Steve Posted December 29, 2008 Author Report Share Posted December 29, 2008 The Rich Dad, Poor Dad book and thinking is that finding a good job with good benefits is not the way to go. He is all about entrepreneurship and using the wages from a job to build assets that generate cash. I recall hearing to look for any kind of business or program that provides passive income. Money you make without having to be there. Rental property, interest on bonds, or if you own a business, one where you can have someone run it for you. The author has no faith in corporate or government pensions. At least the ones in the U.S. Richest Man In Babylong is all about budgeting. Link to comment Share on other sites More sharing options...
kamui Posted December 29, 2008 Report Share Posted December 29, 2008 Umpf, while you are talking about getting rich, I am reading "The Total Money Makeover", about how to get rid of my debts... Link to comment Share on other sites More sharing options...
The_Munchmaster Posted December 29, 2008 Report Share Posted December 29, 2008 You pay debts, don't you? Link to comment Share on other sites More sharing options...
Steve Posted December 29, 2008 Author Report Share Posted December 29, 2008 Great. My goal in 2009 is to become debt free. Well, at least get rid of my credit card balance. Putting myself on an austere budget plan. I'm not a spendrift usually, but there are areas I can reduce spending. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted December 29, 2008 Report Share Posted December 29, 2008 For me, I got rid of the damn credit cards this year. For the next 3 years I want to pay of the car and truck and reduce the mortgage down considerably. But the way the economy is going, I guess I might get fucked once or twice. Link to comment Share on other sites More sharing options...
samak Posted December 30, 2008 Report Share Posted December 30, 2008 I'm not really into those get rich type books, but I guess some of them do offer sound advice such as financial planning etc which really should be part of everyone's education especially today. the "how to get rich" books make only the guys who write them rich and not those who read them! :smirk: Link to comment Share on other sites More sharing options...
kamui Posted December 30, 2008 Report Share Posted December 30, 2008 You pay debts, don't you? Yep. I am not bankrupt... Great. My goal in 2009 is to become debt free. Well, at least get rid of my credit card balance. Putting myself on an austere budget plan. I'm not a spendrift usually, but there are areas I can reduce spending. The book I am reading is just about this topic: How to pay all debts as soon as possible and to stop using *any* kind of loans for future purchases. Like many of those self help books its flooded with personal stories by people who changed their lives and by endless repetitions of the core thesis. But it's worth the money for recommending some simple strategies and for the psychological support... PS: I had hoped to repay all my debts in 2008, but a company we are working with broke the contract. In the end I just received 60% of the payment. The funny thing is that, even I did not expect this, I had a bad feeling and canceled two holidays and stopped any unnecessary spending. Link to comment Share on other sites More sharing options...
Faustian Posted December 30, 2008 Report Share Posted December 30, 2008 I'm debt free and cash rich....what to invest in though????????? Link to comment Share on other sites More sharing options...
Steve Posted December 30, 2008 Author Report Share Posted December 30, 2008 Good to hear you're being proactive. Nowadays you are forced to because of the present economic climate. Spending less or not on frivolity, budgeting, living well within your means, preparing financially for the future, etc. are really things we should all be doing anyway, no matter the circumstances. Link to comment Share on other sites More sharing options...
teddy Posted December 30, 2008 Report Share Posted December 30, 2008 I'm debt free and cash rich....what to invest in though????????? Faustian, you could always short the FTSE 100 or short the S&P 500. The FTSE is up at 4,392 today, why?? With all the bad news to come it will only go down, perhaps as low as 3,000 or 3,200. If it goes down to 3,000 and you shorted it today you would make 25% on your money. The risk is if it continues to go up and a bull market gets underway, fat chance of that though. Link to comment Share on other sites More sharing options...
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