Oprah's Debt Diet -
How to Get Rich - Not Just Get Out of Debt - David Bach and Robert
Kiyosaki Books Give Good Advice
April 7th 2006
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Rich Dad |
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Oprah has been running a series called the Debt Diet, featuring author
David Bach. Many authors and experts have recommended investing in real
estate to build wealth, and David is no different. Robert T. Kiyosaki,
author of the popular book Rich Dad Poor Dad, also recommends investing
in real estate, not necessarily the stock market.
David Bach recommends you buy a home, live in it, and then buy another.
Like millions of other people each, David says build your wealth through
real estate. Amazingly homes can make you money while you sleep. Some
people have realized a profit of $300 per day or more, as their home
values increased over the past few years. Imagine that, an extra $300
per day.
Everyone needs to start somewhere. First buy a house to live in, which
may seem impossible to some people, but you need to work out a plan to
get there. The Oprah show recommended looking for other sources of
income. For instance, one guest made extra money by helping a friend
paint houses. Another guest took on a summer school teaching job to
supplement her income.
Do whatever it takes, because you will need that first house to retire
wealthy. David says this is the “surest” way to reach a seven-figure
income. He says, as long as you are alive, you have to live somewhere.
You might as well live in your own home. He will tell you how in his
book, The Automatic Millionaire Homeowner: A Powerful Plan to Finish
Rich in Real Estate.
In the book, Rich Dad Poor Dad, Kiyosaki says that becoming wealthy has
a lot to do with the way you think. In the book, he compared his dad
and moms ideas with the ideas of a friend’s dad. His parents
recommended that he go to college, get a steady job, and basically be
conservative. The friend’s dad was a little less conservative. He put
more emphasis on business and investing, than on an education and job.
It became clear on Oprah’s show that if you do not make enough money to
buy your own home, you may need to supplement your income. David
recommended saving 10% of your income, and both David and Robert would
recommend buying a home, and then another, and another...
By Dan Wilson
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