I would like to recommend an excellent book on finances, especially to the younger folks out there, I wish I had read it 30 years ago. It's called "Rich Dad, Poor Dad", by Robert T. Kiyosaki. Even if getting rich is not your goal, this book has valuable insights on the educational system and how and why people are encouraged to indebt (and enslave) themselves. Another excellent (and easy) book on basic economics is "Economics in One Lesson" by Henry Hazlitt. Get them from your library (interlibrary loan if necessary), get them for your children. I would appreciate feedback from anyone who has read

-- J.S. (stoom2@hotmail.com), May 02, 2002

Answers

J.S. I have read the entire 'Rich Dad' series. I found them to be very good books. It has made me and my husband rethink the idea of jobs and making money. I think that we all buy into the idea that we have to have work hard and maintain job security. There is no job security. When I work hard (i am a county employee) someone else takes the credit and someone else pockets from it. I'm not saying not to work hard but its a system set up to work for others not the middle or little guy. Personaly I'm not too big on investing in the stock market but we do own rental property and will continue to dabble in this and hopefully soon make this our only source of income....

-- Michelle Thomas (mpthomas83@hotmail.com), May 02, 2002.

Another good book is "Financial Peace" by Dave Ramsey. changed my life and the lives of others that I passed it on to. Has a step by step program to get your life in order. I recommend it. We are bombardeed with advertisements all day to buy this, buy that, Keep up with the Jones, etc.....I have taken a lot of flak because I have just one vehicle. It's me, my DW and three kids. DW is expecting in four weeks and we just bought a van, for cash!! Have only a mortgage payment and work from home. No need for two vehicles as we may drive 30 miles a week tops. Nearest family members are four hours away. I guess what I'm rambling on about, is take care of your family, avoid debt and to hell with what the "Jones" think. They're not any happier than you are and they probably stay up at night worrying about how they'll pay their debt on all the "nice" stuff they have. March to your own drum!!

-- mike (mparish48@msn.com), May 02, 2002.

He has some worthwhile things to say (like your house will NEVER be an asset, even when paid off, because of taxes, etc.), but the series is very poorly written, and all of it could have been said in two well- written books, instead. Lots of repetition in each book.

Also, his books are full of statements like "Incorporate yourself," so you can write off this or that, but nothing about the difficulties and disadvantages of incorporating. And, his books are mainly about trying to sell his "Cash Flow" game, which is to all appearances a glorified and expensive Monopoly game (ooooh, buy real estate--but nothing about the problems of dealing with real estate....).

The first book, Rich Dad, Poor Dad, really slams his real Dad (the "poor" one he talks about). It was very painful reading at times because of this. Money is not everything, but unfortunately to Robert (the son), it is. The later books are not as disrespectful towards his father, but the attitude is still there.

So, the books are interesting, but as one reviewer in Amazon put it, you could put the entire first book in a magazine article and not lose anything. The rest of the books have that much filler as well.

-- GT (nospam@nospam.com), May 02, 2002.

I have only read the first "Rich Dad" book. Reading between the lines I would say that the author and his "poor" dad did butt heads, probably because they did not share the same values. I did not find him to be overly materialistic as much as he understood the freedom that comes with financial independence. I liked his insights into the behavior of the rich as opposed to the poor, ie friends asking for loans or jobs but not how to create their own wealth. I agree that he was hawking his expensive board game, but if it is instrumental in helping someone understand the "money game" then maybe it isn't so expensive after all. I will have to find "Financial Peace" asap. Thanks for the fe

-- J.S. (stoom2@hotmail.com), May 02, 2002.

J.S., Kiyosaki makes it sound very easy to do what he does, but short of winning the lottery, or being a trust fund baby, you're still "working", you're just trading one set of problems for another.

Any landlord can tell you about problems with tenants (sure, you can hire managers, but that is still money going out), properties, etc., the stock market you have to keep an eye on, etc.

So, it is not necessarily "bad" to work for someone else, provided you like your job. The other books are interesting as well. At least they provide a springboard for evaluating different ways of making money.

-- GT (nospam@nospam.com), May 02, 2002.

It is true that being a land-lord can be bothersom sometimes. We just had to replace a back door and carpet in one of our rentals because the tennants had thier dogs in there! We don't allow pets. But that is the reason for the deposit. But other than that we have been lucky. We interview applicants before we decide on the tennants. I guess we do discriminate a little. We won't rent to college guys for instance. But for the most part the hassle is only minor. But we don't own alot of rentals and don't ever want to. And it is a good way to earn money. I've been in business for myself before (in retail) and this works better for our family. I do believe that being debt free is the only way to travel. And this is still working but without quite so much hassel. I also realize that I may change my mind in a few years and hate this rental business. Thats when we'll check realistate rates and hopefully sell out at a good time. I do happen to like my job and thats why I continue to put up with 'county politics'. I'm an athletic director and enjoy what I do. I also have 3 boys who enjoy my job too! We all play sports of some sort. Anyway I guess people should just do what feels right for them. AND I too didn't agree with everything in the 'Rich Dad' series, but then, I find that to be the case in most of the books I read....

-- Michelle Thomas (mpthomas83@hotmail.com), May 02, 2002.

'The Richest Man in Babylon' is an excellent book on the topic is you can get by some "thee's" and "thou's" in the text. 'The Millionaire Next Door' and 'The Wealthy Barber' are also excellent. I'd recommend those above the Kyosaki books. I've not read the Hazlitt offering but will based on your recommendation. Thanks.

-- Gary in Indiana (gk6854@aol.com), May 02, 2002.

Personally, I feel the best book on the subject is YOUR MONEY OR YOUR LIFE by Joe Dominqueze and Vicki Robin. It should be made mandatory reading in high school.

-- Sandy Davis (smd2@netzero.net), May 03, 2002.