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    Anyone been to a Rich Dad Education meeting

    There is a meeting in Des Moines and they claim that it is about learning to make better financial decisions, but the success stories on the website point to people with real estate transactions. Has anyone been to one of these or know what they are about?


    “Also, I met a lot of Iowa State fans and I don’t want to leave any of that behind.” - DARIUS DARKS on Staying a CLONE!!!


    Matt (00 Alumn)
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    Re: Anyone been to a Rich Dad Education meeting

    If you are speaking about Robert Kowsawki (SP) then yeah I have been. Robert is really good and if you read his book it does help your financial growth. However there will be a bunch of other mucks there trying to sell there crap. don't buy it.



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    Re: Anyone been to a Rich Dad Education meeting

    Thanks, one positive is better than all the negatives I was thinking.


    “Also, I met a lot of Iowa State fans and I don’t want to leave any of that behind.” - DARIUS DARKS on Staying a CLONE!!!


    Matt (00 Alumn)
    Waukee, Iowa

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    Re: Anyone been to a Rich Dad Education meeting

    I would highly recommend Financial Peace University, or any other of the Dave Ramsey -based curriculum. There has to be several groups in the Central Iowa area.



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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by herbiedoobie View Post
    I would highly recommend Financial Peace University, or any other of the Dave Ramsey -based curriculum. There has to be several groups in the Central Iowa area.
    Never read any Ramsey, are these for people just starting out or those who have completed the basics and are looking for what to do next. That is my issue right now, I have worked hard to clean everything up debt wise, max out my 401k, invest for college savings, and now I am sitting here asking what to do next.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: Anyone been to a Rich Dad Education meeting

    LOL...I resemble that remark



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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by brianhos View Post
    Never read any Ramsey, are these for people just starting out or those who have completed the basics and are looking for what to do next. That is my issue right now, I have worked hard to clean everything up debt wise, max out my 401k, invest for college savings, and now I am sitting here asking what to do next.
    In my experience, there IS NO "next." Other than to develop short-, mid- and long-term goals and to have the discipline to hit them, as well as to develop a budget that supports those goals and stick to it, that's it.

    Everything else is pretty much a way to separate you and your money.

    What I am learning from Ramsey, is some fairly conservative strategies that are designed to deal with uncertainty and improve your relationship with your spouse. As in, "don't buy a car on credit." Buying ahead using a "sink" fund will guarantee the lowest price possible. And if you ever lose your job, you won't be squeezed by a car payment. When you combine this strategy with always buying used, and hopefully not from a dealer, you'll save some serious cash. Stuff like knowing how to do your own basic maintenance, which will pay off in several ways.

    Ramsey advocates having 3-6 months of expenses in an emergency fund in a cash equivalent like a money market. Again, it is counter to some of the more "sophisticated" advice you may get out there, but those same "sophisticated" people are pretty much "screwed" if they lose a job, etc..

    His advice on real estate is a little unusual. He "tolerates" mortgage debt, but you can tell he doesn't like it. Probably because he had a real estate fortune at one time and lost it all due to an unforseen event. I once had to give a house back to the bank, myself, and I'll tell you, that "cheap mortgage loan" isn't very cheap when you can't afford it due to loss of income, and are forced to give the house back at a fraction of it's value.

    He gives advice on petty consumer ripoffs, such as car leasing, loan insurance and such. It definitely makes the knife a little sharper, if you're already pretty much out of debt, etc..

    Everything sounds extremely basic and simple, but all the real good things ARE basic and simple. But not necessarily easy....



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    Re: Anyone been to a Rich Dad Education meeting

    I have been to several. You will have an opportunity to hear him speak, but there will be "break out sessions." Some may be beneficial to you so don't write them off. He is all about using profits from a business to buy property and cash flowing the properties. Keep an open mind and see what fits your situation. Good for you for starting to take control of your finances. Good luck.



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    Re: Anyone been to a Rich Dad Education meeting

    Rich Dad is all about creating a "passive" income stream...ie: you don't have to "punch the clock" to get paid. Income generating properties and the like.

    Dave Ramsey offers some very basic advice but I would suggest that his word is targeted to those who are very conservative and not that interested in building great personal wealth.

    Most of these guys offer up some decent ideas...you need to see what can work for you or fit into your situation.

    One thing is for certain...all of these guys are making a killing selling their books and systems because most people are out looking for the "magic financial bullet".



    I cheer for two teams, Iowa State and whoever is playing the hawkeyes.

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    Re: Anyone been to a Rich Dad Education meeting

    I disagree that you cannot build "great financial wealth" using Ramsey's system. I also disagree that Ramsey's system is a "scheme".

