How to Build Massive Wealth & Pay No Taxes…Legally! – Robert Kiyosaki, @TomWheelwrightCPA

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Hello this is Robert Kiyosaki and I'm Rec centered and happy to be talking About rich dad's world but more about Real Financial education Because as most of you know our schools Teach us nothing about money And um a very important part about money Is a subject called taxes And since we don't study money at school If you really studied it you would find Out that for money to exist taxes has Got to exist And I'm going to say some things today That'll disturb some of your True blue Patriots out there who think That paying taxes is patriotic That is the biggest lie told to people That when people look at the real Formation of the United States of America It was really founded in 1773. With the Boston Tea Party Which was a tax revolt And uh if you look at it from that point Of view what I'll say what I'm going to Say and My my advisor and my educator on taxes My mentor is Tom wheelwright So if you have real red white and blue Blood Crossing through your veins and you Think paying taxes is patriotic Your blood may turn cold right now Because you've been lied to

So anyway uh quick history here Um taxes can only exist unless there's Debt And the US dollar is dead And the way they pay get the money back Is via taxes And so a true capitalist I just finished This book here if you ever got some Paper to print it it's called The Capitalist Manifesto And it talks a lot about taxes Because real capitalists don't pay taxes And so it's going to be an interesting Program this is Rich dad's world We don't want you to do anything illegal Because you don't Because you don't if you know what You're talking about but as you know I'll say it again and I say it again Our school system teaches us nothing About money and if you really want to Understand money you must understand Debt and taxes Because in 1913 the Federal Reserve Bank Was created the Federal Reserve Bank is Not federal it has no reserves and it's Not a bank And also what was created was the 16th Amendment And the 16th amendment allowed there to Be taxation So when you look at history you'll see 1913 was a pivotal year it's all your Red white and blue Communists out there

We think that paying taxes is patriotic You know I kept my book here the Capitalist Manifesto because what I'm Going to say today will make some of you Go nuts Because I make millions and millions and Millions of dollars and pay no taxes And when you understand that I do add Legally So if you really want to have an Education about money and finance and Financial education it's about debt and Taxes So with that my guest today is my Personal Tax Advisor he's my educator He's my mentor and he's my go-to guy Before I do anything Because I refuse to pay taxes legally And you don't have to pay taxes if you Have a great advisor like Tom Wheelwright who is my advisor So Tom welcome to the Rich Dad World Program Thanks Robert it's always good to be Here always good to be with you and Always good to be talking about taxes And how to be patriotic and not pay Taxes instead of being patriotic and Paying taxes It's interesting isn't it You know it really is because the Reality is for some people to be Patriotic they have to pay taxes the you Know the the in the ass pretty much they

Have to pay taxes if you're an employee Self-employed Superstar Um if you're going to be patriotic you Do have to pay taxes but you're just a You're just being a silent partner uh With the government basically whereas if You're you know like like the rich like You Robert if you're really contributing The most to the economy and the most to What the government wants done you Actually end up paying little to no tax Because the tax incentives overwhelm the Amount of tax that you'd pay otherwise Correct Robert Kiyosaki is the Best-selling author of Rich Dad Poor Dad A 10 Roberts free virtual wealth Building event claim your free access Now at go to so let me show you this This here is book number two in the Rich Dad series it's called the cash flow Quadrant So e stands for employees so you go to School they tell you go to school get a Job But if you're really smart like Tom Your become s stands for super smart You become accountants attorneys and Doctors so Tom who pays the most taxes Of these characters here oh that Definitely the S definitely the super Smart the the the more degrees you have The more tax you pay Thank God most of your friends Tom are

Like may see students we didn't qualify For this one here uh that's for sure You educate all of us Oh That as a general rule and this is Worldwide too this is not just us right And so Tom and I have traveled the world And employees pay about 40 in taxes anything to say about that And that's worldwide that that is that's A that's a pretty standard rate Worldwide it's going to be anywhere from 30 to 50 percent but on average 40 Percent if you make any kind of decent Wage you're going to be up in that 40 Range correct and if you're a doctor Lawyer self-employed or like somebody Says I'm gonna quit my job and start my Own business you become a small business Owner or a specialist I'm going to be a Web designer How much of these guys pay in taxes here Well they they can get all the way up to 60 percent in tax because they're paying Not just the employee share they're Paying the employee or share as well so They pay two taxes employer and employee So that's what happens when people quit Their job and start their own business Without talking to Tom first Okay so big b stands for big business Which is according to the tax code 500 Employees But B also stands for brand right and

