Learning How to Reduce Your Taxes, the Legal Way - Tom Wheelwright
This is the Rich Dad. Radio show the good news in bad news about money. Here's Robert Kiyosaki. Hello Hello Hello. This is Robert Kiyosaki Rich Day. Radio show the good news and bad news about money. And as you know we broadcast from Scottsdale Arizona Old Town Scottsdale Arizona and Great thing about Scottsdale Arizona's either having a hell right now with Chile is all cold but it's still heaven anyway but very important show today chemists not out here. I'm in in the student today with my real tax advisor Tom Wheelwright. He's the author of Tax Free Wealth. And I love having Tom Because an adviser visor is a teacher and so when I wrote about in my book fake we have fake money. Fake teachers fake assets and most financial advisers are fake especially accounts so. Tom is a an account and we're talk about taxes as personal today. Because I tom and I will have a discussion cussin' on air with all of you of how I plan to not pay any taxes the next couple of years now. I know you. Communists out. They're going to say oh. That's not fair as so I'll pay all the taxes you want. Then you know even Elizabeth Warren but in a president trump and I don't pay much in taxes and that's the game but we do wit legally so this is very informative show. It's kind of a live interview which Tom and I do about taxes because most people don't plan on on taxes until after they get the bill or the let the government flay some tax refund. Which means you're stupid enough to let the government take your money in the first I blaze out of your paycheck which I would never do but some people have to be very important show because your number one expense rich or poor still taxes as well? I don't pay taxes but you still pay sales tax gasoline tax real estate taxes and all this so taxes are basically the way the government sticks their hands in your pocket. And if you like that more power to you I really don't like somebody's hands in my pocket so it's a very important show. Oh it's about taxes. Welcome to the show Tom. Hey thanks always getting you know I love talking about that one of the rare guys out there and we just had a guest here. She came all the way from Fort. Lauderdale ask Florida. And she's an attorney very bright young very very attractive bright young lady. She's from Haiti. CAPE POVERTY RUSSIA COMES TO NEW YORK. She goes through law school and she's now making a lot of money. And and if you've seen this on Richdad YouTube Channel but her name is Kara and Kara says to Tom while my accountant said Gosh you may console console much money make less and expense more than other words. Don't make it. It will just increase your expenses and Tom. Tom And I advise her to number one. Fire her account but the problem is Tom. That's pretty prevalent as it. I unfortunately I hear it all the time I people say well my accountant said if I'm going to pay less tax. The only way to do that US make less money. I'm going are stupid. I mean this is the dumbest seriously dumbest advice in the history of the world right and she's from Haiti the to having a field day talking French right absolutely it was interesting. Because she's talking about they. I use the word petite which means little in front of everything. And you know it's great if you pay a petite amount of taxes that's the goal but Dalla petite amount of money is a bad idea so today ladies and gentlemen. Tom's going to give you some ideas about if you're a W. be at. You're an employee what you can do minimize your taxes. We do recommend doing it legally as I don't want to go to jail and dance with my boyfriend and there but there's some things you can do to reduce taxes but you gotta do it ahead of time. Tom What you do I mean. It's like retroactive. Planning reverse. Planning doesn't work. You have to go to jail for that planning means going forward what happens is that people go. Oh I got so many taxes so they do one of two things. They either spend money like her account holder to do right. They go out and buy something they don't need or it's even worse they cheat and I see that all all the time. There's a lot of people that go all my tax. Hi I'M GONNA cheat. I'd somebody just the other day. An accountant was telling me that their their client at that. Well we're just not not gonNA deposit. Our checks fell the next year. And I'm going yellow. You already have the money. It doesn't matter whether you deposit or not. It's bill taxable. So you don't get to do that. And why would you cheat when you can legally reduce your taxes right. So we're doing this towards the end of the two thousand nineteen but you know another the part of today's program. Is Tom Discussion because when I do tax planning I'm two years out and most people are two years behind schedule. And that's why they never got ahead tax way. So what kind of person do say their e or an s what can they do to minimize taxes. Legally well outside of chanting outside of Cheating They WanNa do it legally but You know outside of their business expenses because business really. I mean the the government absolutely promotes business and there are lots of tax breaks for business and so the the first thing they really ought to do is sit down with a tax advisor. Like you do and Actually look at what's going to happen because how you own your business. How you do things that's going to have a business as an employee you absolutely? It's so easy to start a business. That's on online businesses. The easiest thing in the world to start right so it's changing the way you look at the world right Hersher if if you're looking at the world purely as an employ- oy if you're purely an e quadrant person you're in trouble. I'm about the only thing you can do is invest in gas. I mean that you can do get yep as employees or you can invest in one of the gas but pretty much. Nothing else is available to you unless you become a professional investor or a business owner so oh towards the end