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Are these books are worth reading and does investing work?


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Hello, I am curious to know if these books are worth reading and does investing work?

Smart Women Finish Rich by David Bach, Rich Dad, Poor Dad by Robert Kiyosaki, 9 Steps to Financial Freedom by Suze Orman, and The Millionaire Next Door by Thomas Stanley and William Danko.

There was a posting here on the board about "Lesley Wootton's 10 Tips to Financial Turnaround" article.

I want to be sure spending money for the books is something to follow and worth the time and effect to increase my income at a faster pace.

Can anyone out there comment on this piece?

Thanks so much!

Suki

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It depends what you really want...

Most of these type of books are motivational types... The more down to earth ones are the "inspirational" type instead of the rah-rah sessions.

There are actually very few that will help you get rich because of the type of approaches that they use. The most important nugget that I remember from one of my tax law classes was this:

Rich people are not wage earners (some are like Kobe Bryabt, Tim Duncan, movie stars, rock stars, etc...). That is, they make their money off of dividends and interest...

In other words, most rich people do not work for a living. Their investments make their money (interest or dividends) for them. If you are looking for literature to build wealth, look for the type that uses that kind of an angle.

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Thank you Ravenous wolf!

What a shame that some people put this useless information on the board and it is not worth reading to gain a financial stand in one's life. Looks like I am back to overtime the forty hours work to gain a better stand....sigh

:(

Suki

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I am not saying that those books are useless...

But it depends on what you are looking for. There are quite a number of people who need motivational and inspirational literature as well as biographical books, especially if that is their first step to financial independence.

I personally like autobiography and biographical books because, especially of self-made millionaires. I have always learned something new from them. The Trump books are more for entertainment value instead of being educational and enlightening.

Investing is perhaps the trickiest of all types of literature, mostly because it depends on what kinds of goals that you have and what you are willing to do.

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I havent read the others, but Rich Dad, Poor Dad is a very good book. Let's face it... if you're looking for a book that will tell you how to make a million dollars in such and such time, then you are going to be disappointed by every book you ever read. What this book talks about is really changing your thinking where money is concerned. That is going to be the first step to any financial gain that you will ever experience. The difference between the different books out there, in my opinion, is that each has a different philosophy, so keep reading every book you can get your hands on until you find the philosophy that most grabs you and start to try using your money according to that philosophy.

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I think it's a lot like weight loss. It often comes down to common sense and willpower... there's no self-help book, magic pill or machine that will change the fact that a healthy diet plus regular exercise is really the only way. But like Wolf said, some people do need the rah-rah and inspirational stories. And again, like weight loss books/commercials/infomercials, you have to read the small print... which usually says something like "results not typical."

Oh, and yeah... investing works. As long as you're the kind of person who can weather the rough patches, because it can get pretty rough. I lost a ton last week, but I didn't freak out (well, not TOO much, anyway...). And I gained it all back a few days later. Without investments, I wouldn't have anything right now, because all my savings disappeared in the last year--I'm self employed, and went through a period of several months with no work, while still paying for an expensive move and monthly bills of about $2500.

If you'd like to stick your toe in the water, I can highly recommend Sharebuilder. It's user-friendly and you don't need to be The Donald to start investing. It's like "investing for the rest of us." :)

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