Most people don't build a brand here so Big business like the big corporations How much do they pay typically around 20 20 percent And again what time instructs people and Advises people It's because we're doing what the Government wants done So why would the government give a tax Break to Big Business well because That's where the jobs are right so one Of the government's primary goals is to Create jobs and employment and so the Big business doesn't pay the taxes in The B quadrant it's the E people who Work for the big business who pay the Taxes right the government needs people To hire these people here correct and so If you hire a lot of people they'll give You a tax break for that And then I stands for investor but it's An inside investor now there's over here A lot of people invest but they invest In a 401k or an IRA they invest in Public market Like stocks bonds mutual funds ETFs Which I don't I don't have any of those Things I don't want them But over here is an Insider Or investor how much do they pay well They they they're the ones who get down To zero And pay zero tags

So if you enjoy being over here You can tune out right now But if you want to find out how to get Over here this is your program Especially here Wichita's world and they'll explain to You how you can get over to this site Here because you can do it legally And this is a funny thing that Tom and I Talk about Who cheats the most on taxes Tom oh uh Absolutely the S is guys And the biggest Crux every time I go Into a small it's you know a sole Proprietor or something like this and That said if you pay cash Will give you a break when they say well You pay cash what does that mean Tom They're saying they're not going to Report that to the government How else do this guy's cheek Well you know they take deductions for Um all their personal expenses they uh They they don't record uh their in their Information properly on their book some Of them have two sets of books one for The one for the tax man and one and one For themselves so it's it's just uh you Know that's what they do because they Don't know any better and that's what Al Capone did today That's how he got caught [Laughter] So the biggest Crux are on this side

Here no this side And the legal guys are on this side here So Todd would you mind giving us a Little your background what qualifies You to say such Blasphemous things Sure so uh after growing up in uh Salt Lake City Utah and being at a Mormon Missionary in Paris learning how to get Rejected in French I spent uh a couple Of years at the University of Utah with To get my undergraduate degree in Accounting and another couple of years At the University of Texas to get my Master's degree in accounting Specializing in tax and I spent seven Years with Ernst young one of the Largest CPA firms in the world three Years in their National Tax Department I Spent four years as the in-house Tax Advisor for a fortune 1000 company 14 years as an Adjunct professor in the Masters of tax program at Arizona State University 25 years buying building Selling CPA firms and now run a network Of CPA firms around the world so I I've Been around the block a few times Robert And you and I have been around the block A few times together frankly Yeah that's really funny because we Travel all over Asia America Europe Africa and everybody comes up to us no Matter which country we're in and this Is pretty Universal

Okay these guys are capitalists And these guys work for money here right You know I'll give you a definition for Capitalists A capitalist commodifies labor I'll say it again a capitalist Commodifies labor So capitalist will hire employees Or higher accountants and attorneys and Make money off of them that's right and That's why they get the tax breaks but No matter where we are in the world At the end of every event People come up to you and say what You can't it's great information you Just can't do that here No matter where we are doesn't matter in California they say you can't do that Here we'll be in South Africa and They'll say you can't do that here we're In Moscow what do they say you can't do That here it's so funny And Tom breaks out because Tom's an a Student I'm a c student Tom breaks out the code and shows them In Russian this is where it says he can Do it They still can't believe it the funniest One was when we were in Russia with uh With with all of those uh uh really Um Rich really rich entrepreneurs Um and they're all going along around

Saying how they cheated until the one Guy goes yeah I don't pay any tax I Don't cheat at all this is how I do it And it's completely legal and so we're Going yeah exactly that's how you do it Here Yeah It was it's really interesting it's I Hear that wherever we are in the world People come up with Thomas and say well That'll work fair but it won't work here Right and the place it doesn't work Is inside the brains here you're going To be finding out how you can legally Come on to this side here legally you Don't have to cheat These are the tax sheets here this is Al Capone and gang here this is the guy That's stuffing cash in this pocket this Is the guy at the Swap Meet dealing only In cash The guy doing the cryptocurrency and not Reporting it yeah yeah to learn how to Come over here legally because as I say I don't want to go to jail and do the Hula for some guy you know what I mean I Just have no interest in doing that and Actually once I understand This side it's more fun oh yeah it's It's so much more fun I mean I look at Investments completely differently Or if I get something new I'll ask Tom First so I can see what Tom sees Is that true timing there's so many

