Rich
Dad Poor Dad
Robert T.
Kiyosaki
on anything that is left. It's one of the biggest legal tax loopholes that the rich use. They're easy
to set up and are not expensive if you own investments that are producing good cash flow. For
example; by owning your own corporation - vacations are board meetings in Hawaii. Car
payments, insurance, repairs are company expenses. Health club membership is a company
expense. Most restaurant meals are partial expenses. And on and on - but do it legally with pre-
tax dollars.
2. Protection from lawsuits. We live in a litigious society. Everybody wants a piece of your
action. The rich hide much of their wealth using vehicles such as corporations and trusts to
protect their assets from creditors. When someone sues a wealthy individual they are often met
with layers of legal protection, and often find that the wealthy person actually owns nothing.
They control everything, but own nothing. The poor and middle class try to own everything and
lose it to the government or to fellow citizens who like to sue the rich. They learned it from the
Robin Hood story.
Take from the rich, give to the poor.
It is not the purpose of this book to go into the specifics of owning a corporation. But I will say
that if you own any kind of legitimate assets, I would consider finding out more about the
benefits and protection offered by a corporation as soon as possible. There are many books
written on the subject that will detail the benefits and even walk you through the steps necessary
to set up a corporation. One book in particular, Inc. and Grow Rich provides a wonderful insight
into the power of personal corporations.
Financial IQ is actually the synergy of many skills and talents. But I would say it is the
combination of the four technical skills listed above that make up basic financial intelligence. If
you aspire to great wealth, it is the combination of these skills that will greatly amplify an
individual's financial intelligence.
In
summary
1. Spend 2. Pay Taxes
2. Pay Taxes 3. Spend
As part of your overall financial strategy, we strongly recommend owning your own corporation
wrapped around your assets.
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http://motsach.info
Rich Dad Poor Dad
Robert T. Kiyosaki
CHAPTER SIX
Lesson Five:The Rich Invent Money
Last night, I took a break from writing and watched a TV program on the history of a young
man named Alexander Graham Bell. Bell had just patented his telephone, and was having
growing pains because the demand for his new invention was so strong. Needing a bigger
company, he then went to the giant at that time, Western Union, and asked them if they would
buy his patent and his tiny company. He wanted $100,000 for the whole package. The
president of Western Union scoffed at him and turned him down, saying the price was
ridiculous. The rest is history. A multi-billion-dollar
industry emerged, and AT&T was born.
The evening news came on right after the story of Alexander Graham Bell ended. On the news
was a story of another downsizing at a local company. The workers were angry and complained
that the company ownership was unfair. A terminated manager of about 45 years of age had his
wife and two babies at the plant and was begging the guards to let him talk to the owners to ask
if they would reconsider his termination. He had just bought a house and was afraid of losing it.
The camera focused in on his pleading for all the world to see. Needless to say, it held my
attention.
I have been teaching professionally since 1984. It has been a great experience and rewarding. It
is also a disturbing profession, for I have
taught thousands of individuals and I see one thing in common in all of us, myself included. We
all have tremendous potential, and we all are blessed with gifts. Yet, the one thing that holds all
of us back is some degree of self-doubt. It is not so much the lack of technical information that
holds us back, but more the lack of self-confidence. Some are more affected than others.
Once we leave school, most of us know that it is not as much a matter of college degrees or
good grades that count. In the real world outside of academics, something more than just grades
is required. I have heard it called “guts,” “chutzpah,” “balls,” “audacity,” “bravado,” “cunning,”
“daring,” “tenacity” and “brilliance.” This factor, whatever it is labeled, ultimately decides one's
future much more than school grades.
Inside each of us is one of these brave, brilliant and daring characters. There is also the flip side
of that character: people who could get down on their knees and beg if necessary. After a year
in Vietnam, as a Marine Corps pilot, I intimately got to know both of those characters-inside of
me. One is not better than the other.
Yet, as a teacher, I recognized that it was excessive fear and self-doubt that were the greatest
detractors of personal genius. It broke my heart to see students know the answers, yet lack the
courage to act on the answer. Often in the real world, it's not the smart that get ahead but the
bold.
In my personal experience, your financial genius requires both technical knowledge as well as
courage. If fear is too strong, the genius is suppressed. In my classes I strongly urge students to
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