    "Flowing cash" is, in most "schemes" living on a razor's edge between having a huge self-worth, and being bankrupt. It's also morally corrupt.

    My last landlord, here in Germany, was "flowing cash" from 16 properties, before he fell over dead from a stress-induced heart attack at the age of 40. (If you think you just sit back and collect money without constantly running your butt off, you are an idiot.) When the widow realized that she was now trapped with all these balls he was juggling, she declared herself intestate, which wiped her out, and the resultant snowball effect screwed over all his creditors, and even the tenants lost their deposits, etc.. So, I got to lose a couple grand and had to find a new place to live because of his lack of personal integrity.

    Leveraging cash is generally a "lack of integrity" move. There is a better way to create great personal wealth. You ever read "The Millionaire Next Door?" None of the case studies became wealthy through a "scheme." Of course, all the ways to become wealthy with integrity take time and hard work, and I'd understand why "some" folks wouldn't want to do that. But I'd "race" anyone who wants to try, over a period of 40 years, to create more wealth using "schemes" versus someone who uses Ramsey's method, with discipline.

    I just had a thought. Isn't there a good parallel between the folks not willing to invest time and hard work and those who whine about the win/loss record of a coaches first year? Hmmmm



  11. #11
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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by herbiedoobie View Post
    I disagree that you cannot build "great financial wealth" using Ramsey's system. I also disagree that Ramsey's system is a "scheme".

    "Flowing cash" is, in most "schemes" living on a razor's edge between having a huge self-worth, and being bankrupt. It's also morally corrupt.

    My last landlord, here in Germany, was "flowing cash" from 16 properties, before he fell over dead from a stress-induced heart attack at the age of 40. (If you think you just sit back and collect money without constantly running your butt off, you are an idiot.) When the widow realized that she was now trapped with all these balls he was juggling, she declared herself intestate, which wiped her out, and the resultant snowball effect screwed over all his creditors, and even the tenants lost their deposits, etc.. So, I got to lose a couple grand and had to find a new place to live because of his lack of personal integrity.

    Leveraging cash is generally a "lack of integrity" move. There is a better way to create great personal wealth. You ever read "The Millionaire Next Door?" None of the case studies became wealthy through a "scheme." Of course, all the ways to become wealthy with integrity take time and hard work, and I'd understand why "some" folks wouldn't want to do that. But I'd "race" anyone who wants to try, over a period of 40 years, to create more wealth using "schemes" versus someone who uses Ramsey's method, with discipline.

    I just had a thought. Isn't there a good parallel between the folks not willing to invest time and hard work and those who whine about the win/loss record of a coaches first year? Hmmmm
    Dude you simply don't know what you are talking about-no disrespect intended. But cashflowing is NOT as you describe and flow of cash IS NOT morally bankrupt. Furthermore your description of intestate is WRONG! Intestate is as follows:
    The act of dying without a legal will. Determining the distribution of the deceased's assets then becomes the responsibility of a probate court. Therefor one can't declare themselves intestate rather it is a process.

    Let me ask you a question in re: leverage: do you have a mortgage? Or are you a renter? Leverage isn't a bad thing no more than a hammer isn''t good or bad rather how it is used. How does Ramsey adress business ownership?

    But you really need to be careful as you are giving really bad, non-factual info, and that is "morally corrupt".

    j


    As far as depth goes though, the combination of White, Woodbury, Olaseni, Basabe, and Uthoff is much better than Niang, Ejim, Edozie, Gibson. Not because of the top 2, but because of the next 2 or 3. -DeanVogs

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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by jmb View Post
    Dude you simply don't know what you are talking about-no disrespect intended. But cashflowing is NOT as you describe and flow of cash IS NOT morally bankrupt. Furthermore your description of intestate is WRONG! Intestate is as follows:
    The act of dying without a legal will. Determining the distribution of the deceased's assets then becomes the responsibility of a probate court. Therefor one can't declare themselves intestate rather it is a process.

    Let me ask you a question in re: leverage: do you have a mortgage? Or are you a renter? Leverage isn't a bad thing no more than a hammer isn''t good or bad rather how it is used. How does Ramsey adress business ownership?

    But you really need to be careful as you are giving really bad, non-factual info, and that is "morally corrupt".

    j
    I am with you. I believe there is a difference between good debt and bad debt. A guy like Dave Ramsey thinks all debt is bad...that is just simply not the case. The reality is that if you really want to build great financial wealth, you will typically have to take some significant risks (which often includes taking on some good debt).

