Rich Dad Advisors: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright
The readers can download Rich Dad Advisors: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Audiobook for free via Audible Free Trial.
Summary
Tax-Free Wealth is about tax planning concepts and how to use tax laws to your benefit. Tom explains how the tax laws work and how they are designed to reduce you taxes - not to increase them. The audiobook explains how to use the tax laws to your advantage and in ways that will support business owners' vision and growth plans for their companies.
Full disclosure: I've read Rich Dad Poor Dad and I've listened to Cashflow multiple times. I'm a fan of the general concepts taught by Robert Kiyosaki.
Here's my take: This book is a mixture of valuable tax strategies and constant prompts to purchase more Rich Dad content. So, if you prefer to read and move on, be aware of this approach.
It's important to recognize that Rich Dad is primarily an educational content provider, with their main focus on content rather than services. As long as you keep this in mind while reading, you'll be able to discern the ideas and advice presented - some of which may encourage you to buy additional Rich Dad products or seek their advisor services.
Is it necessarily a bad thing to invest in more Rich Dad products or services? Not necessarily. Education is crucial when it comes to making informed decisions. However, it's crucial to have a comprehensive understanding and apply that knowledge appropriately to your unique situation. Making uninformed choices based on incomplete education can be detrimental.
A number of investment suggestions in this book may not be easily accessible for most ordinary individuals and, in my opinion, are not essential for building substantial wealth. Options and futures? Gold? Crypto? Oil and gas? Seriously... At the very least, take the time to conduct independent research on the investment returns of these asset classes. In my opinion, these investment options tend to appeal to people who want to stand out rather than pursuing simpler and effective strategies. Focus on establishing a solid investment foundation and then optimize your taxes.
Remember, don't let the pursuit of tax benefits overshadow your overall investment strategy.
I'd like to touch on qualified retirement plan contributions. From personal experience, I know how decades of 401(k) contributions can accumulate (I've seen it add up to $1.65 million) and be used during retirement. It's not about "retiring poorer than you are now," but rather about shifting your sources of income. This aspect of the book didn't resonate with me. Based on my own experience, I find it hard to believe. However, it's possible that I may be somewhat naïve.
Overall, this book contains a lot of valuable information for the average taxpayer or business owner. Just remember to exercise reason and prudence when implementing any advice sourced from educational content.
I really appreciate Tom for sharing all this valuable information with us entrepreneurs. He's doing a great job of making it accessible to everyone. Bless him.
The book 'Rich Dad Advisors: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes' could have been condensed into just three chapters instead of over 30. There is a lot of repetitive content throughout, making it feel like a lot of useless talking. However, amidst all that, there is about 10% of valuable information that is worth noting.
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