The Property Podcast TPP345: Rich Dad Poor Dad Revisited: 5 essential lessons, and 2 important warnings
They still hear it all too often ‘Rich Dad, Poor Dad changed my life!’ So this week on The Property Podcast, Rob & Rob are going back and taking a revised look at the book and sharing the lessons that they took away from it, and what they just don’t agree with.
In today’s episode you can expect to hear what the five key lessons are that you should take away from this book, but also the two things that you should be very careful of.
This beloved motivational book is now 20 years old! But it still seems to have a huge impact on people’s lives. So Rob & Rob are going to explore why this book is so influential, their experiences, recap key lessons and let you know what they think of them now with the benefit of hindsight.
Here are the five lessons Rob & Rob learnt from the book:
- Be in control of your finances - Your employer or government will not.
- Passive Income.
- Good debt vs bad debt.
- Pay yourself first.
- Keep your job and invest.
And what don’t they agree with?
You’ll have to tune in to find that out.
This week’s news story is a 22 page report from HomeTrack on the current rental market, which is a quarterly report. Luckily the BBC website has summarised the report and what the key take away points are.
There’s a number of cities where the rents are up, and wage growth has been relatively strong this year too. So even though there’s plenty of locations where rents have increased, there’s only three UK cities where rents have risen faster than wages, resulting in renting becoming less affordable. These locations are Nottingham, Leeds and Bristol.
Looking at the report, there’s an odd mix of locations that are put together, but on the whole, it seems that Rob & Rob were right at the beginning of the year when they pegged certain cities as places to invest this year.
In other news (and just in case you missed it!), yesterday we had a new YouTube video go live! You can now head over there and find out how to invest £50,000 - a question that The Robs get asked all the time. So head on over, give it a watch, and don’t forget to subscribe.
You won’t be surprised that this week or Hub Extra recommendation is in fact the Rich Dad Poor Dad book, but as an added bonus, we’re also recommending Rich Dad Poor Dad 2: Cashflow Quadrant. These are by far the two strongest books that you need to read, so go grab a copy and let us know what you think of them.
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