The lifelong monetary problems of his "poor dad" pounded home the counterpoint communicated by his "rich dad", that "the poor and the middle class work for money," but "the rich have money work for them. This work will reveal why some people work less, earn more, pay less in taxes, and feel more financially secure than others. In the world of money there are two mindsets, those that see scarcity and need security, and those who see abundance and thrive on financial adventure — the mindset of the employee or self-employed, and the mindset of the business owner or professional investor.
Become the ultimate investor. End those fears that keep you up at night regarding the financial choices you make. By reading Rich Dad's basic rules of investing, you can reduce your investment risk and convert your earned income into passive and portfolio income. That means you keep more of your income-not the government.
It offers no guarantees, just as Robert Kiyosaki's rich dad offered him no guarantees, only guidance. But if you're interested in the inside look at an entrepreneur's financial plan to be rich, this is the book for you.
Do you want your children to have a financial head start in life? Are you willing to take an active role to make that happen? At school, your children learn many valuable concepts, yet they are rarely taught anything about finances. Imagine if you had been taught about money and, more specifically, about what the rich know about money - that the way to wealth is through cash flowing assets. For a kid, these financial lessons, and others, are vital to their future financial well-being.
But more than that, it gives your child the right context in which to view money from a very early age, and places them on the right financial footing for a secure future.
Why do the rich get richer even in a financial crisis? In his new book the bestselling author of " Rich Dad Poor Dad " confirms his message and challenges readers to change their context and act in a new way. In this timely new book, Robert Kiyosaki takes a new and hard-hitting look at the factors that impact people from all walks of life as they struggle to cope with change and challenges that impact their financial world.
In " An Unfair Advantage: The Power of Financial Education ", Robert underscores his messages and challenges readers to change their context and act in a new way. Readers are advised to stop blindly accepting that they are "disadvantaged" people with limited options and challenge the preconception that they will struggle financially all of their lives.
Robert's fresh approach to his time-tested messages includes clear, actionable steps that any individual or family can take, starting with education. Education becomes applied knowledge, a powerful tactic with measurable results. In true "Rich Dad" style, readers will be challenged to understand two points of view, and experience how financial knowledge is their unfair advantage. For women who have a vision for what they want in life and are willing to do what it takes to turn that vision into a reality.
Kim's own unique style has won over friends and fans all over the world. In her new book, she explains what it really takes to go from wherever you are financially today to where you want to be.
Franchises — where you buy an existing system a. By buying on a pre-existing and tightly controlled system you can focus on developing people rather than the system. Network Marketing — where you buy into and become part of an existing system Keys to effective leadership 1.
Managers often see their people as inferiors, leaders must direct people who are often smarter. To be successful you need to overcome the fear of being rejected and learn to lead people. You may lose two or three companies before you build a successful one that lasts. Those with nothing to invest 2. Borrowers a. Typical consumerist behavior, redline spending.
Savers a. Methodical and litigious in tracking their finances, but to risk averse to achieve a high ROI. Often waste time being tightwads while neglecting to brush up on financial intelligence. Smart Investors a. They let their money sit and do a little in their retirement plan or turn it over to a financial planner who recommends safe diversification.
This person is always slamming various investments. They speak with authority on investments even thought they are largely ignorant. They are influenced by emotion and consequently buy and sell at the worst times, although they keep their losses to themselves. They jump into the game without knowing the rules.
They are in reality lazy when it comes to investing. Long term Investors a. They are aware of the need to invest and they have a clearly laid out long term strategy. They take advantage of periodic investing and, whenever possible, invest in a tax-advantaged way. They likely are not investing in real estate, businesses, and other higher yielding vehicles. They have control of their spending habits and minimize their debt and liabilities.
Sophisticated Investors a. They are mature, focused and diversified. They have learned from experience including mistakes. They are buy investments at wholesale rates and put their own deals together.
They study on a regular basis and actively participate in the management of their assets. Their main focus increasing their asset base, minimizing tax burden and creating long-term wealth. They personally own little and nothing is found in their name, they use corporate shells, which they control, to transact their business. They spend a small fortune on professional advice. Capitalists a. This person makes money by orchestrating other peoples money, talents and time.
True capitalists create investments and sell them to the market. They know how to manage risk and make money without money. Anyone seeking to become a 6 or a 7 must become a 5 first. Financial agreement 2.
Market conditions 3. Management 4. Risk Factors 5. Cash Flow 6. Corporate Structuring 7. Tax laws Important questions to ask when buying rental real estate: 1. What is the ROI 2. How does this investment fit into your long term investment strategy 3.
What vacancy factors are you using 4. What is your cap rate? What is the management cost? What percentage will you use to compute the rate of repairs? What is your burn rate? Always negotiate. If money is not first in your head, it will not stick in your hands.
