Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax
Author: Diane Kennedy, Robert Kiyosaki
List Price: $19.95
Our Price: Click to see the latest and low price
ISBN: 0446678325
Publisher: Warner Business (01 June, 2001)
Sales Rank: 2,920
Average Customer Rating: 3.98 out of 5
Customer Reviews
Rating: 5 out of 5
Thank you, Diane!
Loopholes of the Rich is a great book, written in the same candid style as the Rich Dad books by Robert Kiyosaki and Sharon Lechter. Diane simplifies the complicated and confusing tax codes and puts them in terms that I can understand. Small business owners get incredible tax benefits as Diane points to specific benefits for them. Diane also explains how to start your own business, if you don't have one, painlessly and easily!
Based on the principles that I've read in Diane's book, I've been able to save a lot of money in taxes, not to mention a considerable amount of liability protection strategies in using corporations as a safe way to manage my assets.
I strongly recommend this book for someone who is trying to make a difference in their financial situation, especially if they are attempting to start their own business. As a small business owner, I would have saved a considerable amount of time and money if I had this resource years ago. Rather than paying a CPA hundreds, if not thousands of dollars, you can gain Diane's expert advice at a great price-not to mention a great reference source for years to come.
I'd agree with other reviewers to a point when they say that Diane's material can be difficult to understand. But I wouldn't call it boring. Instead, it's material that you can't just read like some Clancy novel-it requires more thought and comprehension than that. She presents the complicated tax laws in diagrams and case studies, which is helpful. Still, this isn't a book for those people who want some quick fix to their tax problems, but a book to change one's financial success in regard to legal tax strategies.
I would strongly recommend this book. In fact, I hope that Diane writes another book!
Rating: 2 out of 5
Read it and weep
This book makes a lot of assumptions. It assumes that the reader is EXTREMELY well versed in corporate tax advantages. It assumes that the reader already owns a corporation. It assumes that the book will be read with a dictionary of financial terms close at hand. (It should be. The book is poorly written, with key terms lacking adequate defenition.) I support the Rich Dad series. It is a great way for a beginner to get their feet wet. This book assumes that the reader can already swim! Even the seasoned incorporator would probably not be pleased with this book. Tell you what, if you are considering buying this book, save yourself some money and just send me ten bucks. I'll then call you (on my own dime) and summarize the book for you. Oh, what the heck, I'll do it now, for free...surround yourself with a competent team of advisors.
Rating: 2 out of 5
Too much fluff & bad advice on MLMs
First on the fluff:Ted and Ellen "story" adds about 40 pages of fluff just to give you a narrative of introducing time elements and slides detailing the pictures she is telling. 40 extra pages for this purpose is bad. Save the 40 pages and we'd have a thinner, more "manual" approach.
Now on the MLMs:
What she doesn't tell you:
a) 98% of MLM participants fail (e.g., lose money)
b) Some of the people "telling you you can't do it" might be right!
She goes into the whole spiel about how if they haven't tried it, don't listen to them. Well, take it from every person whose been victimized by MLMs....they DO NOT WORK!
c) All the examples in the appendix of people she's helped use "MLM Opportunity". She purposely uses "opportunity" when sane people would say "Scheme".
Now then, other than those 2 issues, it's a fine review of business structures: S-Corp, C-Corp, Limited and General Partnerships, and Sole Props (to a degree LLCs as well). But you can search google.com and find this all out.
C-Corp: don't hold assets as personal suits can get at C-Corp assets...so she wants you to make the C-Corp a limited partner in a partnership....this is all over the internet..you don't need the book for that.
Be fair to yourself...try looking up MLM or Multi Level Marketing on the internet before buying this book.
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