Rich Dad, Poor Dad
A Perspective on the Kiyosaki Books
I like the 'Rich Dad Poor Dad' book series. I recommend them to my clients who are interested in this subject matter. I have great respect and admiration for Robert Kiyosaki. I find him inspiring, and I believe that his book series gives good direction to many people.
However, I also observe that there is not very much specific information as to how to do anything. For more specific information, I recommend 2 books by Steve Berges: The Complete Guide to Flipping Properties, and The Complete Guide to Buying and Selling Apartment Buildings. Other books with more specific guidance are available.
For an additional perspective on Kiyosaki, I highly recommend people visit the website of John T. Reed: www.JohnTReed.com/Kiyosaki.html.
I have many clients buying real estate and building their personal wealth through this avenue. I actually can see this happening. It is not a matter of faith, or belief. I assist these clients by helping maximize the tax advantages of real estate.
I recommend that clients read widely, including books of other authors. I recommend that they learn how to analyze real estate mathematically, using Excel spreadsheets or other software. It is very important to be in control of the numbers.
Real estate investing can be very profitable and is historically a proven method of wealth accumulation. Understanding the tax consequence is critical. Every investor needs to have a skillful and proactive tax accountant on his or her team. I recommend that real estate investors consult with me as their tax advisor before they engage in transactions, so that the tax consequence can be controlled, rather than after a transaction when the tax consequence may be uncontrollable. Planning can result in control and significant tax savings. Planning is the wise course of action.