OFFICIAL - Business 'Book Report' Thread
Rules:
1. Obviously any book has to be Business related - Management, Philosophy, Theory, Personal Development, Finance, Trading, Real Estate, etc.
2. Try to have your first "Book Report" post be your #1 book (or top 3).
3. Please include:
a) link for others to easily find it;
b) a quick summary on what it covers;
c) how it impacted you and/or how you still use it today;
d) anything you think is relevant or worthy of discussion.
4. Podcasts. Since most people are on the go now and listen audibly, podcasts will be allowed. However, please limit a recommendation to a specific episode in a given series.
5. Asking for recommendations on specific topics is encouraged.
6. Have a something to add, co-sign, or disagree! regarding a poasted Book Report - Please Do.
7. Write as many Book Reports as you like.
Comments
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Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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.
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My smoking hot PMs liked rich dad poor dad. The pod would be playing in the carpawz said:Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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. -
The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne | BP Podcast 388
https://www.youtube.com/watch?v=FcDvRO1kqWg&t=8s
I've been listening to a TON of the BiggerPockets podcasts over the last year. This episode is one of my favorites as it talks about the strategies for creating a business investing in real estate. AJ Osborne (interviewee) had a rare disorder that literally, inexplicably made him paralyzed overnight. He recovered, but if he had not had RE investments in place, he and his family would have experienced financial ruin. His preferred RE investment vehicle is storage units.
Indelible take-a-ways:
There are two ways to scale your business - quantity and quality - and you must do both. For example if you were buying rental properties, after acquiring a handful of single family residences, you start acquiring duplexes. After a handful of those, triplexes and fourplexes. And after a handful of those, 10-20 unit multifamily, and so on ...
AJ is focused on acquiring storage units because it is a lot easier - in his view - to find under-performing assets. To drive home that point, he says 90+% of multi-family properties are owned by institutional money. Institutional money only owns 25-30% of all storage units. Therefor there is a lot of opportunity for a casual or noob investor to acquire assets in this space.
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YKW, OMRaceBannon said:
My smoking hot PMs liked rich dad poor dad. The pod would be playing in the carpawz said:Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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. -
Watches are a great investment. Axe @Swaye .pawz said:Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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 ..YellowSnow said:
Watches are a great investment. Axe @Swaye .pawz said:Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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.
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.
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Don’t sit for the CPA exam.pawz said:
This definition is all about cash flow. Cash flows OUT of your accounts every month on your primary residence - mortgage, taxes, maintenance, etc ..YellowSnow said:
Watches are a great investment. Axe @Swaye .pawz said:Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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.
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. -
No argument there.PurpleThrobber said:
Don’t sit for the CPA exam.pawz said:
This definition is all about cash flow. Cash flows OUT of your accounts every month on your primary residence - mortgage, taxes, maintenance, etc ..YellowSnow said:
Watches are a great investment. Axe @Swaye .pawz said:Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784?ean=9781612680194
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.
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. -
Check out Surrounded by Idiots
Good book on managing personal relationships in the professional space.
https://www.amazon.com/Surrounded-Idiots-Behavior-Effectively-Communicate/dp/1250179947 -
https://www.amazon.com/Execution-Discipline-Getting-Things-Done/dp/0609610570
This was a required reading as part of some class while getting the illustrious TCU MBA ...
Big takeaway for me in the book is the simplistic idea that you can put together the greatest plan in the world, but if you can't execute it, it's a shitty plan
I haven't read it in well over 15 years so it's probably got some dated elements to it, but it's got a lot of ways to really think about how to frame problems and then design/implement solutions in ways that get stakeholders to buy in.
