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Rich Dad

fishknutfishknut Posts: 3,928 Captain
Just heard one of their commercials, and it stated " let us show you how saving money won't make you rich".....huh? Have any of you guys ever attended any of these seminars?
Fail to plan, plan to fail.......

Replies

  • MRichardsonMRichardson Posts: 10,438 AG
    No I haven't. But the implication is that if you're just hoarding away money it can't work for you and make you wealthy.

    On the flip side, check in with all those real estate magnates from 10 years ago and see how well their money worked for them. Or anyone who bought a house from 2000-2007. I'm sure .099% APR looks pretty good to them about now.
    I have never seen live bones, but I know that they are often used by rich people to decorate the interior.
  • fishknutfishknut Posts: 3,928 Captain
    No I haven't. But the implication is that if you're just hoarding away money it can't work for you and make you wealthy.

    On the flip side, check in with all those real estate magnates from 10 years ago and see how well their money worked for them. Or anyone who bought a house from 2000-2007. I'm sure .099% APR looks pretty good to them about now.

    I hear ya MR, part of the commercial said not to save using your 401k. First hand experience with real estate, did a little flipping my self and did well, but got caught with my pants down, could have had my house paid for by now (I'm 43) but had to refinance. Oh well, it will be paid for in six years, and still almost max out the 401. Just want to hear what Rich Dad has to say.
    Fail to plan, plan to fail.......
  • jimmy77jimmy77 Posts: 1,690 Captain
    I've read a couple of the books. I found they don't teach you anything about buying real estate, but are more motivational to put you in the mindset to start investing in real estate. He really talks down about going to college and working a safe career. He made way more money selling books and doing seminars than real estate investing.
    [SIGPIC][/SIGPIC]
  • CaptTaterCaptTater Posts: 20,096 AG
    When the inflation starts ... and it will... your bank account will lose money every day.
    The house flippers just walked away when the values tanked knowing the rest of us will pick up the bill... right lucky?
    I did not read the story but if you take tax payers money maybe you should be held to some standards.-Cyclist
    when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
    It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
    "“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
  • showmanshowman Posts: 539 Officer
    I saw on the news where Florida was leading the East Coast on foreclosures again. Real Estate doesn't seem to be where people are wanting to invest money anymore. What about the Gold Buying boom? Anyone getting rich off it now?
  • Michael RepperMichael Repper Posts: 4,897 Officer
    CaptTater wrote: »
    The house flippers just walked away when the values tanked knowing the rest of us will pick up the bill...

    I guess if the guys you trust your money with were more prudent with their investments and who they lent money to they wouldn't have put their good customers' savings at risk...
  • jimmy77jimmy77 Posts: 1,690 Captain
    There are fantastic deals out there on property. All those foreclosures are ripe for the picking. Most of the government backed foreclosures are being bought up by primary residence owners before investors can get them, but they're is still plenty out there. Someone else's loss is my gain... If you don't think real estate will eventually increase, again your loss.
    [SIGPIC][/SIGPIC]
  • fishknutfishknut Posts: 3,928 Captain
    CaptTater wrote: »
    When the inflation starts ... and it will... your bank account will lose money every day.
    The house flippers just walked away when the values tanked knowing the rest of us will pick up the bill... right lucky?


    PERSONAL ATTACK...............PING PUP
    Fail to plan, plan to fail.......
  • BobDBobD Posts: 1,969 Captain
    There are good buys out there if you have cash. If you need to finance, the insurance will put you in a hole. The rental market isn't great, but if you can buy and break even with the rent, you can get a decent paper return. Also there are tax advantages to owning rentals. But IMHO, it has to be money that you won't need as RE is not a liquid investment.
    Build your dream or someone will hire you to build theirs.
  • FluffyFluffy Posts: 1,762 Captain
    Personally i think the rental market is great right now. The rule of thumb is 1% of purchase price each month, im getting close to 2% on most of mine.
    [SIGPIC][/SIGPIC]
  • CaptTaterCaptTater Posts: 20,096 AG
    I guess if the guys you trust your money with were more prudent with their investments and who they lent money to they wouldn't have put their good customers' savings at risk...
    You mean their investments in subprime mortgages as pushed by Clinton and congress warned about by GW's administration?

