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The book I'm writing is way better than Kobayashi's. Mine's simpler to understand, mostly self-explanatory even. It will be titled "Poor Dad, Sugar Dad". Gonna be a bestseller.
Can a 401k be touched like the above? I guess it can if we take money out.
Our home has the FL homestead exemption which protects against being seized and sold to pay debts (other than for taxes of course). Liens can be placed which is not a problem until it’s sold. We have a ladybird deed in place so our home seamlessly transfers to our son on our death..
There are likely exceptions and loopholes. We are trying to make the best choices we can to protect our assets and leaving DH’s 401k in place is one, although the way the plan is run was the main reason. Being protected was secondary, but it’s nice to have.
that’s just it , once any is out to live on , it’s fair game .
so it is protected only as long as it’s not used ….courts have also ruled inherited ira’s and inherited retirement money is not protected so it really is of limited value with rmds
Last edited by mathjak107; 12-04-2023 at 07:02 AM..
For this article, his staff pulls tidbits that might be true in some situations, and then generalizes them to always true in order to create some sensationalism.
With so much good and reliable information available, just ignore Kiyosaki.
It's the insomniac hour. I need to get Some sleep. I have time for 4 hours is all at this point. Argh! I hate when I get a second wind around 1 a.m. -- it's now almost 4 a.m.
Maybe you're spending too much time in the other thread about sex dungeons. .
i have yet to see an actual action plan from him .
his company was also driven in to bankruptcy
Prior to his 1997 publication of Rich Dad, Poor Dad, Robert Kiyosaki never had any documentation of the wealth he supposedly amassed (Forbes)
There really wasn’t a rich dad, even though his book specifically claims there was one (Smart Money Magazine, February 2003)
In the end, this “non-fiction” story is just fiction, and so it calls into doubt the advice he gives to readers and followers.
Even though his advice may sound good: be an owner, invest in cash flow investments, etc – the fact that he (or his business) didn’t maintain solid financial health is sad.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The 401k is great if used as a part of the overall retirement plan, especially when the employer matches your contributions. My wife and I both have pensions, I also have a 401 and a 457. Then we have about $1 million in equity in our house after 30 years here, and will be selling when we retire, to use about half to downsize to a less expensive area.
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