Different ways the government wants you To not pay tax well for sure anything The government wants done there's a tax Incentive for it so if they want solar Energy there's a tax incentive they want Electric cars there's a tax incentive They they want agriculture I've never Yet met a farmer who paid taxes okay This is just all tax incentives so you Just have to look at where do I want to Invest and how do I do it in such a way That I don't pay taxes because I'm doing It the way the government wants me to do I'm not doing it the way I want to do it Now on the bright side though Tom um Miceli just hit two oil wells I was I was I was being paid fifty Dollars a barrel And he hit two wild Wells one in Louisiana one in North Dakota and the Bakken pumping out 800 000 barrels of Oil and oil went from fifty dollars to a Hundred dollars a barrel The rich got richer did a thing for sure For sure and and when you invested in That you got tax breaks yeah and I pay No tax on that So understand that's why Tom is valuable So everybody's crying I feel sorry for The Poor middle class because the first Thing that happens is food prices go up Because oil provides fertilizer and Trucks to carry the things to Market and

Gasoline I just can't believe what's Happening to this country on the other Side though I'm making more money and paying less Taxes so Tom how am I paying less taxes And making more money If I drill for oil versus if I invest in An oil company you know what unless I Invest in Exxon versus I drove oil as an Entrepreneur what's the difference in Taxes it's really looking at what does The government want so if you invest in Exxon you're not doing anything to Produce additional oil you're just Trading in a in a paper asset right just Trading and security so you're not Actually drilling for oil when you Invest in Exxon but if you actually Drill for oil like you do with Mike then The government says well if you actually Drill for oil then we're going to let You write off 100 of your investment in The year that you drill for the oil Oh we're gonna we're gonna contribute 40 To 50 percent Of the of the initial investment and uh And what's even great in the oil is and We're not even going to take 40 or 50 Percent when it produces we're going to Take only 85 percent of that so you get Actually oil is the only place you get a Benefit both going in and coming out We'll be right back [Music]

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In to grow your wealth and protect it From our socialist government learn Robert's top five Investments that he is Doing right now which are safe from the Government's plan to rapidly kill our Money learn from Robert's actual Partners who are real investors Capitalists and entrepreneurs Robert Will disclose everything he's doing to Prepare you for these uncertain times Reserve your space for the only alive Rich dead seminar in 2023 and the event Is called Rich entrepreneur for Entrepreneur it's your April 6th 7 and 8 In Scottsdale Arizona [Music] So I'm President Biden took office and Cut off the Keystone XL pipeline what America is getting amid the capitalist You know these guys here The people on the B and the I side are Getting richer and richer and richer and Richer and richer and a lot of these People are Chinese And English because the rich invest on This side they can invest in America Just like anybody else can But these guys here with our 401K cannot I think it's kind of funny is that true No it it is they they actually are not Even allowed To invest uh you know in in some of the Oil deals because the oil deals require A certain level of income or a certain

Level of of wealth so the the rich get Richer and so to understand debt and Taxes as being a capitalist Right Tom no for sure for sure well what What's great about what you do Robert is That the more the fewer taxes you pay The more money you make and not just Because you don't pay taxes because Because of what you're investing in Produces more uh more wealth more Revenue uh more cash flow than anything You can invest in in the stock market Yeah and my friend Dave Ramsey also has Lived debt free Tom am I deeply in debt very deeply in Debt why Taxes It's tax-free money it not only is it Tax-free money but you're you're not Just leveraging up your investment Returns you're leveraging up your tax Benefits so you get more you get all the Tax benefits that the bank doesn't get You get to use the bank's money for tax Benefits it's awesome and what's really Interesting because I I invest with Kenny McElroy in real estate so let's Say buys a building for a million to Keep the numbers simple He increases the rent so that he Refinances the building at 2 million So we have a million in debt he borrows Out another million out of 2 million in Debt

And I get the he and I get the million Dollars extra how much in tax do we pay For that extra million zero zero and who Pays the debt The tenants the tenants Rich dad's World teaches capitalism so I'll read you something because this Comes from this book here the capitalist Manifesto because years ago 1965 I read This book here the Communist man of Festival by Marx and Marx was just like My poor dad an academic And the trouble with academics is our Poor they have no idea how capitalism Works So stay tuned into this program to find Out how capitalism works so once you Understood this I understood my Rich Dad Why he did things the way he did and my Poor dad hated my Rich Dad my rich dad's My best friend's father Rich Dad had all these houses and he Paid no taxes and he owned hotels he was Playing Monopoly and Rich Dad paid no Taxes And my poor dad being a communist but Didn't know it He hated the rich And that's what marks did Marx hated the Rich But I want to read you a quote from Marx So all of you who believe that paying Taxes is patriotic this comes from this Book here the capitalist metal festive