of the year what can small businesses due to minimize taxes. Well again I think they have to sit down with their their tax adviser your head. Yeah see they used to lessen exactly what we're doing this at year end but you should have done this at the start of the year. Well right because the problem with the end of the year is how much can you do in the last month of the year to reduce your taxes. I mean it's like Heroes Accountant. Said you can go spend money but if you weren't going to spend that money anyway that's just a waste of money money and you told her what to something about to save thirty cents wasted dollar. Well Yeah I mean. Think about if you're a thirty percent tax bracket and you spend dollars to save thirty cents. What kind of a good deal is that? I mean you might as well just come to me and I will take your money and it's deductible right you pay your accountant so you might as well do the health professional services so the point is an drives people crazy. I was on a radio interview with this morning. And that was just yapping away saying I don't want to pay taxes this person's hair the back went up. You know you're cheating the garden and now you're an idiot. That's the difference because what you always say in your book. tax-free wealth by Tom. WHEELWRIGHT is taxes. Are Incentives. Right all right if if you think about. What does the government want you to do? What are they WANNA encourage to have happened in? The government knows nobody likes paying taxes and so they do it through taxes and if you get a tax benefit for doing something that the government wants then. You're probably going to do it. You you just have to know what those incentives are so my primary way or come in our primary way as we have businesses but we also invest in real estate. We call it the McDonald's plan what businesses CICIS McDonald's in real estate businesses registered. In real estate. Why why is real estate good for taxes well real estate in the US US right now? The real estate is the most favored investment. That there is real estate's even better than oil and gas now from a tax standpoint. I mean it's amazing. The benefits real. Saying it's all comes down to this word. We use a lot depreciation which means you get a deduction for bind the real estate even though it may not wear out out so you know we just did a real. I mean a show with Kim and we're hungry and we're talking about Sandra our guide who speaks fluent English and they had no money in Hungary with communist time so he just worked really hard and he added a house onto the back of his house. House is kind of an ugly thing but it's cute you know and he added three closets with hot plates toilets. Wow so he rents out three units that he added onto the back of his house with a spiral staircase going through from the outside so now we have three tenets is well you know in most countries you build something new. You'RE GONNA get a tax deduction for the wear and tear on that building. Yeah sometimes it's very quickly the US it's like thirty percent of your purchase price. Could be deducted in the year. You buy it so. They've got tennis because Huzzah. It's a rental property right. Because it's producing income there's expenses that relate to produce in that income and you get to deduct it against the income because it's a net income tax so if you spend one hundred thousand dollars in expenses with you know lumber and nails and concrete is that appreciable absolutely that's GonNa that's GonNa it'd be deducted over the life of that building whatever the government says the life of that building is even in Hungary even in Hungary so this is a matter of thinking you know rather than just going to school. We're getting a job and saving money. Any tax breaks for that. Well the only one there is is the four one K.. Everybody knows how we feel about Alan. That's a so there's no way to do it without giving your money into the control of the government. I mean that's really what those plans are. There's a way for the government control your money to control your investing but if you want to have control of money then you really have to look at being a business owner a professional investor. Another thing thing we were talking to. KYRA WHO's She's from Haiti is an attorney. A P I m made a personal injury and she makes a lot of money but you also gave us some other ideas other than just you talked about her children and all that. How does that work for a self employed person? Well so for example I mean one of the things the government wants us to do is teach our children how to work and get them productive in society and so the government gives tax benefits from employing children in Your Business and one of the big tax benefits in the US. Right now is that we have a twelve thousand dollar personal deduction that means that the first twelve thousand dollars of income that you earn is not taxed. Well that's true for your child just as true for you can rent. You can pay any any children you want. You're welcome to pay my children Robert Absolutely the Air thing though you pay somebody else's child now they're in control of that money. You're not song control of so you pay your own child pretty much. You're going to be in control of that money even though you've paid the child you get a deduction they don't pay tax. How about age of the child doesn't matter as long as they can actually do the work they really do have to work for you? You can't just pretend we always say if you if you want to get a pretend deduction ya. Yeah that's fine but it's pretend you go to jail for that stuff exactly. What else can a person do? Oh My heavens I mean you can go on and on you you know when it comes down to it though. It's how you use your money right because if you just consume it if you just spend it it's going to be taxable to you but if you put it back into your business you put it into real estate you put it into commodities oil and gas if you're trump tax law for the US but