We’re going to let you in on some secrets that they don’t teach in conventional schools. Let’s get right into it.
1- Your salary can only get you so far in terms of wealth.
Very rarely will you hear this one in school––if at all. Imagine spending your entire academic career studying to become a well-paid employee at a corporation, but then one day realize that someone else gets to dictate how much you earn and for how much work in exchange. If you want to truly take control of your wealth, then you need to be relying on more than just your salary. There’s nothing wrong with being paid a salary, but we strongly recommend that you supplement this with additional income streams. This can be anything from an investment portfolio, to real estate investing, and more. The bottom line is that you need to take action and seek other alternatives for additional income. Luckily, there are many ways Rich Dad Education can help you reach your goals.
2- Keep more money in your pocket by making tax-sensitive choices.
You work so hard for your money after all, so why not keep more of it for yourself rather than handing more than is necessary over to the government. Either way, the government collects sizable chunks of our earnings, so the more you can limit these the more you can put into your personal savings. There are a lot of tax-sensitive investment tools that you can use to your advantage. The most common are registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs). These only skim the surface though as there are many other options you can use––even life insurance!
3- Compound Interest and Return
As mentioned in our article on investment advice from the great Warren Buffet, you will want to use the power of compound interest to your advantage. This means that the earlier you start the better––and this applies to real estate investing too. Be sure to always be putting your profits and retained earnings back to work for you. There’s no sense in leaving these accumulated cash reserves in idle, so be sure to employ them. After all, your money should be working as hard for you as you do for it––if not harder. Combine this tip with the next two elements and you will have yourself a better chance at finding the recipe for success.
4- Learn to exploit the power of leverage
Leverage the power of your current cash reserves with this simple trick that you are likely familiar with––leverage. This is the practice of using your current cash reserves and future cash flows as collateral for receiving further financing.
5- Use other people’s money rather than just your own
Extending on the idea of using leverage is using other people’s money. This typically happens as a result of using leverage. Basically, you receive funding for your investments from other individuals who are interested in the opportunity too.
These are only five of the “unfair advantages" you can use in any economy, and there are many more to learn from Rich Dad Education. Today's market is filled with many opportunities for the savvy investor. Our Rich Dad Education trainers will introduce you to proven strategies that can help you launch your career as a successful investor and develop a "Rich Dad Mindset."
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Founded in 1992, Elite Legacy Education is a recognized global leader in quality financial education. Legacy Education Alliance, Inc. is a leading provider of educational training seminars, conferences and services. Rich Dad Education offers real estate & stock training based on Robert Kiyosaki's book Rich Dad Poor Dad.