Oli
I`m telling you right now, drop that Rich Dad stuff.
Robert Kiyosaki is a genius, but ever since he gave his school over the "wealth intelligence academy" or whatever its called it hasn`t really been his stuff anyways.
(i`ve been to the weekend seminar thing) its a great value for your $$$ (500 for all that free info and 3 days to ask questions to pros)
but they`re just starting in canada, and alot of what they say just doesn`t work. most of what you think is great info, isn`t.
Example: 3 tiered company structure. Yes, you might pay less % taxes, but do they tell you it will cost something like $2000 a year in fees per company to stay incorporated...are you going to save THAT much in taxes, it just doesn`t work. Plus, you have to put a personal guarantee with your mortgage usually, and people can also sue you personally regardless of incorporation! 3 tier structure sounds good but its crap for someone who`s starting out.
Example: running up credit card amounts is perhaps a good way to have capital if you need it, but you can`t ever buy something with it because the bank will laugh at you if you say you`re giving the down payment with a credit card. unless of course you lie, but they require 3 months of history on your down payment (unlike the states) so how long are you gonna need a $20,000 cash advance! banks in canada simply don`t give out those convience cheques, only the cash advance ones with immediate interest.
Example: treating realtors like garbage by forcing them to put in lowball offers, will get you so many unreturned phonecalls, you`ll be blacklisted within the month. It may work in a city where there are plenty of desparate realtors, but it will never work on the good ones.
Its just too easy to get a mortgage in the States, so when Americans come up here they try to alter their USA tactics to work in Canada, but they just don`t work here.
for rich dad program, it`ll cost you $5000 for just 1 specialized course, and the minimum you can sign up for is 2 at a time thats 10,000.
I got a rein "by mail" membership for 17 months for only $1700, and I can actually phone don campbell himself to ask questions!!! any rein member can!
You need to drop the wealth intelligence academy, save your money and join rein, it just ain`t worth your time! rich dad might be worth a look, IF REIN didn`t exist.
plus REIN is all about honest negotiations. They know you may actually have to be nice to your team to succeed.
take what you can from richdad, but don`t shell out any more $$$