by a car or something. Oh my heavens. The tax tax benefits under the new two thousand seventeen tax law are unbelievable. Let me let me give you an example. So let's say that that you've got a a business us a view do some real estate and you go out and you drive to that real estate every day. Okay but you could have a Home Office and the IRS. Actually she likes home offset people think. That's a big red flag but it's not so you get Home Office now every mile you drive of that car. When you're going you'd have no community? Mark is your commuting to your Home Office so all of that mileage deductible what does that mean well under the new trump tax bill. That means that you could go buy a car. Let's say you've been wanting a car but you're going oh it's so expensive but you go by big new. SUV or a big new truck. Or something like that you might be able to deduct as much as a hundred percent of the purchase price in your body it even if you borrowed all this year so this is actually something like if you're at the end of the year ear then you could actually decide. Well let's see I'm thinking about buying a new car anyway by before the end of the year because then you get a big tax break for it. Let the government pay for part out of it and the government's happy because you're actually helping the economy with all these jobs and stuff like this. Well exactly what what. The government's saying is look. If you're GONNA take this this car and you're gonNA use it for your business to produce more income we're GONNA share in that income we're GONNA YOU'RE GONNA pay taxes on that income so what we WANNA do is is worrying to give you a tax break on the front end and talking a lot petite she called it. The T T right. Yeah so When I talked to s is one of the things? He always scrimp on us at bookkeeper. Oh My heavens I want to do it themselves. So they sit there by the hour going Lang over their numbers checking what they income was expenses and all. This is a bookkeeper for ease. Ss a deduction it is for assis asses for an e it's not Be Sets up a Home Office and they have a business and now they're bookkeepers deductible. And why is a bookkeeper so important port well because you can't make a decision unless you have information accurate. I need accurate information and the bookkeeper. Their job is to give you accurate information so you can make better our decisions so I know what I'm talking to either a loser or crook this couple of giveaway. Because I'm not like Tom. I'm not very sophisticated. Tax Guy not account but when somebody somebody says I'll give you a discount if you pay cash you know they're skimming you know those can be the second thing I know. I'm talking to an idiot. Why do my own books? Oh My heavens ugly. Why would you do that? It so inexpensive to hire a bookkeeper and they're going to do it better than you are anyway and if you got an the audit that bookkeepers worth everything with accurate number absolutely. And they're GONNA go dig up all that information that you need and you know you're not audits can take hundreds of hours and whole will and if I'm going to borrow money does a bank is a bank happier if I have book. bookkeepers records. Sulfur share because now you accurate numbers you've got real functional statements eight months professional financial statements. So you need that. You need that bookkeeper and then you need your accountant. Look at the bookkeeper and then what you do is now you can start working with a banker on their terms correct. So that's why those are the two things above the best. I know I I'll take cash. You know the skimming and and they're cheating the government and the second thing. I do my own books every time I hear that I go. I'm not GonNa Talk to you any further waste of my time because you'll always always take petite. There's no question I actually have a brand new client that their bookkeeping is a mass and they just they need an inhouse house bookkeeper. They need somebody actually take care of everything they do because otherwise you can't grow you can't go to a bank you can't go to investor. Nobody's GonNa talk to you so wait come back. We'll be talking more about me. My favorite subject me is because I have massive tax problems. Because I make too much money now I know somebody I don't have that pollen but you hire that bookkeeper and you don't cheat the government. We'll have that Powell thinking too much money come back. Tom And I will be doing tax planning planning two years L.. The right back. Don't be like Charlie Charlie. Is that do it yourself who does himself in do it. Yourself is good for tiling grout it is not good for asset protection. Charlie thought he'd save a few dollars forming his LLC online with no guidance he did it wrong when he sold the property he lost thousands and thousands of dollars. He did himself in by trying to do it himself. Don't burn yourself us. Corporate direct to set up and maintain your LLC's INC's corporate direct is owned and operated by Attorney and Rich Dad Advisor Garrett Sutton Garrett wrote the bestsellers. There's loopholes of real estate and start your own corporation. 