get ready to make a career move in the next few months (in the same industry), Remaining a (albeit well-paid) W-2 is a trap.
It keeps the compass at true north that the long-term goal is to be a business owner. Real freedom is found wilst making money while you sleep.
Other long-term indelible take-a-ways:
Use your income to buy assets.
You buy toys (cars, watches, vacations, etc.) with the money your assets create, not with your income.
Your house is a liability, not an asset. This is a function of cash flow, not appreciation. It costs you money day-in and day-out to maintain. Only a piece of real estate that kicks out more cash than it brings in an asset.
Re: primary residence as an “asset” it’s tricky. I’m batting .750 on making purchases that appreciated greatly so my viewpoint is probably clouded.
This definition is all about cash flow. Cash flows OUT of your accounts every month on your primary residence - mortgage, taxes, maintenance, etc ..
It is certainly reasonable for profit to be realized at the end of a long-term exit strategy. But until then, it acts as a liability.
Yes, of course, mortgage, taxes, maintenance, etc, is a liability on the balance sheet. But paying rent is a liability too and w/o and tax reduction benefit, nor building of equity. For most Americans, the majority of their net worth is socked away as equity in their primary residence. Home ownership comes with a lot of risks (e.g., buying a lemon, market correction, etc) and paying those god damned rea-la-turz their commission sucks ballz; it still is an "asset" though if you buy smart.
I mean shit if the White Wakanda market appreciates as projected for 2021 (don't ask - it's a stupid number) half of our net worth as a family will be in the primary residence.
Like all professional services, good ones are worth their weight in gold. Was yours not good? Sorry to hear.
You should join with me in demanding the barrier to entry be higher. Much fucking higher. Redfin is the bain of my existence, more on that later.
90 hours of 'study', a GED and a multiple choice quiz is a fucking joke for the amount of liability and legal knowledge required. Especially when in a court of law, a broker is held to the same standard as a Bar-admitted attorney.
With all that said, I completely agree with the poont you and Throbber are making. The liability argument is the author's and should be seen as a practical matter of out-of-pocket cash in the near term.
@pawz I'm only half way serious on realtors. You know how much I love my agent who is one of the best in the biz. And you're absolutely right, a great realtor is worth their weight in gold. What I want out of an agent is 2 things: (1) help prevent me from making a stupid decision and (2) be proactive and a good fucking negotiator when the time comes.
The beef I have with RE is that a lot of agents land in the profession because they don't know what else to do with their lives; and they end up sucking. And to your point the bar to entry in the profession is way too low.
I know. I was fucking with you. If I wasn't in the biz, he's one of the few I would recommend.
That's exactly the beef I have with 90% of agents - they do this shit part time. My friend Harry's third-cousin Salley's boyfriend's daughter just got her license and she's kinda thicc so I'll write it up with her.
Right out of college I worked for the #1 agent at the #1 Coldwell Banker office in the nation. I would walk down the middle of the bull-pen and wonder how multiple people managed to pass the state exam.
I could add to your list, but that's for another thread. Speaking of which - MODS!!! @YellowSnow@creepycoug@DerekJohnson Can you move the last half-dozen posts to another thread titled, Why You Should Find a Good Real Estate Broker?
I really do want this thread to be about Business Books - hijacked as it may be.
NSTD is fucking fantastic. I actually haven't finished the book per se, however I've listened to over 100 hours of Chris Voss on YT. Some of his lessons have transformed how I deal with people.
His over-arching theme is called Tactical Empathy. That when the party you're negotiating with knows you 'get' their position, they are likely to acquiesce. The "that's right!" moment opens the key to the castle.
Simpler lessons:
Like when @dflea and @Doog_de_Jour were talking about delivering bad news in the Bidness Etiquette thread, this technique is GOLD. When you have to tell someone bad news that you KNOW they aren't going to like, lead with something like "you're not going to like this", "this conversation won't be fun", "this is going to be difficult" etc ... By naming it before you deliver, you've de-escalated, taken the tension out of the conversation, because they know you gave them a chance to be prepared so they aren't caught off guard and less-likely to be mad AT you.
Do not ask a WHY questions. They immediately provoke a defensive lymbic response. Even you you ask someone "why did you choose to wear blue shoes?" people bristle, regardless how innocuous .. ask How, What
In sales, everybody has heard of the Yes-train. Ask three questions they have to answer 'yes' to, then ask your closing question. What did you think the last times someone asked you, "you like to make money, right?". You didn't think, yes. You thought, "what's fucking next?" "where is this going?". Invite your prospect to say NO. It naturally disarms them. When the author was teaching this class at Georgetown one year, one of his pupil was dialing for dollars for the GOP. They changed the yes-questions to no-questions and the amount of money they raised was up 28%.
NSTD is fucking fantastic. I actually haven't finished the book per se, however I've listened to over 100 hours of Chris Voss on YT. Some of his lessons have transformed how I deal with people.
His over-arching theme is called Tactical Empathy. That when the party you're negotiating with knows you 'get' their position, they are likely to acquiesce. The "that's right!" moment opens the key to the castle.
Simpler lessons:
Like when @dflea and @Doog_de_Jour were talking about delivering bad news in the Bidness Etiquette thread, this technique is GOLD. When you have to tell someone bad news that you KNOW they aren't going to like, lead with something like "you're not going to like this", "this conversation won't be fun", "this is going to be difficult" etc ... By naming it before you deliver, you've de-escalated, taken the tension out of the conversation, because they know you gave them a chance to be prepared so they aren't caught off guard and less-likely to be mad AT you.
