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Rich Dad's Principles For Getting Rich
-Don't save money (rich dad will use your money to make you work for him);
-Don't buy consumer goods on debt (they depreciate fast+ you pay interest on them);
-Buy assets, not liabilities;
-Consumer goods, including houses, are liabilities;
-Get in debt to buy up assets that will service your debt;
-Create corporation (don't pay taxes).
Money flow of the poor: income- poor pay off liabilities- before making expenses- gone
Money flow of the rich: a) "income flow to- assets produce- income" circle
b) income- rich make expenses- before paying off liabilities
Biggest portion of liabilities is taxes:
-rich pay minimum taxes, if at all
-poor pay most taxes
Second biggest portion of liabilities is interest payments:
-rich get low interest rates on debt
-poor pay high interest rates on debt
Financial intelligence is a synergy of:
1.Accounting
2.Investing
3.Marketing
4.Law
Rich dad wants:
1.Cash flow
2.Capital gains
3.Tax advantages
4.Bankers money- debt to fund business
Condensed notes by me from Robert Kiyosaki talks
My two cents:
All money in the system is asset of the banks and liability of the people.
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