‘Rich Dog Real World’ Category

Book Review: “So Sue Me!” by Arnold S. Goldstein, Ph.D

April 30th, 2009

We always look for ways to make money but, strangely, we ignore the equally-important part about keeping the money. Author Arnold S. Goldstein, Ph.D is perhaps America’s top asset protection attorney. You know, it’s crazy we don’t spend more time protecting what we earn, since we can potentially lose it faster and easier than we can earn it. In his best-selling book, So Sue Me! How to Protect Your Assets from the Lawsuit Explosion, Goldstein has some sobering statistics:  In America, “There’s a one in five chance that you will be sued next year. (One in three if you are a doctor or business owner.)” America has 90% of the world’s litigation. And keep this in mind: “You don’t have to do anything wrong to get sued and to lose.”  And you can lose everything, unless you protect yourself — and the time to set up asset protection is now and not when you get sued.

Goldstein’s book is a fast, easy, no B.S. read. This reviewer did it on a 3-hour plane trip. There are, essentially, three ways to protect your assets 1) Owning exempt assets; 2) Titling your assets in one or more protective entities/firewalls (LLCs, for example, instead of sole proprietorships); and 3) Encumber or equity-strip assets to make them less valuable to creditors. The author goes over each of these in good detail. And it’s not just for the rich. If your net worth is $25,000, you need to protect that $25,000.

Goldstein discusses offshore asset protection strategies as well. The thing to remember here is that the goal is NOT to avoid taxes. The goal is to use legal means to increase your protection.

(reviewed by http://www.richdogmillionaire.com/)

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The Willy Wonka Advertising Technique

April 11th, 2009

When we joked a while back about making newspaper ink addictive (actually it was a Jon Stewart joke), we had no idea it wasn’t total fantasy. No, nobody is making a narcotic ink, not yet anyway; rather, somebody is making FLAVORED ink. The internet has taken a lot of business away from newspapers. But the one thing the internet cannot do, yet, is transmit tastes. Scented advertisements have been around for a while. Now, as The Economist magazine reports, Adnan Aziz has built a company, First Flavor. He was watching “Willy Wonka and the Chocolate Factory” one day, the scene where the kids are licking the flavored wallpaper — “The snozzberries taste like snozzberries” — and it gave him the idea. When Veruca Salt said, “Who ever heard of a snozzberry,” now a Willy Wonka can advertise one and let her taste it.

This is the kind of innovation that builds business. And that was our point in the earlier post — you cannot legislate and regulate to prop up a business that is no longer viable under its current model; you must evolve.

We guess you can call this our Easter post, Happy Easter from Rich Dog Millionaire.

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Rent Out Your Stuff Online $$

April 9th, 2009

This morning we posted info on Live Deal, which is an eBay-type company that focuses on local business. A buddy reminded us about Zilok — “the online rental marketplace” — where you can rent (or for our purposes, rent out) just about anything: tools, electronics, appliances, cars, vacation homes… you name it.  This is actually a very exciting website for us. First, it suggests yet another business angle for the internet; second, it’s another marketplace for anyone to make money. Jeff Boudier, the General Manager of Zilok in the U.S. (it is a Belgian-based company) explains how the system works on the NBC San Diego Youtube clip below. He says that 80% of everything you have is, on average, used less than once month. A power drill is used, on average, only 12 minutes during its entire lifespan. So why not put items like that to work and rent them out. It’s a novel — and obvious — idea. Zilok charges a commission based on the rental cost.

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