- Series: Rich Dad Advisors
- Paperback: 320 pages
- Publisher: RDA Press, LLC; 2nd edition (May 26, 2015)
- Language: English
- ISBN-10: 1937832058
- ISBN-13: 978-1937832056
- Product Dimensions: 6.2 x 1 x 9.2 inches
- Shipping Weight: 13.6 ounces (View shipping rates and policies)
- Average Customer Review: 284 customer reviews
- Amazon Best Sellers Rank: #18,807 in Books (See Top 100 in Books)
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Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) Paperback – May 26, 2015
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The book is written in plain English and attempts to explain in a straightforward way how taxes work and how as an investor you can benefit from the tax code, and what to be careful with. He does this by giving a few examples along the way that illustrate his point. To that I will add that some of his advice is overly vague filled with very general rules that the average person may find themselves scratching their heads, thinking, would that even apply to me, or, what the ____? I say this because the tax code is 10s of thousand of pages long and there is no way that a non technical book with about 250 pages is going to even scratch the surface of the behemoth that we have all come to love and embrace.
What you should not expect from this book is a silver bullet that starting next year you tax liability is going to drop by 50%. You can think of it as something like a financial crystal ball that gives you a handful of clues with little glimpses into the future but never giving you a solid answer. With the exception of a few things like cost segregation and accelerated methods of depreciation the rest of the strategies are going to require homework, research, and the help of a good accountant who is willing to work with you for a reasonable price and be knowledgeable in your industry. Remember, not all accountants are created equal and most of the states with the exception of a few have multiple levels of taxation that are not bound by federal law.
Overall the price to value ratio is pretty good regardless of your income tax IQ, even if you get nothing new of value it's an entertaining read. The shortcoming is actually part of it's strength, ease of use. But, by making the book simple, they also sacrificed substance and made a good portion of it vague with for example, he writes I believe 5 short paragraphs amounting to about 1 page on agricultural tax credits. Preceded by 1 paragraph dealing with mining and another about renewable energy which basically tell you nothing.
Tom's writing style is very easy to follow, even through all of the numbers and details.
I've learned a lot from this book and plan to keep it nearby for a long while.
However, the continued statements that anything can be deducted if you just handle it the right way are disingenuous, and some people may try to stretch and get into completely indefensible situations based on his broad and often repeated statement. Everything is not potentially deductible. It is also a very padded book, with the author stretching to increase the word count to make it "book length".
Still it is a helpful book if the ideas are taken with a grain of salt, and it has really helped me think about taxes in a different way.