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Comment: Rich Dad Poor Dad My Dad Your Dad...Dr.Seuss

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jrd3820's picture

Rich Dad Poor Dad My Dad Your Dad...Dr.Seuss

I wasn't quite sure where to put this....

I searched Amazon high and low for the edition of this book I have, but I think I might have the only special yellow letter copy, so I guess I’ll just post this link.

One of the early stories about how the author tried to make money as a kid cracked me up. He tried to literally make money by melting down old toothpaste tubes to cast nickels. I tried to make money once when I was a kid by tracing monopoly money. I even put my cousin to work with me. ‘Here, trace these with me so we can go down to the ice cream shop’ lol….We thought we had figured out the answer to all our parent’s monetary concerns. Why hadn’t anyone thought of such a brilliant plan we wondered to ourselves as we traced away.
Know the difference between assets and liabilities and buy assets.

The house thing was interesting to me because I have been saying for years now that a house seemed like more financial trouble than it is worth if you really can’t afford it, and most people I know can’t afford the houses they live in along with the lifestyle they want to live.

I have a friend that made 4x as much as I did in 2013. Yet after her house payments, taxes, homeowners insurance, car payments, car maintenance, car insurance, gas, property taxes, home repairs, and the need to keep up with joneses as far as electronics and new toys….she spent more than she made and I spent less than I made and I walk away with a profit. A small one, but +1 is still more than -1.

I haven’t had a car since 2006. I found out quick that cars are huge liabilities. I figured out when I had a car I was working one of my numerous jobs at the time simply to pay for the maintenance, insurance, gas, plates and registration. When I finally got rid of that car and decided not to get another one until I was in a more than comfortable enough financial position to afford one I felt more financial freedom than I can even explain.

It’s not quite as simple as buying assets though. He said to buy assets you love. I can’t think of anything I love that would be an asset. I have enough financial literacy to have stayed away from liabilities thus far and to know how to avoid liabilities. I don’t have any assets and I’m not really sure what assets I should even consider acquiring.

Land was wealth 300 years ago. So the person who owned the land owned the wealth. Then it was factories and production, and America rose to dominance. The industrialists owned the wealth. Today it is information. And the person who has the most timely information owns the wealth. The problem is information flies all around the world at the speed of light. The new wealth cannot be contained by boundaries and borders as land and factories were. The changes will be faster and more dramatic. There will be a dramatic increase in the number of new multimillionaires. There will also be those who are left behind :(.

But I don’t like it…. I like being a luddite…. Good thing I have a famous techy friend who sent me a copy of Wired magazine in an effort to keep me updates on the world of wires and buttons and whatnot.

Chapter 7 had a great story about an author in Singapore who was a good writer but didn’t know anything about marketing or sales. I think that happens with a lot of artists. Some of the biggest musicians right now simply know how to market, but in some cases their music is assembly line mass produced jingles that are just marketed better than some really great musicians who are making amazing music that is just not hitting charts. Anyways, he pointed out to her that he himself isn’t actually a writer, he is an author. He sold a book, he didn’t write a story. She was sitting there with a bestselling author and wasn’t interested in his advice because he wasn’t a trained writer. What?!?! That is crazy. He said it himself….he said he wasn’t a writer, he was a salesperson, and that she was a writer not a salesperson and combining those two talents could have made quite the combination. Some people have too much pride to learn from others.

Ok, anyways…what I recognized in my habits already….habits that I have had for years now is that I know how to identify a liability and I stay far away from them. I don’t know how to identify or acquire assets. That leaves me kind of in the neutral as far as money goes. I’m not rich or even financially comfortable per se, but I don’t have much in the way of negative financial issues going on.
I have always known I am not a salesperson or good at marketing, so while I read those chapters, I actually paper clipped them to remind myself to read deeper and perhaps read with a high lighter.


The above was typed prior to a trip to my mailbox on Saturday. I now have a double yellow letter special edition. Just get something started. Got it. (landmark forum speak for acknowledged and processed).

Now, I have a special edition of Wired magazine to read also. I love personalized special editions.

But 1st some Dr. Seuss for the bookshelf inspired by my comment title.