Where: Trivandrum, Goa, Rishikesh

This book helps to find out HOW to use your money to make money for you. ( )

Bearing in mind that this book is directed at teaching your children, the first half is fairly introductory, but the second half launches into more tax-related ideas. In addition, I prefer a financial book that is a little more practical rather than heavy on the exhortation.

What I learned or what was reinforced:
* Don't quit your day job to become an investor!
* Keep learning, especially about finance and investment.
* The required financial knowledge is (1) accounting; (2) investment strategy; (3) market research; (4) law, specifically tax law.
* Paying yourself first means buying assets first and then paying your expenses, even if you miss a payment--with the admonition against piling up consumer debt, mainly credit card debt. (My thought is probably because it immediately accrues interest, late charges, and other fees. He could do a better job of explaining this.)
* Assets are things that generate you income without you being there. For example, royalties from books. Yay!
* Don't invest in something or buy an asset that you don't love; you won't take care of it.
* Go broke before you're 30; you'll still have time to recover.
* The US income tax was made permanent in 1913.
* Passive investments (for example, stocks, bonds, mutual funds, real estate) are generally taxed less than regular income.
* Corporations (probably LLCs too--but they are also superior to sole proprietorships) are not taxed as heavily as individuals and they can deduct many more expenses than individuals.
* Because the "rich" are more heavily invested in passive investments and corporations, they are not taxed as much as the poor or middle class.
* 1031 tax-deferred exchange = if you buy another property with the proceeds of another property sale, then you can defer taxes on that sale. Don't know if it still exists.
* Teach your kids how to invest. ( )

Where: Trivandrum, Goa, Rishikesh

A very controversial book. I believe Rich Dad is fictional. Some interesting information in it nonetheless. To become rich, one has to run a business: working a 9-5 job and a good education will not get your rich. ( )