What Are the Rich Dad Poor Dad Tax Loopholes?
Before we get into rich dad poor dad tax loopholes let’s talk about the background of the book by Robert Kiyosaki.
The book is the story of a person who has two dads.
The first was the biological father, the poor dad.
And the other was the father of his childhood best friend, Mike the rich dad.
Both dads taught the author how to have success, but with very opposite approaches.
Throughout the book, the author compares both dads their principles, ideas, financial practices, and degree of dynamism and how his real father, the poor and struggling, but extremely educated man, paled against his rich dad with regards to asset building and business acumen.
The author likens his poor dad to those individuals who perpetually roam in the Rat Race, helplessly trapped in a vicious cycle of needing more.
But never able to satisfy their dreams of wealth because of one glaring lack: financial literacy.
They spend a lot of time in school learning about the problems of the world, but haven’t acquired any valuable lessons about money, simply because it’s never taught in school.
What Are the Important Concepts?
The books is reduced to two fundamental concepts that relate to the rich dad poor dad tax loopholes.
Firstly, a can-do attitude and fearless entrepreneurship.
The author highlights both of these concepts by providing multiple examples for each and focusing on the need for financial literacy, how a power of corporations contribute to making the rich even wealthier.
Focusing on your very own company, overcoming obstacles by not promoting laziness, fear, cynicism along with other bad attitudes.
And recognizing the characteristics of humans and how their preconceived notions and upbringing hamper their financial freedom goals.
Rich Dad Poor Dad Tax Loopholes: A Summary of the 6 Lessons
The author, Robert Kiyosaki, presents six major lessons that he discusses through the book:
- The rich do not work for money
- The importance of financial literacy
- Having your very own company
- Taxes and corporations
- The rich invent money
- The need to work to learn and not to work for money
In summary, Rich Dad, Poor Dad revolves around 3 main characters: poor dad, rich dad and the son.
The essence of each character is:
- Poor dad educated, but lacking the financial intelligence
- Rich dad very little education, tons of street smarts
- Kiyosaki the spectator who learns lessons from both, but internalizes only rich dads traits
In summary, the author likens his poor dad to the millions of dads who encourage their sons to do well in school so that they can get a good job with a good company.
However, what we all need are the key lessons about financial planning, wealth and investing.
Faithful in your success!
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