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Foreword

by Robert Kiyosaki

The old saying goes: There are two constants in life, death and taxes. I’m of the opinion that you want to do all you can to put both off as long as possible—or at least minimize the pain they cause.

To prolong my life, I eat healthy, exercise, and avoid things like drinking too much and smoking. I value my health. So, I work with experts who help me keep my body in shape and to put only good things inside my body. I put my money where my mouth is.

It didn’t used to be this way. I used to love eating junk food, enjoyed my drink a little too much, and didn’t exercise. And I paid the price. I was over weight, unhealthy, and had a close call with my heart.

I didn’t understand the rules of my body and was breaking those rules. And that was costly. Thankfully, my health problems motivated me to get healthy. Barring the unforeseen, I’ve added years to my life.

When I was younger, I also didn’t understand the rules of taxes. Much like you probably do, I looked at taxes as a major inconvenience that couldn’t really be avoided. Thankfully, my rich dad taught me that taxes aren’t unavoidable, and that, quite the contrary, they could even be used to your advantage.

My rich dad was not my real dad. He was my best friend’s father. My rich dad was an entrepreneur, who owned retail stores, restaurants, and hotels. My real dad was a schoolteacher who eventually became the head of education for the State of Hawaii.

It was my rich dad that pointed out to his son and me that there are four different types of people in the world of money. He defined these four types with the diagram below, a diagram he called the “CASHFLOW Quadrant.”

E stands for Employee

S stands for Self-employed or small business owner

B stands for Big business owner

I stands for Investor

As a boy, thanks to my rich dad, I knew that those in the E and S quadrants paid the highest percentage in tax. I also knew that those in the B and I quadrants paid the lowest percentage, sometimes zero in taxes. Following my rich dad’s advice, I focused my life on the B and I quadrants…and have done very well financially.

All I had to know was the rules and how to play by them. My problem was finding CPAs who understood the tax laws as my rich dad did.

Over the years, I lost a lot of money to taxes simply because I had high priced, well-educated CPAs who were not the brightest matches in the box—that is until I met Tom Wheelwright. For years now, Tom has been my guiding light, allowing me to do what I do best, which is build businesses, invest, create jobs, and make money, all the while paying less and less in taxes…legally. I’ve encouraged Tom to write this most important book, especially at this time in history. I am glad it’s here and I trust you’ll enjoy and learn from it.

Today, taxes are killing many people financially. Perhaps you know what I mean. Do you look at your paycheck every month and wonder where all your money is going? I’ll tell you. It’s going to the people who know how to use taxes to make money rather than lose money. It’s going to people like me.

As you’ll find out more in this book, governments write the tax codes to incentivize investors and entrepreneurs to behave how they want. So, if a government wants more affordable housing, they’ll provide some great tax incentives to motivate developers to build affordable housing.

The problem is that the governments still have to pay their bills. So whom do they tax? The middle-class. And they use those taxes to subsidize people like me who behave how they want in order to get tax breaks.

As you know, today there is a growing outcry to, “Tax the rich.” Many believe the rich are tax-cheats and are ripping off the poor and middle class—and some are. As long as taxes exist, there will be tax-cheats, and not all of them are rich. The poor and middle class have their fair share of tax-cheats. We all know there is a large, underground, tax-free economy in every city of the world, all filled with tax-cheats. You probably know some of these people.

Tom Wheelwright’s book will give you a different perspective on taxes. He sees taxes as government incentives and economic stimulus to keep the wheels of the economy greased and moving.

That is how my rich dad saw taxes. He simply saw himself doing what the government wanted done, and in return, the government offered him tax breaks.

Again, my problem has been, getting other people, friends, family, business associates, and yes, CPAs to see taxes from the same point of view.

Most people could not see this point of view, simply because most people are terrified of the taxman, even many CPAs. Most people live in fear of doing something wrong, which is why many people feel better just paying more and more in taxes and then protest that the rich are tax-cheats. This is not financially intelligent.

Today, I receive tax breaks because I provide jobs through my businesses, provide housing through my apartment houses, and provide energy by drilling for oil, keeping energy costs low and the economy moving.

I don’t write this to rub it into your face. And I acknowledge that it doesn’t even seem fair. But as not just my rich dad, but also probably every dad said, “Life isn’t fair.” Rather, I write this because I want you to know that you can also use the tax code to your advantage to help you make money—or at the very least, greatly reduce your tax burden.

And that’s why I’m very happy that my friend and personal tax advisor, Tom Wheelwright, wrote this book. To me, there is no better person to explain how taxes work, how the tax code can help you grow richer, and who can—I’m not kidding—make taxes fun.

I think you’ll find, as I have, Tom’s passion for taxes—and helping you save money in taxes—to be infectious. And I know you’ll find the wealth of knowledge he brings to the table to be life changing.

He brings good news: you don’t have to let taxes kill you financially. The rules in the tax code, whether you know it or not, are there to help you—not harm you.

All you need is the proper knowledge and a little guidance. In this book, Tom offers both in spades.

If you believe the rich are tax-cheats and rip-off the poor and middle class, this book is not for you. You’ll probably enjoy Das Kapital more.

If you want to earn more and pay less in taxes by doing what the government wants and needs done, however, this is the book for you.

– Robert Kiyosaki, Capitalist