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« The Best Personal Finance Magazine: March 2006 | Main | Comments: 10 Attitudes of Successful Workers »

February 24, 2006


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I think Kiyosaki's 3 points and your 2 are all valid.

Your first point about overspending i think is the most accurate. Some people just don't understand the true cost of overspending and carrying debt. Especially when the overspending is an attempt to improve their image (i.e. pricey clothing, fancy cars, etc...)

For some, the concept that "Image is Everything" trumps all other reasons to save and live below your means.

Perhaps the phrase should be updated..."Image is Everthing...Debt is Forever"

Great Article!

Definately true - but I think that the spending and debt that most Americans find themselves in is the direct result of being uneducated about money. If they understood credit and compounding interest better, they might be more compelled to spend/save responsibly...

I want to make a particular point about the school system issue. This is something that I have complained about my entire adult life. I used to say that it should be required of all college students that they take a class about personal finance. I now think that should be at the High School level.

I have recently discovered an organization called Operation Hope:

They provide classroom education to High School students, primarily in lower income areas, on budgeting, checking, savings and credit cards, as well as a brief lesson on investing.

I will begin as an instructor in about a May and am very much looking forward to it.

I totally agree with your two reasons. That's why I am trying to save as much as reasonally possible now. Thank you for your continuous posting of good articles and your own thoughts.

Here are two more reasons:

1) Thinking about your financial shortfalls is painful. It's easier to go to the bar, watch television, or buy a new toy than accept you're financially incompetent and figure out what to do about it.

2) Thinking about finances takes time. If you're taking care of the kids, working 10 hours per day, and trying to maintain your love life, there's not much time for investing. If you want to become a competent investor, you almost have to give something up. And for many people, that just seems impossible.

In one sense, I'm a big fan of RK and what he's trying to do, but I have to say, he's becoming increasingly condescending. By polarizing the rich and poor, he creates some interesting comparisons, but he also demonizes poor people. Some people have better things to do than get rich.

Sounds to me like your points are merely symptoms of Kiyosaki's "lack of vision". Not being able to see past your current spending, and the reasons for it, along with thinking you have plenty of time to recover seem to me to indicate a lack of vision. So, yoiur points would appear redundant, to me anyway.

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