[ExI] rich dad poor dad

[Harvey Newstrom]

... beggar dad thief dad ...  Isn't that where this is headed?

On Wednesday 13 May 2009 1:48:58 am spike wrote:
> There is a local seminar from the author of Rich Dad Poor Dad that is being
> advertised on the radio.  The lead-in advice to attract listeners seems
> like terrible advice.  Perhaps some here have heard the ads.  They say
> right up front that working and saving will never get you rich (therefore
> don't bother trying.)  There are other notions in there that will likely
> prove ruinous to those who follow the advice, but consider the masses who
> hear the ads and do not attend the seminar.  I can imagine the actual ads
> leading to financial ruin for millions.

As with most scams, the premise is really true, while the conclusion is 
lacking.  I think it is true that working at a regular job, for a regular 
wage, and trying to bank some fraction of that, will almost never lead to 
riches.  So people can buy into this pep talk about getting out of the rat 
race (and into real estate in this case).  But they don't really have a 
solution for how to get rich in real estate.  They offer vague examples and 
claims that some people have gotten rich from it, and so can you.

On Friday 15 May 2009 3:23:50 am Stathis Papaioannou wrote:
> It's true that working and saving will never get you rich. The trick
> is to come up with a scheme that legally transfers other peoples'
> savings to you at a rate greatly in excess of the value of the work
> you put into it.

This is exactly why these types of professions turn into ponsi schemes. They 
only work in a market that expands forever and never runs out of new 
customers.  As soon as the market is saturated, the scheme collapses.

-- 
Harvey Newstrom <www.HarveyNewstrom.com>