What has changed since ‘Rich Dad Poor Dad’ came out 20 years ago
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2017-04-18 02:04:31 UTC
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What has changed since ‘Rich Dad Poor Dad’ came out 20 years ago
Published: Apr 10, 2017 4:24
Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has made headlines for
his bold and sometimes controversial opinions about the future of the stock
market, real estate and how to get rich.

It’s been 20 years since the original “Rich Dad” book came out, and a lot
has changed in personal finance since.

We’ll be live with Kiyosaki on April 11 at 11 a.m. to ask him questions
about what lessons still hold up 20 years later. We’ll also chat about his
new book, “Why the Rich Are Getting Richer.”

He’ll answer your questions in real time, on Facebook Live. Like MarketWatch’s
Facebook page right here — and Facebook will send you a notification when we’re
live with him.

Have a question you’d like to ask him about how to get rich in 2017? Let us
know your questions for Kiyosaki in the comments, or email them to me at
***@marketwatch.com, and we’ll ask them during the live broadcast.

And if you join during the live Facebook broadcast on April 11, you can
leave questions for him on Facebook we’ll ask as well.

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What has changed since ‘Rich Dad Poor Dad’ came out 20 years ago

Published: Apr 10, 2017 4:24 p.m. ET

Have a question for author Robert Kiyosaki? Ask it now

2017-04-18 02:09:38 UTC
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What has changed since ‘Rich Dad Poor Dad’ came out 20 years ago
Published: Apr 10, 2017 4:24
Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has made headlines for
his bold and sometimes controversial opinions about the future of the
stock market, real estate and how to get rich.

‘Rich Dad’ Robert Kiyosaki says every entrepreneur should read this book
Published: Mar 2, 2017 9:10 a.m. ET
An unusual book recommendation from the author of ‘Rich Dad, Poor Dad’

“Rules for a Knight” by Ethan Hawke

Markets reporter
Marmor Shaw
Senior Editor

Robert Kiyosaki has an unusual reading recommendation for would-be
entrepreneurs -- one that even the most devoted fans of the “Rich Dad, Poor
Dad” author might not see coming.

It tells the story of a knight about to meet his death in battle. It’s
written by a Hollywood movie star. For Kiyosaki, it’s become a treasured

“Believe it or not I read a lot of spiritual books. One of the best is
‘Rules for a Knight’ by Ethan Hawke,” Kiyosaki said during a January
interview, when asked if there were any books he would recommend for
MarketWatch readers.

“It’s so well written, talks to your soul,” he said of the book. “All my
friends are entrepreneurs and they all get copies of it.”

“Rules for a Knight” takes the form of a letter written from a 15th century
knight (and imagined ancestor of Hawke’s) to his children, on the eve of a
battle. Fearing for his life, the knight outlines for his children the rules
for being a knight that were passed down to him.

That may not sound like fertile material for learning the secret to success
in the 21st century business world, but the knight’s rules do have an aura
of entrepreneurial mantra about them. The rule for humility begins, “Never
announce that you are a knight, simply behave as one,” while the rule for
gratitude states, “For all that has been, a knight says, ‘Thank you.’ For
all that is to come, a knight says, ‘Yes!’ ”

“As a businessman, I do my best to operate only at the highest of spiritual
values and do my best to do business with people who share those values,”
Kiyosaki explained of his book selection.

As a young man in military academy, Kiyosaki says he was drilled on the
concepts of duty and honor. “The first word literally pounded into our heads
was the word mission,” he said. “Later came words such as duty, honor,
integrity, code and so on. I have come to realize those words are spiritual

Years later, while in business school, he says he learned about “money,
markets and manipulation,” but never heard those “spiritual” words that were
so important to his early life in the military.

See also: ‘Rich Dad’s’ Kiyosaki hasn’t given up on his dismal market

He says his group of personal advisers, who counsel him and his wife on
their investments, get together twice a year to study both financial and
spiritual books.

“The Untethered Soul,” by Michael A. Singer, is Kiyosaki’s second reading
suggestion. The best-selling book bills itself as a way to “free yourself
from limitations” and “discover inner peace and serenity.”

“It’s very, very, very good, about how to handle emotions,” Kiyosaki said.
“I used to get a lot of heart attacks. I just let it go now.”

If you prefer your reading to be more firmly rooted in the worlds of
business and finance, Kiyosaki suggested two books on economics in
MarketWatch’s live interview with him in August, which you can read more
about here.

The latest from Kiyosaki, who has published numerous personal-finance tomes,
is “Why the Rich are Getting Richer.”

The author, who uses debt and taxes to build wealth, says he explains in the
book how best to do that. “But what makes this book different is that I go
into details of why I use debt and how I pay no taxes legally. It’s hard to
make it simple. It’s really advance finance made simple.”
Related reading

Two books ‘Rich Dad’ author Robert Kiyosaki says you should read
(besides his)
‘Rich Dad’ author Robert Kiyosaki: If you’re investing for the long
term, ‘you’re crazy’
2017-04-18 02:20:29 UTC
Raw Message
Post by a425couple
What has changed since ‘Rich Dad Poor Dad’ came out 20 years ago
Published: Apr 10, 2017 4:24
Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has made headlines for
his bold and sometimes controversial opinions about the future of the
stock market, real estate and how to get rich.

The pros and cons of forming an LLC
Published: Mar 23, 2017 5:10 p.m. ET
What you need to know

LLCs provide some of the advantages of a partnership with the liability
protection of a corporation.

L. Wang

This article is reprinted by permission from NerdWallet.

