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Do you think Rich Dad Poor Dad is an appropriate book for an orphan?

Discussion in 'Investor Psychology' started by jaybean, 20th Jul, 2015.

  1. jaybean

    jaybean Well-Known Member

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    Ridiculous thread title I know, but I assure you this is no joke (please refrain from joking...)

    I have a friend in Brisbane that's interested in investing but still has the "yeah I'll get to it in a few years" mindset. I think it would be the perfect book for her, but I honestly have the worse sense for things like this. I mean the book is regularly referring to Kiyosaki's dad (the book title notwithstanding), I'm just worried I'm going to touch on some raw nerves. The last time I saw her she referred to her parents (died in a car accident) so it's not like it's some distant memory.

    So for those of you with some social sense and "get" human beings, is this appropriate? Or would I be coming off looking like a complete ass? Or am I overthinking this? The intentions are 100% sincere but it may not come off like that.
     
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  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Its not really to be taken literally. The story is fiction.

    It's meant to be taken from the mindset of there always being good and bad influences in our lives and understanding which one to listen to, even though both might be very well respected and liked.

    I can't see it as being an issue unless they take it too literally, which you don't have any control over anyway.
     
  3. jaybean

    jaybean Well-Known Member

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    The story is fiction? I always thought it was about his real dad? Granted, I read it like 10 years ago, and while I was half asleep (I tore through it in a single sitting)!
     
  4. barnes

    barnes Well-Known Member

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    The best book I have ever read. It has completely changed my life many years ago. I would read it to my kids as a bedtime story when they will be able to understand the language.
     
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  5. CJP

    CJP Active Member

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    I would give richest man in Babylon by g clason first. Need to teach the saving and investing for a return , live below your means mentality and this book does it very well without 300 pages
     
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  6. Angel

    Angel Well-Known Member

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    Raw nerve department. Please don't go there, one probably will NOT respond rationally in this lady's case. Thank you for being so kind and thoughtful.
     
  7. Be Developer

    Be Developer Property Developer Business Member

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    +1

    I have implemented Principal rules of that book in my life and results are

    Good property portfolio
    Developed sets of professionals skills
    started Be Developer
    And there are few more things that's happening in background.


    Re:RDPD

    If you think title will offend your friend, offer alternative books that focus on investments.
     
  8. C-mac

    C-mac Well-Known Member

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    Why not instead of Robert's books, get her to read some Margaret Lomas or Jan Somers as a start, instead? Same thematic messages, motivational and rational property strategies within.
     
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  9. York

    York Finance Broker Business Member

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    Yeah..I'd say there is plenty of other material she can read and learn from. If she is sensitive she will probably refer to to own life situation and liken the book to it. Recommend something from Jan Somers or Yardney or someone else with a good reputation. That's just my opinion.
     
  10. tess_

    tess_ Active Member

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    +2 for raw nerve territory. I'm sorry for your friend's loss. Maybe in a few years time she will be able to read this book without tearing up or feeling emotional. The fact that her parents died suddenly (rather peacefully of old age) makes me think, steer clear from Rich Dad Poor Dad, plenty of other great books on the bookshelf.
     
  11. Pistonbroke

    Pistonbroke Well-Known Member

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    May I suggest 'I did it my way' - Frank Sinatra but I think I prefer the revised copy published by the Sex Pistols which had a more genteel flavour.
     
  12. Azazel

    Azazel Well-Known Member

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    Agree. A more modern RE book would be a better option.
     
  13. jaybean

    jaybean Well-Known Member

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    Which of the two books would you guys recommend for a beginner?
     
  14. Simon Hampel

    Simon Hampel Founder Staff Member

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    Why more modern?

    Richest Man in Babylon is a must read for any would-be investor, or even just anyone wanting to get their finances under control. The message in there is timeless.

    Jan's first book was written over 20 years ago - but the core messages in there are still as valid today as they were when they were written.

    Rich Dad Poor Dad is not exactly an "ancient" book (first published 18 years ago), and many of the themes in that book are still perfectly relevant as well.

    jaybean - for a beginner, start them with Richest Man in Babylon - as I said, I consider it to be a "must read". You can't invest until you can manage your money - you need to understand the basics first.

    For the basics of property investing, Jan Somers books are still worthwhile - and her Story by Story book can really help motivate people who don't believe they can do it themselves.
     
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  15. jaybean

    jaybean Well-Known Member

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    Which of Jan's books in particular?

    And Babylon sounds great. I just did a search on iBooks and Christ there are like 5 versions of it, all with different prices (definitely same book, same author)! Is there one version in particular I should get, I assume they have different forwards, revisions etc.
     
  16. skater

    skater Capitalist Premium Member

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    The Richest Man in Babylon is an easy read, and teaches great principals, but if you are looking for something more modern try The Wealthy Barber (I think that's the name, but can't see it on my shelf). It is very similar, from memory. Looks like I've shared it.....and it's not come home.:(

    I made both my kids read The Richest Man in Babylon when they were still in school. From memory though, one read it, very quickly, while the other made all kinds of excuses. So just remember that you can lead a horse to water, but you can't make it drink. Just be there & offer assistance if they want it.
     
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  17. Simon Hampel

    Simon Hampel Founder Staff Member

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    There are only two still in print - More Wealth from Residential Property and Building Wealth Story by Story.

    "More Wealth" is an updated and re-written version of her other books, so replaces the need to buy them anyway. "Story by Story" is great for motivating people.

    You might find these books online or 2nd hand, or else you can order them directly from Jan & Ian's website.
     
  18. skater

    skater Capitalist Premium Member

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    Story by Story is great at showing that there are many ways to approach investing. It's another great one, but I'd start with a really basic book first, like Babylon or the Barber one, just to get their head around it a bit first, THEN Story by Story.
     
  19. Azazel

    Azazel Well-Known Member

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    One of Lomas' newer ones.
    Or one of McKnight's with the spruiky titles ;)
     
  20. Simon Hampel

    Simon Hampel Founder Staff Member

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    I agree with what skater said - basics first.