    Sent from my Venue Pro using Board Express
    I did not read the story but if you take tax payers money maybe you should be held to some standards.-Cyclist
    when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
    It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
    "“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
  • jimmy77jimmy77 Posts: 1,690 Captain
    Personally i think the rental market is great right now. The rule of thumb is 1% of purchase price each month, im getting close to 2% on most of mine.

    I'm seeing the same or better on my recent multifamily purchases. They've all stayed in the black even with updates, repairs and vacancies.
    [SIGPIC][/SIGPIC]
  • razorreilly09razorreilly09 Posts: 8,401 Admiral
    fishknut wrote: »
    Just heard one of their commercials, and it stated " let us show you how saving money won't make you rich".....huh? Have any of you guys ever attended any of these seminars?

    Yes, they teach purchasing assests: profit producing investments, and not to waste your money on luxuries and illusions(big fancy houses and vehicles). They have some left field ideas, but some of them are respectable.
  • FluffyFluffy Posts: 1,762 Captain
    jimmy77 wrote: »
    I'm seeing the same or better on my recent multifamily purchases. They've all stayed in the black even with updates, repairs and vacancies.

    Glad to hear it! When everyone is bailing out, it's the time to buy...


    I gave 18k for a duplex last year... I'm getting $700 a month... beat that.. LOL :grin
    [SIGPIC][/SIGPIC]
  • jimmy77jimmy77 Posts: 1,690 Captain
    Glad to hear it! When everyone is bailing out, it's the time to buy...


    I gave 18k for a duplex last year... I'm getting $700 a month... beat that.. LOL :grin

    $700 a side on an 18k purchase? Nice! I bought two duplexes on connecting lots for $60k each and get $625 x4. Minimal updating inside and out. I recently bought a triplex for $85k that we're putting in about $25k in updates. Those will rent for $750 x3 or better with central ac and washer/dryers.
    [SIGPIC][/SIGPIC]
  • Michael RepperMichael Repper Posts: 4,897 Officer
    CaptTater wrote: »
    You mean their investments in subprime mortgages as pushed by Clinton and congress warned about by GW's administration?

    Are you referring to the American Dream Downpayment Initiative that Bush was pimping in speeches? The one where he gave tax payer money to banks as a bonus for lending to those that the banks knew they would never normally lend to?

    You mean those banks chose to use a government program for short term profits knowing all along that they were making very bad business decisions? You mean those bankers chose a quick influx of money from the government over the financial well being of their customers' savings and investments?

    Those banks? That President? :huh

    "The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003...

    ADDI helped first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.
    Type of Assistance

    ADDI provides downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards."

    http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/

    Wait, what's that? It wasn't just down payments on homes Bush started giving away? He also included "rehabilitation assistance" in the government giveaway for the remediation of "home health hazards"?

    YOU DON'T SAY!

    Oh yeah. Those banks just hated taking all of those government handouts. They had nothing to do with the passing of any of these laws that led to them raking in billions of dollars and so much in real estate holdings that they don't know what to do with them. Yeah. Right.

    edit: I just wanted to add that both parties were intimately involved in the shakedown. I'm merely pointing out the side of the coin that you purposely leave out of the discussion for your own purposes.
  • navigator2navigator2 Posts: 22,511 AG
    No I haven't. But the implication is that if you're just hoarding away money it can't work for you and make you wealthy.

    On the flip side, check in with all those real estate magnates from 10 years ago and see how well their money worked for them. Or anyone who bought a house from 2000-2007. I'm sure .099% APR looks pretty good to them about now.

    Seen the new show on CNN? It's called Flip This Economy. Starring the HBIC and congress.
    [SIGPIC][/SIGPIC]
  • HomerSimpsonHomerSimpson Posts: 6,573 Admiral
    fishknut wrote: »
    Just heard one of their commercials, and it stated " let us show you how saving money won't make you rich".....huh? Have any of you guys ever attended any of these seminars?

    if you're interested in something look into the Dave Ramesy stuff.
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