    By the way, having a million dollars does not equate to having built great financial wealth these days and I never called Ramsey's deal a "scheme".

    I say if you want to work for somone else, make $25-$75k per year and try to live debt free...follow the guidance of Ramsey (I would say for many Americans that is something they aspire to and I am not knocking it...heck, that is precisely how my parents lived). However, if you are like me and you want to work for yourself, you desire annual income in excess of $1 million, and you are striving to build great financial wealth (by the way wealth is different than income) then the Dave Ramsey way probably will not work.



    I cheer for two teams, Iowa State and whoever is playing the hawkeyes.

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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by jmb View Post
    Dude you simply don't know what you are talking about-no disrespect intended. But cashflowing is NOT as you describe and flow of cash IS NOT morally bankrupt. Furthermore your description of intestate is WRONG! Intestate is as follows:
    The act of dying without a legal will. Determining the distribution of the deceased's assets then becomes the responsibility of a probate court. Therefor one can't declare themselves intestate rather it is a process.

    Let me ask you a question in re: leverage: do you have a mortgage? Or are you a renter? Leverage isn't a bad thing no more than a hammer isn''t good or bad rather how it is used. How does Ramsey adress business ownership?

    But you really need to be careful as you are giving really bad, non-factual info, and that is "morally corrupt".

    j
    Actually, that's called being ignorant, and I admit to being ignorant as to the correct terminology and to the details. I apologize for that. In Germany, the person receiving the goods can dispute the will as "not being legal" and therefore they are Intestate under German law. Of course, it's not your fault you are ignorant of German law. I'm sure there is some 3 yard long word that describes it in German, but I grabbed "intestate" as the closest American word.

    I would submit that building a business with a high debt load leaves that business to the vagaries of the economy as well as other variables. It is un-American to suggest that one can do this without significant debt. But the pressure of having to constantly discharge the debt puts significantly higher risk and the resultant stress into any venture.



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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by cyclone#1 View Post
    I am with you. I believe there is a difference between good debt and bad debt. A guy like Dave Ramsey thinks all debt is bad...that is just simply not the case. The reality is that if you really want to build great financial wealth, you will typically have to take some significant risks (which often includes taking on some good debt).

    Debt in finance is like drag in aviation. No such thing as "good" debt. Debt adds additional cost and risk to every venture. What if you had patience, and built the wealth BEFORE you rolled the dice on a venture?

    By the way, having a million dollars does not equate to having built great financial wealth these days and I never called Ramsey's deal a "scheme".

    Great financial wealth is precisely what the person who has it SAYS it is. To imply that you cannot be "wealthy" with $1 million just reveals that you are "high maintenance" imo.

    I say if you want to work for somone else, make $25-$75k per year and try to live debt free...follow the guidance of Ramsey (I would say for many Americans that is something they aspire to and I am not knocking it...heck, that is precisely how my parents lived). However, if you are like me and you want to work for yourself, you desire annual income in excess of $1 million, and you are striving to build great financial wealth (by the way wealth is different than income) then the Dave Ramsey way probably will not work.
    It isn't how much you "make", it's how much you keep. And I notice that you mentioned "desire" an annual income in excess of $1 million. You DO know that you can increase your income OR decrease your appetite, don't you?

    The idea that you have to work for someone else on a limited income in order to live debt free is ridiculous. Long term I am willing to bet that the 100 Ramseyites have a much better chance of being wealthy than 100 "Leveraged Incomers".



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    Re: Anyone been to a Rich Dad Education meeting

    Quote Originally Posted by cyclone#1 View Post
    I am with you. I believe there is a difference between good debt and bad debt. A guy like Dave Ramsey thinks all debt is bad...that is just simply not the case. The reality is that if you really want to build great financial wealth, you will typically have to take some significant risks (which often includes taking on some good debt).

    By the way, having a million dollars does not equate to having built great financial wealth these days and I never called Ramsey's deal a "scheme".

    I say if you want to work for somone else, make $25-$75k per year and try to live debt free...follow the guidance of Ramsey (I would say for many Americans that is something they aspire to and I am not knocking it...heck, that is precisely how my parents lived). However, if you are like me and you want to work for yourself, you desire annual income in excess of $1 million, and you are striving to build great financial wealth (by the way wealth is different than income) then the Dave Ramsey way probably will not work.
    Dang...over $1 Million a year? Want to be friends?



    “I’m just glad I have Homan as my bodyguard,” Eustachy joked. “If I ever make it real big and get to drive a limo everyday, he’ll be driving it. I thought he came off the bench like somebody was stealing his cow or something.”

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