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You're you're you're comprehend go up because we're talking about most important subject which is taxes but also you can discuss with friends family and business associates associates because when it comes to taxes most people like cowards just like we talked about Kara. The attorney personal injury attorney and her accountant said to make less money and spend more money. I mean you got to be an idiot I had far. That's I find that account so fast so our guest today. Is Tom Wheelwright. He is my adviser and advisor is there is a teacher. That's why rich that adviser books and Tom's book tax free wealth but I have the benefit of talking to him directly. You should by his book and that interview your account and you'll know you've a good account are bad account but tom you know what you and I always come for two years out. We're not trying to scrabble year rent. which a lot of people do so I make him more and more money which is a good problem and the way of always solve that promise after the two thousand as an eighth Kennedy macro and I because debt and taxes we use debt to buy a lot of real estate right now? I'm pulling back. I don't want to be chasing using real estate at all time highs especially with the bond market at all time highs as it suicide right now and the same time as at rich dauer making making more money. So that's my problem making too much money and I don't mind paying more taxes so ideas have you got for me. You know so. It's great that we're talking two years out because like you said I mean a lot of times You get people. And they'll the client will number twenty fifth. Where's my taxable? Exactly or even worse you're doing the tax return and you're saying well Geez big big tax bill in the same way thank you. Let's go on the ads it's jail it's too late so you're knowing you know one of the things that we do is we're looking at in in I. I look at a lot with Kim. Especially we like your financials every month. Okay and I'm looking at okay. So how's it coming this year and and what's going to happen in the next year. What's going to happen to your after that? Because you're in a challenge in place. I mean you really are because putting the money. You can't put the money into your business fast fast enough and you can't put your money into real estate because of where the markets are so. What are you going to do so we have to start looking at alternative ways to reduce your taxes? which are things that the government want you to do so any ideas for me well so so one thing that we do look at is how? How do we manage your risk right? You've your big personality you've got you know. A lot of risk in what business owners forget is that they have a lot out of risk that they're taking on themselves they don't pay insurance for that because the insurance would be too much. Okay well there is a law on the books the actually came from Iowa and the farmers the says that look you can actually create your own insurance company and you can pay premiums to this insurance company company. Who'll it with other people who pay premiums to their insurance company? And then you end up with the deduction for the insurance premium. But the insurance companies not taxable expert. We call that a captive insurance company. It's not for everybody if you don't make you know if you're not making a you know a million dollars a year it's not something you're you're going to do but it's something that you go. Wow if I'm making a million dollars a year. I probably got a lot of risk that I'm taking on myself. The government wants you to be prepared appeared for that because what the government doesn't want they don't want you going out of business because of a lawsuit they don't want you going out of business because you've taken on you've got some liability that crops up that you weren't expecting they'd like you to protect yourself and so this is their way and again. It started with farmers. They don't want farmers to to lose their their land because they have one big ear big bad year one big loss or something happens and so they allow Montana. Gophers took out his whole field. They go that would be a reason to have this captive insurance company. So that's the type of thing you really what it is is it looking at. What are you doing? And what does the government want you to do. And then let's do it that way. The the other insurance this work if I put a million dollars into that. What happens it's deductible to you and not taxable to the insurance company so a million dollars is now sheltered? It's now sheltered. That's right it's amazing and I got my hands back on that. Well as a matter of fact that million dollars is now in the the insurance company company in at once it's earned it can be invested and there's no reason it can't be an invest at least a good portion of it can't be invested into something something else that you want to invest in. Because you have control over it so you can invest on. That's what insurance companies do. They collect that they do. That's what Buffett does right right buffet if it he collects your assurance from Geico and stuff like that and he invested for himself. Well Yeah if you look at you know who owns a lot of the big real estate. It's it's prudential and GEICO and you know that's where I mean. That's where Kenny gets. A lot of his. Money is from the insurance companies. Well were they got. They got it from the premiums right now. The insurance companies their tax boneless premiums. The Nice thing is the small insurance company the captive is not taxed. Amen Amen anything nothing else I can. Do you know what there's so many things that we want to look at. But here's where we want to start. We always want to start with. What do you what are you going to be doing with your money over the next couple of viewers? Okay if you're going to just set it in cash. We have a challenge with that. Okay so we need to actually find a way to deploy that money which is both good for you to get your get a return on that money and at the same time you get a tax benefit so so let me give you my logic system. Ladies and Gentlemen People have experts on expert times is a financial planner. And you hope they know what they're talking about but they're not your friend you don't know if they're professional another track record my advisers and I have about six or seven like Tom. Kenny mcelroy and Garett Sutton was through the attorney attorney. Side of the equation is that I can ask some questions. And they're like my teachers. You guys are my mentors. And that's what an adviser does and that's how I get richer while I don't WanNa pay my attorney any money so the well or my account where you're GonNa get stupid because you're your own client. I mean your your own attorney. Then you're the client is