How Rich People Avoid Paying Taxes - Robert Kiyosaki and Tom Wheelwright
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- Опубликовано: 5 июн 2024
- Robert Kiyosaki’s SECRET Tax Hacks PART 1
• Tax LOOPHOLES The Rich...
Discover a way to pay fewer taxes legally, deductions you can apply and the three strategies Robert Kiyosaki uses to pay 0% in taxes.
Regular employees pay about 40% in taxes while self-employed people like doctors, lawyers & accountants pay 60% tax. Business Owners, on the other hand, pay 20% tax with investors paying 0% in taxes. Wouldn’t you want to be on the right side of the CASHFLOW Quadrant? It is absolutely possible to go around paying 0% tax. You don't have to be a crook to not pay taxes, you just have to be smart.
In fact, the government doesn’t want you to pay taxes. They use taxes as incentives to get you to do what they want you to do.
Best known as the author of Rich Dad Poor Dad-the #1 personal finance book of all time-Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. He is an entrepreneur, educator, and investor who believes that each of us has the power to makes changes in our lives, take control of our financial future, and live the rich life we deserve.
With perspectives on money and investing that often contradict conventional wisdom, Robert has earned an international reputation for straight talk, irreverence, and courage and has become a passionate and outspoken advocate for financial education.
Robert’s most recent books-Why the Rich Are Getting Richer and More Important Than Money-were published in the spring of this year to mark the 20th Anniversary of the 1997 release of Rich Dad Poor Dad. That book and its messages, viewed around the world as a classic in the personal finance arena, have stood the test of time. Why the Rich Are Getting Richer, released two decades after the international blockbuster bestseller Rich Dad Poor Dad, is positioned as Rich Dad Graduate School. Robert has also co-authored two books with Donald Trump, prior to his successful bid for the White House and election as President of the United States.
#robertkiyosaki #richdadpoordad #millennialmoney
www.richdad.com
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Twitter: @TheRealKiyosaki
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What are some of your tax strategies to pay less in taxes this year?
Using tax deductions on renovations costs. This will actually reduce taxes for the coming 10 years of an amount that is equal to 80% fo the renovation cost (yes you got it... the cost in the end is only 20%). This is possible in Italy.
Does the depreciation reduce your basis thus increase your gain when you sell it later?
Taxes on commissions are at 20% here in Zambia, but once I prove that the business is below a threshold annual turnover of $80,000 i get to pay up to only 4%! I do this for multiple businesses and earn upto 16% excess cash flow
The Rich Dad Channel I’m curious of you’ve got any insight to the Canadian demographic?
Juan Ortoo you are so dumb
Funny how the accounting classes I took in college don't even come close enough to teach you about the possibility of financial freedom. They only apply scenarios where you learn how to balance someone's else's business. Just prepping you to be an employee...Wow....
Not really if you are buying Stocks than its important to read the Balance sheet
They could be training you to balance your own business!
@@discflinger7675 its a starting point
@@uknasa007
No it's not. School is for the fool, and I'm way too cool for school.
@@mannicolas-rosburn601 yup
It is never too late ! I am 71 and I gotta do this !
We'll keep going
I have business in Ghana. Come let's do it. Or invest
@@philipahotor1930 hey Philip davidacard.d@gmail.com it's my mail id contact me
Amen you got this
Wtf
I remember in high school we had a substitute for a month. Everyday he read to us rich Dad poor Dad and made us write notes while everyone was talking I was listening. He did mention you’ll thank me later for reading this, and boy was he right. They should be showing this video to all these kids in economics class. People always complaining why wealthy people get tax breaks but never take the time to research as to why they get them. Knowledge is power! Invest in yourselves first.
For example, right now average people are complaining why trump paid 750 🤦🏽♂️
Exactly!!! Heard about that this morning
This is like Greek to me. I hear you... but I don't hear you. But I'll keep playing this video till I get it. won't give up.
That's the spirit. Keep at it. Some of us get it because we've read it in school. Don't give up and feel free to ask questions.
keep at it!
