A Quote by Robert Kiyosaki
The key to financial freedom and great wealth is a person's ability or skill to convert earned income into passive income and/or portfolio income.
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My rich dad taught me to focus on passive income and spend my time acquiring the assets that provide passive or long term residual income...passive income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.
The collective income of all these people - the bottom half - is less than three percent of global household income, and so there is a grotesque maldistribution of income and wealth.
Residual income is passive income that comes in every month whether you show up or not. It’s when you no longer get paid on your personal efforts alone, but you get paid on the efforts of hundreds or even thousands of others and on the efforts of your money! It’s one of the keys to financial freedom and time freedom.
The moment you make passive income and portfolio income a part of your life, your life will change. Those words will become flesh.
Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.
Most people have it all wrong about wealth in America. Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.
In the tradition of national income accounting, economic policymakers have typically focused on variables such as income, wealth, and consumption.
To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis.
Wealth - any income that is at least one hundred dollars more a year than the income of one's wife's sister's husband.
While easy to understand, the income-based poverty line has limitations. Specifically, the median monthly household income measures only income without considering assets.
Instead of a universal basic income, we could have a basic income guarantee. Or, as economists prefer to call it, a negative income tax.
If I'm owed money, but I say, 'Don't pay me, pay my cousin. Don't pay me, pay my charity,' you can do that, but then the IRS requires that you pay income tax on that. It's your income if you earned it and you directed where it went. If you exercised control over where the money went, you have to pay income tax on that.
The ruling passion of the age is to convert wealth into debt in order to
derive a permanent future income from it - to convert wealth that perishes
into debt that endures, debt that does not rot, costs nothing to maintain,
and brings in perennial interest.
If you're a person that has low income, you probably should have more assistance than a person with high income.
I've been around low-income people all of my life. I mean, growing up, low income, the community where I've chosen to live, low-income.
The decision is I'm going to do everything I can to fight for the working class of this country, the low-income people against income and wealth inequality, do everything we can about climate change.
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