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Here's What Robert Kiyosaki Taught Me About Financial Independence
It’s a Lot Easier Than You Think . . .
Many entrepreneurs end up with a short stick seeking Financial Independence thinking it is about creating wealth, when in reality it has nothing to do with wealth creation at all.
Here is what Robert Kiyosaki said.
“Financial dependence is nothing more than creating enough passive income to cover your monthly obligations.” He went on to say the biggest mistake people make is not investing in themselves.
“As long as they spend money and not invest money, money will always control them. Instead of working for money, why not have your money work for you?” Kiyosaki explained.
Robert then gave this example: “It is ok to own a boat and live in the country club as long as you offset that expense with passive income. Create income before you create the expense, The rich know this principle and the poor do not. They were brought up to think that getting a good job, work 30 years, and retire they would find freedom.
“What they found is their retirement dollar is worth half as much, and what they couldn’t live on before, is now cut in half.” Their plan was to avoid paying taxes by contributing to a retirement fund, 410K, IRA, etc. All they really did was defer taxes. And most of these funds earn very little in interest and that’s why the growth barely kept up with inflation.”
How does one transition out of the rat race, as Robert calls it?
It all starts with a personal household budget this helps to get control over spending.
Next retiring debt by paying off the highest interest accounts first and taking that payment in total and applying it to the next highest interest account, until it is paid off, and so forth.
Third is to plan income. Income planning is very powerful. By setting aside 10% of your income for financial freedom, and 10% for a rainy day, and 10% for charity of your choice, 10% for fun, and 20% for taxes.
By putting 60% of your income aside you are investing in your future and managing your life. Income planning is one of the most powerful tools when you know how to use it.
Now here comes the best part, making your money work for you. There are a lot of ways to invest and create passive income. But the one I like best is Real Estate. Why? 90% of the wealth made in this country was made investing in real estate.
Doesn’t it make sense? Look at the advantages:
- You accumulate assets that appreciate in value 5-7%
- You maximize your cash flow by deducting depreciation
- You write off expense as a self employed owner that a W2 person cannot
- You leverage your time by having someone else manage the property
- You can actually purchase real estate with bad or no credit at all
- You can deduct maintenance cost and your rents pay for the up keep
- When people join our investment group they learn how to clean up their credit, accelerate the payoff of their mortgage using banks money, buy flips, buy and hold, acquire commercial properties, and know where and how to get financing!
Financial freedom is easily obtained when you follow a few simple rules that Robert Kiyosaki teaches. To learn more about investing in real estate and financial freedom then book a free 30-minute strategy session right now.