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第12部分（第1页）

nged　when　he　did　not　approve　of　them。

Here　was　a　man　who　had　not　gone　along　with　the　crowd。　　　He　was　a　man　who　did　his　own　thinking　and　detested　the　words；　〃We　have　to　do　it　this　way　because　thats　the　way　everyone　else　does　it。〃　He　also　hated　the　word　〃cant。〃　If　you　wanted　him　to　do　something；　just　say；　〃I　dont　think

you　can　do　it。〃

Mike　and　I　learned　more　sitting　at　his　meetings　than　we　did　in　all　our　years　of　school；　college　included。　Mikes　dad　was　not　school　educated；　but　he　was　financially　educated　and　successful　as　a　result。　　He　use　to　tell　us　over　and　over　again。　　〃An　intelligent　person　hires　people　who　are　more　intelligent　than　they　are。〃　So　Mike　and　I　had　the　benefit　of　spending　hours　listening　to　and；　in　the　process；　learning　From

intelligent　people。

But　because　of　this；　both　Mike　and　I　just　could　not　go　along　with　the　standard　dogma　that　our　teachers　preached；　And　that　caused　the　problems。　Whenever　the　teacher　said；　〃If　you　dont　get　good　grades；　you　wont　do　well　in　the　real　world；〃　Mike　and　I　just　raised　our　eyebrows。　When　we　were　told　to　follow　set　procedures　and　not　deviate　from　the　rules；　we　could　see　how　this　schooling　process　actually　discouraged　creativity。　We　started　to　understand　why　our　rich　dad　told　us　that　schools　were　designed　to　produce　good　employees　instead　of　employers。

Occasionally　Mike　or　I　would　ask　our　teachers　how　what　we　studied　was　applicable；　or　we　asked　why　we　never　studied　money　and　how　it　worked。　To　the　later　question；　we　often　got　the　answer　that　money　was　not　important；　that　if　we　excelled　in　our　education；　the　money　would　follow。

The　more　we　knew　about　the　power　of　money；　the　more　distant　we　grew　from　the　teachers　and　our　classmates。

My　highly　educated　dad　never　pressured　me　about　my　grades。　I　often　wondered　why。　　But　we　did　begin　to　argue　about　money。　By　the　time　I　was　16；　I　probably　had　a　far　better　foundation　with　money　than　both　my　mom　and　dad。　　I　could　keep　books；　I　listened　to　tax　accountants；　corporate　attorneys；　bankers；　real　estate　brokers；　investors　and　so　forth。　　My　dad　talked　to　teachers。

One　day；　my　dad　was　telling　me　why　our　home　was　his　greatest　investment。　A　not…too…pleasant　argument　took　place　when　I　showed　him　why　I　thought　a　house　was　not　a　good　investment。

The　following　diagram　illustrates　the　difference　in　perception　between　my　rich　dad　and　my　poor　dad　when　it　came　to　their　homes。　One　dad　thought　his　house　was　an　asset；　and　the　other　dad　thought　it　was　a　liability。

I　remember　when　I　drew　a　diagram　for　my　dad　showing　him　the　direction　of　cash　flow。　　I　also　showed　him　the　ancillary　expenses　that　went　along　with　owning　the　home。　A　bigger　home　meant　bigger　expenses；　and　the　cash　flow　kept　going　out　through　the　expense　column。

Today；　I　am　still　challenged　on　the　idea　of　a　house　not　being　an　asset。　And　1　know　that　for　many　people；　it　is　their　dream　as　well　as　their　largest　investment。　And　owning　your　own　home　is　better　than　nothing。　I　simply　offer　an　alternate　way　of　looking　at　this　popular　dogma。　If　my　wife　and　I　were　to　buy　a　bigger；　more　flashy　house　we　realize　it　would　not　be　an　asset；　it　would　be　a　liability；　since　it　would　take　money　out　of

our　pocket。

So　here　is　the　argument　I　put　forth。　I　really　do　not　expect　most　people　to　agree　with　it　because　a　nice　home　is　an　emotional　thing。　　And　when　it　es　to　money；　high　emotions　tend　to　lower　financial　intelligence。　　1　know　from　personal　experience　that　money　has　a　way　of　making　every　decision　emotional。

