Rich Dad Poor Dad



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Rich Dad Poor Dad

Page 48/114
http://motsach.info


Rich Dad Poor Dad
Robert T. Kiyosaki
1.  When it comes to houses, I point out that most people work all their lives paying for a
home they never own. In other words, most people buy a new house every so many years, each
time incurring a new 30-year loan to pay off the previous one.
  
2.  Even though people receive a tax deduction for interest on mortgage payments, they pay
for all their other expenses with after-tax dollars. Even after they pay off their mortgage.
  
3.  Property taxes. My wife's parents were shocked when the property taxes on their home
went to $1,000 a month. This was after they had retired, so the increase put a strain on their
retirement budget, and they felt forced to move.
  
4 Houses do not always go up in value. In 1997, I still have friends who owe a million dollars for
a home that will today sell for only $700,000.
  
5. The greatest losses of all are those from missed opportunities. If all your money is tied up in
your house, you may be forced to work harder because your money continues blowing out of
the expense column, instead of adding to the asset column, the classic middle class cash flow
pattern. If a young couple would put more money into their asset column early on, their later
years would get easier, especially as they prepared to send their children to college. Their assets
would have grown and would be available to help cover expenses. All too often, a house only
serves as a vehicle for incurring a home-equity loan to pay for mounting expenses. In summary,
the end result in making a decision to own a house that is too expensive in lieu of starting an
investment portfolio early on impacts an individual in at least the following three ways:
  
1. Loss of time, during which other assets could have grown in value.
  
2. Loss of additional capital, which could have been invested instead of paying for high-
maintenance expenses related directly to the home.
  
3. Loss of education. Too often, people count their house, savings and retirement plan as all
they have in their asset column. Because they have no money to invest, they simply do not
invest. This costs them investment
  
experience. Most never become what the investment world calls a “sophisticated investor.” And
the best investments are usually first sold to “sophisticated investors,” who then turn around and
sell them to the people playing it safe. I am not saying don't buy a house. I am saying,
understand the difference between an asset and a liability. When I want a bigger house, I first
buy assets that will generate the cash flow to pay for the house.
  
My educated dad's personal financial statement best demonstrates the life of someone in the rat
race. His expenses seem to always keep up with his income, never allowing him to invest in
assets. As a result, his liabilities, such as his mortgage and credit card debts are larger than his
assets. The following picture is worth a thousand words:
  
Educated Dad's Financial Statement
  
Income=Expense
  
Asset < Liability
  
Page 49/114
http://motsach.info


Rich Dad Poor Dad
Robert T. Kiyosaki
My rich dad's personal financial statement, on the other hand, reflects the results of a life
dedicated to investing and minimizing liabilities:
  
Rich Dad's Financial Statement
  
Income > Expense
  
Asset > Liability
  
A review of my rich dad's financial statement is why the rich get richer. The asset column
generates more than enough income to cover expenses, with the balance reinvested into the
asset column. The asset column continues to grow and, therefore, the income it produces grows
with it.
  
The result being: The rich get richer!
  
Why the Rich Get Richer
  
Income -> Assets -> More Income Expenses are low, Liabilities are low
  
The middle class finds itself in a constant state of financial struggle. Their primary- income is
through wages, and as their wages increase, so do their taxes. Their expenses tend to increase
in equal increments as their wages increase; hence the phrase “the rat race.” They treat their
home as their primary asset, instead on investing in income-producing assets.
  
Why the Middle Class Struggle
  
Income goes up, Expenses go up
  
Assets do not increase, Liabilities do increase
  
This pattern of treating your home as an investment and the philosophy that a pay raise means
you can buy a larger home or spend more is the foundation of today's debt-ridden society. This
process of increased spending throws families into greater debt and into more financial
uncertainty, even though they may be advancing in their jobs and receiving pay raises on a
regular basis. This is high risk living caused by weak financial education.
  
The massive loss of jobs in the 1990s-the downsizing of businesses-has brought to light how
shaky the middle class really is financially. Suddenly, company pension plans are being replaced
by 401k plans. Social Security is obviously in trouble and cannot be looked at as a source for
retirement. Panic has sei in for the middle class. The good thing today is that many of these
people have recognized these issues and have begun buying mutual funds. This increase in
investing is largely responsible for the huge rally we have seen in the stock market. Today, there
are more and more mutual funds being created to answer the demand by the middle class.
  
Mutual funds are popular because they represent safety. Average mutual fund buyers are too
busy working to pay taxes and mortgages, save for their children's college and pay off credit
cards. They do not have time to study to learn how to invest, so they rely on the expertise of
the manager of a mutual fund. Also, because the mutual fund includes many different types of
investments, they feel their money is safer because ii is “diversified.”
  

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