Robert Kiyosaki

Rich Dad Poor Dad

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b6248571099
b6248571099has quoted3 days ago
“Yes. Choosing what we think rather than reacting to our emotions. Instead of just getting up and going to work because not having the money to pay your bills is scaring you, ask yourself, ‘Is working harder at this the best solution to this problem?’ Most people are too afraid to rationally think things through and instead
Willy
Willyhas quoted4 days ago
• 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, and give it to the poor
Willy
Willyhas quoted4 days ago
Tax advantages
A corporation can do many things that an employee cannot, like pay expenses before paying taxes. That is a whole area of expertise that is very exciting. Employees earn and get taxed, and they try to live on what is left. A corporation earns, spends everything it can, and is taxed 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 cashflow. For example, by owning your own corporation, your vacations can be board meetings in Hawaii. Car payments, insurance, repairs, and health-club memberships are company expenses. Most restaurant meals are partial expenses, and on and on. But it’s done legally with pre-tax dollars
Willy
Willyhas quoted4 days ago
4. The law
A corporation wrapped around the technical skills of accounting, investing, and markets can contribute to explosive growth. A person who understands the tax advantages and protections provided by a corporation can get rich so much faster than someone who is an employee or a small-business sole proprietor. It’s like the difference between someone walking and someone flying. The difference is profound when it comes to long-term wealth
Willy
Willyhas quoted4 days ago
3. Understanding markets
Understanding markets is the science of supply and demand. You need to know the technical aspects of the market, which are emotion-driven, in addition to the fundamental or economic aspects of an investment. Does an investment make sense or does it not make sense based on current market conditions?
Willy
Willyhas quoted4 days ago
2. Investing
Investing is the science of “money making money.” This involves strategies and formulas that use the creative right-brain side
Willy
Willyhas quoted4 days ago
1. Accounting
Accounting is financial literacy or the ability to read numbers. This is a vital skill if you want to build an empire. The more money you are responsible for, the more accuracy is required, or the house comes tumbling down. This is the left-brain side, or the details. Financial literacy is the ability to read and understand financial statements which allows you to identify the strengths and weaknesses of any business
Willy
Willyhas quoted4 days ago
Capitalism is thriving and the free-market system means that entrepreneurs who can offer a better product at a better price have a good chance of success
Willy
Willyhas quoted4 days ago
It’s not a big building or a factory or a group of people. A corporation is merely a legal document that creates a legal body without a soul. Using it, the wealth of the rich was once again protected. It was popular because the income-tax rate of a corporation is less than the individual income-tax rates. In addition, certain expenses could be paid by a corporation with pre-tax dollars
Willy
Willyhas quoted4 days ago
BOND: A debt security in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest at a later date, termed maturity.
ENTREPRENEUR: Someone who creates a system to offer a product or service in order to obtain a profit. Entrepreneurs are willing to accept a level of risk to pursue opportunity and are viewed as fundamentally important in the capitalistic society.
Willy
Willyhas quoted4 days ago
FINANCIAL STATEMENT: A statement of your income, expenses, assets, and liabilities. Your “report card” when you leave school and what your banker wants to see before lending you money.
STOCK: The capital raised by a corporation through the distribution of shares
Willy
Willyhas quoted4 days ago
The rich put their money into a corporation to finance the voyage. The corporation would then hire a crew to sail to the New World to look for treasure. If the ship was lost, the crew lost their lives, but the loss to the rich would be limited only to the money they invested for that particular voyage.
Nemanja
Nemanjahas quoted5 days ago
It is said that the fear of public speaking is a fear greater than death for most people. According to psychiatrists, the fear of public speaking is caused by the fear of ostracism, the fear of standing out, the fear of criticism, the fear of ridicule, and the fear of being an outcast. The fear of being different prevents most people from seeking new ways to solve their problems
Nemanja
Nemanjahas quoted5 days ago
An asset puts money in my pocket.

A liability takes money out of my pocket.
Nemanja
Nemanjahas quoted5 days ago
Accounting is possibly the most confusing, boring subject in the world, but if you want to be rich long-term, it could be the most important subject.
Nemanja
Nemanjahas quoted5 days ago
“If you want to be rich, you need to be financially literate.”
Willy
Willyhas quoted8 days ago
ut Ray told them he was not in the hamburger business, but in the real estate business. He knew that the land and location of each franchise were the most significant factors in its success. Today, McDonald’s is the largest single owner of real estate in the world, owning some of the most valuable intersections and street corners around the globe.
Willy
Willyhas quoted8 days ago
I was active in my asset column trading real estate and small stocks
Nemanja
Nemanjahas quoted9 days ago
“Can you tell the difference between emotions thinking and the head thinking?” Mike asked.

“Oh, yes. I hear it all the time,” said rich dad. “I hear things like, ‘Well, everyone has to work.’ Or ‘The rich are crooks.’ Or ‘I’ll get another job. I deserve this raise. You can’t push me around.’ Or ‘I like this job because it’s secure.’ No one asks, ‘Is there something I’m missing here?’ which would break through the emotional thought and give you time to think clearly.”
Willy
Willyhas quoted10 days ago
SOCIAL SECURITY: A social welfare or social insurance program commonly funded through automatic payroll deductions to subsidize persons in their old age and with disabilities.
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