darkness39[at]yahoo.com (darkness) writes:

[re: Kiyosaki]
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And, with fewer pitfalls. Note, however, that even Chilton has
some problems with assuming, perhaps, a bit too much simplicity.
In particular, while he's wonderful in explaining things like
how important a will is, and getting adequate insurance and to
save - and invest - a portion of one's income, IIRC, he kind of
glosses over some of the details (ie. he says "invest in stocks
rather than bonds - own things instead of lending money" which
is interesting, but all by itself a bit on the dangerous side,
too). Also, while strongly encouraging adequate insurance
coverage, he very much pushes buy-term-invest-the-difference,
which is probably the right thing for many many folks in the
audience for whom the book is targetted, but for those for
whom it's not appropriate, there'd be no way to know from
reading his book.

That all said, I really loved The Wealthy Barber and have
given copies away several times in order to encourage folks
to read and learn and think about their financial universes.
That and Personal Finance for Dummies by Eric Tyson are both
very good for folks just getting started. They both offer
a good place for folks to start with figuring out what they
have, what they have to do (in general) and what many of the
important issues are going to be. Chilton's book is a bit
more on the "tell me a story" and inspirational side, while
Tyson's is more of a very easy tutorial/workbook kind of
thing and I'd probably recommend it only after someone's
already come to the conclusion (ie. perhaps after having
read Chilton's book) that he's got to really sit down and
figure things out.

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I considered those more inspirational than specifically helpful.

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Also inspirational rather than specifically helpful except,
perhaps, in detailing some of the means of being thrifty. The
investment advice is especially bad (all treasury bonds - think
about that particular advice right now - or worse - a month ago!).


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speednxs[at]earthlink.net (Speednxs) wrote in message news:<1772275.0307222057.6ea46679[at]posting.google.com> ...
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actually seemed to make much money, before his books and games made
him famous and wealthy.

His basic book seemed like an elementary, but useful, idea: that you
should save cash at every point in your life, and learn about
businesses before you invest in them.

My concern was that some of his later stuff seemed flakier (he does
warn about the dangers of 'me too' investing, eg investing in real
estate *now* as opposed to the bottom of the S&L debacle): investing
in high powered IPOs has been proven, for example, to be one of the
best ways of losing money known to financial economists.

So my take on this guy is handle with care. The basic ideas, about
saving money and investing it, are handled in books like 'The Wealthy
Barber' (David Chilton). The idea of being self employed (see 'The
Millionaire Next Door' and 'The Millionaire Mind' for some good ideas:
but be warned, they look at the people who made it, not the many,
many, many self employed people who do not get rich and even go
bankrupt) is a good one, for example (but better still is the idea of
doing work you love because if you love your work you are far less
likely to need to spend money in the rest of your life to compensate).
There is a book, 'Your Money or Your Life' by ? which is quite good
on this.

Actually, I was just reading Skip Wheldon's website for the first
time, which seemed to have some pretty good advice on basic
principles.

"John Lyday" <lyday[at]astound.net> wrote in message news:<bfk2ui$494$1[at]news.astound.net> ...
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are "Cashflow 101" and "Cashflow 202"

<http://www.enrichmentunlimited.com/StoreFront.bokScroll down toward the bottom. Also:
< http://www.enrichmentunlimited.com/S...ecial%20Offers
Kiyosaki's pitch is that you should replace your employee income with
investment income.

Motley Fool and Suze Orman concentrate on how employees should invest
in paper assets that are low/no maintenance, ‘cause, hey, they got
jobs ya know. It will all be worth it when they get to Social
Security age.
Kiyosaki states that creating businesses (IPO's) is best (you sell
stock to others, you don't buy stock from others). Followed by
leveraged real estate investing. Followed by paper assets (stocks,
bonds and financial instruments) where some days you are the bug and
some days you are the windshield. You often lose money in the stock
market in his games.

"Cashflow for Kids" is the basic game and rewards arithmetic
(bookkeeping) skill. Your Income Statement is your Salary, Passive
Income and Expenses. Your Balance Sheet is your Assets (which produce
Passive Income) and Liabilities (which burden you with Expenses).
You use your Salary to make investments so that your Passive Income
replaces your Salary. Cashflow 101 has a low dollars track and a high
dollar track to which you can advance through skillful play. Cashflow
202 adds more sophisticated stock techniques to Cashflow 101. It uses
puts, calls, long and short sales that explain how to make money in a
down market as well as an up market. That would have been useful to
know the last couple years. At least your kids will have a great
financial vocabulary. The way you think becomes the way you act.
Well, it's worked out that way for me.

His games follow his philosophy. If you want to be really cruel have
the parents play their life strategy of buying expensive doodads on
credit and having lots of kids while the kids play the strategy of
aggressively investing with the aforementioned priorities. His games
are expensive, but then so is ignorance. "Cashflow for Kids" actually
covers quite a bit of ground, so it's an excellent "sticking you toe
in the water" buy. Kind of like those Lottery ads, if you don't
invest, you'll never be able to live off your investments.

Best Wishes for Lucky Investing,
Speednxs

I haven't played it myself, but the boardgame that Robert Kiyosaki (Rich
Dad, Poor Dad) made was recommended to me by a friend. Sounds like an
interesting idea -- making the learning into a game.

"Daniel T." <postmaster[at]earthlink.net> wrote in message
newsostmaster-B8ABBF.18575306072003[at]nnrp02.earthlink.net...
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