Idk if this is the right place to ask this but i was thinking of buying rich dad poor dad i am 20M, i am currently a student and just started some stock market, does it make sense to start reading rich dad poor dad now or should i wait till i start to earn money. Thanks.
by Local-Obligation-292
22 Comments
Yes
Now is a good time
There’s never a wrong or right time to read a book, the present is perfect 👍
Overrated book. Simple path to wealth by JL Collins would probably be better for you
Rich dad poor dad is junk written by a grifter. Try the little book of common sense investing for a better primer.
There are also great reading recommendations and personal finance discussion at /r/personalfinance.
Don’t read that non-sense book at all would be best advice.
Better books:
The Financial Feminist-Tori Dunlap. It is geared to women but there is no reason a guy can’t get a lot from this book. It is also US specific so you might get less if you are from elsewhere.
The Intelligent Investor-Benjamin Graham.
It is a bit crunchy which is good and it’s been around since 1949 and is still recommended by professionals. Read this book.
Utter trash
I think you should read it. It’s a great book!
This is a good book if you want to get into MLM. I have the book and hate it though. If you have a PO Box or something I’ll mail it to you. I don’t like the book but I you’d have to read it yourself to find out for yourself lol.
The author is a huge asshole for one. The book is also pretty mediocre. The millionaire teacher is a good book for young people.
You could order if from the library instead of buying it. it’s ok but a bit dated.
Surprised to see all the hate on this book here. For me, it’s still in my top 5. I recommend reading it as it gives the basic understanding of how the rich use their money vs the poor and middle class. Take it with a grain of salt just like anything else
I read it when I was 10 and it was my first introduction to “assets vs liabilities” but then I grew up and realized the guy is a giant asshole who brags about not paying taxes and hoarding housing. He salivates at the thought of society turning into the hunger games and people desperately needing the resources he’s hoarding. Its unsettling to hear him speak these days. The book is fine if you are completely financially illiterate but I am sure there are much better options from people who actually contribute something to society.
It’s an amazing book. Very basic but a good starting point.
I know with absolute certainty, as a result of a past job, that this book is just grift.
Realistically at your age, your best option is to get a job in an investment firm. May not be what you want to do long term, but the industry hoovers up graduates, you’ll have the resources to learn everything you need to know about investing, and you’ll have a bunch of transferrable skills provided whatever job you want is also office-based.
Read One up on Wall street by Peter Lynch or Investing for growth by Terry Smith
I never read that book, but at my old age I’ve read many. I’ll suggest
1 Read it
2 Be skeptical
3 Think
4 Make notes
Find other books
Repeat steps 1 through 4
No one book, is enough.
Include Fooled by Randomness by Nicholas Taleb. It should make you think critically about expert knowledge
.
Do save and invest
Don’t be greedy
Don’t waste money on that know-nothing grifter, for real
RDPD is a very polarizing book. Keep in mind, he doesn’t actually tell you HOW to save money, budget, or even how to invest. It is not at all a personal finance book. So if you are looking for a PF book don’t bother with this.
What it is is a book that attempts to change the way you look at the concept of money. It tells you WHY just toiling away and doing the typically right thing of saving and investing is not the be all and end all. There is a bigger game being played and you don’t even know the rules. This book tells you what that game is and what its rules are and the strategy you can use to play to win.
What are you mostly looking to learn?
R/financialplanning will give you more, and it’s free
It basically uses Virgin vs Chad metaphor (Poor Dad vs Rich Dad) to explain financial thinking.
Virgin poor dad: Increases income, but increases liabilities
Chad rich dad: Increases income, increases assets
Like any meme, it doesnt really teach you anything really well, but it is very engaging.
In general, its always good to read multiple sources if you actually want to learn something. You wont be done with learning about finances if you read just one book