Mypoordad,aschoolteacher,wastrulyapublicservant.Hededicatedhislifetoeducation.HeeventooktwoyearsofffromworkandacutinpaytoserveinthePeaceCorps.HesignedupthemomentPresidentKennedyannouncedthecreationofthatserviceorganization.TheyearsmymomanddadspentinthePeaceCorpsweresomeofthehappiestyearsinmyfamily’slife,althoughthesacrificeswerehigh.Butastheyearswenton,mydad’sbitternessgrew.Hegrewangrierandangrierwithhisclassmateswhochosetogointobusinesswhilehechosegovernmentservice.Mydadresentedthefactthathewassuccessfulprofessionally,butnotfinancially,whilesomeofhisclassmatesenjoyedbothprofessionalandfinancialsuccess.Ashisclassmatesgrewricher,mydadbegancallingthem’fatcats’ratherthan’friends.’Atfirst,hewasnotanactivememberoftheteachersunion.Ifnotformyrichdad’slessonsonmoney,Imighthavegrownupsidingwithmypoordad.I,too,mighthavegrownupthinkingthatthericharegreedy.WhyBankersWanttoSeeYourFinancialStatementBytheageof12,Iunderstoodfinancialstatements.BecauseIunderstoodfinancialstatements,Icouldtellwhowasgreedyandwhowasnot.Ithurttorealizethatitwasmypoordadwhowasgreedy,notmyrichdad.Thefollowingisacomparisonoftheirbalancesheets.Mydaddidnotownahouseuntilhewasinhis40s.Ourfamilyrentedthehomewelivedin.Althoughhehiredpeople,henevercreatedanyjobs.Taxpayerspaidthesalariesandbenefitsoftheworkershehired.Ifmypoordadhiredabademployee,thetaxpayerspaidforhishiringmistakes.Andinmanyinstances,mydadcouldhire,buthecouldnotfire.Thatisonereasonwhymanyofourgovernmentinstitutionsaresoinefficient.Incontrast,myrichdadcreatedhundredsofjobsandpaidtensofthousandsofdollarsinsalarieseverymonth.Mypoordadcouldnotseemyrichdad’sactionsasgenerous.Fromhispointofview,myrichdadwasagreedypersonwhoexploitedworkersandtookadvantageofpeoplelikehim,peoplewhocouldnotaffordtopurchasetheirownhome.Mytwodadswereonoppositesidesofthesamecoin.Eachonethoughthewasrightandtheotheronewaswrong.ThisisthesamebattleasAmerica’snewcivilwar,abattlebetweengovernmentworkersandtaxpayers,betweentherichandeveryoneelse.Whichsideapersonisondependsupontheperson’sdefinitionsofthewordsgreedandgenerosity.BeyondEmotionsHavingtwodadsgotmepasttheemotionsanddowntothefacts.Therealbattlebetweencapitalistsandeveryoneelseistheassetcolumn.Capitalistsmaketheassetcolumnapersonalpriority.Theytendtoseetheassetcolumnofcapitalistsaspublicproperty.Asisoftenthecase,apictureisworthathousandwords.TheMostImportantConceptThelackoffinancialeducationinschoolisoneofthecausesofthebattlebetweentherichandeveryoneelse.Manypeoplehavethe’Taxtherich’ortheRobinHood’Takefromtherichandgivetothepoor’philosophyofgovernment.Manypeoplebelievethericharegreedy.Iseeanothersideofthecoin.Iknowofmanyrichpeoplewhoaregenerous,withboththeirtimeandtheirresources.Itmaybedisguisedas’takingfromtherichandgivingtothepoor,’butthecoreissuewillbefinancialignorancecausedinpartbythelackoffinancialeducationinschools.TheFourEconomicGroupsToday,therearefoureconomicgroups.Amedicaldoctormayberich.Aprofessionalathletemayberich.Alawyerwholivesinamansionmayberich.Youngpeopleshouldknowthosedifferences.Itwillhelpthemseebothsidesofthecoinandgivethemmorechoicesinlife.WhatIsaMillionaire?Manypeopledreamofbecomingamillionaire.Thequestionis,whatkindofmillionaire?Thefollowingareexamplesofdifferenttypesofmillionaires.NetWorthMillionairesThisisthelargestgroupofmillionaires.Manypeopleinthemiddleclassareinthiscategory.Anexamplewouldbeababyboomerwhoboughttheirhomein1975,for$100,000,justasinflationtookoff.Thispersonisanetworthmillionaire.Richdad’saccountingdoesnotfollowtraditionalaccountingmethods.Richdadbasedhisaccountingon’cashflow.’Ifsomething’putmoneyinhispocket’itwasanasset.Ifit’tookmoneyfromhispocket,’itwasaliability.Inthisexample,the$2.5millionhomeisnotanasset,sinceitistakingmoneyfromhispocketforexpensessuchasrepairs,upkeep,insurance,utilities,andtaxes.Ifthehomeownersellshishouse,thehousewouldthenbeanasset,puttingmoneyinhispocket,ascapitalgainsratherthancashflow.The$500,000instocksmayormaynotproducecashflowfromdividends.Verylittlecashisflowingintotheirpockets.Althoughtheyaremillionairesinincome,manyofthesemillionairesstillworryaboutlosingtheirjoborrunningoutofmoneyiftheystopworkingforanyreason.Theyarethetrulyrich.Theydonotneedajob.ThisiswhySteveJobsdidnotneedapaycheckandtookasalaryofonly$1eachyear.WhatAreYourTeachingYourChildren?Kidslearnbyexampleandmirrorwhattheyseeandhear.Whichpathwillyourchildtravel?Manypeoplefocusonbuyingtheirdreamhomeratherthaninvestingtoprovidehomesforothers.Challengeyourself,andyourchildren,toseeanothersideofthecoinongreed.Istartedwithnothing.Ifwestopworking,themoneycontinuestocomein.Whenwepasson,theseassetswillcontinuetoprovidecashflowforthecharitiesthatarethebeneficiariesofourestate.Inourminds,wehadtobegenerousifweweretoproducecashflowthatwouldbesustainable,tocontinueforgenerationstocome.Yet,inthemindssomepeople,wearegreedycapitalistpigs.InConclusionTherealissuebetweentherichandthepoorandthemiddleclassisoneoffocus.Therichfocusonacquiringassetsintheassetcolumn.Thepoorandmiddleclassfocusontheirincome,howmuchmoneytheyearn,intheincomecolumn.Thepoorandmiddleclassesthentendtosavemoney,evenastheirowngovernmentbureaucratsdevaluethepurchasingpoweroftheirsavings.Thegapbetweencapitalistsandeveryoneelsebeginswhenaparentsaystotheirchild,’Gotoschooltogetajob,’ratherthan,’Gotoschoolandlearntoacquireassets.’Thisisalsotrueforthemajorityofthemiddleclass.Mostonlyhavejobsorprofessions.Mostpeoplehaveonlyonejob,theirown.Mostpeoplehaveonlyonehouse,theirown.Mostpeoplehaveoneretirementplan,theirown.Thetrueprincipleofcapitalismis,’ThemorepeopleIserve,themoreeffectiveIbecome.’ThatiswhythoseintheBandIquadrantsmustbegenerous.Youmustbegenerousifyouwanttoserveasmanypeopleaspossible.’Give,andyouwillreceive.Doesn’tthisviolatetheprincipleofgenerosity?Sowhohastobethemostgenerous?ActionStepforParentsDiscusswhatgenerositymeansandwayseveryonecanbegenerous.Askyourchildtothinkaboutwaysinwhichheorsheisgenerous.Theymaybesurprisedtoseehowmaysmallbutmeaningfulwaysgenerosityisapartoftheireverydaylife.Generosityissharingtheirtoys,beingpatientwhenMomorDadisbusy,beingkindandhelpfultoayoungerbrotherorsister,volunteeringatahomelessshelter,andtithing.ItisimportantforyourchildtoknowthatgreatestentrepreneurssuchasHenryFord,WaltDisney,andThomasEdisonhavebeenverygenerouspeople,creatingmillionsofjobsandtremendouswealthforthecountryandtheworld.Wheredidthatmoneycomefrom?ThosedollarsthenreturntotheUnitedStatestobuyourwealth,assetsthatincreaseinvalueovertime.Today,theemployeeswhoworkforthehotelarenowemployeesofthecountryofSingapore,assistedbyfinancingfrominternationalbanks.LosingourWealthandourJobsThisisanexampleofglobalization.Thatmoneycoststhemtheirjobsandaswellasourcountry’swealth.Itisanexpensivelessoninglobaleconomics.Fortheaverageperson,globalizationmeansyourleadersarenotyourleaders,norcantheyprotectyou.LessonsfromHistoryPresidentRichardNixondidtwothingstocontributetoourmoderneconomiccrisis.Thegoldstandardwasconvertedintothedebtstandard,andforover40years,theworldeconomyboomed.Inflationtookoff,debtorsbecamewinners,andsaverswerelosers.Immediately,housingpricesbegantogoup.Homeowners,manywhoneverexpectedtoberich,suddenlydiscoveredtheywerebecausetheirhousehad’appreciated’invalue.Inreality,itwasn’tthatthevalueoftheirhomehadappreciated,itwasthevalueofthedollardepreciating.AmericanproductionandmanufacturingshiftedgearsandAmericansbecameconsumersfirstandproducerssecond.Americanwageswerestagnant,butAmericansfeltwealthyaslongastheirhomecontinuedto’appreciate’invalue.Insteadofearningmoremoney,Americansbeganusingtheircreditcardstokeeponshopping.Housesdroppedinvalueandweresoonworthlessthanthemortgage.Peoplelosttheirjobsbecausespendingdriedup.Manylosttheirhomes.In1913,PresidentWoodrowWilsonsignedabillcreatingtheFederalReserveBankoftheUnitedStates.Isthiswhythereisnofinancialeducationinourschools?DebtIsGoodTheaveragepersonbelievesdebtisbad.Anddebtisbadformostfinanciallyuneducatedpeople.Thisiswhytheylistentofinancial’experts’whosay,’Getoutofdebt.TurningDebtintoGoldForcenturies,alchemistsattemptedtoturnleadintogold.Overathousandyearsago,theRomangovernmentbegantomixleadintosomeoftheirgoldandsilvercoins.ThisdeceptionmayhaveacceleratedthefalloftheRomanEmpire.Today,thebestandbrightestgraduatesofourfinestbusinessschoolsworkasemployeesforinvestmentbankssuchasGoldmanSachsandCitigroup,turningdebtintogold.Andtheysellthisdebttoprofessionalinvestors,pensionfunds,insurancecompanies,andgovernments.Mosthavenothingatrisk,no’skininthegame’orpersonalfinancialresponsibilityiftheyarewrong.Iftheylosebillions,theystillcollecttheirpaycheck,bonus,andretirementbenefits.WarrenBuffetthascalledthesetypesofderivatives’weaponsofmassfinancialdestruction.’Todaythereareover$1.2quadrillionoftheseweaponsofmassdestruction,timebombs,thatwillonedaygooffanddestroytheworldasweknowit.’A’studentsfromourfinestschoolswereonbothsidesofthetransactions,buyingandsellingtoxicdebt,believingittobeasgoodasgold.Thissituationisareminderthatit’sveryimportanttolookatbothsidesofthecoin.Thegoodnewsisthataslongastheworldisonthedebtstandard,thepeoplewhoknowhowtousedebtwillbecomericher.Unfortunately,manyofthosewhodonotwillbecomepoorer.That’swhy,in1973,richdadadvisedmetotakeclassesinrealestateinvesting.WhenIaskedhimwhyIshouldinvestinrealestate,heanswered,’Becauseyoumustlearntousedebtifyouwanttobecomerich.’Asyouknow,handlingdebtcanbelikehandlingahandgrenade.Bothmustbehandledcarefully.Asmillionsofpeoplefoundoutafter2007,debtcanfinanciallykillyou.Ifyouarenotwillingtostudyandlearnhowtousedebt,itmaybebesttofollowthepopularadvicetogetoutofdebt.SavingMoneyIsStupidAsstrangeasitmaysoundtomostpeople,savingmoneyisstupidandgettingintodebtissmart.Aslongasgovernmentsareprintingtrillionsofcounterfeitdollars,whysavethem?UsingDebttoBecomePoorerToday,debtismoney.Peoplehavebeenusingdebtasmoneyforyears.Thereasonsomanypeoplegotintofinancialtroubleisbecausetheyuseddebtasmoneytobuyliabilitiesratherthanassets.Forexample,millionsareinfinancialtroublebecausetheyusedstudentloanstopayfortheireducation,securedamortgagetobuytheirhouse,acceptedfinancingonacarloan,andusedtheircreditcardstogoshopping.Theseareexamplesofpeopleusingdebtasmoneytobecomepoorer.DebtMakesBankersRichWhenyoulookatabank’sfinancialstatement,yoursavingsarethebank’sliabilityandyourmortgageisyourbank’sasset.’Whichdirectionisthecashflowing?’ Mypoordad,aschoolteacher,wastrulyapublicservant.Hededicatedhislifetoeducation.HeeventooktwoyearsofffromworkandacutinpaytoserveinthePeaceCorps.HesignedupthemomentPresidentKennedyannouncedthecreationofthatserviceorganization.TheyearsmymomanddadspentinthePeaceCorpsweresomeofthehappiestyearsinmyfamily’slife,althoughthesacrificeswerehigh.Butastheyearswenton,mydad’sbitternessgrew.Hegrewangrierandangrierwithhisclassmateswhochosetogointobusinesswhilehechosegovernmentservice.Mydadresentedthefactthathewassuccessfulprofessionally,butnotfinancially,whilesomeofhisclassmatesenjoyedbothprofessionalandfinancialsuccess.Ashisclassmatesgrewricher,mydadbegancallingthem’fatcats’ratherthan’friends.’Atfirst,hewasnotanactivememberoftheteachersunion.Ifnotformyrichdad’slessonsonmoney,Imighthavegrownupsidingwithmypoordad.I,too,mighthavegrownupthinkingthatthericharegreedy.WhyBankersWanttoSeeYourFinancialStatementBytheageof12,Iunderstoodfinancialstatements.BecauseIunderstoodfinancialstatements,Icouldtellwhowasgreedyandwhowasnot.Ithurttorealizethatitwasmypoordadwhowasgreedy,notmyrichdad.Thefollowingisacomparisonoftheirbalancesheets.Mydaddidnotownahouseuntilhewasinhis40s.Ourfamilyrentedthehomewelivedin.Althoughhehiredpeople,henevercreatedanyjobs.Taxpayerspaidthesalariesandbenefitsoftheworkershehired.Ifmypoordadhiredabademployee,thetaxpayerspaidforhishiringmistakes.Andinmanyinstances,mydadcouldhire,buthecouldnotfire.Thatisonereasonwhymanyofourgovernmentinstitutionsaresoinefficient.Incontrast,myrichdadcreatedhundredsofjobsandpaidtensofthousandsofdollarsinsalarieseverymonth.Mypoordadcouldnotseemyrichdad’sactionsasgenerous.Fromhispointofview,myrichdadwasagreedypersonwhoexploitedworkersandtookadvantageofpeoplelikehim,peoplewhocouldnotaffordtopurchasetheirownhome.Mytwodadswereonoppositesidesofthesamecoin.Eachonethoughthewasrightandtheotheronewaswrong.ThisisthesamebattleasAmerica’snewcivilwar,abattlebetweengovernmentworkersandtaxpayers,betweentherichandeveryoneelse.Whichsideapersonisondependsupontheperson’sdefinitionsofthewordsgreedandgenerosity.BeyondEmotionsHavingtwodadsgotmepasttheemotionsanddowntothefacts.Therealbattlebetweencapitalistsandeveryoneelseistheassetcolumn.Capitalistsmaketheassetcolumnapersonalpriority.Theytendtoseetheassetcolumnofcapitalistsaspublicproperty.Asisoftenthecase,apictureisworthathousandwords.TheMostImportantConceptThelackoffinancialeducationinschoolisoneofthecausesofthebattlebetweentherichandeveryoneelse.Manypeoplehavethe’Taxtherich’ortheRobinHood’Takefromtherichandgivetothepoor’philosophyofgovernment.Manypeoplebelievethericharegreedy.Iseeanothersideofthecoin.Iknowofmanyrichpeoplewhoaregenerous,withboththeirtimeandtheirresources.Itmaybedisguisedas’takingfromtherichandgivingtothepoor,’butthecoreissuewillbefinancialignorancecausedinpartbythelackoffinancialeducationinschools.TheFourEconomicGroupsToday,therearefoureconomicgroups.Amedicaldoctormayberich.Aprofessionalathletemayberich.Alawyerwholivesinamansionmayberich.Youngpeopleshouldknowthosedifferences.Itwillhelpthemseebothsidesofthecoinandgivethemmorechoicesinlife.WhatIsaMillionaire?Manypeopledreamofbecomingamillionaire.Thequestionis,whatkindofmillionaire?Thefollowingareexamplesofdifferenttypesofmillionaires.NetWorthMillionairesThisisthelargestgroupofmillionaires.Manypeopleinthemiddleclassareinthiscategory.Anexamplewouldbeababyboomerwhoboughttheirhomein1975,for$100,000,justasinflationtookoff.Thispersonisanetworthmillionaire.Richdad’saccountingdoesnotfollowtraditionalaccountingmethods.Richdadbasedhisaccountingon’cashflow.’Ifsomething’putmoneyinhispocket’itwasanasset.Ifit’tookmoneyfromhispocket,’itwasaliability.Inthisexample,the$2.5millionhomeisnotanasset,sinceitistakingmoneyfromhispocketforexpensessuchasrepairs,upkeep,insurance,utilities,andtaxes.Ifthehomeownersellshishouse,thehousewouldthenbeanasset,puttingmoneyinhispocket,ascapitalgainsratherthancashflow.The$500,000instocksmayormaynotproducecashflowfromdividends.Verylittlecashisflowingintotheirpockets.Althoughtheyaremillionairesinincome,manyofthesemillionairesstillworryaboutlosingtheirjoborrunningoutofmoneyiftheystopworkingforanyreason.Theyarethetrulyrich.Theydonotneedajob.ThisiswhySteveJobsdidnotneedapaycheckandtookasalaryofonly$1eachyear.WhatAreYourTeachingYourChildren?Kidslearnbyexampleandmirrorwhattheyseeandhear.Whichpathwillyourchildtravel?Manypeoplefocusonbuyingtheirdreamhomeratherthaninvestingtoprovidehomesforothers.Challengeyourself,andyourchildren,toseeanothersideofthecoinongreed.Istartedwithnothing.Ifwestopworking,themoneycontinuestocomein.Whenwepasson,theseassetswillcontinuetoprovidecashflowforthecharitiesthatarethebeneficiariesofourestate.Inourminds,wehadtobegenerousifweweretoproducecashflowthatwouldbesustainable,tocontinueforgenerationstocome.Yet,inthemindssomepeople,wearegreedycapitalistpigs.InConclusionTherealissuebetweentherichandthepoorandthemiddleclassisoneoffocus.Therichfocusonacquiringassetsintheassetcolumn.Thepoorandmiddleclassfocusontheirincome,howmuchmoneytheyearn,intheincomecolumn.Thepoorandmiddleclassesthentendtosavemoney,evenastheirowngovernmentbureaucratsdevaluethepurchasingpoweroftheirsavings.Thegapbetweencapitalistsandeveryoneelsebeginswhenaparentsaystotheirchild,’Gotoschooltogetajob,’ratherthan,’Gotoschoolandlearntoacquireassets.’Thisisalsotrueforthemajorityofthemiddleclass.Mostonlyhavejobsorprofessions.Mostpeoplehaveonlyonejob,theirown.Mostpeoplehaveonlyonehouse,theirown.Mostpeoplehaveoneretirementplan,theirown.Thetrueprincipleofcapitalismis,’ThemorepeopleIserve,themoreeffectiveIbecome.’ThatiswhythoseintheBandIquadrantsmustbegenerous.Youmustbegenerousifyouwanttoserveasmanypeopleaspossible.’Give,andyouwillreceive.Doesn’tthisviolatetheprincipleofgenerosity?Sowhohastobethemostgenerous?ActionStepforParentsDiscusswhatgenerositymeansandwayseveryonecanbegenerous.Askyourchildtothinkaboutwaysinwhichheorsheisgenerous.Theymaybesurprisedtoseehowmaysmallbutmeaningfulwaysgenerosityisapartoftheireverydaylife.Generosityissharingtheirtoys,beingpatientwhenMomorDadisbusy,beingkindandhelpfultoayoungerbrotherorsister,volunteeringatahomelessshelter,andtithing.ItisimportantforyourchildtoknowthatgreatestentrepreneurssuchasHenryFord,WaltDisney,andThomasEdisonhavebeenverygenerouspeople,creatingmillionsofjobsandtremendouswealthforthecountryandtheworld.Wheredidthatmoneycomefrom?ThosedollarsthenreturntotheUnitedStatestobuyourwealth,assetsthatincreaseinvalueovertime.Today,theemployeeswhoworkforthehotelarenowemployeesofthecountryofSingapore,assistedbyfinancingfrominternationalbanks.LosingourWealthandourJobsThisisanexampleofglobalization.Thatmoneycoststhemtheirjobsandaswellasourcountry’swealth.Itisanexpensivelessoninglobaleconomics.Fortheaverageperson,globalizationmeansyourleadersarenotyourleaders,norcantheyprotectyou.LessonsfromHistoryPresidentRichardNixondidtwothingstocontributetoourmoderneconomiccrisis.Thegoldstandardwasconvertedintothedebtstandard,andforover40years,theworldeconomyboomed.Inflationtookoff,debtorsbecamewinners,andsaverswerelosers.Immediately,housingpricesbegantogoup.Homeowners,manywhoneverexpectedtoberich,suddenlydiscoveredtheywerebecausetheirhousehad’appreciated’invalue.Inreality,itwasn’tthatthevalueoftheirhomehadappreciated,itwasthevalueofthedollardepreciating.AmericanproductionandmanufacturingshiftedgearsandAmericansbecameconsumersfirstandproducerssecond.Americanwageswerestagnant,butAmericansfeltwealthyaslongastheirhomecontinuedto’appreciate’invalue.Insteadofearningmoremoney,Americansbeganusingtheircreditcardstokeeponshopping.Housesdroppedinvalueandweresoonworthlessthanthemortgage.Peoplelosttheirjobsbecausespendingdriedup.Manylosttheirhomes.In1913,PresidentWoodrowWilsonsignedabillcreatingtheFederalReserveBankoftheUnitedStates.Isthiswhythereisnofinancialeducationinourschools?DebtIsGoodTheaveragepersonbelievesdebtisbad.Anddebtisbadformostfinanciallyuneducatedpeople.Thisiswhytheylistentofinancial’experts’whosay,’Getoutofdebt.TurningDebtintoGoldForcenturies,alchemistsattemptedtoturnleadintogold.Overathousandyearsago,theRomangovernmentbegantomixleadintosomeoftheirgoldandsilvercoins.ThisdeceptionmayhaveacceleratedthefalloftheRomanEmpire.Today,thebestandbrightestgraduatesofourfinestbusinessschoolsworkasemployeesforinvestmentbankssuchasGoldmanSachsandCitigroup,turningdebtintogold.Andtheysellthisdebttoprofessionalinvestors,pensionfunds,insurancecompanies,andgovernments.Mosthavenothingatrisk,no’skininthegame’orpersonalfinancialresponsibilityiftheyarewrong.Iftheylosebillions,theystillcollecttheirpaycheck,bonus,andretirementbenefits.WarrenBuffetthascalledthesetypesofderivatives’weaponsofmassfinancialdestruction.’Todaythereareover$1.2quadrillionoftheseweaponsofmassdestruction,timebombs,thatwillonedaygooffanddestroytheworldasweknowit.’A’studentsfromourfinestschoolswereonbothsidesofthetransactions,buyingandsellingtoxicdebt,believingittobeasgoodasgold.Thissituationisareminderthatit’sveryimportanttolookatbothsidesofthecoin.Thegoodnewsisthataslongastheworldisonthedebtstandard,thepeoplewhoknowhowtousedebtwillbecomericher.Unfortunately,manyofthosewhodonotwillbecomepoorer.That’swhy,in1973,richdadadvisedmetotakeclassesinrealestateinvesting.WhenIaskedhimwhyIshouldinvestinrealestate,heanswered,’Becauseyoumustlearntousedebtifyouwanttobecomerich.’Asyouknow,handlingdebtcanbelikehandlingahandgrenade.Bothmustbehandledcarefully.Asmillionsofpeoplefoundoutafter2007,debtcanfinanciallykillyou.Ifyouarenotwillingtostudyandlearnhowtousedebt,itmaybebesttofollowthepopularadvicetogetoutofdebt.SavingMoneyIsStupidAsstrangeasitmaysoundtomostpeople,savingmoneyisstupidandgettingintodebtissmart.Aslongasgovernmentsareprintingtrillionsofcounterfeitdollars,whysavethem?UsingDebttoBecomePoorerToday,debtismoney.Peoplehavebeenusingdebtasmoneyforyears.Thereasonsomanypeoplegotintofinancialtroubleisbecausetheyuseddebtasmoneytobuyliabilitiesratherthanassets.Forexample,millionsareinfinancialtroublebecausetheyusedstudentloanstopayfortheireducation,securedamortgagetobuytheirhouse,acceptedfinancingonacarloan,andusedtheircreditcardstogoshopping.Theseareexamplesofpeopleusingdebtasmoneytobecomepoorer.DebtMakesBankersRichWhenyoulookatabank’sfinancialstatement,yoursavingsarethebank’sliabilityandyourmortgageisyourbank’sasset.’Whichdirectionisthecashflowing?’
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