"Where Fillmore County News Comes First"
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Fri, May 1st, 2009
Posted in Commentary

I don't usually write book reviews, but this one is worth writing and reading.

This past winter, I read a book that I had purchased long ago with every intention of reading -- but it didn't happen until recently. It was one of those books you prominently place on your bookshelf to make people think you're a well-read individual.

Maybe I'm the only one misrepresenting my intellect, but I'm sure there are few others out there. If you have any Sherlock Holmes books, or maybe some old college books you haven't touched in decades, held together between two minature globes you picked up at Hobby Lobby, you're in good company my friend.

The book you'll want to buy and read before you let it rest in peace is "Rich Dad, Poor Dad" by author Robert Kiyosaki. This book was first published in 2000, and quickly made the best-seller's list.

This paperback has been around almost a decade now, so it's nothing new. But, the information is still worth soaking up.

This is not a get-rich-quick book. I don't believe there is such a thing as getting rich quick, unless it involves doing something illegal. If you do find something legal and you get rich quick, please call me.

I'll give you just a little taste of what this short-read covers.

Real estate is the best investment you can make -- way better than the stock market.

With the stock market, all you can control is which stocks you buy and when you buy them. You can't control what decisions CEO's make that will impact share values.

With real estate, you can pick the location, you can select the attributes of the property you're looking for, and you can decide what improvements you want to make to increase the value.

You make money when you buy real estate, not when you sell it. And, from my conversations with many local farmers in the area, the same holds true for livestock or other commodities. If you overpay for something, houses or livestock, whether the market values are up or down, that will impact your equity.

Properties that you live in, unless multi-family dwellings, are not cash-flowing assets. If you live in them, they are still a liability even if you have them paid off. They come with taxes, maintenance and utilities. So, don't go hogwild, unless you have perpetuating wealth. Buy within your sustainable means.

In summary, real estate is the best investment you can make. There's only so much land on this population-booming planet, so the demand is there.

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