really stupid but anyway my idea is if if I invest in new projects inside the Rich Dad company those as a business expenses which would on reduced taxes. Absolutely that if you earn one hundred dollars and you put that back into your company that hundred dollars expecting company you'll pay zero tax so my company stronger exactly and that's really you know that's really the big thing that we want to be looking at is okay as you're or expanding your mission to elevate the financial well being of humanity and your expanding that what kinds of costs are union incur. What what's the best way to build that and right now under the new two thousand seventeen law everything he put in whether it's equipment whether it's employees no matter what it is that you're building in that infrastructure it's all going to be deductible so the projects I'm working on this is a real discussion is we're investing in a new documentary is costing us a million five now? That's a lot of money but the plan is got that money back case. We're GONNA make more money. And we've now invested an asset not building a book a book an asset an artifact and that book pays me money for years and years and years and years and years one of my greatest income is bucks on my spend fifty thousand book but a local make millions of dollars Ms Avenue tax problem so right now. I'm going to invest in two documentaries. That's like let's say it cost me two million Indus Year pays me for years. How does that work? Is that a good idea because the company rich dad gets stronger because we have more assets working for us so a lot of it is is how we look at this okay because taxes all you know what's your perspective and so this is really a marketing expense. In in a lot of cases it really is a marketing expense and the question is are we creating an asset that is deductible now or we create an asset that we have to deduct over a long period of years. And that's a matter of how do you set this up and how do you. How do you work with your accounting? How do you work with your your tax return? How everything set up is going to have an impact on whether it's deductible now or over the next fifteen years or not until you sell it? So that's where you and I discuss discuss where we get into the nitty gritty the details. Yep what was a if I want to build. His first documentary is called. It's on the cash is this is how I money is stolen via the Federal Reserve Bank the Treasury on Wall Street. And that money's GonNa come back to less. I put a million five into and I got six million William Back. What does that mean well? So so what would happen is at at a minimum worst case scenario from a tax standpoint. Is that six million dollars. Only four and and a half million dollars would be taxed. But I'm GonNa just keep redeploying it right right. So that. So keep reinvest four and a half million dollars that would be taxed now. You're gonNA invest it somewhere else and get another tax the but but you know. Let's go read rich. Dad Poor Dad the cash flow game. I'm into absence and asset is something that puts money in my pocket so if I build an asset like a books and acid a game as an asset of videos an asset. I just keep making more money right now. That's exactly what happened. And that's actually what the government is looking for right. That's that's the incentive like if a capitalists they want you to make more money eventually I mean at some point in time they're going to collect tax on it. Okay what we WANNA do is we want to keep pushing that pushing that not pushing that building building it because eventually there's actually ways when we on the back end when we actually sell a business. We can eliminate the tax tax on the sale. So we're looking at deferring. You know we think that this word deferral which is postponed right and we think we postponed postponed postpone and then at the end we eliminate and that's kind of that. That's my favorite plan. Postponed postpones postponed and then eliminate so liz gentleman what you're listening listening to our rail tax planning session with two years out because we're doing such great jobs right now. We have young Sarah hair and she's helping us pump the social social media side. We're GONNA actually put more product for people to get educated on. We're going to our job. I was just educate in all we could just pay higher salaries whereas in bonuses and all that which made the company weaker at some level so I've explained to the team here is I work. I made the company stronger which makes her position stronger. So by by acquiring assets. I got the tax breaks but we also have more income coming in for a longer terms. And that's why we're still surviving by books are still bringing in billions of dollars dollars right. Oh absolutely in your your continuing to build it. That's the thing it's all about. Are you going to produce. Are you continue to produce and build and so forth are you gonNa go you know. Spend it on a vacation in you know impact to wherever you know. The important thing. Is that what the garden wants you to do. They want you to continue producing and and they're gonNA reward that well yesterday. We have a new slogan at the Rich Dad. Companies called production up bullshit down like it and we've had a lot of Boll shut up production down so now we're just stepping up production ball shut down so everybody will make more money but the company's tastes stronger and at ultimately what the Tax Department wants. That's exactly right. I mean what what the government wanted to do. They want you to be successful because they they get rewarded they get rewarded. Because you've got more jobs you're doing good for you know for society -ociety thinks that they want done you're doing and eventually they expected be collecting taxes on that right. I don't think we're doing talked about those yesterday. So is is that rather than talking about pay raises. I'd rather talk about profit sharing that way. If the if the company produces