I actually do recommend you to keep watching and reading things like this, when i watched this video for the first few times i didn't understand a great deal of it but i understand quite a bit of it now and i am still learning. You may want to watch videos done by Ken as they helped me a lot, repetition is key.
Thanks everyone
Try watching other videos similar to this that rk teaches. It's an advanced class for a reason. Alot of things he says will go right over most of our heads. Commitment and research is key.
Someone give this man a bigger white board. I want to learn this notion more in depth
I’m 15, trying to learn about taxes before I start my own business. Everyone can start there own. Just think of the things you use in your daily life .✌️🙏
im 15 too
@@healtheffect3054 I’m 14
Im 19 bro, its too late for me😭😭
@@tonyp.1463 Hi you can tell me your business plan and I can help You possibly
@@tonyp.1463 in managing the business
If you've been following this guy, you'll know that one of the most important lessons he preaches is to never stop learning, and that's what has stood out to me.
In school, we're taught that our education ends after college, or an internship. "You already know all that you need to", and, "You are just wasting your time on useless pursuits". Actually, education should never end.
Because not only does it "corrode" your mind(the way muscles get weak due to lack of exercise), it also stops you from adapting. It teaches you that learning is a sign of inferiority, rather than a virtue.
We often say, "knowledge is power". But we never really understand the significance of this phrase, rather repeating it like parrots.
Amazing work, Rich Dad! Keep it up!!
Robert and Tom did a good introducing the whole tax savings concept. Good job. The more you look into this topic, the more you realize just how many avenues there are to minimize taxes in the US. I actually did a video on this very topic that might give you even more ideas and help you out.
I attended a seminar you held over 10 years ago. I took and paid for a 1000 tax course that has been priceless.
I take deductions from my rental properties, business lunches, travel to and from my rentals, repair costs for my computer, charitable donations, and a few others.
#priceless 💯💯💯
Hi, Tom... Im new in town (I just moved to USA 6 months ago). I going to pay taxes for first time. I´m self employee, How do you recommend me to pay less?
@@djjohannp i am a newbie in this (a student rn) but i would say that you should start your own freelance business. If it's Registered to be a corporate business, then you will pay a lot less tax. You should ask an accountant
@@KR-ln5qw I didn't take any. May you recommend me one to start to learn?
@@djjohannp invest most of the profits into assets for the business every mile you drive on your car is a tax break . Keep receipts of everything good luck to you
My question is, where do you first even get money to buy into major investments? If you have a 9 to 5 and make 45000 a year. How and where do you even start?
Would it be possible to make a video in future showing the examples with numbers. Just to show how it all works, depreciation and appreciation. I believe it would show the importance of this even more. And also Tom mentioned that it's possible for an employee to take benefit of depreciation, but didn't explain how. It would be interesting to know that too. Thanks for your work, very much appreciated.
Why? Being an employee sucks
Amortization: the action or process of gradually writing off the initial cost of an asset or the repayment of a loan principal over time.
Appreciation: an increase in the value of an asset over time.
Depreciation: a reduction in the value of an asset over time, due in particular to wear and tear.
How does one write off debt?
@@seven7hsine yes i want to know that too
@@seven7hsine you use the debt that you acquired from the bank to make your depreciation amount higher then the depreciation takes away from your gross income thus lowering your taxes
Let’s take an exemple , you have a hotel as a business real estate when you get 6% of amortization (patents, goodwill, trademarks...) it’s means that you’ll decrease your taxes so you can save some money from your expenses you used to pay to the government ... it means that this money you saved from the taxes you used to pay to the government you can pay with the debts on the 3/4 of capital to the bank
Amortization for intangible assets and depreciation for tangible asset
I refer to Robert Kiyosaki as my "Rich Dad". I found his Rich Dad, Poor Dad book by chance at a yard sale, and since reading it, I've never looked back.
He’s a conman.
Depreciation is the government's way of saying we know your tenants are going to contribute to the wear and tear of your rental properties. Wear and tear is an expense so your taxable income is lower.
