Entrepreneur and author of "Rich Dad Poor Dad," Robert Kiyosaki joined Cheddar to discuss his views on why the rich are getting richer!
The businessman explains that the lack of financial education in schools is a major contributor to the poor paying higher taxes. Kiyosaki says that people like himself and President Trump are rich and many others are not, because of financial literacy.
The less one knows about how to use debt and other tax-related loopholes, the more likely you are to end up paying more.
When asked about former co-author and president, Donald Trump's proposed tax cuts, he says he doesn't believe it's going to put more money back into the average person's wallet.
On the other hand, charity investments, knowledge of tax exemptions, and the likes, are rich people's way around paying taxes. He cites the system as unfair, but says someone has to pay taxes, an onus usually placed on the poor.
When it comes to charitable giving, Kiyosaki explains that a charitable remainder trust is a way to manage how your tax money is distributed. He says that charity is an essential part of being human, and people should prioritize giving to charity before paying off any debt you have.
Kiyosaki said that if he were to die today, his charitable remainder trust is set to give back $35 million yearly in perpetuity, to the causes he cares about.
As the country watches the financial situation and monitors decisions from the Federal Reserve, many may be re-evaluating what to do with their money, with interest and mortgage rates at some of the highest levels seen in decades. Mark Hamrick, Washington bureau chief and senior economic analyst with Bankrate, joined Cheddar News to provide tips on your money management as monetary policy continues to change.
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