Customer Reviews

Incorporate & Grow Rich!

5 star:		(17)
4 star:		(7)
3 star:		(2)
2 star:		(5)
1 star:		(3)

 

 

Some of C.W.Allen's information is correct but some was flat wrong. I read the book at author, Robert Kiyosaki's recommendation (Rich Dad, Poor Dad) and because some of what RK implied was offbase about having your corporation pay for your car, house, etc. As a CPA and twenty year veteran of the tax profession, I was curious to read his authority. Some glaring problems: You cannot hire your kids in your corporation and write off their education. The tax statutes are very specific about greater than 10% owners and their closely related family not being eligible. There are several other items like this that contradict Allen's info. Another dislikable characteristic of the book is that it has several sections entirely written by different authors who very clearly did not review each other's material. Several times they covered the same subject with different detail. How can you buy a book that you can't trust?

After carefully reading the other reviews, I ordered this book with mixed expectations. Granted, there were some useful tips that I gleaned; advantages of different corporations, interesting case studies, specific write-offs.

But still, the book is lacking. I learned of this book from "Rich Dad, Poor Dad" so I expected some powerful insight. Why do I think the book falls short? Well, I checked the web site of Sage International, and a lot of the informatin in the book you can get for FREE on the site. Which then lead me to believe that the book was just Sage's promotional material. I began to question the book's objectivity when they recommended Sage several times, and also Kiyosaki's books and products. Cross promotion is fine, but I began to wonder if Kiyosaki isn't a shareholder in Sage. I'm all for capitalism, but I'd like objectivity. Also, the book is very poorly organized. It tells you why you should incorporate, and then gives good specific tax saving examples, and then later tells why you should incorporate again! Information is repeated and repeated. Many pages are filled with a recap of what was covered one page before. It seemed like they took meeting notes and made it a book. I won't even mention the typos. If I made a typo on my tax return, I couldn't get away with it. And I'm supposed to be trusting the information in this book to lead me to financial safety? I wonder. I'll take them up on their advice on double checking with local experts!

However, if you don't know much about the different sorts of businesses. This is a good place to start. It is a quick read, and easy to follow. And there are many good examples. Maybe I was just expecting too much.

I ordered this book after reading the recommendation in "Rich Dad, Poor Dad," and I was terribly disapointed when it arrived. "Inc. & Grow Rich" is the most disorganized book I've ever seen. It's as if the authors just pasted together a series of unrelated presentations -- leaving it to the reader to decipher the important points. I did pick up a couple of new ideas, which is the only reason I didn't rate the book lower. However, I'm now going to have to do some research on my own to find out how to implement them, since the book was too sketchy. To sum it up: save your fifty bucks for something better!

This book gave me good insight into the world of business, specifically regarding its structure. I've realized that the structure of a business can really impact how much money you make.

The authors give good information. I specifically like the fact that they didn't analyze the entire corporate legal system, but mentioned some laws that are very important to know about (they save you money, and they keep you out of trouble with the IRS). They talk about everything from the different types of bankruptcy codes to the very popular Nevada corporations. Also, they cite the specific part of the tax code that they got their information from, so you can investigate the authors credibility if you wish.

There are many different laws that are mentioned within the book that are both interesting and useful to know when starting a business. For example, if you have a corporation, did you know you can only write off the purchase of a car if it costs less than $15,300 and has a gross vehicle weight above...yes, that's ABOVE...6,000 lbs? (If it were less, you might try and buy a sports car!) Did you know that if you start a business from your home, everything you currently own and use for the corporation (tables, computers, chairs, etc.) can be considered a donation to the corporation, resulting in a write off on your individual tax return? You can even write off your rent if you operate from there!

More questions of this type are answered throughout the book, as well as, obviously, the different types of corporations that can be formed (LLC, C Corporations, S Corporations, etc.), and the advantages and disadvantages of each.

The disadvantages: I had some trouble following the books format. The order in which things were presented was a little questionable. Also, there were a few chapters within the book that I wasn't interested in (forming a corporation in another country, for example), but I was able to skip right over them with ease.

It will definitely be a good reference book to add to my shelf. Relatively speaking, considering what I learned from this book, these disadvantages are too minor to warrant giving it only 4 stars.

This book changed my life considerably. While not a complete treaty on the subjects (not a single book can address the 12,000 pages US tax code, associated case law, financial planing, accounting, liability protection, etc.); it presents in a nutshell, key questions that the business owner should ask his/her advisors. Its language is easy to understand and the examples easy to follow. The grouping of themes by discipline helps to understand better the subjects on an individual basis. Unfortunately, that also makes the book, as a whole, appear a little bit confusing.

