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« 10 New Years Money Resolutions, Part 10 | Main | Posts of the Week -- December 19 »

December 23, 2005


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What books were sub 3 stars?

I would add 'The Millionaire Mind' to the list; I found it every bit as inspiring as the 'MND', and I would rank both a '10'.

Do you have any feelings on Robert Kiyosaki, of the Rich Dad / Poor Dad series? I have a few thoughts, most of which are quite negative.

Jim -- I don't have a listing of all the books I've ever read, but believe me, I've had a lot below 3 stars (unfortunately). Fortunately, most of them have been checked out from the library and I've recognized them as losers after the first 30 pages or so. (which isn't bad on an audio CD as far as time goes).

CPA -- I haven't studied Robert Kiyosaki enough to have an opinion about him per se. I have read Rich Dad Poor Dad and generally, I agree with the principles in it. However, I do understand that since he wrote that he's taken an increasingly anti-establishment (and to some, strange) view on personal finance. I won't be able to form a full opinion until I read a bit more from him, but knowing what I know, I'm not sure it's worth the time.

I have read most of the books on your "A" list. They represent an excellent selection. For beginning investors I would add William O'Neil's book on "How to Buy Stocks."

I have read several books in the Rich Dad / Poor Dad series. I like them, with two caveats. First, they bear a strong stylistic resemblance to The Richest Man In Babylon. They share some of the good points of that book in that both make some very important points about personal finance and investing in the form of parables. You will get much of the same value for The Richest Man In Babylon in that respect. Secondly, not all of Kiyosaki's advice is not for everyone or for every stage in your investing career. I suspect that most of it is useful to some of his audience.

Read Kiyosaki carefully. There are some real gems of universal advice. One I particularly liked was to not view your home as an asset. It's a good example of why you should think about his advice. I agree that your home is not an asset per se. However, I disagree that it is solely a liability. The reason is that most liabilities are things you can do without if you want to. You don't have to carry a credit card balance or take out a loan to buy a car, but you are going to have to wait longer to make purchases. However, you need a place to live, whether you buy or rent. As such, I would rate his books favorably, but in the neighborhood of about 5-6 stars.

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