Rich Dad Poor Dad by Robert Kiyosaki (Summary - Part II)
Escaping Ordinary (B.C Marx)・2 minutes read
Taxes have a complex history, with rich individuals using corporations to protect their wealth through tax advantages. Financial intelligence, investing wisely, and developing good habits are key for achieving financial success and freedom.
Insights
- Taxes were not always a certainty, becoming prevalent in England in 1874 and later in the U.S. with the 16th amendment, showcasing a historical evolution towards permanent income taxes.
- Financial intelligence is crucial for wealth creation, emphasizing financial literacy, investment strategies, and legal knowledge, with an emphasis on constantly seeking new ways to invest or build assets, highlighting the importance of timing, courage, and taking action.
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Recent questions
How did income taxes become prevalent in England and the U.S.?
Income taxes became prevalent in England in 1874 and later in the U.S. with the 16th amendment.
Why do rich individuals utilize corporations to protect their wealth?
Rich individuals use corporations for tax advantages and legal protections.
What is emphasized as crucial for wealth creation?
Financial intelligence is crucial for wealth creation.
Why is it advised to work to learn new skills over working solely for money?
Working to learn new skills is advised for broadening expertise.
What habits are essential for financial success?
Developing good financial habits involves paying oneself first, seeking good advice, and being open to learning new things quickly.
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