Did you read Rich Dad Poor Dad?

Question

My son and I just read Rich Dad Poor Dad together and I was reminded how important it is to generate enough passive income to get out of the "Rat Race."

What are you doing to build your asset column and get onto the "Fast Track?"

Personally, I started with buy and hold rentals in Memphis a couple of decades ago and it's made all the difference.

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Michael Hayes · Answer

Absolutely!  I'm finding myself needing to take a step back to fully implement the teaching and build cash flow though.

Brandon Vukelich · Answer

Yes, a must-read for just about everyone that ever plans to buy real estate.  It sets the correct mindset regarding your personal home as a liability vs an asset and so on.  My family also owns the CashFlow game and I've made my two teen kids reach Rich Dad, Poor Dad for Teens. I'm telling them they don't need a 401k, they need a fourplex. :)

Justin Suyama · Answer

I've read it a couple times and listened to it recently with a friend. I'm working to get out of the rat race by investing/partnering (as a general contractor) with others in the Air BNB and Adult Family Home markets in the greater Seattle Tacoma area. The goal is passive income and using my assets as leverage to purchase more.

Douglas Skipworth · Answer

That's awesome, @Brandon Vukelich!

My son plays the online version of the Rich Dad Poor Dad Cashflow game.  It's very a powerful teaching tool.  I've got my CPA license and he already has more practical knowledge of balance sheets and income statements than I did when I finished undergrad!

Douglas Skipworth · Answer

Congratulations, @Justin Suyama!  You're living out one of my favorite concepts from Rich Dad Poor Dad - "keep your day job and mind your own business" from Ch 3.

As you know, if you keep your personal expenses below your personal income then you'll be able to invest in assets that generate their own income!  The first question my 16-year-old son asked after he read the book was, "Why doesn't everybody in the world do this?!"

Are you able to get some ownership in the assets just by contributing your time and skills (ie, sweat equity) or do you have to put up cash?  Getting an ownership interest in an asset with little (or none!) of your own money down can be an amazing way to build wealth!  That's what I attempt to do whenever I can, especially in Memphis real estate.

Did you read Rich Dad Poor Dad?

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