How did Mitt Romney get $100 Million in his IRA?

It's well documented that Mitt Romney at one point had over $100 Million in his IRA, and you can read countless articles on how he did it, I like this one.

So if you want to grow your wealth, you need to learn the rules of the game, check out this week's video message about the rules of the game.

Transcript

Hey, it's Scott Todd, and in this week's video I wanted to share with you the thought - this thought right here - it's really about becoming a student of the game that you're playing in mastering it. Take a look at this headline. Now, honestly, this headline is from 2012 it's a little bit older of a headline, but I know that those numbers still exist out there. This is, I think, the most compelling headline. That's why I'm sharing it. Mitt Romney had $100 million in his retirement account. Think about that one for a minute. $100 million sitting away in a retirement account, and there are all kinds of articles out there about how he did it - all legal. And the real thing here is that he did it by playing by the rules. That's right. He understood the rules. And he played the game by the rules. He became a student of these rules. Maybe he hired professionals that knew the rules. Without a doubt, the guy was a master of it. And look, you know this, any game that you play, whether it's golf or any game, the more that you know the rules and you understand them, the more you can go and have the rules play in your favor. That's just the way that it is.

One of my favorite games ever is this game right here, Cashflow by Robert Kiyosaki. And you know, like any other board game, there's an instruction book here that tells you all about the instructions and how to play. And if you can master the rule book, man, all of a sudden you're off to the races and you're pretty much guaranteed to win the game. And that's what the world revolves around really is understanding the rules.

Look, when you're building your land business, when you're building your empire when you're trying to build your wealth, you need to understand the rules of the game, right? You got to do research, you got to invest in yourself, you got to take the time and you've got to keep going through these motions so that you start to understand like, oh, here's the rules of this area or here's how these things work in this county. And once you become a master at that, you start to move faster. You start to put together your deal flow faster. You start to understand like, okay, in this area I can do this instead of probate or this area requires probate and here's what the probate laws are. Or here's the rules that I need in order to record my deeds. Again, become a master of the counties that you're working in or become more so at a greater level, become a master of the rules of the game that you're playing.

Recently, actually after last week's video where I talked about knowing your numbers - after last week's video, I had someone reach out to me and they were asking a tax question. And in this tax question, they had been given the wrong advice. They had been told one thing and the reality was something that was completely different and it was literally costing them 15% of their sales. 15% of their sales were having to go - what they thought they were doing the right thing - but in fact, they had wrong advice and they said to me, oh, I guess I had wrong advice. I didn't look at it that way. And I want to even challenge you when you're listening to people and they tell you one way, go back and verify it. The way that you build wealth is not just by taking the word of one person, look for the patterns, listen to what people are saying, and go build the rules or understand the rules based on just more than one person. Watch who you take advice from because there's a lot of people out there that do a lot of talking, but they don't really know what they're talking about. So that expert that you are listening to or that you think is an expert, they may not be an expert. So, understand the rules of the game and understand who you're taking your advice from. And I think that it will go a very, very long way.

That said, beginning next week, beginning Saturday, I have the 2019 accounting for land investors class starting. It's a five-week live class with me. It's five Saturdays in a row. We go through everything that you need to know about accounting for your land investing business, including the tax implications of this business. I hope that you will join us. If you want to learn more about that, you can go to ScottTodd.net/accounting.

I hope to see you there, but at the end of the day, what I want you to do is I want to make sure that you know, you gotta know the rules of the game. Look, I appreciate you watching. Scroll down wherever you are, leave a comment. I'd love to get your feedback on it. Your feedback keeps these videos getting better and, you know, the topics growing and glad you are here. Again, go down, leave a comment wherever you're watching this and I look forward to seeing you in accounting for land investors. Take care. Have a great week.

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