WHY WE WANT YOU TO BE RICH Two Men, One Message By Donald J. Trump and Robert T. Kiyosaki, RichPress, 2006 America's middle class is people not only how to avoid About the Author: disappearing. Today, if you are being poor, but also how to middle class, you either need become rich. By sharing their Donald J. Trump to become rich, or you are in own success stories, Trump i s t h e v e r y definition of the danger of suddenly becoming and Kiyosaki show how A m e r i c a n poor. That's because the US people can think, act and be success story, economy is at risk: the dollar is c o n t i n u a l l y rich. read the summary s e t t i n g t h e falling, jobs and industries are s t a n d a r d s o f being exported abroad, wages excellence while expanding his are decreasing, oil prices are interests in real estate, gaming, rising, and Social Security and sports and entertainment. He is a Medicaid are going bankrupt.. graduate of the Wharton School of Finance and started his business Today's middle class are in career in an office he shared with danger of losing jobs, his father. retirement pensions, Social Mr. Trump has authored seven Security, and Medicare, and books, all of which have become the government cannot protect bestsellers. Trump World Magazine was launched in 2004, Trump them. University Online in 2005, and the Donald J. Trump licensing program currently includes men’s suits, Donald J. Trump and Robert T. dress shirts, neckwear, cuff links, Kiyosaki wrote “Why We Want watches, eyewear, and fragrance. In January of 2006, GoTrump.com, You To Be Rich” because they an online travel agency, made its believe the solution lies in debut. financial education teaching for author info Inside This Book Summary: Ÿ The Big Idea Ÿ Taking Control Ÿ A Crisis Is Coming Ÿ Be Creative Ÿ The Problem: Low Financial IQ Ÿ Think Big, Think Expansion Ÿ This Affects You Ÿ Formula For Attaining Great Ÿ Bad Times Can Make You Rich Wealth Ÿ Increase Your Financial IQ ŸSome Tips Ÿ Invest To Win ŸWhy Do Some People Who Ÿ Gain Leverage Want To Be Rich Don't? Ÿ The Two Things You Invest Published by BusinessSummaries, 3001-91, 11010 NW 30th St., Suite 104, Miami, Florida 33172 ©2007 BusinessSummaries All rights reserved. No part of this summary may be reproduced or transmitted in any form or by any means, electronic, photocopying, or otherwise, without prior notice of BusinessSummaries.com. BusinessSummaries.com Also, the current tax system favors the very rich I. A Crisis Is Coming over the poor and middle class. Tax cuts for Under globalization, industries and jobs are example benefit the rich more than the poor. being transferred to other countries, and That means millionaires pay less taxes than the America, as well as other developed countries, poor and middle class. is becoming a consumer rather than a producer. With oil prices controlled by supply But instead of coming up with solutions, and demand on a global scale, the US economy government has continued to borrow money to has become dependent on global trends. With pay its obligations. Poor financial management the decline of the middle class, economic also afflicts many big corporations, like General stability and democratic capitalism is also in Motors. danger. In a few years, some 75 million baby boomers will retire. If each of them collects just $1000 a II. The Problem: Low Financial IQ month, the government has to pay out $75 billion monthly. This is similar to the cost of a Most Americans, however, are poorly equipped Hurricane Katrina or an Iraq war every month. to handle the crisis because of lack of financial education. When you have low financial Today's poor and middle class needs to wake intelligence or IQ, you keep doing the wrong up to the fact that soon, the US government will thing and end up poorer than you are now. not be in any position to take care of them. America has become the biggest debtor- For example, people expect the government to country in the world; 44% of the debt is owned solve the problems facing the poor and middle by foreigners. For years, government has not class. But the truth is, government has not been managing the economy well, putting off enough resources or power to do so. Many of problems instead of confronting them. our problems today are global in nature, such as the price of oil, terrorism, and the exporting of jobs and capital to other countries. A Mismanaged Economy Poor financial management has made such At the same time, people in America think that benefit programs as Social Security and they are entitled to jobs and job security, health Medicaid unsustainable. The US also has 423 c a r e , w e a l t h a n d p r o s p e r i t y. T h i s million dollar trade deficit and it is growing, overdeveloped sense of entitlement has made meaning it is consuming more than it produces, America's middle class complacent in the face just like a family that earns $5,000 a month but of the impending crisis. When America's baby spends $6000. boom generation retires, the government will be hard put to cover benefit payments. About the Book: Another factor contributing to this problem is the lack of financial education in America. Many Americans grow up well educated, but know little about money. For the most part, the poor are taught to rely on welfare, and the middle Author: Donald J. Trump and class imbibe the dictum of saving, working hard Robert T. Kiyosaki and investing their money safely in mutual Publisher: Rich Press, USA funds and other safe investments. Date of Publication: 2006 ISBN: 1-933-914025 This kind of poor financial education has only Number of Pages: 345 pages made the poor poorer and the middle class at risk of being poor. Poor financial education has Why We Want You to be Rich by Donald J. Trump and Robert T. Kiyosaki 2 of 8 BusinessSummaries.com also made people vulnerable to financial that bad times can make you rich. Rising oil scams, rip-offs, or simply legal but dubious prices, for example, hurt the economy and many ways of investing. businesses, but not all businesses would suffer. In fact, in any economic crisis or problem, while For example, people continue to invest in big, some people would be badly affected, there are well-known companies without being aware others who would that many of these companies are get richer. mismanaged or in trouble. People continue to count on Social Security and Medicare, even though these programs are going bankrupt. V. Increase Your Financial IQ When you recognize this fact, you need to decide to place yourself on the side of those who can take advantage of turbulent financial times to increase III. This Affects You your wealth. And this means raising your financial The danger is real. Medicare's HI program has IQ. Financial IQ simply means “having the ability been experiencing a cash flow deficit since to chart the economic waters nationally and 1992. One in two Americans will need long- internationally, to be able to look beyond the term care that Medicaid won't be able to pay for. present and into the future, and to make decisions As such, retired older people will spend all their based on those assessments and insights..” savings for health care, leaving them destitute in old age. This will burden the younger generation to care for the elderly. This is why the greatest fear in America today is VI. Invest To Win running out of money during retirement. 80% of the baby boom generation does not have Most people fall into four different quadrants: enough money to fall back on. employee, small business person/self- employed/specialist, big business owners, and Most Americans today are betting on the stock investor (from the boardgame CASHFLOW by market, the government, or a pension to take Kiyosaki). care of them financially. Trump and Kiyosaki say none of these can solve your financial In addition, there are basically three types of worries. Only you can take care of yourself investors: financially. This book shows you how to avoid 1. People who do not invest at all. These are being a victim by gaining financial intelligence - people who expect their family, their company or learning how to see the world of money, the government to take care of them when they business and investing, and using this new retire. vision to win financially. 2. People who invest not to lose. These are the majority of investors, people who invest in what they think are safe investments 3. People who invest to win are people who are willing to study more, want more, want more control, and invest for higher returns IV. Bad Times Can Make You Rich The first thing you need to realize is that you Whatever category or type of investor you are, can turn the problem into an opportunity. you can become rich. But first, you need to choose People who are successful with money know which category is best for you. Not everybody can and wants to be an investor or entrepreneur, Why We Want You to be Rich by Donald J. Trump and Robert T.