Posted by Mark LaNore on October 21, 2000 at 01:40:38:
Walker -
I’ve read Rich Dad Poor Dad and it’s a primer. The rest of the books by Robert Kiyosaki and Sharon Lechter (The Cash Flow Quadrant and Rich Dad’s Guide to Investing) are very good books in my opinion. They also have a board game (believe it or not) for sale. Although it’s not the same price as your local Monopoly game at your local game store, it will teach you in a fun way about the subject material you are interested in. Another author from a few years ago is Vanita VanCaspel. She wrote a book called Money Dynamics for the '80’s and Money Dynamics for the '90’s. Those books was also very helpful.
Financial related things are seldom taught in our public education system. Yet it’s such a vital component of our lives as adults.
Have you tried your local community or junior college with regards to any classes on personal finance or beginning investing? There may be some resources there as well. Also I’m sure the Internet has something if you do a search on those specific topics your interested in on one of the better search engines.
Anyway, good luck in your further education and investing.
In DOW, Lonnie talks a little about compound interest. He also emphasizes educating ourselves about handling our finances. These are things I’d never really thought much about until recently. He’s right, I was never taught these things in high school. Not even in college.
So, I’d like to hear from people on this forum what books they recommend on these subjects. Someone recently mentioned “Rich Dad, Poor Dad”. I haven’t read it yet but I plan to. Any others?
Lonnie, I’d especially like to hear from you on this. And you too, Ernest.
Don’t make the mistake of spending all your time reading these books and doing nothing about your situation. Read them and then force yourself out there to do something about your financial situation.
I have read a lot of books, but the two that have made me the most money are Lonnie’s DOW & Making Money With Mobile Homes (I count these as 1 book) and Jimmie Napier’s “Invest In Debt.” Those 2 (3) boil it all down for you. Those two books have made me far more money than some expensive courses from R.E.
Gurus.
Kiyosaki’s Rich Dad Poor Dad and Cashflow Quadrant are also must reads IMHO. They open your mind to the cashflow side of things and get you thinking about where the money should be flowing, what is an asset, etc.
I would also add to the above–“Think and Grow Rich” by Napoleon Hill as well as “The E Myth Revisited” by Gerber.
For mobile home investing, I also really liked Ernest Tew’s “Get Rich Helping Others”-- it is kind of like a course and kind of like a book. He gives some examples of deals that can work that don’t fit the parameters of the typical Lonnie deal and also talks about buying parks.
Finally, to help you keep your head on straight, read “Atlas Shrugged” by Ayn Rand, and “How I Found Freedom In An Unfree World” by Harry Browne.
There are other great books out there, but the above are the ones that have helped me the most.
I cannot say enough about Jimmy Napier, Chipley, Florida, “600 people counting trees.” If you want to write, he is drawer F, zip 32428. His phone is 850 638 0005. He is not there right now. He is conducting a class at Gulf Breeze, near Pensacola Florida. Wish I was there. He is spending his first Social Security Check on the evenings party.
His book “Invest in Debt” is a winner. It does not teach you the calculator, and it is possible to find an annuity program which is not so simplified it is useless. It is fun to play with the financial calculator, though. Most everyone recommends the cheaper TI Business Analyst, but I like the HP 12C, about 60 dollars. The HP has a really good manual. If you work the book, every problem, you will have the equivelent of an undergraduate level of training in financial math. You do not need that, at least at first. If you know it exists, you have more power, though. There are also tape classes which teach the calculator. I learn mine on a long airline ride.
You will feel the ground shift under your feet when you get it right. Your entire view of the world will change! If you learn how to use the top five keys on that little calculator, you will realize why they say bankers rule the world. Do not rage against them become one. There are tens of thousands of people who work in banks who are not bankers, even though they are loan officers, etc.
This just might be a bit heavy for what you thought was a simple question. Do not worry. Pick up what you want, what you need. You will see this information again, now that you are tapped into the source. Congratulations.
The Rich Dad, Poor Dad series is great, as mentioned by other posts here on this site. You might also check out Investor Relations | IBM
Its a guide for understanding financials.
As far as the Cashflow game is concerned, a way to learn the game might be to buy the game as a group since you’ll need a few willing participants to play and the game is not cheap. But neither is a financial education.