Rex Erection you get rich because you pay less taxes
Hi Robert, I really appreciate what you're doing. And I hope to learn as much as I can to start my business.
The business can avoid paying taxes but when you want to transfer the earnings from the business to yourself via a draw, or paycheck or dividend you will eventually have to pay taxes. (trying to pay as little as possible is the goal)
Not if you set you business as a trust first from the start. Should cost you in today’s economic no more than 95k which is then a write off on your taxes lol
Great video Thanks to Mr. KIYOSAKI AND TOM for breaking it down in simple terms. This is valued content that I'm grateful for !!
7:00 glad Robert pointed that out...
I love the bloopers at the end! It's refreshing to see a "real" person on youtube :) Also, the lessons are incredible
I am an engineer with 0% understanding of finance. But I am learning alot from Robert. Unfortunately, I haven't understand depreciation ...
Make more videos like this...
Do you understand it now?
@@MasterAcquisition yah but I keep on learning also
A.B.E = Always Be Educating. Happy to hear others are continually learning! Keep it up
@@shahmirjadoon1322 Hi im an newbke engineer too. Did u discover any good methods to evade tax as an engineer？
For those who are wondering how Depreciation, here it goes.
Purchase price of the house: $500,000.
I put down 100k on a rental real estate
Debt (aka Mortgage): $400,000
Business perspective:
Annual Rental Income: $60,000
Annual Rental Expenses (includes, Mortgage, taxes, insurance, repairs, HOA utilities, etc.): $40,000
Annual Rental Net Income: $20,000 positive cash flow.
With my mortgage, I can buy a $500,000 property (mostly using the bank's money) and my rental property increases 5% per year in market value (APPRECIATION)
Tax Return perspective(Keep in mind that the goal is to minimize income and to maximize expenses, more income you show on tax return, the more taxes you pay)
Annual Rental Income: $60,000
Annual Rental Expenses (includes, Mortgage, taxes, insurance, repairs, HOA utilities, etc.): $40,000
Annual Rental Net Income: $20,000 positive cash flow.
BUT dont forget the Depreciation (AKA freebie expense/phantom expense): Let's say it's $19,000 per year.
This means you're paying taxes on $1000 worth of income OUT OF the $60,000 that you really got from the rental property. Meaning you're paying virtually NO taxes.
If you're a W-2 earner, you receive $60,000 and you're taxed around 25% right off the bat, meaning you pay $15,000 before you even get the money. You also have to shoulder the mortgage payments, taxes, insurance, sales taxes, daily expenses in addition to the taxes that you've already paid.
Hope this helps.
I had so many tax write offs/deductions for my duplex i bought and am living in that i had taxable losses and didnt owe anything to uncle sam on my rental income. It was awesome
I need your advice
@@helenrivera8197 whatever advice i could give would all be answered by Matt Mckeever's youtube channel. His is basically where i learned everything
i need ur help with this tax stuff as well
also the money making part
and the debt part
and the other part i forgot the name of
Robert Kiyosaki is great! 🙌🏻
So are you!!!
Thanks a lot for the imp info.
The only thing is, How can I read the last part with the ads covering half of it?
So essentially, when you take debt to pay off say a house that you loaned, the appreciation (increase in value over time), is also yours but you essentially bought it with the banks money .
Is that what the video meant?
Also how does amortization come to effect in this?and how does it affect taxes?
I am 16 ,don't know too much about financial stuff but this piqued my curiosity.
I wish they had asked more questions rather than just saying "Yes I understand."
Negotiation is an important asset in personal skills I would love to see a video on the art of Negotiation please
Holly crap, this was the most educative video I've ever seen. I had to watch the depreciation part twice, but after I've understood I can never look at investments and taxes the same again.
Can u explain the depreciation part to me?
Hopes Sky yeah same
This is not an educational video. It's a video explains about how hard working people are becoming more poorer
@@nature6717 exactly. So work smart not hard. Invest in opportunities make your money work for you instead of you working for money aka job
To be honest this is accounting and taxation 101. Its news to me that people even today dont even know about this. Education system is a failure globally
Gentlemen, awesome awesome effort. Love the education & information. Thank you.