Overall, the book is insightful and instructive. The only weakness I found was its strong bias toward C corporations. After following up on the subject of different type of corporations, I found out why. But I still believe that the book should have included a more detailed explanation of the differences between C , S and LLC corporations on the subject of deductions, specially regarding the owners. They are substantial; and with most advisors recommending their clients to go with S or LLC corporations (probably because of the way they are taxed), this lack of better comparison could make the book appear as misleading or worse, plain wrong. Nevertheless, Kudos to C.W. Allen and his team for a bold talk on the scary subject of paying the least amount of taxes possible.

Two of the biggest predators to business owners is taxes and lawsuits. What I learned from Inc. and Grow Rich was how to significantly reduce taxes (70% and more) and protect my assets.

Taxes are one of the biggest deterrents to wealth. The more you make, the more they (the government) wants to take. By use of the strategies in this book, you are armed with the right information tolegally reduce your taxes down to the absolute
minimum.

Once you establish yourself as a business, you immediately become a target. The information in Inc and Grow Rich will show you how to protect yourself.

Important points covered in the book

* Slash your taxes by 70%

* Tax deductible cars

* Tax deductible educational expences

* Tax deductible life, health and automobile insurance

* Tax deductible trips

* Tax Deductible food

* Tax deductible housing

* Protect your personal and business assets

* Don't pay probate costs

* Don't pay inheritance taxes

* Structure your financial affairs for wealth, not poverty

There is an interesting quote in the book that I would like to share:

"You simply need to learn how the rich get rich & do the same thing! What works for the rich will work for you too."

The book covers in detail the eight legal business structures:

I The Sole Proprietorship
II The General Partnership
III Limited PArtnerships
IV The Corporation
V "C" vs "S" Corporations
VI The Professional Corporation
VII Nonprofit or Not-for-profit corporations
VIII The Limited Liability Corporation

In the chapter called 'Building your Wealth" by C. W. Allen, we learn the four founding principles of getting and staying rich which are:

1) Get into business for yourself and incorporate your business
2) Spend first - tax later (by operating as a corporation)
3) Own nothing - control everything (All your assets protected)
4) Use the magic of compound interest (rule of 72)

The authors bring a varied and professional background and are uniquely qualified to present this information. C.W. Allen is a financial strategist and one of the nations foremost experts on the benefits of incorporating. Cheri S. Hill specializes in the practical, how to side of incorporating and is an established expert in incorporating. Diane Kennedy is a CPA as well as an owner, investor and real estate developer. She practices the advice she gives and shares her secrets, in particular how to reduce taxes. Ms. Kennedy is noted for "performing miracles" taking corporate taxes from the red and put them in the black. She has helped clients save 70% on taxes by proper use of the tax code. She also has information on how to pick a CPA that is right for you. Garrett Sutton is an attorney and an expert at asset protection. "Why work hard to accumulate assets when by doing so you become a target for frivolous litigation?" says Sutton and he addresses this question and others related to preserving family wealth and your hard earned assets.

Overall Inc and Grow Rich is a excellent book for all business people. Also recommend Own Your Own Corporation by Garrett Sutton, Retire Young Retire Rich by Kennedy and Robert Kiyosaki, The Traders Tax Survival Guide by Ted Tesser and Form a Corporation and Launch a Business in Any State by J.W.Dicks.

On the positive side, Inc. and Grow Rich did have some very useful information on the advantages of incorporating your business, and other important legal information that will allow people to save money in various aspects of their lives.

On the other hand the situations and case studies supplied to demonstrate these concepts were too specific, allowing the author to end the chapter or section with "to see how this would apply to your situation, contact a CPA". And while I do see the advantages of going to a CPA to see how the laws apply to my situation, I feel that for price of the book, it could have contained a broader range of case studies to see how the law applies to each one.

My advice.. save the fifty bucks for an appointment with a CPA... with or without this book, you'll need one anyway.

As someone who is just starting out in business, I appreciated the easy to understand and easy to apply advice in this book. I also recommend The Rich Dad advisor series book by Garret Sutton as well as the exellent books by J.W.Dicks.

After talking with dozens of other successful business people and pouring over a hundred "How to incorporate" books, these are the best.

I had high expectations of this book due to positive recommendations, but was extremely disappointed upon reading it. I found it to be amazingly disorganized and not very helpful. Save your money look for value elsewhere.

This book gave me more than enough information to make a difference in how I do business. Clearly written in a chapter format which made it easy to digest and not overwhelming like many other books. In addition, it guided me on how to get more in-depth information on incorporating and a great basis for what questions to ask. I have shared this book with many of my freinds and they have then gone to buy the book for themselves, great for a reference book in your library. If you only get one bit of information out of it that will be worth the $ alone. Enjoy!