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Rating: 
Summary: mandatory for anyone who works for themselves
Review: 7 months ago, i graduated from college. two months ago, i was presented a business proposal. i was inches away from rejecting it, so i could find a "career" working for someone else. but thanks to this book, i am focusing on working for myself. this book goes beyond common sense. i think i have great common sense, but this book is about strategy, which you don't learn from the public school system, your parents, even most of your college courses. there are very detailed, interactive plans layed out in the book. there are financial sheets you can fill out to find where you are today, and where you want to be in the future. there are a list of questions to ask potential advisors. each chapter even summarizes itself, so if you're skeptical, scan the summaries at your local book store before you buy. if you work part-time as an avon lady, you need this book. if you work in multi-level marketing, or opened a coffee shop, you need this book. this book is for anyone who spend at least 4-6 hours a week developing "self-employed" income.
Rating:
Summary: for marcisikoff
Review: apparently you don't know what MLM is.
a good MLM company requires following elements: 1. excellent and unique products that people would buy over and over
2. a good business structure. what you are talking about, is a "pyramid scheme".
what's the difference, you ask.
with a pyramid scheme, you do the marketing, you do the shipping, you do the money, like Amway.
you have to ship the stuffs to your customers' doors even if it's a 5-dollar lip stick.
a true MLM company takes care of shipping and money handling, you just share the products with people.
so MLM CAN work, if the company has excellent products.
the reason 95% people fail is because they find company that sells phone card, kitchen wares, shampoo, etc.
of course it'd fail, cause you can get those stuffs in costco!
i urge you to take a look at my website.
feel free to criticize me, as it'll allow you to understand and allow me to learn more. http://homepage.mac.com/tonyswu/stw/why.html
Rating: 
Summary: Too much fluff & bad advice on MLMs
Review: First on the fluff: Ted and Ellen "story" adds about 40 pages of fluff just to give you a narrative of introducing time elements and slides detailing the pictures she is telling. 40 extra pages for this purpose is bad. Save the 40 pages and we'd have a thinner, more "manual" approach. Now on the MLMs: What she doesn't tell you: a) 98% of MLM participants fail (e.g., lose money)
b) Some of the people "telling you you can't do it" might be right! She goes into the whole spiel about how if they haven't tried it, don't listen to them. Well, take it from every person whose been victimized by MLMs....they DO NOT WORK! c) All the examples in the appendix of people she's helped use "MLM Opportunity". She purposely uses "opportunity" when sane people would say "Scheme". Now then, other than those 2 issues, it's a fine review of business structures: S-Corp, C-Corp, Limited and General Partnerships, and Sole Props (to a degree LLCs as well). But you can search google.com and find this all out. C-Corp: don't hold assets as personal suits can get at C-Corp assets...so she wants you to make the C-Corp a limited partner in a partnership....this is all over the internet..you don't need the book for that. Be fair to yourself...try looking up MLM or Multi Level Marketing on the internet before buying this book.
Rating:
Summary: How to legally pay less tax in 2003
Review: I thought this book would have a lot of practical information and tips. I doesn't. It just tells you to hire a bunch of professionals to assit you with your business. Waste of money and time.
Rating:
Summary: Not only the rich pay less in taxes!
Review: It's Not How Much Money You Make, It's How Much Money You Keep. The title of this book is accurate, and it could have also been entitled, "Loop-Holes Of Those With Common Sense." There are numerous advantages available to those who take the risk and have the creativity and fortitude to do something on their own. These people are compensated for it if they educate themselves and IF they succeed. And on the contrary, being an employee is for most people. Much less control but some security, the routine of the comfort zone, and a familiar role defined within the job and confines of a corporate or governmental job. But today, for the employee, is there job security? Is there a routine and comfort zone? Will your job be there for you every morning? And, when it's not, will it be gone by your choosing or your employers? After only a few chapters we'll once again be reminded of the futility of being a W-2 working stiff, perfunctorily accepting the crumbs that are left over after taxes. This book will be most beneficial to people who have recently, or have now just started to change, the way they think. Experienced small business folks, entrepreneurs, and MLMers, will likely (but not necessarily) already have most of this information down. The premise of "Loop-Holes" provides us with the facts: since the 1943 federal tax law tragedy Americans work, pay taxes, earn, then spend. All in that order. After taxes and paying expenses, what's left for the middle class person who works as an employee? Ask yourself how much YOU have left. Whether your a service sector employee or upper-middle class professional, how much of the money you earn, goes in your pocket? And of what does go into your pocket, how much of it stays there? If you file a W-2 and are classified as an employee you will work a lot, but you are not likely to "make money." But you will have the liabilities (<--Kiyosaki) of a mortgage, car payment, credit card debt, and dinner out at a local budget franchise, once a week as a treat. Welcome to the reality of 2003, America. The common notion of getting raises at work as an employee to earn a higher income has unfortunately become a fallacy today. "The more you make, they more they