They forgot inflation, the value of the debt will decrease at the same time amortization, appreciation and depreciation take place.
Is inflation bad?
What did Amazon pay in tax last year? Close to 0?
All I need to hear
Great video. Question: so depreciation works on investment properties but does not work for your personal residence. What if you buy a 4-Plex, live in one of the units, and are renting out the other three? Does it apply to that property then? Or would you get 75% of the depreciation value instead of 100%?
Separate units should qualify.
I’m 18 I want to keep watching this video till I understand it completely
Same here bud, same here
For that we have to understand first what taxes actually are and what are the phenomena on which the govt pay taxes ..!! Then only u ll understand this
Read his book lol
I will explain to clarify. They're many subjects here. Tax law, accountanting, and bank policies. Let's start with the easiest:
-amortization it's paying for your loan and tax free for companies
-when you buy the real state you have to register that at it's cost value. Also every year in the net income balance of the company you register the depreciation. So let's say I buy a condo and for the accounting registration I take the cost/50 years...so every year you are putting and expense and you have less income to be tax. The real objective of the depreciation is that you're "saving" a bit every year so when the times comes you can rebuilt it or rebuy it. You have to do that with many goods that depreciate over time like a computers, machines, etc. It's has to deal with accounting.... it's not a real expense but you have it in your income statement and it's allowed by tax laws as well.
-The real state is in the balance sheet at its cost (price you paid) and it doesn't matter for taxing or accounting if it appreciate its value (unless you sell it) but you can have benefits with the bank because the mortgage was for a less value propiety so with more value you can negotiate the terms or borrow more money That's it. Easy peacy haha
I had to watch it twice to understand depreciation... Is it just me or Robert explanation is hard to understand?... Anyways, please correct me if I'm wrong. When your investment property depreciates, you pay less in taxes therefore you keep more cash in your pocket, correct?
Yeah
Agree
He gives an easier explanation in rich dad poor dad
I'm trying hard to understand I'll have to watch a few times but if your creating debt for a write off your also loosing Net?? I dont see the big upside but I will rewatch as many times as I have to
Depreciation is an expense, which lowers taxable income (so yes, allows you to keep more in your pocket)
I love these videos, I do plan on buying 2 investment properties this year. I have been reading on real estate and about to attend some seminars to increase my knowledge and my network.
John Guillory kudos to you! How did it turn out? Just do it!
Hello Robert! I have a question on this topic. Can we I always be taxed free or only for an unpaid real estate building?
For example, I will get a loan from the bank a 1 million dollars to be invested on real estates. Then, after 3 years, I paid it. Then, I will get another loan to be invested on real estates. When does tax free be applicable? Am I tax free as long as I have loan? or should I pay the tax after paying my loan for the specific real estate? Like, I am paid for my first real estates, then I have loan for my second building. Should I pay tax for my first real estate or am I free of tax as long as I have loan?
And if I am free from tax as long as I have loan, I think this is good to do same process until reaching more buildings with tax free.
I hope you will answer my question. Thank you.
I love the way Robert explains... Very simple and makes sure to dumb it down for everyone to understand. Even interrupts to re-explain if he feels it's not simply put
Robert Kiyosaki is a genius. Would love to meet you in person one day!!
I was thinking the same thing listen to him all day today. An the day is not over yet. 🙃
Get it done....call him and ask him. You have nothing to loose!
He lives in Scottsdale AZ
After watching you gies I realize how much I still have to learn.
When buying property, do you use your main business that has employees or set up a separate business for property or a separate business per property?
Depends on your situation. Consult a legal/tax professional.
Does this apply to digital assets, and REITS as well?
