Lower Taxes Without Cheating

Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business

The Rich Dad Company

Entrepreneurship, Business, Investing

4.1 • 3.9K Ratings

🗓️ 22 March 2023

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Host Robert Kiyosaki and guest and tax expert Tom Wheelwright discuss how to avoid paying taxes, one of the topics that will be covered at the upcoming April, 6th, 7th and 8th event in Scottsdale, Arizona, the first Rich Dad only event in 13 years.
Kiyosaki believes we are facing a three time crash. “The first crash is stocks and bonds, the second is real estate; the third is the dollar, because they’re going to keep printing money. This is not a time to pretend you’re Warren Buffet,” says Kiyosaki, who is concerned we’re going to slide into a depression.

If your wealth is tied up in your home, there are some things you can do in preparation. You don’t get to deduct losses on a personal residence. You might want to consider rental properties where you get tax benefits, instead of personal property where you don’t. “If your house is still high in value, get a line of credit so when it does drop, the money is still available to them,” says Wheelwright.

This could be the biggest bubble in world history. When you have deflation going and the economy slows, you are in trouble. You can’t adjust that fast.

“Most people have never seen an audit. Especially if you’re under 40,” says Kiyosaki. “Now, you’re going to. You’ll have new tech that can catch you making mistakes or things that are rightfully in the law, that they might not like.” 90% of audits are under 400,000.

Corporations can move anywhere they want. Apple has some headquarters in Ireland and Ireland pays a lower tax rate than the US. They can move where they perform. Individuals can’t do this as much. Entrepreneurs always have the biggest tax advantages.

The middle class, especially the self employed, are getting hammered. The poor pay nothing in tax. What can a person do? “There’s an opportunity to work locally, with the states,” says Wheelwright. “There are states that don’t charge any tax and states that charge a lot. California charges 13.3 %, Arizona charges 2.5; Texas charges nothing. You have an opportunity to work with the states. You just have to know the law.

Transcript

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1:00.7	you can get started investing in some of the best cash flow markets today.
1:17.6	The good news and bad news about money and this economy screwed up.
1:28.7	After about four years of just pumping money into the system, it's running out of the system right now.
1:35.8	It's called the three times crash. The first crash is going to be stocks and bonds. That's the 401K
1:44.8	and IRAs for many of the boomers. Number two is real estate. Home prices are dropping because
1:51.0	interest rates are up and number three is cash. When they print money, cash, the value of cash goes
1:58.1	down and my concern is there might be a run in the bank. People just want to get their cash out
2:04.6	and the banks may freeze your money. These are very precarious times and they're not normal,
2:10.8	definitely not normal. Our guest today is longtime friend and a rich dad advisor. He's the author of
2:18.0	this book here, Tax Free Wealth. How to build a massive wealth by permanently lowering your taxes
2:25.1	without cheating. Legally here. A lot of times we talk about how can you do it illegally,
2:33.1	but it's best to do it legally because I definitely don't want to go to jail and become somebody's
	...

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