Bloke from Hawaii (Robert Kiyosaki)has 2 dads –
1 Biological dad who is a Doctor (and relatively poor) and a step dad who has little education, but become rich.
Assets – Anything that puts money in your pocket – stocks, bonds, real estate
Liabilities – Anything that takes money from your pocket. E.g. cars, the house you live in.
The poor only have liabilities and expenses.
The middle (relatively poor workforce) only have liabilities. E.g. the iPhone
Buy assets with your money.
Ideally – set up a successful business, buy assets, and offset them as expenses for your business so that you pay less tax
You normally get taxed when you earn, taxed when you spend and taxed when you die. Avoid this by investing wisely in assets.