Just by looking at this chart it proves how this country can give you the opportunity to make the necessary moves to get ahead in life. Sounds like there are similar ways of economic opportunity in other countries as well. Not a lot of people are willing to or understand how some of these things work that’s why it is so important to think for yourself, use critical thinking skills, self educate and take up some form of responsibility in life. Keep persevering and stay resilient. Everyone can enjoy pleasure in life but not everyone is willing to take on the responsibility to truly living their own life the way they want. I am glad and aware of how fortunate I am to live where I live with these opportunities and have this sense of awareness. The choice really is ours to depict what kind of life we want.
All facts it might seem discouraging bc it’s a lot to learn
I will have to watch this at least 30 times.
But if and when the property is sold the depreciation deduction now becomes income. Taxes must be paid on that amount.
I like these recent videos you guys are doing keep it up. I would like to see many more topics in other areas too...
Good video Robert.
So how do you actually bring about depreciation and appreciation to benefit you??
Depreciation lowers the income tax you have to pay. Appreciation puts profits in your pocket when you sell the property.
Just get a whiteboard Mr. Kiyosaki!
He likes to use the paper and consider it business expenses 😂
Don’t tell him how to live his life!! Haha
@@NinaBabyTV he is saving that money to invest in the next apartment complex 😂
That would be an expense which is "money out of his pocket" XD
Classic robert!
Thank you for the sharing really insightful, but I have a question though :
Ok, if we apply your financial schemes, we pay low to no taxes, and that's great. But there is too much debt, and when we say debt, we say repayment of interests and principal to banks and bondholders.
So what you're saving in taxes you pay them back to your creditors to extinguish debt.
if you go into the "B" or "I" quadrant, don't you have to have some amount of money and good credit score to begin with? I'd imagine at least $100,000 or even $200,000? So you have to be in the "E" or "S" quadrant first?
When you sell, the appreciation and depreciation become a tax burden. It has to be recaptured.
Adam V I was waiting for someone to finally mention this “small” little nugget of truth that can have a huge impact on the end user profit...be it yourself in old age or maybe your living kin after you pass
@@marcusaplin71 After you pass, the cost basis for the property is reset to current market value. Therefore, the next of kin will owe no taxes on the gains that occurred in your lifetime. They won't have to pay back the depreciation you claimed either. It's one of the greatest tax breaks that exists for investors, except you have to die to take advantage.
When it comes to investing, diversification is key, that’s why I engage in sectors based on projected growth. There’s no shortcut to getting rich, but there are smart ways to go about it
I engage in different kinds of prolific investments such as launchpad IDOs, Crpto, Stock, NFTs, and vice versa through proper planning and management of a widely known Investment Professional, and so far acquired over 500K $ as a return.
Glad I came across this. I've heard a lot about the Investment Professional here in UK. She has helped a lot of people grow their finances. Helping them to get more freedom financially. Good deeds they say fly easily..... Diana is great.
Glad I came across this. I've heard a lot about the Investment Professional here in UK. She has helped a lot of people grow their finances. Helping them to get more freedom financially. Good deeds they say fly easily..... Genevieve is great.
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Scammers
Is using rental income generated from the asset to pay down the debt and interest an example of Amortisation?
Thanks for your sharing. What are some of your tax strategies to reduce tax payment ?
Can the next video be a STEP TO STEP video to starting out buying your first ASSET house? If I'm purchasing my first to rent out to create passive income, where do I start? What key things do I have to do/watch out for in the process? What are all of the things that go into recognizing a house will be a good investment? Thanks!!!
One of the keys, as I'm learning to understand it, is to obtain a quality real estate agent by calling them and find one who works with investors! From here, obtain at least 3 recently (usually within 90 days) of comparable *sold* (not listed! The sold price!) properties that have the same number of bedrooms and bathrooms ( i.e. 3 bedrooms, 2 bathrooms, or 3/2 as short form) and similar interior square footage (i.e. plus or minus 10%-20%)!
Appreciate your patience with this! Feel free to read this more than once! It took me a while myself to get my head around this and it is still ongoing learning for me! :)
Use this to determine the maximum all-in offer price! Some investors call this the "After Repair Value" (ARV).
