Tuesday, November 15, 2005

Property Grunt on financial books

This weekend, the NY Times had an article about some of the bestselling books by financial gurus such as Robert Kiyosaki of Rich Dad Poor Dad fame. I was planning to write about it, but I came across this article at Property Grunt that pretty much said it all for me!
I liked this point:

The author of Secrets of the Millionaire Mind "recommends creating a fund just for frivolous purchases because you need to fill your inner spirit."

Property Grunt's response: "What is this inner spirit called? Credit card debt? If you want to fill your inner spirit go to church, temple, become a Buddhist or join the Peace Corps. Money has no place there. By substituting consumption for spiritual well being you will be creating a black hole that will never be filled."

1 comment:

Anonymous said...

While I hate Kiyosaki with a passion, and I am annoyed with Eker for making his book into a big infomercial for his seminars, there is some value to selective self-help reading. Like anything, changing ones habits and values takes time, practice, and reinforcement. I must say, that I did find Eker's book to be right on the money (no pun intended).

I have a mid-7-figure NW myself, and I have worked with many wealthy people as an advisor, and I do think he pegs their attributes (and mine) quite accurately.

Actually, after reading his book, I have concluded that I have been setting my sights too low.

Even after you become a millionaire, you can always learn something new. You just have to be careful whom you choose to listen to.