21 Years Old- ON THE SEARCH FOR MY RICH DAD

[John Colin Rogers]

I’m new to real estate. I’ve been reading tons of blogs and books which have raised a red flag that college education isn’t the only thing I need to be financially free Funny because this is what my poor dad has been telling me all my life. I want to be disappointed in him but he does not know better. He’s ignorant when it come to cash, but very educated and structurally sound when it comes to derivatives, logarithm, history, chemical composition just about anything. I am on the search for my Rich Dad. I am a new born orphan with a brain like a sponge in a new industry that I desire to succeed in. Please share you wisdom ! I WILL NOT BE A PRODUCT OF THE RAT RACE !!!

[Jim K.]

@John Colin Rogers

You're looking for a Rich Dad. I'm going to talk to you like a real estate dad, OK?

First of all, there's a bit from Rich Dad you need to get drilled straight into your head, because it clearly isn't there right now. SPEND YOUR MONEY LIKE RICH PEOPLE DO, ON NECESSITIES FIRST AND ASSETS SECOND. Do not urinate your money away on liabilities.

Second, please let this be the last time that you'll post your credit score in a public forum NEXT TO YOUR FULL NAME. That was just silly. I won't hold it against you. I've done sillier in my time.

Third, MSRP on a 2018 Camaro starts at $25,905. Did you borrow anywhere near $26,000 to buy that car? If you did, could you explain what special benefits you're getting out of that car versus, say, a $4000 paid-off s***box that gets you from Point A to Point B?

Why exactly have you needed three credit lines in the past, at the age of 21? If you don't want to tell me in an open forum, and there would be no way I would, you can send me a message and we can have this discussion elsewhere.

Finally, I am jealous of you. I wish I was 21 and starting to learn what I know now. Because when I was 21, I was fully focused on graduating at the top of my class and getting a full fellowship to grad school. I did it. I went on a full PhD ride to the Ivy League. My parents cheered. And it was among the stupidest decisions I've ever made in my life, because I too was stuck with a poor dad who knew less than nothing about money.