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Years ago, when I was just starting my real estate investing career, I considered a condominium in Waikiki as an investment.The problem was that the investment would have cost me about $300 a month.
Back then, a $300-a-month loss would’ve been the same for me as $300,000-a-month loss would be today. When I ran the numbers past my rich dad, he asked, “Why do you want to lose $300 a month?” In other words, my rich dad wanted to know why I wanted to pay money to invest.
“Well,” I told him, “the real estate agent said the condo would go up in value and I would make a profit.”
Rich dad chuckled and asked, “How many condos can you afford that cost you $300 a month?”
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Jon on October 4th, 2006 2:08 pm
There was also probably a reason why he was the “rich dad”. I think it is a generally good idea to listen to the money advice from people that already are rich. People that are giving money advice and are poor may be right, but it does not have the same credibility.
danakeith on May 15th, 2008 12:22 am
Asking ideas to people who were already rich would be the wise decision to make, sure thing they will let you know the do’s and dont’s behind it somehow.. Two heads are better than one.. They say..
But if you think you can make the best way out of it, then why seek for others opinion when you already have yours..
Goodluck!:)
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