The limited liability company was first offered as an option for structuring
businesses 40 years ago in Wyoming. By the late 1990s, all states had laws
authorizing the organizing of businesses under the hybrid structure. Today,
LLCs are growing faster than any other business type, according to the IRS.
What is an LLC?

An LLC is a business structure that combines the simplicity, flexibility and
tax advantages of a partnership with the liability protection of a
corporation. An LLC can have one or many “members,” the official term for
its owners. Members can be individuals or other businesses, and there is no
limit to the number of members an LLC can have.

About 2.4 million U.S. businesses identified as LLCs in 2014, according to
the latest figures available from the IRS. Take a look at these advantages
and disadvantages to help you decide whether an LLC is the right structure
for your business.
LLC: The pros

Choosing to structure your business as an LLC offers a number of advantages:

Limited liability: Members aren’t personally liable for actions of the
company. This means that the members’ personal assets — homes, cars, bank
accounts, investments — are protected from creditors seeking to collect from
the business. This protection remains in place so long as you run your
business on the up-and-up and keep business and personal financials

Pass-through federal taxation on profits: Unless it opts otherwise, an LLC
is a pass-through entity, meaning its profits go directly to its members
without being taxed by the government on the company level. Instead, they’re
taxed on members’ federal income tax returns. This makes filing taxes easier
than if your business were taxed on the corporate level. And if your
business loses money, you and other members can shoulder the hit on your
returns and lower your tax burdens.

Management flexibility: An LLC can opt to be managed by its members, which
allows all owners to share in the business’s day-to-day decision-making, or
by managers, who can be either members or outsiders. This is helpful if
members aren’t experienced in running a business and want to hire people who
are. In many states, an LLC is member-managed by default unless explicitly
stated otherwise in filings with the secretary of state or the equivalent

Easy startup and upkeep: Initial paperwork and fees for an LLC are
relatively light, though there is wide variation in what states charge in
fees and taxes. For example, Arizona’s filing fee for articles of
organization is $50, while the fee in Illinois is $500. These variations
aside, the process is simple enough for owners to handle without special
expertise, though it’s a good idea to consult a lawyer or an accountant for
help. Ongoing requirements usually come on an annual basis.
LLC: The cons

Before registering your business as an LLC, consider these possible

Limited liability has limits: In a court proceeding, a judge can rule that
your LLC structure doesn’t protect your personal assets. The action is
called “piercing the corporate veil,” and you can be at risk for it if, for
example, you don’t clearly separate business transactions from personal, or
if you’ve been shown to have run the business fraudulently in ways that
resulted in losses for others.

Self-employment tax: By default, the IRS considers LLCs the same as
partnerships for tax purposes, unless members opt to be taxed as a
corporation. If your LLC is taxed as a partnership, the government considers
members who work for the business to be self-employed. This means those
members are personally responsible for paying Social Security and Medicare
taxes, which are collectively known as self-employment tax and based on the
business’s total net earnings.

On the other hand, if your LLC files forms with the IRS to be taxed as an S
corporation, you and other owners who work for the company pay Social
Security and Medicare taxes only on actual compensation, not the whole of
the company’s pretax profits.

Consequence of member turnover: In many states, if a member leaves the
company, goes bankrupt or dies, the LLC must be dissolved and the remaining
members are responsible for all remaining legal and financial obligations
necessary to terminate the business. These members can still do business, of
course; they’ll just have to start a whole new LLC from scratch.
How to start your LLC

Choose a name: Register a unique name in the state where you plan to do
business. To make sure someone else doesn’t have your business name, do a
thorough search of online directories, county clerks’ offices and the
secretary of state’s website in your state — and any others in which you
plan to do business. For a fee, many states let applicants reserve an LLC
name for a set period before filing articles of organization.

Choose a registered agent: The registered agent is the person you designate
to receive all official correspondence for the LLC. It’s crucial that you
nail down who this person will be before filing articles of organization,
because states generally require you to list a registered agent’s name and
address on the form. Though people within the company are usually allowed to
serve in this role, states maintain lists of third-party companies that
perform registered-agent services.

File articles of organization: This is the step that essentially brings your
LLC into existence. States request basic pieces of information about your
business, which, if you’ve thought through your business plan and structure,
should not be hard to provide. You’ll be asked to supply details like name,
principal place of business and management type.

Get an employer identification number: The IRS requires any business that
has employees or operates as a corporation or partnership to have an EIN, a
nine-digit number assigned to businesses for tax purposes. The rule applies
to LLCs because, as creations of state laws, they’re classified for federal
tax purposes as either a corporation or a partnership.) Applying for an EIN
is easy, fast and free.

Draw up an operating agreement: Your operating agreement should include
specific information about your management structure, including an ownership
breakdown, member voting rights, powers and duties of members and managers,
and how profits and losses are distributed. Depending on the state, you can
have either a written or oral agreement. Many states don’t require one, but
they’re a useful thing to have.

Establish a business checking account: It’s generally good housekeeping to
keep business and personal affairs separate. Having a separate checking
account draws a bright line between the two. This is critical if you want to
mitigate any potential risk to your personal assets if a lawsuit calls into
question your business practices.
Learn how to start your business

NerdWallet has rounded up some of our best information on starting a
business, including structuring and naming your company, creating a solid
plan and much more. We’ll help you do your homework and get started on the
right foot. Read our Starting a Business Guide.

Andrew L. Wang is a staff writer at NerdWallet, a personal finance website.
Email: ***@nerdwallet.com. Twitter: @andrew_L_wang. NerdWallet writer
Claire Tsosie contributed to this article.