take." Congratulations, you've just been bumped up to a higher tax rate. Diane Kennedy provides more facts, proven strategies, and common sense than what we get from our educational system, and electronic and print media. Kennedy's information is contemporary, valuable, and necessary knowledge that we need on how to proceed in making our lives better. To pay an advisor for this knowledge would be costly. These is a lot of practical information and real-life examples provided in Loop-Holes: If your starting a business in hopes of receiving passive income in the future, there are 9 criteria the IRS uses to qualify your gig as a "true business" and not a "hobby business." The latter scenario cannot be used to deduct losses from your earned income. Setting up Limited Liability Companies (LLCs)is highly recommended when investing in income producing real estate for the protection of personal assets. And how this is structured is very important. The C and S corporations are are also covered. When, why, and how should you begin the process. Deductions, leasing, licensing, royalties, trusts and many more things are explained also. People often state how great it is to get the the tax deduction on mortgage interest: What do you get on average? For every dollar you pay to the bank in interest on a mortgage, you get 30 cents back with the deduction. I'll take it, but is 30 cents on the dollar a good deal to you? There are several questionaires to fill in, so a person can assess (honestly!) what their true financial situation is. Their risk tolerance, what resources they can tap into, and what timeline can be established. Very important is the team of folks needed for a person or couple to be able go to for advice, support, and information. The most common money people work and toil for is the W-2. As we know this is the 50 percent money we hear about from the Rich Dad Advisors. Great, you just got a raise. And, so did the government. Find out the steps to start making the other 3 types of money with Diane Kennedy. This is excellent, especially for folks without a lot of business background, to understand the some of the nuts and bolts.
Rating:
Summary: Thank you, Diane!
Review: Loopholes of the Rich is a great book, written in the same candid style as the Rich Dad books by Robert Kiyosaki and Sharon Lechter. Diane simplifies the complicated and confusing tax codes and puts them in terms that I can understand. Small business owners get incredible tax benefits as Diane points to specific benefits for them. Diane also explains how to start your own business, if you don't have one, painlessly and easily!
Based on the principles that I've read in Diane's book, I've been able to save a lot of money in taxes, not to mention a considerable amount of liability protection strategies in using corporations as a safe way to manage my assets.
I strongly recommend this book for someone who is trying to make a difference in their financial situation, especially if they are attempting to start their own business. As a small business owner, I would have saved a considerable amount of time and money if I had this resource years ago. Rather than paying a CPA hundreds, if not thousands of dollars, you can gain Diane's expert advice at a great price-not to mention a great reference source for years to come.
I'd agree with other reviewers to a point when they say that Diane's material can be difficult to understand. But I wouldn't call it boring. Instead, it's material that you can't just read like some Clancy novel-it requires more thought and comprehension than that. She presents the complicated tax laws in diagrams and case studies, which is helpful. Still, this isn't a book for those people who want some quick fix to their tax problems, but a book to change one's financial success in regard to legal tax strategies.
I would strongly recommend this book. In fact, I hope that Diane writes another book!
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Summary: for marcisikoff [part 1]
Review: sigh, the ignorance.
so, 98% of the people who tried MLM failed, a fact.
but what does the fact tell you? nothing.
the number does not tell you MLM is bad, you "assume" MLM is bad.
you need to look at the numbers from different angles.
there are hundreds of different MLM structure out there.
some are profiting, some are scams.
different companies utilize different structures, and sell different products.
maybe the company is bad, or maybe the products are bad, or maybe those people simply gave up too soon.
MLM is considered a business, and anyone who has formed or tried to form a (regular) business knows it often takes years to see real profit, if the business survived at all, not to mention the overhead every month.
i know a MLM company that allows you to balance your investment and efforts with "six" customers.
think upon that.
Rating:
Summary: Read it and weep
Review: This book makes a lot of assumptions. It assumes that the reader is EXTREMELY well versed in corporate tax advantages. It assumes that the reader already owns a corporation. It assumes that the book will be read with a dictionary of financial terms close at hand. (It should be. The book is poorly written, with key terms lacking adequate defenition.) I support the Rich Dad series. It is a great way for a beginner to get their feet wet. This book assumes that the reader can already swim! Even the seasoned incorporator would probably not be pleased with this book. Tell you what, if you are considering buying this book, save yourself some money and just send me ten bucks. I'll then call you (on my own dime) and summarize the book for you. Oh, what the heck, I'll do it now, for free...surround yourself with a competent team of advisors.
Rating: 
Summary: Don't waste money unecessarily on taxes
Review: This is a great book for simplifying our understanding about taxes. I enjoyed it very much, got some great ideas. I also enjoyed More Wealth without Risk by Charles Givens when it was released.
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