Through a Glass Darkly

Ruminations on Life by Sally Parrott Ashbrook

Fraudulent financial advice?

Filed under: personal finance — sally at 1:49 pm on Thursday, August 10, 2006

Like many people in their 20’s, I’m trying to get a handle on my financial situation–lose the debt, live more frugally, and make the savings groowwww! One ways of moving toward these goals is to read books concerning financial literacy. One on my to-read list was Rich Dad/Poor Dad . . . at least until I found a blog post that pointed to this webpage, which blasts the book’s author as a liar and, basically, a fraud.

Not having read the book, I can’t speak to what the author of the webpage has to say . . . but it does call into question the book’s authority. I’m glad I haven’t yet suggested it to families to read!

7 Comments

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Comment by Amarinthia

August 10, 2006 @ 5:09 pm

I saw the guy who wrote “Rich Dad Poor Dad” on PBS talking about a new book he wrote. He talked a lot about liabilities and assets-but for some reason I remember feeling like he was suggesting more corporate/private/stock market ways of making money-not as much linking money management with reducing consumption or any social change/environmental focus.

I am actually in the process of reading “Your Money or Your Life” and I love his discussion about clutter and monetary clutter or consumption. I am forcing my mother to read it when I go home this weekend-she is in such denial about her finances and sees being poor as such a negative that I think she feels unable/unwilling/overwhelmed to address her finances…also I think she gets so depressed at what she actually makes, that she just avoids budgeting all together.

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Comment by sally

August 10, 2006 @ 7:55 pm

I went to buy Your Money or Your Life, and two bookstores were out of it! Maybe I can borrow your copy?

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Comment by kevin

August 10, 2006 @ 8:00 pm

I flipped through RDPD at the bookstore once but wasn’t impressed… didn’t get much of a sense of it really, it just didn’t grab me.

You might like Michelle Singletary… I haven’t read any of her books, but she writes the personal finance column for the WaPost, and has online chats on their website occasionally.. she has good advice, and she seems like someone you’d like.

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Comment by sally

August 10, 2006 @ 8:08 pm

Actually, I read Michelle Singletary regularly. Good call, Kev. :)

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Comment by kevin

August 10, 2006 @ 9:38 pm

heh, cool. i know what i’m talking about then. :)

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Comment by Amarinthia

August 11, 2006 @ 4:22 pm

I would love to let you borrow “Your Money or your Life” but I am borrowing it from the public library! Another way to save money. The book is great so far…although there is an activity he has you go through where you record all the money that has ever entered your life, babysitting, summer jobs, graduation money, real jobs, everything. Then you list your fixed assets and liquid assets…Then you list your liabilities- debt,loans, etc… The gut wrenching part is realizing that a lot of money has entered your life, yet you don’t have much to show for it except debt. That was the case for me…Just adding it all up and seeing those numbers was very eye opening.

The book also has significant focus on reducing consumption as a way of saving money and the planet. I am only beginning it though so I have a long way to go on the 9 step plan….I just finished the first step.

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Comment by sally

August 12, 2006 @ 9:57 am

That’s awesome, Amarinthia. Even if things like that are tough to do, it’s great that it’s making you think about your money and consumption that way.

I just got a gift card for B&N as a belated birthday gift, so I’m going to try to make it there today to see if the book is in now.

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