Your advisors can only be as smart as you are. If you are well educated, competent advisors can give you sophisticated financial advice. Assets put money into my pocket, a liability takes money out of my pocket. Even if a house is paid off, its still a liability. People pay for repairs on their house and their car with after-tax dollars. In the banking industry, a seven-year average is used as the life expectancy for a mortgage. The more people you are indebted to the poorer you are, they more people are indebted to you the richer you are.
If you take on debt and risk you should get paid for it. A good deal makes sound economic sense in good times and bad. You have to be able to discern fact from fiction, being able to read and interpret financial statements is one way to do this. If you can not read the numbers ultimately you are at the mercy of whoever is reading them for you. When a person feels the need for money, a.
People who are high-level investors are not concerned about the market going up or down because their knowledge will allow them to make money either way. Having financial vision lowers your risk.
Being financially blind increases risk. People on the left pay to take risks and the people on the right side get paid to take risks 3. The bigger the project and the faster you want to succeed, the more you need to be accurate. If you want to get rich slowly, or just work all your life and let someone else manage your money, then you do not need to be accurate. The faster you want to get rich, the more accurate with the numbers you must be. To go from wage slave to wealthy, require changing your outlook not just your actions.
Your thinking must change before your actions can fall inconformity with wealth building practices on a consistent basis. The fear of losing money is a source of much financial struggle for most people. Their risk tolerance is shot because they have no stomach for taking a loss.
One bad investment ad they feel totally burned as if that proves investing as a whole is a bad idea. Difference between E and B, one wants more pay and the other wants more work. Difference between B and I, one wants more money to operate with, the other wants more dividends. To be successful as an investor or a business owner, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game. Intelligence is also knowing when to quit.
Too often people are stubborn about pressing on with projects that clearly need to be dumped. The reason things look so risky on the right side of the Quadrant to people on the left side is because the emotion of fear is often affecting their thinking.
On the flip side, while folks on the right side of the Quadrant were affected, many of their tax avoidance mechanisms were left intact. Three things happened to the people on the left side of the Quadrant. Panic was everywhere. They lacked the technical skills required on the right side of the Quadrant 3.
They lacked a cask machine. The transfer of wealth from the left to the right side is constant, and unending. Many people will look for some one to blame for their financial plight, usually this ends up being wealthy people. If you want to be a leader on the right side of the quadrant, a historical view of economic history is important. Add to this studying the great leaders of capitalism such as Ford, Rockefeller, Morgan, etc. Reasons Kiyosaki Invests in real estate in a depressed market: 1.
Pricing- Mortgage payments may be lower than fair market rent for many properties. Financing — The banks will loan on real estate but not on stocks or many other forms of investment. Taxes — Profit from real estate transactions can be rolled tax free into your next real estate transaction. On top of that, the property can be depreciated for even greater tax advantages. Rent — If rent prices maintain amidst the depressed home prices you will be ensured a steady cash flow stream.
Why Use Corporations? Asset protection. Income protection. Most wage earners earn, get taxed and then spend. Whereas if you pass your income through a corporate entity first, you can earn, spend and then get taxed on the remainder.
Plan on meeting resistance when you try and structure deals custom to you needs. Always seek the best professional and financial advice you can find. Never do business or make an investment merely for the tax benefits. Its findings revealed these common factors. They maintained a long term vision and plan. They believed in delayed gratification. They used the power of compounding in their favor.
The study also found what took people from wealth to poverty. They have short term vision. They have a desire for instant gratification. The abuse the power of compounding.
People with no assets are usually working from paycheck to paycheck. Develop the thought pattern of thinking only in assets and income in the form of capital gains, dividends, rental income, residual income from business, and royalties.
Every time you owe somebody money, you become and employee of their money. Good debt is debt that someone else pays for you, and bad debt is debt that you pay for with your own sweat and blood. Chapter 13 — Know The Difference Between Risk and Risky Part of Financial Intelligence is possessing the ability to convert cash or labor into assets that provide cash flow. The direction of your cash flow is extremely important.
These people take on more risk but are more able to manage that risk. Type B investors want to be told where invest their money, preferring to remain less educated and more dependant on others advice. Take action steps to getting on the investment fast track. Attend financial seminars and classes. Do practice market research in the areas would where you would like to invest. Subscribe to investment newsletters and study them. Meet with several business brokers to see what existing businesses are for sale in your area.
Attend business opportunity conventions, or trade expos in your area to see what franchises or business systems are available.
Chapter 15 — Seek Mentors Leverage the positive and negative experiences of your mentors as learning tools for yourself. The people you spend your time with are indicative of your future position in life.
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