A Personal Finance Revolution The Right Way to Budget The Right Way to Pay Bills |
Four Books - Introduction | Smart Couples Finish Rich | Rich Dad Poor Dad | Rich Dad's CASHFLOW Quadrant | Yes, You Can Be a Successful Income Investor! The Four Books That Changed My Life - Conclusion by Thomas P. Rood
When I finished reading the four books, I had no idea that I would someday write Paycheck Independence Day. But, before we discuss that, let's recap the contributions made by each book.
Smart Couples Finish Rich helped us solidify our long-term financial position. We set up our retirement accounts to maximize the possibility that we could, in fact, retire when we were eligible. We plugged some holes in our financial plan by buying additional insurance. Our long-term prospects were looking pretty good. That was not surprising. I think Long Term Financial Planning is the one part of personal finance that has been developed the most and understood the best. Rich Dad Poor Dad was the beginning of the most important thing we had to do to become Paycheck Independent. It taught us that we needed to change. We were managing our money the way everyone does and it wasn't getting us where we wanted to be. We learned that an asset puts money in your pocket and a liability takes money out of your pocket. The book taught us to stop thinking of a job as the way to generate income and start thinking of assets as the way to generate income. Rich Dad's CASHFLOW Quadrant took Rich Dad Poor Dad a step further. It taught us that we were generating our income from the self-employed quadrant and that we needed, instead, to generate our income from investments. The book correctly tagged me as a long term investor. That's great for retirement accounts but I needed to consider income investing if I wanted to stop relying on a paycheck to pay my bills. Yes, You Can Be a Successful Income Investor! gave me the knowledge and understanding I needed to get started in the income investing arena. The lists of stocks, bonds, mutual funds, and other investments provided a starting point for my research. From there, I was able to start acquiring assets to generate income. At this point, doesn't it all look so simple? You just start income investing and some day out there in the future you won't have to work to pay your bills anymore. Anybody can do that. So, if anybody can do it, why isn't everybody doing it? If it's so simple and it really works, wouldn't everybody be doing it? I was starting to have doubts. I was starting to get uneasy. I realized that there still must be something missing but I had no idea what it was. Fortunately, I have never been one to be afraid to venture off into the unknown. I started my income investing with the realization that I was probably going to discover a lot of things that I could not get out of any existing book, or at least, not one I had found yet. The information I got from the four books was a great start, a foundation to build on, but not the final answer. I plunged forward and between 2004 and 2006, I finally discovered the truth. During that time, through my experiences, I was able to form the concepts and principles that comprise Paycheck Independence Day. Paycheck Independence Day is in its final stages but a release date has not yet been set. Soon we will post a page on this website where you can register to be notified when Paycheck Independence Day will be released. So check back soon to register and you can be one of the first to read the book. Four Books - Introduction | Smart Couples Finish Rich | Rich Dad Poor Dad | Rich Dad's CASHFLOW Quadrant | Yes, You Can Be a Successful Income Investor! |