Factor in all repairs expected and about 5%-10% lower than that to have room for counter offers! It is also important to know the potential rent! In terms of what "works" at a minimum, target 1% of the purchase price in gross monthly rent, *or better*!
For example, if the all-in cost is $100,000 and the gross monthly rent is $1,000 / month that meets the 1% rule which is often acceptable to most banks for mortgaging. Again, though, 1% is the minimum and getting better is even better because we need to have a cash reserve and unexpected issues can come up! Getting better than 1% helps because ongoing property maintenance and repairs can be costly!
We can discuss more items about this as you may be interested! Thanks for your patience with me! There is a lot in here and it is taking me a while to get my head around all this though I know this works! :)
How can we get from salaried or self-employed to investor and big business.
Prajwal Khandare find a high income skill, learn it, market it, & scale it
So how can you get more loans if you keep claiming depreciation because depreciation is a loss in banks eyes correct?
This is interesting sir.
Kudos!
This is for American Tax laws, I live in Canada. How could I do this here?
Research your tax laws. They are all very similar though.
Or move to America lol
I have to watch this again. And not just cos i'm full of rum.
Can any tell bank have interest on debt in india. Is this. Formula really work for indian context
I need to see the beginning to understand fully. Where can I find it?
The more I watch these videos, the more I wonder as to how much more there is to learn and how blind was I before getting into this for not realizing how the world really works. Every video teaches me something new. Thankyou Rich dad.
I’m 16 I understand everything except slightly the depreciation. So it means that expanses I pay on my business or the real estate I buy is lowered so I keep that money I would’ve payed in my pockets while the government pay? Can someone simplify it for me.
Depreciation is decrease in the value of your assets (i.e real estate) suppose you bought a. Building for 100k and its now worth 90k that 10k reduction in its value is depriciation and you can show depriciation as an expence to get tax benifit.
Hola Alex, seria genial tener estos videos en español. 1000 gracias un saludo
I am just 15 from India. I had to watch it 5 times but I finally understood. Thanks 🙏 to Robert Sir and Tom Sir.
I have quite a bit of money and profit sharing what can I do to get it out without being penalized and start new businesses with it
You have to Transition to the right side of the quadrant. Those who don’t, tax reform and the $10k maximum deduction will be painful. I did it with Toms help years ago, you can learn more about how I did it here. www.genalofton.com
Buy real estate for rentals.
Felt like we were watching Dora The Explorer at the outro.
Hola
Does the debt / depreciation example still work as interest rates go up?
Robert is my hero thank you so much you helped me and my loved ones!
Clear as mud
what KIND of debt? how is a business paying for say personal debt?
lets say in this scenario I have a hamburger business, then I guess I am paying off business debt without paying tax on it?
thank you so much for this video.
Great sharing:) It is really inspiring. It would be awesome to share the same for non US citizens actually.
With an accounting degree, I have to say their explanation was hard to stomach.
In what way? Is the explanation incorrect? Or just that you weren't taught how to be the owner?
What you will find is that the people best at doing stuff suck at explaining or teaching.
Accounts as a degree is garbage, balance sheets and what not, more garbage to over sell that skill, just follow Kiyosaki's quadrant and your set for life, no wonder AI bots are now filing financial statements and what not, for companies.
Aaron, I agree and I'm a CPA. Some of it made no sense. I just people do a little due diligence google and read the reviews. Google Kiyosaki, bankruptcy.
Yes it is. This video is misleading.
Hard to keep up when they’re over talking each other.
am i getting this right? the whole example of using depreciation as a tax deduction only works on an income producing asset that depreciates in value? or do things that appreciate in value also depreciate at the same time and if so, how is this true?
Is there any more terms that we must know to reduce tax or get benefits? I know that to understand this we have to get our hands dirty with this accounting and legal things, so better to start now. Where can we find these? Is there any law or code for this? For example, I know that every person that does a crime or something ilegal, there is a penal code, at least in Peru that's its name, and they get free or get a punishment in terms of civil reparations or years in jail according to the law they broke. Is there a code or law that has a list about all the taxes and incentives? So we can learn more. I hope you can continue this videos as a series. Thanks for the advice.
