Hacker News Reader

Fun fact: in my almost 10 years experience in banking I've never met anyone in the industry, who'd consider the book not a scam.

And you know you're in trouble, if even bankers consider you a scam.

View on HN

Whether the autobiographical bits are true or not, the highlights as presented by the article are a valuable message for people who didn't already understand as such.

A friend of my is a zealous adherent of "Rich Dad, Poor Dad". So much so, that the first thing he did after saving up enough money on his first real job, was to follow the book's advice: take out two mortgages and get two apartments. That was around early 2008. In my opinion that is a very shitty outcome: you're stuck with real estate in a stagnant market, bogged down by mortgage payments, and thus totally lacking any professional mobility. Your only choice is to wait out, rent out what you can, and hope to break even sometime in the next 20 years.

In my opinion, personal financial stability (and even prosperity) can be boiled down to a few simple rules:

1. Earn more money than you lose.

2. Be very careful with debt.

3. Take risks, but be very aware of the downsides.

4. If you have to invest, invest in yourself first (education, connections, etc.) and in securities second.

Reply on news.ycombinator.com