富爸爸,穷爸爸(英文版)-第22章
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f the market； which is emotion driven； the Tickle Me Elmo doll during Christmas 1996 is a case of a technical or emotion…driven market。 The other market factor is the 〃fundamental〃 or the economic sense of an investment。 Does an investment make sense or does it not make sense based on the current market conditions。
Many people think the concepts of investing and understanding the market are too plex for kids。 They fail to see that kids know those subjects intuitively。 For those not familiar with the Elmo doll； it was a Sesame Street character that was highly touted to the kids just before Christmas。 Most all kids wanted one； and put it at the top of their Christmas list。 Many parents wondered if the pany intentionally held the product off the market； while continuing to advertise it for Christmas。 A panic set in due to high demand and lack of supply。 Having no dolls to buy in the stores； scalpers saw an opportunity to make a small fortune from desperate parents。 The unlucky parents who did not find a doll were forced to buy another toy for Christmas。 The incredible popularity of the Tickle Me Elmo doll made no sense to me； but it serves as an excellent example of supply and demand economics。 The same thing goes on in the stock； bond； real estate and baseball…card markets。
No。 4 is the law。 For instance； utilizing a corporation wrapped around the technical skills of accounting； investing and markets can aid explosive growth。 An individual with the knowledge of the tax advantages and protection provided by a corporation can get rich so much faster than someone who is an employee or a small…business sole proprietor。 It's like the difference between someone walking and someone flying。 The difference is profound when it es to long…term wealth。
1。 Tax advantages： A corporation can do so many things that an individual cannot。 Like pay for expenses before it pays taxes。 That is a whole area of expertise that is so exciting； but not necessary to get into unless you have sizable assets or a business。
Employees earn and get taxed and they try to live on what is left。 A corporation earns； spends everything it can； and is taxed on anything that is left。 It's one of the biggest legal tax loopholes that the rich use。 They're easy to set up and are not expensive if you own investments that are producing good cash flow。 For example； by owning your own corporation … vacations are board meetings in Hawaii。 Car payments； insurance； repairs are pany expenses。 Health club membership is a pany expense。 Most restaurant meals are partial expenses。 And on and on … but do it legally with pre…tax dollars。
2。 Protection from lawsuits。 We live in a litigious society。 Everybody wants a piece of your action。 The rich hide much of their wealth using vehicles such as corporations and trusts to protect their assets from creditors。 When someone sues a wealthy individual they are often met with layers of legal protection； and often find that the wealthy person actually owns nothing。 They control everything； but own nothing。 The poor and middle class try to own everything and lose it to the government or to fellow citizens who like to sue the rich。 They learned it from the Robin Hood story。 Take from the rich； give to the poor。
It is not the purpose of this book to go into the specifics of owning a corporation。 But I will say that if you own any kind of legitimate assets； I would consider finding out more about the benefits and protection offered by a corporation as soon as possible。 There are many books
written on the subject that will detail the benefits and even walk you through the steps necessary to set up a corporation。 One book in particular； Inc。 and Grow Rich provides a wonderful insight into the power of personal corporations。
Financial IQ is actually the synergy of many skills and talents。 But I would say it is the bination of the four technical skills listed above that make up basic financial intelligence。 If you aspire to great wealth； it is the bination of these skills that will greatly amplify an individual's financial intelligence。
In summary
The Rich People With Corporations The People Who Work for Corporations
1。 Earn 1。 Earn
2。 Spend 2。 Pay Taxes
3。 Pay Taxes 3。 Spend
As part of your overall financial strategy； we strongly remend owning your own corporation wrapped around your assets。
CHAPTER SIX
Lesson Five：The Rich Invent Money
Last night； I took a break from writing and watched a TV program on the history of a young man named Alexander Graham Bell。 Bell had just patented his telephone； and was having growing pains because the demand for his new invention was so strong。 Needing a bigger pany； he then went to the giant at that time； Western Union； and asked them if they would buy his patent and his tiny pany。 He wanted 100；000 for the whole package。 The president of Western Union scoffed at him and turned him down； saying the price was ridiculous。 The rest is history。 A multi…billion…dollar industry emerged； and AT&T was born。
The evening news came on right after the story of Alexander Graham Bell ended。 On the news was a story of another downsizing at a local pany。 The workers were angry and plained that the pany ownership was unfair。 A terminated manager of about 45 years of age had his wife and two babies at the plant and was begging the guards to let him talk to the owners to ask if they would reconsider his termination。 He had just bought a house and was afraid of losing it。 The camera focused in on his pleading for all the world to see。 Needless to say； it held my attention。
I have been teaching professionally since 1984。 It has been a great experience and rewarding。 It is also a disturbing profession； for I have
taught thousands of individuals and I see one thing in mon in all of us； myself included。 We all have tremendous potential； and we all are blessed with gifts。 Yet； the one thing that holds all of us back is some degree of self…doubt。 It is not so much the lack of technical information that holds us back； but more the lack of self…confidence。 Some are more affected than others。
Once we leave school； most of us know that it is not as much a matter of college degrees or good grades that count。 In the real world outside of academics； something more than just grades is required。 I have heard it called 〃guts；〃 〃chutzpah；〃 〃balls；〃 〃audacity；〃 〃bravado；〃 〃cunning；〃 〃daring；〃 〃tenacity〃 and 〃brilliance。〃 This factor； whatever it is labeled； ultimately decides one's future much more than school grades。
Inside each of us is one of these brave； brilliant and daring characters。 There is also the flip side of that character： people who could get down on their knees and beg if necessary。 After a year in Vietnam； as a Marine Corps pilot； I intimately got to know both of those characters…inside of me。 One is not better than the other。
Yet； as a teacher； I recognized that it was excessive fear and self…doubt that were the greatest detractors of personal genius。 It broke my heart to see students know the answers； yet lack the courage to act on the answer。 Often in the real world； it's not the smart that get ahead but the bold。
In my personal experience； your financial genius requires both technical knowledge as well as courage。 If fear is too strong； the genius is suppressed。 In my classes I strongly urge students to learn to take ？risks； to be bold； to let their genius convert that fear into power and brilliance。 It works for some and just terrifies others。 I have e to realize that for most people； when it es to the subject of money； they would rather play it safe。 I have had to field questions such as： Why take risks？ Why should I bother developing my financial IQ？ Why should I bee financially literate？
And I answer； 〃Just to have more options。〃
There are huge changes up head。 Just as I started with the story of the young inventor Alexander Graham Bell； in the ing years there will be more people just like him。 There will be a hundred people like Bill Gates and hugely successful panies like Microsoft created every year； all over the world。 And there also will be many more bankruptcies； layoffs and downsizing。
So why bother developing your financial IQ？ No one can answer that but you。 Ye