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She helped me recover what I lost trying to trade for my self
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Mrs kathy has changed my financial status for the best, all tanks to my aunty who introduced her to me
I think she is the best broker I have ever seen
I don't understand the video. It says how rich save taxes.
1. If I am rich I don't need to see this. I already know how rich(me) save taxes.
2. If I am salaried then I have to resign my job and start business and become rich to save taxes like rich.
How a salaried employee can save taxes?
I totally agree with Pamela, very confusing. Robert's other videos tell me I should quit my job, search the world for investors who are willing to give me unsecured money; then I go to a bank to get a really large loan in order to buy an apartment complex (this is all according to his other video with his real estate guru). So I have to ask, what's in it for the investor while I'm having to pay the bank off and run an apartment building...just sounds like I'm going to come out on the losing end...I foresee the bank foreclosing, Robert stepping in to pick up the apartment building as a foreclosure and I still have no place to live. According to Robert, As an entrepreneur you don't need money, just assets. But I've got to have some money to pay for a place to live, a vehicle, food, etc while I'm going around begging investors to give me money. Unfortunately, Robert doesn't tell you in detail how to acquire all of these assets...his examples assume you have a burger business paying for an apartment complex. Lastly, I saw his marketing video promoting his How to Find Capital seminar. Costs $5000 to attend. Well, if I have no job or money how do I get into the seminar. ALL of his videos simply promote his seminars which cost you money. He comes out the winner.
There are general principles you can apply and work towards. I'm an employee and specialist in training but looking now to grow my assets and cash flow and harness my creativity to produce assets. It doesn't require resigning your job, but it _does_ require spending free time more carefully or more on finances (e.g. studying the IRS tax code instead of watching Netflix/RUclips comedians).
This video is about how the rich get richer. Not how to get rich. This is a game only the wealthy people can play.
In other videos he says if you are in the E and S quadrant, then you need to try to put money into assets and pay off your bad debt like credit card debt. Let the assets build up. Kill your bad debt and get good debt.
Just a week ago started learning accounting in school
Its pretty interesting subject
I have to Save Tax
Well, what I understood that, it is simply as taking debts, having assets and after time you pay the bank but you still have a source of income right? 2:35
Just make sure your passive income is large enough to pay all your taxes and live an awesome life.🤑🤑
2:21 until the housing market crashes and it no longer your money. #2008 LOL
I think if you invest smartly it is almost impossible of you lose money
How do you 'cash in' in the end though. You would have to pay a huge amount of capital gains tax
how about indian real estate ? can u plzzz tell about it.....
Tax loopholes baby
It isn't really a "loophole", it is something that is intended to be taken advantage of in the tax code.
@@knpstrr a tax train huh
It's an incentive, not a loophole. The word 'loophole' assumes (wrongly) that taxes are something that everyone should be paying. Rather, tax is something owed only under a certain set of circumstances, and the government uses credits, deductions, etc. as incentive and tax as disincentive to encourage certain behaviors from residents.
I don't understand depreciation when my dad sold his farm he paid 1000000 dollars in taxes
@Rex Erection
Not really
It was almost paid off
he did not had to if he had put that money in some other deal within 3 months
I thought a lot of time, for rental property or hotel, if you have to pay $500,000 of mortgage interest to the bank, and your rental income or hotel income is about $500,000, they already cancel each other out, and so you don't need to pay taxes... so why do you need the "depreciation cost" so that you pay no taxes? I can see that it is useful only when your rental income is greater than your mortgage interest expenses. In some parts of the world, your monthly mortgage payment is $30,000 and the rental income per month is $20,000 so you don't need the depreciation cost... but I guess if your mortgage payment is $3000 and you can take in rental income of $3500, then depreciation cost can help, especially after 10 or 15 years, when your mortgage interest expenses keep on dropping, while the rental income keep on rising
Can I suggest that some one do an introductory course or video on Financial education which explains d financial statement its parts n how they work . remember "they dont this in school" pleazzzz send me a link to it if it already has been done
Bernie Sander is watching and like..." oh ...I am going to change all of this." lol!
