Rich Dad Poor Dad Lessons Learned Notes Part 3

⦁ The majority of taxes aren't payed by the rich, they are paid by the poor and middle class
⦁ Taxes were made popular by the government telling the poor that the taxes were for the rich.
⦁ The government is respected and gets power based on its size. A rich man gets respect and power by paying less and keeping more income, aka not having tons of employees.
⦁ A corporation is merely a document in a clerks office that creates a body without a soul and protects the rich.
⦁ Average Americans today work 5-6 months just to cover their taxes.
⦁ The tax man is the biggest bully and will always take more if you let him.
⦁ It is expensive to not know the law, (I personally saved 1500$ after filing taxes by looking up a clause that I had missed and then fixed by amending my return.)
⦁ Corporations get taxed after they spend everything they can, basically money left over is what a corporation gets taxed on.
⦁ Rich use vehicles like corporations and trusts that protect their assets.
⦁ If you own any assets find out the benefits of setting up a corporation. (Personal corporations exists.)
⦁ Don't resist change, sometimes its the old ideas that are the biggest liability.
⦁ Never wait for the right opportunity, push to make the right opportunity happen
⦁ Knowledge is important, those who fail to recognize an oportunity lose.
⦁ If you don't have enough money for an oportunity, how can you still win from it, is financial intelligence.
⦁ You create your own luck.
⦁ Money is not real, money is what we agree it is, those who realize it can make more then those who don't.
⦁ Millions get made without money at all, because just by an agreement between two people, money can be transfered/made.(example buy sell stocks using broker.)
⦁ Humans are designed to learn by making mistakes, so while you should be carefull while getting rich, dont be afraid of losing or failure.
⦁ 2 types of investors the ones who buy a prepackage component and the ones who put things together to build an investment.
⦁ Huge wins come from those who can put investments together successfully.
⦁ Find opportunities that others missed builds your financial intelligence.
⦁ Learn how to raise money without a bank.
⦁ Its what you know, not what you buy.