OFFICIAL - Business 'Book Report' Thread

YellowSnow said:

pawz said:

YellowSnow said:

pawz said:

RaceBannon said:

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.

My smoking hot PMs liked rich dad poor dad. The pod would be playing in the car

YKW, OM

I

pawz said:

YellowSnow said:

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.

Watches are a great investment. Axe @Swaye .

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.

creepycoug said:

YellowSnow said:

pawz said:

YellowSnow said:

pawz said:

RaceBannon said:

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.

My smoking hot PMs liked rich dad poor dad. The pod would be playing in the car

YKW, OM

I

pawz said:

YellowSnow said:

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.

Watches are a great investment. Axe @Swaye .

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.

This. This. This.