more revenue via assets We share the profits so you think more like the owner versus the employees. Is that that logic with you. It totally fits and and you know what it does is. It actually gives the employees some options from a tax standpoint because if they effectively become owners I mean for example their airtel share effectively. They're sharing in the prophet but they could be sharing in the Prophet as contractors. They could be sharing in the province in the Prophet as Stock options you see that and technology all the time there's tax benefits they're more tax benefits per profit share than there are for wages and salaries. Ah So let me ask you this this other question here then. Is it possible for someone like Sarah who works with us or employees Sarah's kind of independent contractor but couldn't employ set up their own through Garrett their own. Llc of something that. Can I pay into that or other legal league. They're they're their legal restrictions on that. You have to be very careful. You WanNa dot your I's and Cross your t's but Sarah's contract and she is independent. I mean the reality is they have to the Independent. You can't be film what to do every day every hour of every day you do that. Their employees Because they want to protect the employees but at the same time. If the if you say while I'm happy to have my The people who worked for me be independent and do things on their own time in their own way then absolutely they can do that but is it possible for an employee of Rich Dad had their own. LLC sure could I pay into the LLC a profit sharing oh for sure for sure. I want I want you to hear this. I want everybody who's associate rich that to think ball like business owners versus employees and so Sarah and I talk about us. I don't like the words Peres because all they're gonNA do is pay more taxes but if they got profit sharing shunted into their own corporation operation. There's opportunities that can make more money pay less tax or sure. That's the difference here and that's what we want to teach. Everybody who works comes in contact with rich dad out here is that the government wants to be rich and they use taxes as an incentive to help the company get stronger but also everybody else around us get stronger talk to me. It's always about making more money and painless tax. Write that so you have an account up. They're telling you to make less money and increase your expenses expenses. Fire them and you get Tom's book. tax-free wealth you study the book. And then you hire your own account but make sure you also have a bookkeeper because the more accurate cricket records are the easier life will be because when you start making a lot of money. You've got to have a book yet. Absolutely well thank you for your time. I think Obama's bliss entered Rich Dad radio and next year make more money and pay less taxes. Tom What are you working on. So I'm very excited because you you say you always tell people have your accounting read this tax free wealth right. That's like your number one recommendation. You read have your account if you want to pay less tax you want to pay tax. So what we're doing is we've actually developed flipped and are developing a network of CPA's of tax professionals and we have twenty-five in our network. We've just been doing this year. We have twenty-five CPA firms in our network and and our goal is ten thousand CPA firms worldwide. Because the question all your strategy will follow our strategies that I train and I personally trained that we make sure that they're following our strategy strategy. I actually tell people where the Marine Corps of accounting networks because we make sure that they follow the rules as good. That's good that's good. Well congratulations on that and all of you out there. Please understand this as a part of it just loves to say I make millions of dollars and pay no taxes. It's kind of my at the middle finger gesture toward and every time I say that especially on air. Oh boy does it get hot out there because everybody kind of knows. Rich make more money and don't pay taxes so we have Elizabeth Warren running for President or Khazar. Whatever she was running for and Bernie Sanders? Okay Oh say. They want to tax rich. The rich pay more taxes. Tom And now they're the rich will always find a way not to pay those more tags and ultimately wikus because taxes the middle class ultimately. That's that's where the money end up ends up coming from so always. I'm not Republican Democrat. When they say they're gonNA attacks are rich? You know they're coming after your money not my money because as we talk about those two types of income as income from Labour as long as you're working working for money right well pay taxes but if you're working from Capitol you pay less taxes so does income from capital which is investments I and businesses and labor. And whenever you school to success you go to school get a job at work hard. Fire that teacher that you want somebody who is not a communist but capitals because you want to go to school make a lot of money and pay no taxes. That is the American way right exactly. It's all about the more the more assets you have the less tax you pay as well white. It is worldwide to every country. We've ever been together art. It's the same. Yeah so if I'm antagonizing saying I'll make billions more money and pay less taxes. You just heard how we do it here. We sit with Tom. I said with Tom Kansas with Tom Kim's more accurate on the numbers. I like to just make the money to make the money Kim accounts for the money. And that's how you get rich. That is what that's what we're teaching everybody. At our wealth ability network is how to make more money fails that so. If you don't have an account or a book like Tom You'RE GONNA pay more taxes. Thank you for listening to the Rich Dad. Radio show bill are. Are you having trouble finding deals that are actually cash flow positive. 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