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worth S150 the moment I teed off。
For adults； keep your expenses low； reduce your liabilities and diligently build a base of solid assets。 For young people who have not yet left home； it is important for parents to teach them the difference between an asset and a liability。 Get them to start building a solid asset column before they leave home； get married； buy a house； have kids and get stuck in a risky financial position； clinging to a job and buying everything on credit。 I see so many young couples who get married and trap themselves into a lifestyle that will not let them get out of debt for most of their working years。
For most people； just as the last child leaves home； the parents realize they have not adequately prepared for retirement and they begin to scramble to put some money away。 Then； their own parents bee ill and they find themselves with new responsibilities。
So what kind of assets am I suggesting that you or your children acquire？ In my world； real assets fall into several different categories：
1。 Businesses that do not require my presence。 I own them； but they are managed or run by other people。 If I have to work there； it's not a business。 It bees my job。
2。 Stocks。
3。 Bonds。
4。 Mutual funds。
5。 Ine…generating real estate。
6。 Notes （lOUs）。
7。 Royalties from intellectual property such as music； scripts； patents。
8。 And anything else that has value； produces ine or appreciates and has a ready market。
As a young boy； my educated dad encouraged me to find a safe job。 My rich dad； on the other hand； encouraged me to begin acquiring assets that I loved。 〃If you don't love it； you won't take care of it。〃 I collect real estate simply because I love buildings and land。 I love shopping for them。 1 could look at them all day long。 When problems arise； the problems are not so bad that it changes my love for real estate。 For people who hate real estate； they shouldn't buy it。
I love stocks of small panies； especially startups。 The reason is that I am an entrepreneur； not a corporate person。 In my early years。 I worked in large organizations； such as Standard Oil of California； the U。S。 Marine Corps； and Xerox Corp。 I enjoyed my time with those organizations and have fond memories； but I know deep down I am not a pany man。 I like starting panies； not running them。 So my slock buys are usually of small panies； and sometimes I even start the pany and take it public。 Fortunes are made in new…stock issues； and I love the game。 Many people are afraid of small…cap panies and call them risky； and they are。 But risk is always diminished if you love what the investment is； understand it and know the game。 With small panies； my investment strategy is to be out of the stock in a year。 My real estate strategy； on the other hand； is to start small and keep trading the properties up for bigger properties and； therefore； delaying paying taxes on the gain。 This allows the value to increase dramatically。 I generally hold real estate less than seven years。
For years； even while I was with the Marine Corps and Xerox； I did what my rich dad remended。 I kept my daytime job； but I still minded my own business。 I was active in my asset column。 I traded real estate and small stocks。 Rich dad always stressed the importance of financial literacy。 The better I was at understanding the accounting and cash management； the better I would be at analyzing investments and eventually starting and building my own pany。
I would not encourage anyone to start a pany unless they really want to。 Knowing what I know about running a pany； I would not wish that task on anyone。 There are times when people cannot find employment； where starting a pany is a solution for them。 The odds are against success： Nine out of 10 panies fail in five years。 Of those that survive the first five years； nine out of every 10 of those eventually fail； as well。 So only if you really have the desire to own your own pany do I remend it。 Otherwise； keep your daytime job and mind your own business。 When I say mind your own business； 1 mean to build and keep your asset column strong。 Once a dollar goes into it； never let it e out。 Think of it this way； once a dollar goes into your asset column； it bees your employee。 The best thing about money is that it works 24 hours a day and can work for generations。 Keep your daytime job； be a great hard…working employee； but keep building that asset column。
As your cash flow grows； you can buy some luxuries。 An important distinction is that rich people buy luxuries last； while the poor and middle class tend to buy luxuries first。 The poor and the middle class often buy luxury items such as big houses； diamonds； furs； jewelry or boats because they want to look rich。 They look rich； but in reality they just get deeper in debt on credit。 The old…money people； the long…term rich； built their asset column first。 Then； the ine generated from the asset column bought their luxuries。 The poor and middle class buy luxuries with their own sweat； blood and children's inheritance。
A true luxury is a reward for investing in and developing a real asset。 For example； when my wife and I had extra money ing from our apartment houses； she went out and bought her Mercedes。 It did not take any extra work or risk on her part because the apartment house bought the car。 She did； however； have to wait for it for four years while the real estate investment portfolio grew and finally began throwing off enough extra cash flow to pay for the car。 But the luxury； the Mercedes； was a true reward because she had proved she knew how to grow her asset column。 That car now means a lot more to her than simply another pretty car。 It means she used her financial intelligence to afford it。
What most people do is they impulsively go out and buy a new car； or some other luxury； on credit。 They may feel bored and just want a new toy。 Buying a luxury on credit often causes a person to sooner or later actually resent that luxury because the debt on the luxury bees a financial burden。
After you've taken the time and invested in and built your own business； you are now ready to add the magic touch…the biggest secret of the rich。 The secret that puts the rich way ahead of the pack。 The reward at the end of the road for diligently taking the time to mind your own business。
CHAPTER FIVE
Lesson Four：The History of and The Power of Corporation
I remember in school being told the story of Robin Hood and his Merry Men。 My schoolteacher thought it was a wonderful story of a romantic hero； a Kevin Costner type； who robbed from the rich and gave to the poor。 My rich dad did not see Robin Hood as a hero。 He called Robin Hood a crook。
Robin Hood may be long gone； but his followers live on。 How often I still hear people say； 〃Why don't the rich pay for it？〃 Or 〃The rich should pay more in taxes and give it to the poor。〃
It is this idea of Robin Hood； or taking from the rich to give to the poor that has caused the most pain for the poor and the middle class。 The reason the middle class is so heavily taxed is because of the Robin Hood ideal。 The real reality is that the rich are not taxed。 It's the middle class who pays for the poor； especially the educated upper…ine middle class。
Again； to understand fully how things happen； we need to look at the historical perspective。 We need to look at the history of taxes。 Although my highly educated dad was an expert on the history of education； my rich dad fashioned himself as an expert on the history of taxes。
Rich dad explained to Mike and me that in England and America originally； there were no taxes。 Occasionally there were temporary taxes levied in order to pay for wars。 The king or the president would put the word out and ask everyone to 〃chip in。〃 Taxes were levied in Britain for the fight against Napoleon from 1799 to 1816； and in America taxes were levied to pay for the Civil War from 1861 to 1865。
In 1874； England made ine tax a permanent levy on its citizens。 In 1913； an ine tax became permanent in the United States with the adoption of the 16th Amendment to the Constitution。 At one time； Americans were anti…tax。 It had been the excessive tax on tea that led to the famous Tea Party in Boston Harbor； an in