One Of The Most Common Forms Of Off-Balance-Sheet Financing Is Review of Robert Kiyosaki’s Book Unfair Advantage

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Review of Robert Kiyosaki’s Book Unfair Advantage

As a member of Rich Dad World, I downloaded the online version of this book for a limited time offer only. This book provides several important financial lessons that will make you realize the importance of being in the B and I quadrants, which I will summarize below.

The school system teaches students to be employees and does not equip them to make good financial decisions. Financial education in school teaches children to send money to the government and banks. These kids grow up and don’t know the difference between good and bad investments; Good and bad advice. True financial education enables you to tell the difference and have people send you money. Many of the billionaires in the top 10 of the Forbes list do not have formal education such as a degree. They knew that school was not the place for them to become what they are today.

In the US, taxes are the biggest expense for people in the E and S quadrants. Getting the right tax advice from the right person is important. The right tax advisor should be able to help you minimize your taxes. With the money saved, it can be channeled into other investments to build your assets to generate income. There are three types of income that you pay tax on:

• Ordinary income – it attracts the highest tax rate, meaning the harder you work for money as an employee or self-employed, the more tax you pay.

• Portfolio income (aka capital gains) – This attracts the second highest tax rate, meaning the harder your money works for you, the less tax you pay.

• Passive income – it attracts the lowest or zero tax rate, meaning other people’s money can hardly work for you; You pay little or no tax.

I agree with Robert that savers are now losing out because banks are paying lower interest for saving money in bank accounts. After President Nixon took the US currency off the gold standard, money ceased to be money and became debt. Countries rush to devalue their money by printing more to help increase their exports to other countries. This leads to inflation which reduces your purchasing power, i.e. groceries become more expensive. So, if you are able to use the loan to buy properties and keep money in your pocket, that is really an unfair advantage. Many people have become poor because they used debt to buy liabilities that take money out of their pockets, worst of all they think that liabilities are assets.

Robert explains why the following pair of words is an oxymoron for the financially uneducated. An oxymoron are words that contradict each other. They are 1) Job Security 2) Saving Money 3) Safe Investment 4) Fair Shares 5) Mutual Fund 6) Diversified Portfolio 7) Debt Free. Risk is inversely related to control. The risk to your investment increases if you have less control. Rich Dad advised Robert to learn three things if he wanted to be as rich as Rich Dad in the B and I quadrants. Three things to learn are:

• Sales (control income).

• Real estate investment (control loan).

Technological investment (market control).

All fund managers advise people to diversify their portfolios of stocks, bonds and mutual funds. For those who don’t have a good financial education, they think this is good advice. However, the fund manager is still putting your money in an asset class that is paper assets. The four basic asset classes that Robert invests in are 1) Businesses 2) Real Estate 3) Paper Assets 4) Commodities. The more you know and learn about these asset classes, the more control you have, the lower your risk.

Different categories of people focus on different areas of the income statement and balance sheet. The poor focus on spending. Focuses on middle class obligations. Rich focus on assets. The rich don’t work for money, they make their money work hard for them. Applying the three laws of compensation will allow one to enjoy infinite returns on investment, leading to greater wealth.

I agree with Robert that we need two types of schools. One is suitable for those who want to be in the E and S quadrants and the other for the B and I quadrants. In Singapore, some efforts are made to encourage entrepreneurship; Some courses related to this like “School of Entrepreneurs” have been established. Although it is not in the main stream curriculum that leads to the degree program. Therefore, I suspect that until the United States makes a break-through in its education system, what Robert proposes will not be seen here for a long time.

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