Lessons from Kiyosaki
- The rich don’t work for money, they work for assets.
- He uses debt to buy real estate so that he doesn’t have to pay any taxes. He doesn’t have to use his own money.
- There is good debt. E.g. if you have a rental property that after paying mortgage and everything and you still have some money left over, that is good debt. Even a person is in bet with that house, that debt is producing money for you.
- Bad debt includes: Debt on a home you live in, student loan debt (b/c you can never declare bankruptcy on), etc.
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