There were three reasons why he recommended finding a different plan for
becoming rich:
1 . First, he would say, “People who work hard and save money have a hard
time getting rich because they pay more than their fair share of taxes.
The government taxes these people when they earn, when they save,
when they spend, and when they die. If you want to be rich, you will
need greater financial sophistication than merely working hard and
saving money.” Rich dad explained further by saying, “If you want
$1,000 in savings, plan on the government taking its share out in taxes.
So it might take $1,300 or more in earnings just to save $1,000. Then
that $1,000 is immediately being eaten away by inflation, so each year
your $1,000 is worth less. The meager sum of interest you are paid is
also eaten by inflation as well as taxes. So let’s say your bank pays you 5
percent interest, inflation runs at 4 percent and taxes take 30 percent of
the interest. Your net result is a loss of money.” That is why rich dad
thought that working hard and saving money was a hard way to try to get
rich.
2 . The second reason he recommended a different plan to become rich is
because people who work hard and save often think investing is risky.
People who think things are risky often also avoid learning something
new.
3 . The third reason was because people who believe in hard work and
saving, and believe that investing is risky rarely ever see the other side of
the coin. This chapter covers some of the reasons why investing does not
have to be risky.
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