By Robert T. Kiyosaki, Sharon L. Lechter
Wealthy Dad, bad Dad chronicles the tale of the authors dads, his personal father, who wa the superintendent of schooling in Hawaii and who ended up loss of life penniless and his top associates father who dropped out of college at age thirteen and went directly to turn into one of many wealthiest males in Hawaii. Kiyosaki makes use of the tale of those males and their various monetary options to demonstrate the necessity for a brand new monetary paradigm so one can in attaining monetary luck within the new millennium.
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Extra info for Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not!
The capital charge is identical to a mortgage payment. The key difference between an EM capital charge and a mortgage payment is that when calculating a mortgage payment, the entire investment amount owed to the bank is treated as a depreciating asset. 2 Economic Value Measures 29 liquidated when its existing assets run out. Therefore, the capital charge is the annuity (at the cost of capital) that is due for the asset life in order to pay back the present value of the invested capital, net of the non-depreciating assets.
Thus, rankings based on the book value cost of capital are biased against firms with less leverage, and biased towards firms with high leverage. 3 Cash Flow Return on Investment (CFROI) A second economic value measure that has received considerable attention is the cash flow return on investment (CFROI) and its variants, proposed by HOLT Value Associates and Boston Consulting Group. CFROI is essentially a modified version of internal rate of return (IRR), designed for investments that have already been made.
This argument does not really convince, for the following reasons (Damodaran 2000). Firstly, we use the book value of capital for measuring the capital invested, but we want to estimate the market value of the assets in place. Therefore, using a book value cost of capital is essentially equivalent to assuming that all the debt is attributable to the assets in place, and that all the future growth comes from equity. It means that we would discount cash flows from the assets in place at the book cost of capital, and all cash flows from the expected future growth at the cost of equity.