Robert Kiyosaki Blog

Financial Education Portal inspired by Robert Kiyosaki

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Economic Collapse: Robert Kiyosaki Says The Worst To Come: Depression Or HyperInflation

We are either going into a Depression or Hyperinflation. The Dollar will be coming down and things will get tough. [carousel keywords="silver...

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Rent Out Your Home. Cut Your Taxes.

Cherie Kerr wants out of her home. The 65-year-old comedian and public speaking coach paid $590,000 for a 1,150-square-foot Los Angeles condo two and a half years ago–only to find the construction so flimsy that her upstairs neighbor woke her up by dropping a coin on the wooden floor. “A defect hell,” fumes Kerr of her newly built abode. She has moved back into a suburban home she still owns and would love to unload the apartment, but housing values have fallen so far that she figures such a move would lock in a $200,000 loss. The good news is that Kerr is anything but stuck. A real estate agent recently informed her that the condo can fetch $3,300 a month in rent. That’s enough to cover her mortgage and property taxes. So Kerr has decided to lease out her condo until values rebound. While she no longer harbors visions of becoming rich off the downtown L.A. property, things could be a lot worse. “It’ll be a tax writeoff,” she says. Kerr has lots of company these days. No less a financier (and former do-it-yourself tax preparer) than Treasury Secretary Timothy Geithner is leasing out his Mamaroneck, N.Y. home after failing to get for it a bid he was willing to accept. If you’re one of the horde suffering real estate buyer’s remorse, you too may be able to turn a modest profit renting out your albatross of a residence. How can that be? Thank the trove of tax breaks for residential landlords. The first step in figuring out whether renting makes sense is to find out how much your place is worth. A professional appraisal is best, but written statements from a few Realtors will do as long as they agree on the value and stipulate how much is attributable to land and how much to the building. (The appraisal, as you’ll see later, is essential for two separate tax calculations.) The next step is to see how much the property will fetch in monthly rent and weigh that against the costs and tax consequences. As a landlord, you can’t claim mortgage interest as an itemized deduction on Schedule A of your tax return. Instead, you deduct interest costs, plus property taxes, monthly condo fees, insurance and anything you pay to a property manager (most charge 10% of rent) against rental income on Schedule E. You can also expense travel and other costs you personally incur to look after the property. The other big tax deduction for landlords is depreciation. The tax code allows you to divide the value of your building (but not the land) by 27.5...

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Top two fears for people wanting to become entrepreneurs

In a survey I conducted of 200 individuals, who stated they wanted to make the transition from corporate to business owner, the top two things they indicated stopped them were: Inability to replace current income Not having a stable income What can you do to counter these top two fears? How can you make it possible to have a stable income that replaces your current corporate salary? Below are the four areas to focus on in order to set these fears aside: What do you really want to do with your income: replace, upgrade or down grade? There are many people who would be content earning less if it meant they could do what they loved. Others may want to keep their current level of income or even gain more. Getting specific with what you truly want and need is essential to be able to create your customized financial plan. Based on what you want to do, how much money can you make? This includes considering tax breaks that may yield you more income than you thought. Even if you can generate enough money to give you what you need, I highly suggest you find other ways to supplement your income. There are many ways of increasing your income streams, the key here is to increase your financial IQ and then find the investment(s) that will work for you. Put together your personal financial plan. Consider things like the consistency of your business and make sure that you are accounting for any fluctuation. What are your short and long term expenses? Talk to someone who’s got a similar business to determine what these might be for you. Once you’ve got this figured out it will help you see what changes need to be made to your business plan in order to pay yourself the salary you desire while investing in your business. This is also an area that supplemental income streams can come in handy. Invest in your nest egg. As your business grows, and other income streams grow, the more money you can put away as a nest egg and the more income you can be generating. The number one piece of advice the most successful entrepreneurs suggest, think Donald Trump, Sir Richard Branson and Robert Kiyosaki, make your money work for you. Build up your nest egg and then have it work for you by providing you the passive income you need to live. The financial fears you may have now, will dissipate once you develop and execute on a plan to create the income you need. The important thing is to think through what you really...

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Good Home Based Business Will Survive Bad Economy

From : Most RecentAuthor: gordon1321 Added: Sat, 25 Jul 2009 18:52:51 -0800 Duration: 0http://www.ultimatewealthfromhome.com With everyone living longer lives, not only will the next generation inherit our financial problems due to the economy, they will inherit our grandparents problems also. View original post here: Good Home Based Business Will Survive Bad...