1。　When　it　es　to　houses；　I　point　out　that　most　people　work　all　their　lives　paying　for　a　home　they　never　own。　　In　other　words；　most　people　buy　a　new　house　every　so　many　years；　each　time　incurring　a　new　30…year　loan　to　pay　off　the　previous　one。

2。　Even　though　people　receive　a　tax　deduction　for　interest　on　mortgage　payments；　they　pay　for　all　their　other　expenses　with　after…tax　dollars。　Even　after　they　pay　off　their　mortgage。

3。　Property　taxes。　My　wifes　parents　were　shocked　when　the　property　taxes　on　their　home　went　to　1；000　a　month。　This　was　after　they　had　retired；　so　the　increase　put　a　strain　on　their　retirement　budget；　and　they　felt　forced　to　move。

4　Houses　do　not　always　go　up　in　value。　　In　1997；　I　still　have　friends　who　owe　a　million　dollars　for　a　home　that　will　today　sell　for　only　700；000。

5。　The　greatest　losses　of　all　are　those　from　missed　opportunities。　　If　all　your　money　is　tied　up　in　your　house；　you　may　be　forced　to　work　harder　because　your　money　continues　blowing　out　of　the　expense　column；　instead　of　adding　to　the　asset　column；　the　classic　middle　class　cash　flow　pattern。　If　a　young　couple　would　put　more　money　into　their　asset　column　early　on；　their　later　years　would　get　easier；　especially　as　they　prepared　to　send　their　children　to　college。　Their　assets　would　have　grown　and　would　be　available　to　help　cover　expenses。　All　too　often；　a　house　only　serves　as　a　vehicle　for　incurring　a　home…equity　loan　to　pay　for　mounting　expenses。　In　summary；　the　end　result　in　making　a　decision　to　own　a　house　that　is　too　expensive　in　lieu　of　starting　an　investment　portfolio　early　on　impacts　an　individual　in　at　least　the　following　three　ways：

1。　Loss　of　time；　during　which　other　assets　could　have　grown　in　value。

2。　Loss　of　additional　capital；　which　could　have　been　invested　instead　of　paying　for　high…maintenance　expenses　related　directly　to　the　home。

3。　Loss　of　education。　Too　often；　people　count　their　house；　savings　and　retirement　plan　as　all　they　have　in　their　asset　column。　Because　they　have　no　money　to　invest；　they　simply　do　not　invest。　This　costs　them　investment　experience。　　Most　never　bee　what　the　investment　world　calls　a　〃sophisticated　investor。〃　And　the　best　investments　are　usually　first　sold　to　〃sophisticated　investors；〃　who　then　turn　around　and　sell　them　to　the　people　playing　it　safe。　I　am　not　saying　dont　buy　a　house。　I　am　saying；　understand　the　difference　between　an　asset　and　a　liability。　When　I　want　a　bigger　house；　I　first　buy　assets　that　will　generate　the　cash　flow　to　pay　for　the　house。

My　educated　dads　personal　financial　statement　best　demonstrates　the　life　of　someone　in　the　rat　race。　　His　expenses　seem　to　always　keep　up　with　his　ine；　never　allowing　him　to　invest　in　assets。　As　a　result；　his　liabilities；　such　as　his　mortgage　and　credit　card　debts　are　larger　than　his　assets。　　The　following　picture　is　worth　a　thousand　words：

Educated　Dads　Financial　Statement

Ine=Expense

Asset　《　Liability

My　rich　dads　personal　financial　statement；　on　the　other　hand；　reflects　the　results　of　a　life　dedicated　to　investing　and　minimizing　liabilities：

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