"thats their contribution" lol, we are helping you by stealing less from you, great help. Taxation is theft.
Taxes are a necessary evil in not only paying for things like roads, health care, social security, etc, but it also frees up money so it can go back into circulation. Saving hoards of money (like the rich do) and not spending it hurts the economy because then the government has to print more money, which lessens its value, which spikes prices, etc.
@@johns3491 the public roads are garbage. I pay for my own healthcare, social security is a scam. public school is garbage. "frees up money so it can go back into circulation" might be one of the dumbest excuses i've ever heard...
@@moondog573 Money is like blood; it works when it moves. When it stays put for long periods of time, it kills the economy. This is why we need poor folks in a society, because if you give them money, they will spend it, which will in turn support jobs and businesses. Taxes free up that money folks at the top are hoarding away, so it can go back into circulation to be spent on goods and services without having to print more of it. As for your other asinine points: just about all roads are public roads, so I guess you don't like getting around anywhere by car. "I pay for my own healthcare" - either the business you work for pays for it, you don't have any major health problems yet, or you're already rich. If you're in one of the first 2 pools, just wait until you get cancer or into a serious car accident, and we'll see how well you can afford to help yourself. Social security is sustainable, but it does not necessarily guarantee retirees a paid-for future. It's supplemental income; not absolute.
@@johns3491 Tax and Interest are blood money. Blood sucked from the poor and given to the rich. There is a reason so many people hate most western governments.
John S You wrote all of that to rebuttal but didn’t prove anything. If you understood history and actually researched you’d understand that taxes are theft because CITIZENS are forced to pay them without being able to make a decision in where they go. I don’t want my taxes being used to create bombs to kill poor people in other countries. I don’t want my money being used to bail out big business that commit fraud and embezzlement.
Taxes = Extortion
Hi guys, I'm trying to find and equivalent to depreciation in the UK and it doesn't seem to apply here. Any ideas?
Amazing video, cheers from Portugal 🇵🇹
Am I the only one who thinks it's annoying when she says 10 minutes and 30 seconds is long? Really? That's a 6 year old attention span . A real seminar about making money usually over an hour long! In any case, Robert and his experts give great advice.
People who judge others are usually insecure about themselves
the accountant is distracting and unnecessary. his examples and teaching methods or not as effective as roberts
I couldn't disagree more. You can tell Robert has a language barrier & the accountant brings the correct terminology.
Hi, most musicians and artists don't have this knowledge,
I was wondering if you could maybe address how they can use their professions for wealth creation as well as what they need to know concerning tax ?
Your response would help alot of people.
Love this two part eries I learn so much im on verge of buying my 1st investment property
alexandra u r so sweet..............
Can my brain take this info please!
I been watching this now 10 times still dont understand
I will watch till I learn
exactlly hon, listen again, and again, it will make sense....Thats the only way to get out from this rat race!! Think Asset, Cash Flow and other people money : credit card, loan (good debt)
Watch other videos and it'll start to make sense. This particular video is lacking information and poorly constructed.
I watched this video about a year ago and it did not make much sense then but I got a copy of his audiobook Tax Free Wealth and I now understand big time!
Say you bought a 100k rental property on a 30 year fixed. You rent the property for 1,000 per month. That 1,000 covers your $500 amortization payment plus expenses. The rest of cash flow in your pocket. Also, houses and land tend to appreciate in value. So 10 years from now your property is worth 120k. You earned 20k in equity (120k-100k) tax free. Also, the income from the 1,000 per month is taxable, but you get to deduct Depreciation expense from that income every year, therefore money saved is money earned. To take it one step further, inflation means that the money you borrowed today isn't worth as much in the future, so the value of the money you pay back on the loan is worth less than the money you borrowed. Win, win, win, win.
thanks you very much because your useful vidieo, I learn alots from this video!