Do not ask a WHY questions. They immediately provoke a defensive lymbic response. Even you you ask someone "why did you choose to wear blue shoes?" people bristle, regardless how innocuous .. ask How, What
In sales, everybody has heard of the Yes-train. Ask three questions they have to answer 'yes' to, then ask your closing question. What did you think the last times someone asked you, "you like to make money, right?". You didn't think, yes. You thought, "what's fucking next?" "where is this going?". Invite your prospect to say NO. It naturally disarms them. When the author was teaching this class at Georgetown one year, one of his pupil was dialing for dollars for the GOP. They changed the yes-questions to no-questions and the amount of money they raised was up 28%.
I have this in my Audible backlog and will move it to the front of the queue!
Tim to revitalize the Official HH Book Club. As such, I've picked: Never Split the Difference.
For Book Club, we will give you heathens til Monday May 17th to acquire a copy and read it. The book is also available in audio. Additionally CV has given many a lecture so the material is out there on youtube.
Maybe as a bonus for those that participate, we will have @Doog_de_Jour read a chapter in Late Night FM DJ Voice.
I just got done reading this too. Thank you @pawz. I appreciated how Voss acknowledged (unlike most business books) that there *is* quite a bit of emotion involved in negotiating. I almost wish we could do this as a book club selection.
And @pawz that book was teh tehts, thanks again. I'm going to order a paperback copy, there's a lot I'd like to reference back to, and audiobook just ain't so good at that.
I look forward to hearing from those of you who can participate and use the source material to your negotiating benefit. It is powerful stuff. I truly use it ever day.
Yes. I have the book now, and I have a couple by Charles Murray (discussed in the Tug with @SFGbob ). And here they sit. I will heading out for college graduation and taking a long-awaited vacation in Martha's Vineyard. There I intend to do nothing but eat, sleep and read these books. Will revert here with my thoughts.
3 chapters in. I might need to ask the teacher for an extension. Enjoying this. Def going to have to reread and take notes so I can outsmart people. Just enjoying the story this go round.
3 chapters in. I might need to ask the teacher for an extension. Enjoying this. Def going to have to reread and take notes so I can outsmart people. Just enjoying the story this go round.
Comments
That's exactly the beef I have with 90% of agents - they do this shit part time. My friend Harry's third-cousin Salley's boyfriend's daughter just got her license and she's kinda thicc so I'll write it up with her.
Right out of college I worked for the #1 agent at the #1 Coldwell Banker office in the nation. I would walk down the middle of the bull-pen and wonder how multiple people managed to pass the state exam.
I could add to your list, but that's for another thread. Speaking of which - MODS!!! @YellowSnow @creepycoug @DerekJohnson Can you move the last half-dozen posts to another thread titled, Why You Should Find a Good Real Estate Broker?
I really do want this thread to be about Business Books - hijacked as it may be.
Exactly what I'm wrestling with as we speak. I've always wanted to be a part of the investor class.
It ain’t that tough.
For me, this book sets the stage for why we? are fucked with the print from the Fed.
tick tick tick ....
https://www.amazon.com/Never-Split-Difference-Negotiating-Depended/dp/0062407805/ref=sr_1_1
NSTD is fucking fantastic. I actually haven't finished the book per se, however I've listened to over 100 hours of Chris Voss on YT. Some of his lessons have transformed how I deal with people.
His over-arching theme is called Tactical Empathy. That when the party you're negotiating with knows you 'get' their position, they are likely to acquiesce. The "that's right!" moment opens the key to the castle.
Simpler lessons:
Like when @dflea and @Doog_de_Jour were talking about delivering bad news in the Bidness Etiquette thread, this technique is GOLD. When you have to tell someone bad news that you KNOW they aren't going to like, lead with something like "you're not going to like this", "this conversation won't be fun", "this is going to be difficult" etc ... By naming it before you deliver, you've de-escalated, taken the tension out of the conversation, because they know you gave them a chance to be prepared so they aren't caught off guard and less-likely to be mad AT you.
Do not ask a WHY questions. They immediately provoke a defensive lymbic response. Even you you ask someone "why did you choose to wear blue shoes?" people bristle, regardless how innocuous .. ask How, What
In sales, everybody has heard of the Yes-train. Ask three questions they have to answer 'yes' to, then ask your closing question. What did you think the last times someone asked you, "you like to make money, right?". You didn't think, yes. You thought, "what's fucking next?" "where is this going?". Invite your prospect to say NO. It naturally disarms them. When the author was teaching this class at Georgetown one year, one of his pupil was dialing for dollars for the GOP. They changed the yes-questions to no-questions and the amount of money they raised was up 28%.
Tim to revitalize the Official HH Book Club. As such, I've picked: Never Split the Difference.
For Book Club, we will give you heathens til Monday May 17th to acquire a copy and read it. The book is also available in audio. Additionally CV has given many a lecture so the material is out there on youtube.
Maybe as a bonus for those that participate, we will have @Doog_de_Jour read a chapter in Late Night FM DJ Voice.
NSTD has received critical acclaim from noted luminaries: @Doog_de_Jour @GrundleStiltzkin
I look forward to hearing from those of you who can participate and use the source material to your negotiating benefit. It is powerful stuff. I truly use it ever day.
See you's heathens on May 17th!