Rich Dad Poor Dad


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Rich Dad Poor Dad
Robert T. Kiyosaki
in Wisconsin, all while maintaining her professional credentials as a CPA.
  
Her focus quickly changed to education as she watched her own three children grow. It was a
struggle to get them to read. They would rather watch TV.
  
So she was delighted to join forces with the inventor of the first electronic “talking book” and
help expand the electronic book industry to a multi-million dollar international market. Today,
she remains a pioneer in developing new technologies to bring the book back into
  
children's lives.
  
As her own children grew, she was keenly involved in their education. She became a vocal
activist in the areas of mathematics, computers, reading and writing education.
  
“Our current educational system has not been able to keep pace with the global and
technological changes in the world today. We must teach our young people the skills, both
scholastic and financial, that they will need not only to survive, but to flourish, in the world they
face.”
  
As co-author of Rich Dad Poor Dad and the CASHFLOW Quadrant she now focuses her efforts
in helping to create educational tools for anyone interested in bettering their own financial
education.
 
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http://motsach.info


Rich Dad Poor Dad
Robert T. Kiyosaki
 
EPILOGUE
 
 
How To Pay for a Child's College Education for $7000
  
As the book draws to a close and approaches publication, I would like to share a final thought
with you. The main reason I wrote this book was to share insights into how increased financial
intelligence can be used to solve many of life's common problems. Without financial training, we
all too often use the standard formulas to get through life, such as to work hard, save, borrow
and pay excessive taxes. Today we need better information.
  
I use the following story as a final example of a financial problem that confronts many young
families today. How do you afford a good education for your children and provide for your own
retirement? It is an example of using financial intelligence instead of hard work to achieve the
same goal.
  
A friend of mine was griping one day about how hard it was to save money for his four
children's college education. He was putting $300 away in a mutual fund each month and had
so far accumulated about $12,000. He estimated he needed $400,000 to get four children
through college. He had 12 years to save for it, since his oldest child was then 6 years of age.
  
The year was 1991, and the real estate market in Phoenix was terrible. People were giving
houses away. I suggested to my classmate that he buy a house with some of the money in his
mutual fund. The idea intrigued him and we began to discuss the possibility. His primary concern
was that he did not have the credit with the bank to buy another house, since he was so over-
extended. I assured him that there were other ways to finance a property other than through
the bank.
  
We looked for a house for two weeks, a house that would fit all the criteria we were looking for.
There were a lot to choose from, so the shopping was kind of fun. Finally, we found a 3
bedroom 2 bath home in a prime neighborhood. The owner had been downsized and needed to
sell that day because he and his family were moving to California where another job waited.
  
He wanted $102,000, but we offered only $79,000. He took it immediately. The home had on
it what is called a non-qualifying loan, which means even a bum without a job could buy it
without a banker's approval. The owner owed $72,000 so all my friend had to come up with
was $7,000, the difference in price between what was owed and what it sold for. As soon as the
owner moved, my friend put the house up for rent. After all expenses were paid, including the
mortgage, he put about $125 in his pocket each month.
  
His plan was to keep the house for 12 years and let the mortgage get paid down faster, by
applying the extra $125 to the principle each month. We figured that in 12 years, a large
portion of the mortgage would be paid off and he could possibly be clearing $800 a month by
the time his first child went to college. He could also sell the house if it had appreciated in value.
  
In 1994, the real estate market suddenly changed in Phoenix and he was offered $156,000 for
the same house by the tenant who lived in it and loved it. Again, he asked me what I thought,

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