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Authors: Robert T. Kiyosaki
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bad advice. All they know is to go to school, work hard, pay taxes, live below your means, buy a house, get out of debt, and die poor.
As the Bible states, “My people perish from a lack of knowledge.” Today, millions are perishing because all they have been trained to do is send their money to the rich and to the government. That is not education.
Final Question
FAQ
So what should I invest my money in?
Answer
We all have three choices:
Do nothing and hope things work out. But as my rich dad said, “Hope is for the hopeless.”
Turn your money over to an expert for the long term, and “Buy, hold, and pray.”
Invest in your financial education. Invest your time before you invest your money. That’s something you have already done by reading this far. To me, this is the smart thing to do.
Chapter Two - UNFAIR ADVANTAGE #2: TAXES
Taxes are not fair. Those with financial education can earn more and pay less, even zero taxes, on millions in earnings. Financial knowledge on taxes is an unfair advantage.
FAQ
What do I have to do to earn more money and pay less in taxes?
Short Answer
The harder you work for money, the more you pay in taxes.
The harder your money works for you, the less you pay in taxes.
The harder other people’s money works for you, you pay even less in taxes.
You may even pay nothing, zero, zip, nada in taxes. Obviously, this takes the highest levels of financial education. This is a level of education my rich dad inspired me to attain.
Explanation
Many people think taxes are punitive, and for most people they are—simply because most people work for money.
Taxes are also incentives, government-stimulus programs, to encourage people to do what the government wants done. If you do what the government wants, you can earn a lot of money and pay less or even zero in taxes.
The problem is that most people are trained, just as Pavlov trained his dogs, to do what they’re told without thinking, namely to go to school and get a job. Hence, most people spend their lives working for money and paying more and more taxes.
Simply put, taxes are not fair. For those with the highest of financial education, the more they make, the less they pay in taxes, legally, but only if they do what the government wants them to do.
For most people, taxes make them poorer. Again, they are trained to send their money to the government. For a few, taxes make them rich, some very rich. They know how to have the government send money to them.
Again, it’s about cash flow, the most important words in the world of money.
Are the Rules the Same?
FAQ
Is this true just for the United States? Or are taxes the same throughout the world?
Short Answer
Every country has its own tax laws that apply in that country. I am not a tax professional, so I always recommend that people seek professional tax guidance before making any decisions on taxes. To better explain taxes, nationally and internationally, I will have tax expert, Tom Wheelwright, C.P.A., clarify this often-confusing subject.
Professional Answer from Tom Wheelwright
In my study of tax laws around the world, I have found that most countries follow the same basic principles. Tax laws certainly are there to raise revenue for the government. However, they are also used extensively to provide stimulus packages to certain parts of the economy that the government wants to encourage. Similarly, governments throughout the world use tax laws to encourage people to follow the social and energy policies of the government.
FAQ
What is the worst tax advice?
Short Answer
Go to school, get a job, work hard, save money, buy a house because your house is an asset, get out of debt, and invest for the long term in a well-diversified portfolio of stocks, bonds, and mutual funds.
Explanation
Book number two in the Rich Dad series is Rich Dad’s CASHFLOW Quadrant which defines the different players in the world of money. Pictured below is the CASHFLOW Quadrant:
E stands for
As the Bible states, “My people perish from a lack of knowledge.” Today, millions are perishing because all they have been trained to do is send their money to the rich and to the government. That is not education.
Final Question
FAQ
So what should I invest my money in?
Answer
We all have three choices:
Do nothing and hope things work out. But as my rich dad said, “Hope is for the hopeless.”
Turn your money over to an expert for the long term, and “Buy, hold, and pray.”
Invest in your financial education. Invest your time before you invest your money. That’s something you have already done by reading this far. To me, this is the smart thing to do.
Chapter Two - UNFAIR ADVANTAGE #2: TAXES
Taxes are not fair. Those with financial education can earn more and pay less, even zero taxes, on millions in earnings. Financial knowledge on taxes is an unfair advantage.
FAQ
What do I have to do to earn more money and pay less in taxes?
Short Answer
The harder you work for money, the more you pay in taxes.
The harder your money works for you, the less you pay in taxes.
The harder other people’s money works for you, you pay even less in taxes.
You may even pay nothing, zero, zip, nada in taxes. Obviously, this takes the highest levels of financial education. This is a level of education my rich dad inspired me to attain.
Explanation
Many people think taxes are punitive, and for most people they are—simply because most people work for money.
Taxes are also incentives, government-stimulus programs, to encourage people to do what the government wants done. If you do what the government wants, you can earn a lot of money and pay less or even zero in taxes.
The problem is that most people are trained, just as Pavlov trained his dogs, to do what they’re told without thinking, namely to go to school and get a job. Hence, most people spend their lives working for money and paying more and more taxes.
Simply put, taxes are not fair. For those with the highest of financial education, the more they make, the less they pay in taxes, legally, but only if they do what the government wants them to do.
For most people, taxes make them poorer. Again, they are trained to send their money to the government. For a few, taxes make them rich, some very rich. They know how to have the government send money to them.
Again, it’s about cash flow, the most important words in the world of money.
Are the Rules the Same?
FAQ
Is this true just for the United States? Or are taxes the same throughout the world?
Short Answer
Every country has its own tax laws that apply in that country. I am not a tax professional, so I always recommend that people seek professional tax guidance before making any decisions on taxes. To better explain taxes, nationally and internationally, I will have tax expert, Tom Wheelwright, C.P.A., clarify this often-confusing subject.
Professional Answer from Tom Wheelwright
In my study of tax laws around the world, I have found that most countries follow the same basic principles. Tax laws certainly are there to raise revenue for the government. However, they are also used extensively to provide stimulus packages to certain parts of the economy that the government wants to encourage. Similarly, governments throughout the world use tax laws to encourage people to follow the social and energy policies of the government.
FAQ
What is the worst tax advice?
Short Answer
Go to school, get a job, work hard, save money, buy a house because your house is an asset, get out of debt, and invest for the long term in a well-diversified portfolio of stocks, bonds, and mutual funds.
Explanation
Book number two in the Rich Dad series is Rich Dad’s CASHFLOW Quadrant which defines the different players in the world of money. Pictured below is the CASHFLOW Quadrant:
E stands for
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