Increase Your Financial IQ Book Review – Part 2 -Protecting Your Money

Whenever you have figured out how to take care of issues and bring in some cash, the following thing you need to do is to shield that cash from what Robert Kiyosaki calls “monetary hunters”. Certifiable hunters don’t generally look like it. Once in a while, they are standard individuals with benevolent aims. Their responsibility is to “legitimately” take cash from your pocket…and your responsibility is to “lawfully” have them take as little as could be expected.

As indicated by the book, there are 7 monetary hunters you need to shield your cash from. They are:

Civil servants who legitimately take cash from you through “charges”

Royalty and Specialist Protection Range Rover | Metropolitan… | Flickr

Duties are your single biggest cost

Realize which sort of pay you’re bringing in cash from and making good on in charges

Acquired Income – compensation, commission, and so on

Portfolio Income – pay from paper resources like interests, profits, and so forth

Easy revenue – sovereignties, rental pay from land, permitting, and so forth

Financiers who lawfully take cash from you through “charges”

Banks and Visa organizations accuse you of a wide range of expenses, some of them you or your organization probably won’t know about

For each dollar you have in the bank, the bank can loan out twenty dollars to your Visa. The bank pays you 5% for one dollar and makes 20% on twenty dollars. That is the way banks bring in cash.

Intermediaries who lawfully take cash from you through “commissions”

Search for agents who are understudies of their calling and put resources into what they sell

For land merchants, ask them the number of properties they are put resources into.

For stock specialists, ask them which stocks they actually put resources into.

“Great” representatives make you rich, “terrible” dealers make you poor. Construct a relationship with “great” agents.

Organizations who lawfully take cash from you through “benefits”

Purchase items that make you rich

Needy individuals purchase items that make them poor, paying them for quite a long time with an extremely exorbitant financing cost

Ladies and Beaus who legitimately take cash from you through “divorce settlement/conjugal resource split”

Get a prenuptial arrangement before you wed

Think about your leave plan before you go into the understanding

Brothers by marriage who lawfully take cash from you through Royalty and specialist protection

Counsel a home arranging expert to design your exit

Utilize lawful vehicles like wills and trusts to shield your abundance from death hunters

Lawyers who legitimately take cash from you through “court and lawful charges”

Hold resources of significant worth in lawful substances rather than your own name

You should purchase protection before you need it…not the second you need it.