Welcome back to the next chapter of Rich dad Poor dad.
Whereas the last chapter about taxes was interesting and made me think about ways to increase my own tax-efficiency, this chapter was an abysmal low unfortunately.
It is a stringing together of anecdotes. The one thing we take away from it is that the poor and the middle classes believe they have two ways of raising money, having it in cash, or borrowing it from the bank.
It than states, that wealthy people find other ways to raise money, and starts to explain a series of deals how he made a massive amount of money without any money down.
source: pexels
An example: FInd a foreclosed property, worth 100k prior to the housing crash, 75k at this time. It is being sold under foreclosure for 25k. He borrows 2k from a friend, for 3 months at a certain interest. He obtains the ownership of the building under the 2k downpayment and lists the house as for sale for 60k, and immediately sells it. He uses the proceeds to pay of the balance on the purchase of the house, and repays his house, after which he pockets in excess of 35k, without putting up any of his own money...
Whereas the other chapters taught a lot, this chapter feels completely alien. I might be able to find a couple of people who might lend me 2k for a good business deal, but finding that deal, and flipping that deal is something I cannot imagine.
That being said, that is the one thing I took away from it: The rich find deals which others do not see. (SOme of the other examples which he gives come close to insider trading and other mechanisms which appear to be on the boundary of legal.)
So, 5 lessons down, one more "lesson" chapter to go, and than four "applied" chapters.
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