Melanie Johnson and Jenn Foster review tips from expert Robert Kiyosaki, during SellerCon 2019, about becoming rich. Learn about cash flow quadrants, taxes, selling toward your audience, and making a passive income.
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.
What You'll Learn in this Episode:
- Learn how to create recurring passive income. Even kids can learn these strategies from playing Monopoly. You want to get enough passive income that it takes care of all your regular monthly expenses.
- The Cash Flow quadrants:
- Top left corner is "E", which is the employee.
- Underneath "E" you have the "S", which is self-employed. So the left bottom quadrant is self-employed, but what happens is some of those self-employed people feel like they're a business owner, but they're not because all they've really done is create a job for themselves, and that's why they're on the left-hand side of the quadrant.
- So on the right-hand side, on the top right, we have "B" the business owner.
- The bottom right is the "I", investor. You want to be on the business owner and investor side because the that is were the reoccurring income is coming in.
- A big difference between those two sides of those quadrants, especially when you're a business owner, and you're an investor, you get a lot more tax breaks. So the tax law is written for capitalism (check out last weeks Podcast for more depth into this concept), so you get a lot of tax breaks because the United States is built towards building businesses.
- Where do you put your money for it to go to work? Where's the first place you want it to go to work? Robert suggests that the best place to put your money is into real estate and rental properties
- If you want to sell something on Amazon, you don't start with what product you want to sell. You actually start with the audience.
- Make sure you're in the best tax bracket!