And this book here the Communist battle It says here A heavy Or Progressive Or graduated Income tax is necessary For the proper development of communism I may read it again to you this is Marshall's words if you want to verify Just read this book here okay it says a Heavy or Progressive Or graduated income tax is necessary For the proper development of communism And that's what's happening in America So if you want to be a communist you Stay on this side here You want to be a capitalist you come to This side here and again Rich dad's World offers you opportunities to Understand this side not this side here So anyway that's why I've that's why Tom Is one of my go-to guys Because the less tax I pay the more Capitalistic I become that's right free Or I become any comments on that Tom Well yeah because I mean part of freedom Is being free from the government right Being free from doing what the Government requires you to do so you can You can invest in a 401k and pay lower Taxes but your you're subject to all the Restrictions on how you invest when you Invest how much you invest when you take The money out how you're being taxed all

Of that is subject to restrictions what You do Robert doesn't have any Restrictions so you can invest the way You want to invest when you want to Invest you can use the money you wait You want to and as long as you again Follow you know the the pattern that's In the tax law you're never going to pay Tax right and do I have a 401k or IRA Tom no Would you advise me to have one no it Would make absolutely no sense for you Yeah Because I'm a capitalist So anyway with that said you can still Fight back by making getting rich not Paying any taxes legally So Tom what are what are tax codes you Call them incentives but what do you Mean by incentives well so so really There's only one line in the tax law That raises Revenue it says all incomes Taxable unless we say it isn't and There's another line that says nothing's Deductible unless we say it is and then There's charts and tables tell you how Much tax take tax to pay but there's 6 000 pages of tax law and 99.9 percent is An instruction guide a roadmap if you Will to reducing your taxes saying look If you do this then you get this tax Benefit if you invest in oil you get This tax benefit yes in solar you get This tax benefit if you get if you

Invest in housing you get this tax Benefit if you invest in jobs you get This tax benefit so it's all these tax Benefits the reality is so here's Another thing interesting uh Robert is That the government actually makes Really good money on these incentives so This isn't a one-way street it's not Just the taxpayer who does well with These in is the government gives the Incentives not just for social policy But also because they actually make a Return on investment I mean they are Your partner so they do get Revenue back Okay and they do really well it's uh Robert I did a I actually in my new book I talk about what happens with an IRA or 401K the only investment that the Government supports that it doesn't get A good return on is an IRA 401k Yeah And that's because Wall Street gets Rich That's right and if you remember Something the Federal Reserve Bank is There to do one thing protect the banks So when Biden took out the Keystone XL Pipeline I'm an oil guy I went to school I worked for standard Oil I drill for oil When he did that I said he just screwed America Because when the price of oil goes up The poor get poor because they can't

Afford to live so they try and raise Their prices you know I want 15 bucks an Hour not that it's going to save them Because they just pay more tax And then the middle class has a harder Time because they're paying more tax Also And that's what happens when you go to a School like my poor dad my poor dad was Head of Education in the state of Hawaii Very good man but I hate to say this Here's a Marxist And in 1965 when I went to the academy I Read this book here It was eye-opening so anyway that's why I I speak and I teach the way to fight Back against Marxism is financial Education Because that's what Marx did not Understand when I read Marx's background He was just like my poor dad very Intelligent man highly academic hated The rich just like my poor dad hated I Rich dad It's a classic case of marxist versus or Communist versus a capitalist So what Tom and I are our capitalists Which is that's true Tom absolutely And just remember this one definition of A capitalist a capitalist will teach Somebody to fish A Marxist will give people fish very Very big difference there can become a Capitalist make more money and pay less

Taxes legally and the good thing is as I Started this whole program this is not Just in America It's all over the world right Tom Everywhere everywhere we've been Robert Everywhere But they'll never teach you that And if your friends or academic types They'll say oh that's you know you're a Crook you can't do that that's right Tom No that's exactly what they say that That to not pay tax means that you're Bad it means that you're cheating it Means you're doing no it just means that You're doing what the government wants Done and you understand how the tax law Really works and it's meant to work yeah And this is book number two cash flow Quadrant these are the guys that cheat Why do they cheat Because they have to cheat [Laughter] Do they have much Escape Tom well the E Quadrant has no Escape they have no Escape Ira 401K that's that's the best They're gonna do the Esquire and they Have they they do actually if they were To learn to do what the B quadrant did They can do everything the B quadrant Does they just choose that's a financial Education issue so being in the S and Acting like an S is a financial Education issue you can be a small Business and act like a big business and

