Rich Dad Poor Dad Book Review

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Rich Dad Poor Dad

This book has been around for a while, and I recently picked up the 20th anniversary addition. This is a book that I would have never read a few years ago, but recently I have been coming to some realizations about life, and I started looking into personal finance and money. I have read a lot of blogs and watched countless you-tube videos on finance and one book that kept coming up was Rich Dad Poor Dad. Many people recommended it, and said it really changed the way they think about money. There also is a lot of controversy about the author Robert Kiyosaki. There are some mixed reviews out there for sure, and I like to read the controversial stuff and make the decision for myself. A lot of people that criticized it think that the story is not true, and Rich Dad was not a real person and Poor Dad was not actually poor. To me , it doesn’t matter if its true or not, the book never says either way, but I was more interested in the philosophy and mindset towards money. I really liked the book, at the end of each chapter there was a section of questions and review, it made a good recap on the information and made you think about your own situation.

The book is pretty simple really, no complex investing or schemes. Here is a breakdown:

Rich Dad – has money work for him. Is an investor and or business owner. Pays himself first, and taxes second. Buys assets not liabilities.

Poor Dad – Works for money, is an employee, works for someone else or is a self employed person. Pays taxes first and himself second. Buys liabilities, not assets.

We probably have all heard about assets and liabilities before, but I had never really given it much thought. Here is another simple breakdown

Assets- make you money (passive income)
Examples – a rental property, mutual funds, ownership of a business, stocks, etc..

Liabilities- cost you money
Examples – a car, debt, (credit cards etc.) loans, anything you buy that doesn’t make money, like a big screen tv.

This book really shifted my beliefs toward money. You will never get rich working for someone else, you have to buy assets, not liabilities. It is full of examples and stories, and I would recommend anyone who is wanting to learn more about money and finance to check out this time tested classic !

Master your Mental Strength – Book Review

I just finished reading this book and its great way to kick off the new year. If you are looking to up your game in life, check it out !

13 Things Mentally Strong People Don’t Do

Amy Morin

This book caught my attention from Amy Morin’s Ted Talk about becoming mentally strong. The description used the analogy that we have to build mental strength just like physical strength. I am into working out my physical body by doing yoga, hiking, jogging, etc, but I never had the thought that you could work out your mind in the same way. There have been some areas in my life where I want to make changes, but I always seem to get stuck or not get very far or just get bored quickly and not getting the results I wanted So after hearing Amy’s Ted talk, I picked up this book to see what she was talking about. The thirteen things are:

1) Don’t waste your time feeling sorry for yourself
2) Don’t give away your power
3) Don’t shy away from change
4) Don’t focus on things you cannot control
5) Don’t worry about pleasing everyone
6) Don’t fear taking calculated risks
7) Don’t Dwell on the past
8) Don’t make the same mistakes over and over
9) Don’t resent others success
10) Don’t give up after the first failure
11) Don’t fear alone time
12) Don’t feel the world owes you anything
13) Don’t expect immediate results

Whether you are trying to start a new business, facing a layoff, dealing with family members, trying to work out more, whatever it is you are trying to do, this book can help you.

At then end of each chapter there is a summary of what to do and what not to do, and there are tips through out the book that you can apply to just about any situation in life. Amy is a licensed clinical social worker, college professor and psychotherapist, she has a wide range of inexperience that she put to use in this book.

A few areas in my life needed a little kick in the pants, and this book has helped me move my goals into high gear !

I am going to a few blog posts on the 13 things coming soon !

Why I don’t set New Years Resolutions

Every year someone you know will be setting new years resolutions. They are going to lose weight, go to the gym more, stop eating afternoon cookies, read more, write that book, this list goes on and on. In the cold and dark of January the yoga studios will be full, gym memberships skyrocket, the parking lot at the gym is full. But come February, the yoga studios are calm again, there is parking at the gym again, and a lot of new gym memberships have been sold, but most people fall back to their old routines of not going to the gym and eating cookies.

I have always wondered why we set set goals for January, that is the worst time of year. Its cold outside, its dark, windy, snowing, raining, everything is covered in ice. Well at least where I live in the northwest. The weather isn’t any better in December, but at least there are the holidays too look forward too, and eggnog. Whats the difference between December and January ? A number on the calendar ! It will change from 2017 to 2018.

Why use a new year to set goals that you know you most likely are not going to achieve anyway ? Is it because everyone else is doing it ? Its just a fad to do it at the turn of the year. Sure a new year means you are getting a little older, maybe a little fatter from all the eggnog you drank (maybe that gym membership isn’t such a bad idea after all).

How many people take a look back at their new years goals in March and check their progress ? Not many, by the time the flowers of spring come around most people have long since forgotten their new years goals.

Setting new goals and actually following through requires on going accountability. If you want to set lasting goals you need to set them much more often and check your progress at regular intervals. You have to take small steps. Sure you want to set big goals, but you have to break them down into bite size chunks. If your goal is to go to the gym more this year, think about how much you went to the gym last year. Did you go twice in January and call it good ? Or did you go 3 times a week all year ? Setting a goal and forgetting about it doesn’t do any good. It takes work !

Instead of setting non specific goals like going to the gym more this year. Set something like, I am going to go to the gym once a week in January and see how I feel. In February I am going to go twice a week and try some new machines. In March I am going to join the yoga class. At the end of each month you can easily measure your goals and re evaluate your future goals. Didn’t make it to the gym twice a week in February ? Why was that, was it something out of your control ? There was a blizzard and you woke up to 3 feet of snow blocking your driveway ? Or was it something that you did like stay up a little too late watching that new show on Netflix ? Don’t beat yourself up for things you can’t control, but you can take responsibility for the things that are in your control.

The first thing I do in a new year is perform a postmortem on the last year. So what did you do in 2017 ? was it everything you set out to do ? Did you just even set out to do anything new in 2017 ? which goals did you achieve ?

I like to call it my 2017 autopsy. Yea I know its not as fun and sexy sounding as a new years resolution, but 2017 is DEAD ! GONE ! January is time to take the last year and reflect, what did I do right ? Wrong ? What can I learn from my experiences last year and apply them to next year. I don’t want to repeat the same mistakes, follow the same rocky road.

What did you do in 2017 ? how can you leverage what you learned last year to improve this year ?