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What Not To Do When Writing Business Plan

London Business School professor John Mullins says now is a great time to start a business. He writes in the WSJ: Costs are lower, and more talent is available, thanks to layoffs. Prospective clients are more likely to try a new supplier who can help them cut costs or increase their competitiveness. Established players, too, are focused on cutting costs instead of increasing market share. Of course, starting a business means finding funding, and finding means writing a business plan. In his very long WSJ article, Mullins explains what not to do when writing one up. We’ve boiled it down to five bullet points: Don’t focus on your amazing technology. Focus on the customer need your business will solve. Don’t overestimate the size of an untapped market, and then claim your business will only need to capture a small slice of it. In untapped markets, the consumers don’t know they need a product yet and they don’t know how to get it. Mullins calls these the “Coke-for-Every-Kid plans.” Don’t stretch the numbers. Mullins quotes an entrepreneur who says, “With a couple of beers and an Excel spreadsheet, you can make a lot of money in no time.” Don’t try it. Don’t lead with your resume. Investors don’t care how many Harvard MBAs there are on your team. Don’t ignore the risks your business will face. Investors know all businesses have their weaknesses. Don’t be naive and try to pretend yours won’t. Excerpt from:What Not To Do When Writing Business...

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#1 Home Based Business thriving in this Economy. Voted Best By lifetime TV.

From : YouTube :: Tag // businessAuthor: 1111qt Keywords: economic depression donald trump robert kiyosaki Business gold silver forex abundance harmonic wealth james ray money positive thinking oprah winfrey dani johnson success tools call freedom the secret mindset coaching seminars new earth transformation Added: July 20, 2009 Read more from the original source: #1 Home Based Business thriving in this Economy. Voted Best By lifetime...

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Funny How Easy It Is To Make Money Online!

From : recent posts tagged robert – blip.tv (beta)http://tinyurl.com/m25v23 Please email me if you have any questions about this video or about my business. Read more here: Funny How Easy It Is To Make Money...

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3 Free Online Finance Software Programs

Shelley Elmblad Online personal finance software is very convenient because you can use it wherever there is an Internet connection. And, these free top three online personal finance software choices offer security features for your personal finance data. With online software, you never have to install anything on your hard drive and software updates are done for you on the software company’s servers. Online Personal Finance Software Benefits Each of the top three online personal finance titles have a different feature focus, so look them all over and visit the web sites for more details. And remember that when you use online personal finance software on a public computer, you must log out and close the browser window before leaving the computer. How is This Personal Finance Software Free? ClearCheckbook is completely free but accepts free-will donations. Mint and MySpendingPlan are also completely free but each gets a cut on any of the money-saving offers presented to you. The offers on Mint.com are hidden unless you click on a tab to view them. MySpendingPlan offers are more upfront and in your face. ClearCheckbook ClearCheckbook is free online personal finance software that is far from bare-bones free software. ClearCheckbook has many features to manage personal finances. ClearCheckbook Features: See all transactions, overall balances, reminders and notices on one page in ClearCheckbook. Supports account transfers and split transactions. ClearCheckbook spending limits provide a way to create a personal budget. Search transactions by date, keyword, account or category. Track your spending in ClearCheckbook with charts, graphs and spending vs. saving for all accounts. Security: you do not enter your account numbers into ClearCheckbook. Reconcile accounts and use time-saving recurring transactions. Personal finance alerts and reminders arrive by email. Use CheckBot to update your account while on the go with AIM, ICQ, MSN / Windows Live, Google Talk and Yahoo! Messaging services. Get ClearCheckbook free personal finance software at ClearCheckbook.com. Mint Mint is free online personal finance software that offers something truly different: Mint tells you how you can save money, and it has some nice automated features. Mint Features: Mint automatically updates your banking and credit card transactions, eliminating the possibility of forgetting to enter transactions. Mint automatically categorizes transactions as they are downloaded. Label transactions to be able to quickly identify expenses that are related to work, hobbies, meals out, etc. View all banking and credit card transactions and account balances side by side. Mint works with 3,000 U.S. banks and credit card companies. Compares cash and debt for quick overall financial reporting, and Mint offers spending histories. Email and SMS alerts let you know about low balances, large purchases and...

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Never Use Hard Money Again!

From : YouTube :: Tag // moneyAuthor: cpmedia Keywords: hard money credit line cash cashflow startup rich dad Trump Thomas Kish Kiyosaki loan bank wealth millionaire business Added: June 29, 2009 See more here: Never Use Hard Money...

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The Ideal Business in Todays Economy by R Kiyosaki

From : YouTube :: Tag // businessAuthor: moneywizbiz Keywords: The Ideal Business in Todays Economy by R Kiyosaki Added: June 23, 2009 The Ideal Business in Todays Economy by R...

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