You get same benefits yeah an Interesting thing is these guys here can Do this they can if they have a good Attorney also right that's right So that's why I have Garrett Sutton in His he's our attorney but you have to Act like these people you can't act like These people that's right is that Correct no it's exactly true if you if You behave like the b in the eye you get The same benefits as the b in the eye You don't have to be huge to do it you Can shift your thinking over to this Side here and do it legally like I said I'm from Hawaii I didn't want to go to jail and dance to Hula for some other guy you know what I Mean I just don't want to do that And it's more fun because once I Understood what Tom was saying as my Guide for this process I make more money I have more fun I have more freedom It's just incredible So Tom would you explain what these mean When tax code how many pages of tax code Are there about six thousand have you Read them I have multiple times I can't wait to start [Laughter] For me But anyway what does incentive mean Incentive just means we'll give you a Push right so we'll give you Um some type of a financial benefit

Through taxes and in exchange for doing What we want to have done so Um it's just we're encouraging you to do What we want to get done because the Government gets to leverage you know Just like you were talking about Leverage with the bank the government is Leveraging those tax incentives because For a dollar of tax benefits and get ten Dollars in Return of uh production and They can't do that if they spend the Money themselves so uh capitalism uh Capitalism is very inexpensive for the Government communism is extraordinarily Expensive for the government because you Have to take care of people whereas what Capitalism does capitalism gave the poor And the middle class a chance to rise up It was the American dream So a capitalist says even if you're poor Even have nothing if you didn't go to School you can be any race any gender You can still become rich that's Capitalism Right well what happened huh go ahead Capitalism gives everybody a way out so With that said so we fight back with Education If you want to be a capitalist and a Freedom fighter throughout the world It's not just America I would understand What Tom does Because we fight we fight for our Freedom yeah so so you were talking

About inflation and how you pay more tax Because you get a higher wage but you Also get higher up in that progressive Tax rate structure so again communism at Work or that progressive tax rate Structure at work inflation actually Pushes you up higher so not only do you Pay more tax you pay a higher proportion Of your income in taxes and so that's Just another type of inflation that is Hitting the middle class and and so you Know there's never been a time when edu Financial education was more important Than right now when inflation's that High you can't be paying high taxes you Can't be making three percent on your Money you've got to do it a different Way and the only way is through Financial education right so I'll read It again a heavy or as Thompson Progressive oh I'm making 15 an hour now Will that pay more tax less tax time More And what happens to our national debt Okay it keeps going up yeah That's why they have to keep doing this And that's why school system has no Financial education in it that's why I Use debt because debt is tax free if I Don't borrow money no money is created Because money is created out of debt And so I get tax incentives for being in Debt But yet guys like Dave Ramsey is a good

Guy he's a friend of mine and it's his Advice is good for the average person With no Financial education live debt Free it's good advice right Tom Absolutely you should live that free if You're an idiot But if you're a capitalist you want as Much debt as you possibly got legally Right Tom Absolutely the more debt you have the Less tax you pay Yeah and last this is the funny thing Kenny who does our real estate for us You get a refinance give me a check for Two million dollars out of a refinance In other words Apartment house went up we borrowed out The equity that was appreciated because We're raised our rents and all this So that is that two million dollars tax Rate yes completely tax-free and you Know where that money went Into a goal mine [Laughter] So I bought I bought a partnership with The biggest gold mine in the world with Tax-free money that came from my real Estate It's the way to do it so with that said The reason we have Rich dad's world is If you want to find out how to come over Here legally and this is worldwide you Could be in Mexico Korea Canada Europe Africa you can come

Here But you do need the education to do it Legally Because Tom is not you don't have to do It illegally do you You don't and it's only difficult until You understand it once you understand it And get educated it's not so difficult Taxes actually support capitalism that You know the the government actually Gets what they want taxpayers get what They want everybody's better off and and The poor in the middle class are lifted Along with everybody else so while the Rich are getting richer so are the poor In the middle class and they're getting Opportunities that they wouldn't Otherwise have so I I love having these Discussions Robert thank you but the Department of class has to have the Education they do you want to stay on This side here The Marx aside in a college education You know become an accountant or Attorney or a doctor think about this a Doctor makes a million dollars a year Pays 600 000 in taxes Oh God But over here as an inside investor That's no stocks no bonds no mutual Funds no ETFs I can pay zero And that's what I named Tom for thank You Tom thank you buddy

For watching Richard as well

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