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#31
10-24-2006, 02:57 AM
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Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
[ QUOTE ] The value that RDPD has is that it makes people who wouldn't have otherwise thought about money think about money. This covers a heck of a lot of people, and it's more a testament to the overall lack of financial education than to the merits of the book. The book is not a how-to book, is often misleading and overly simplistic, but it does motivate people to learn about personal finance and therefore definitely has value. [/ QUOTE ] agree 100% DesertCat do you dispute this post? If you do not, can you please stop referring to RDPD as trash? [/ QUOTE ] I don't disagree that it's an inspirational book to get you thinking about how to improve your financial state. I think there are other books, "millionaire next door" and " the richest man in babylon" that have an equally inspirational story but don't have the misleading advice that RDPD has. This column in the AZ republic covers some of this misinformation. 
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#32
10-24-2006, 06:16 AM
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Re: reinvesting poker profits to avoid taxes
Some info here: http://www.johntreed.com/Kiyosaki.html
Kiyosaki gets mixed reception from most people in Hawaii. I would argue the book is useful to everyone. Either to get you thinking about money or to teach you what errors Kiyosaki-disciples will make in real estate investing.
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#33
10-24-2006, 11:39 AM
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Re: reinvesting poker profits to avoid taxes
I'm a big fan of John Reed's work, have read that article before, and I very much sympathize with his position. Here's a guy who writes real estate books telling people exactly how it is, no bs, for better or worse, which is very much a rarity. The real estate publishing business is fraught with hacks who sell people on the idea of riches rather than realistic and practical information. Kiyosaki, as he righfully points out, is one of those.
"What is really going on is a lot of people are schlepping along doing a half-ass job of managing the financial aspects of their lives. Rich Dad Poor Dad slaps them up side the head and tells them to clean up their acts. That’s good, but the book goes on to deliver a pack of lies" This is a quote from the article which sums up my opinion pretty well. The book is usless when it comes to purely practical content, but it does make people reexamine their financial picture and motivates them to learn more. Kiyosaki does this by selling people on the idea of easy riches but he does it nonetheless and that has value. Maybe it takes a book that captures the imagination of people a little bit in order to lead them in the right direction. Does it lead them in the right direction is the question. In my experience, yes. Everyone I've met who has read the book is better off for reading the book, or at least not worse off. But they're generally smart people who have the abiltiy to distinguish fantasy from reality. When I first read book, I thought it was completely harmless, a nice little kick in the pants, and an introduction to the potential of real estate investment. What's worrisome to me are the people who have very strong feelings about the book and I wonder if it's leading them down the wrong path. If that's the case, and I haven't seen it, but I'd be more than happy to change my opinion.
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#34
10-25-2006, 07:03 AM
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Re: reinvesting poker profits to avoid taxes
1-Buy Dominica citizenship. (approx. $100K). Nice island in the caribbean with British type law.
2-Move there. 3-Pay this year's U.S. taxes. 4-Give up U.S. citizenship. 5-Start trading stock index futures, crude oil, and whatever else is moving, and make 2-6 points per day on average. 6-Continue playing poker on the side as secondary income, only if you enjoy it. 7-Send me $250,000 as a thank you gift for giving you all these tips for free. P.S.: Everything after 4, is legally 100% tax free.
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#35
10-25-2006, 07:09 AM
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Post deleted by Mat Sklansky
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#36
10-25-2006, 07:16 AM
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Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
you make it sound so easy... [/ QUOTE ] It's the most difficult thing I've ever accomplished. But I have had lots of experience, including losing almost everything twice, before I became consistent. I only became consistent after failing miserably at LHE 100-200. Start small in trading, consider your small losses as tuition, and keep your poker winnings tax free. I mean if you can make 100-200K a month from poker like Zeebo, and not pay taxes legally, you really are on a trading freeroll. All those 7 points listed pack a lot of +EV each. Especially number 7. [img]/images/graemlins/laugh.gif[/img]
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#37
10-25-2006, 07:23 AM
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Post deleted by Mat Sklansky
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#38
10-25-2006, 07:29 AM
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Re: reinvesting poker profits to avoid taxes
Most people won't do the first 6 points, let alone the 7.
If you can't or won't do the first 6 points, there is no value on point 7, just as there's no value on an "ask me" thread. If you do all points 1-6, then maybe, just maybe, you can see the value of point 7. If you do, we talk and you can ask. Arrogant?. Possibly. Valuable at more than $250K?. Definitely.
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#39
10-25-2006, 11:48 AM
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Re: reinvesting poker profits to avoid taxes
[ QUOTE ]
4-Give up U.S. citizenship. [/ QUOTE ] It appears you missed the portion of the tax code that states if the IRS "believes" you relinquished your US citizenship to "in any way" avoid paying Federal taxes" you still owe them for the next ten years. Planning a vist to the USA anytime soon? I could use a could snitch reward from the IRS. [img]/images/graemlins/smile.gif[/img]
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