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Questions from Readers for Robert T. Kiyosaki
Hello and thank you for the question, I want to start off by saying that this is your life, your money and your decision. Asking for advice is good, but you must do your own research and ultimately make the decision. While one great advantage for real estate in the US is the 1031 exchange, it is certainly not the only advantage. Real estate generally has many tax and legal advantages. It also has the ability for one to take on great debt, have someone else (your tenants) pay off your debt while you keep the asset. I do not know the taxes or laws in Bangkok, but I would take the time to get educated about them to know if investing there is good for you. The idea of your turning over your hard earned money and giving it to someone else is the mindset that has eroded our society. It is a lazy mindset and one that refuses to take responsibility. If you do not know what to due with your money, then find out! Look at the four assets (commodities, paper, real estate and business) find out what interest you, get educated, build a team and take control of your future. It sounds like you have the start to a good real estate team in Austin. Leading a great team is the way to wealth. From what you've written, it sounds like you are missing a good broker to bring you the deals. Ask your existing team members for recommendations. Interview until you find a broker who has access to deal flow, understands the cash flow investing mindset and who invests him/herself. Once your team is solid, you will get the deals you need and have the ability to take advantage of the laws and tax benefits to real estate. You are off to a good start. Keep getting educated and build up your team.
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Most Helpful Customer Reviews
211 of 224 people found the following review helpful:
5.0 out of 5 stars
Kiyosaki's philosophy can be summed up as follows,
By A Customer
This review is from: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! (Paperback)
Don't expect to go to school and learn how to get rich.It doesn't take money to make money. A house is not an asset - unless you are the bank, insurance company etc. Why real estate is still the best and safest investment. Why we shouldn't listen to brokers, financial planners, insurance and other commissioned salespeople. Why network marketing may be for you and why most of what you have read or heard is mostly a misconception. I have an MBA too. It stands for Massive Bank Account. Kiyosaki's advice works---only if you apply it.
649 of 701 people found the following review helpful:
4.0 out of 5 stars
Everyone should read this.,
This review is from: Rich Dad, Poor Dad - The Rich Teach Their Kids About Money - The Poor And Middle Class Do Not! (Paperback)
It is unfortunate that in America, the greatest nation in the free world, few people including those with high incomes understand the value of investing and the proper use of money strategies.You can live off your income, but you can't get wealthy off your income. Wealth is the result of using principles such as are in this book.I also strongly recommend "Millionaire Next Door" and for managers and leaders, read"Direct from Dell" by Michael Dell. Great books.
389 of 418 people found the following review helpful:
5.0 out of 5 stars
Still a best seller for a reason---it works!,
By A Customer
This review is from: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! (Paperback)
I first heard of this book when J.P. Morgan on the cover of the Wall Street Journal referred to Rich Dad Poor Dad as a "must read for millionaires."Most people know by now that this is the true story of Kiyosaki's two fathers, one, his real dad had a high income but was poor. The other, his friends dad, but Kiyosaki's mentor and Rich Dad. Kiyosaki learned that income alone does not create wealth as he learned from his "Poor Dad." Seeking financial freedom, Kiyosaki learned from his "Rich Dad" the keys to wealth. Kiyosaki went on to amass a fortune and lost it. But remembering the lesson taught from his "Rich Dad", started over and amassed yet another fortune and retired at age 47. The book will tell you some things you don't want to hear like a house is not an asset, 401 (k)s and so called "safe" investments are not quite so safe. That there is no such thing as job security and the world is full of "bullies" who will tell you how much money you can make, when and how many vacations you can take, lunch breaks etc. Kiyosaki's "Poor Dad" was fired at age 50 and learning from this, Kiyosaki tells us that the only real security and freedom is in being your own boss. Kiyosaki goes on to say that both of his dads were "honest, good, honorable men" but his poor dad, although a hard worker was weak and consequently ended up broke. Interesting is that Kiyosaki pledges his first book, "If you want to Be Rich and Happy, Don't Go To School?" to his poor dad.Goes to show that Kiyosaki has class and truely loved his Poor but real dad. Rich Dad Poor Dad is an excellent book. The main message is to take responsibility for your life. You are either a master of money or a slave to it. In addition to Rich Dad Poor Dad, I also recommend "Cash Flow Quadrant", "Rich Dad's Success Stories", "The Millionaire Next Door" and "More Wealth Without Risk."
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