Fatty, I think you mean SPY, the exchange traded fund that tracks the S&P 500. I prefer UOPSX myself. It is a mutual fund that tracks the Nasdaq 100 (similar to QQQ) at a 2x beta. If the qqq's are up 3% in a given day, UOPSX will be up approximately 6%. The fund has fees, but it's a lot cheaper than margin interest would be if you attempted to create the leverage yourself.
I would tend to agree that Rich Dad, Poor Dad is really for someone that wants to build personal wealthy and is just starting out. I have since moved on and don't follow all of his principles. However, I found that some of his advise was key to financial success (i.e. credit card interest, etc.). Obviously by some of the responses, not everyone is a fan of this book. However, if one does not know what they are doing, its a good starting point. It has worked well for me.
I found Kiyosaki is all about wealth, regardless of the method earned. I always recommend people who are serious with finance to read a couple of his books, and like you, move on. What I've also found was people want a "sure fire" method of getting rich quick. Kiyosaki pretty much gives only finanical philosophy, not a direct method in making money. Any direct method of making money will quickly become obsolete.
Trader_Jorge: SPDR: SPyDR's=Standard and Poor's Depository receipts. They Work the same As the Nasdaq QQQ.
Robert Kiyosaki's whole book is about that quote... He had some good life stories...but wasn't really that helpful.
RYVYX and UOPSX are virtually the same instrument. Both try to get you 2x leverage on the Nasdaq 100. UOPSX has been around longer and I'm a little bit more familiar with their family of funds (ProFunds). Fatty -- We are talking about the same thing. ticker = SPY I've been waiting out the bear market with my cash parked in a few MLP's and have been making pretty decent money while doing it. Some of my favorite MLP names are MMLP, NRP, FGP and SGU. All have yields of 8% or higher and have the potential for capital gain as well (NRP has given me a total return of over 30% since October).
Good idea. I invested in a gold mutual fund at the end of 2001. I've gotten an almost 100% return. It has the potential to be risky, but the way the economy is going, it should be a strong investment for a while.
Kiyosaki's books helped me tremendously. i highly reccommend them. although you have to read Cashflow Quardrant to really have some idea of what exactly to do. Rich Dad, Poor Dad is more introductory and basic concepts which is why some people say that it doesn't help them very much. you have to understand the concepts before you can move on the next level..................just like Rich Dad taught him! seriously,....read Rich Dad, Poor Dad & Cashflow Quardrant before you invest your money anywhere. you will be glad you did.
