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Old 04-18-2013 | 08:06 AM
  #16  
Lab Rat
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Joined: May 2006
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From: Jet Pilot
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Originally Posted by trechan

Looking at it, it looks like one of those Matt Lesko programs on TV. I guess since it's only 3 bucks at Wal Mart, I don't have a reason not to get it.
It's a good read. The author's main premise is gaining wealth working for yourself as opposed to working for someone else. I enjoyed the book but I still work for someone else - and I plan to continue to do so. However, I did learn and apply some of his points which have helped me gain wealth.

For example, the author hires people who have a particular skill set (i.e., a property manager) to perform a task which frees him up to spend more time on bigger and more important aspects which help his business grow. Also, instead of pursuing degrees and trying to know everything about everything, he hires certain people who already are knowledgable in certain areas to help him in those areas. The cost is much less than the benefits gained.

How do I apply that advice? Well, I could spend a lot of my free time researching the market and trying to learn how to manage my investment and retirement portfolios -which is a never ending task in and of itself. Or, I could hire someone who is already very knowledgable and passionate about this for a fixed fee and let him do the work. The benefits (i.e., monetary gains) far, far exceed the cost of hiring a good financial planner.

I've been there, done that with regards to living paycheck - to - paycheck as a young aspiring pilot many years ago. When the money starts rolling in, have a plan already in place as to how you are going to grow it. It may be through sound investing or through some type of business venture.

When you finish reading "Rich Dad, Poor Dad", get a copy of "The Millionaire Next Door" and read it too. Again, not saying it will make you a millionaire overnight, but it is wise to take advice from those who already are.

Having a back-up plan such as another degree is certainly not a bad idea. But, keep in mind that a good skill-set or entrepeneurship is a great thing to have as well. Who knows, you might be a successful entrepreneur whose flying job is second to it.
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