Summary of Loopholes of the Rich

How the Rich Legally Make More Money and Pay Less Tax

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Loopholes of the Rich book summary
"Loopholes" have a bad name. Hang onto your money – quite legally – by learning your way around the tax code.


7 Overall

9 Applicability

5 Innovation

7 Style


This clearly written book offers a handy guide to tax strategy for the rich and for those who hope to be rich. Author Diane Kennedy, a certified public accountant, provides basic information on common tax risks and opportunities. Without using burdensome jargon, she explains the fundamentals of financial reports and record keeping. Her approach is commonsense and straightforward; she doesn’t make outrageous promises or exotic, inapplicable recommendations. The title is slightly misleading. This book is not really about loopholes, but rather about sound planning and management - especially for business owners. It does get into the minutiae of tax law, which is subject to change, so some of the details may have a short shelf life, and much of the advice will have little applicability outside of the United States. Nonetheless, getAbstract recommends this basic guide to anyone who needs a fundamental introduction to personal financial and tax management in the U.S.

In this summary, you will learn

  • How to evaluate your financial position
  • How to create a plan to improve it
  • What leverage is and how to use it
  • How to "jump-start" your wealth
  • How to pay less in U.S. taxes


The STEPS Cycle of Financial Independence
Using the STEPS cycle of financial planning can help you become more aware of your financial assets and increase your wealth. It consists of the following stages: "Starting point," make a thorough inventory of your financial position; "Team," form...
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About the Author

Diane Kennedy, CPA, teaches seminars on legally, ethically minimizing your U.S. tax obligations. She is the founder and owner of a tax strategy and accounting firm, and co-author of The Insider’s Guide To Real Estate Investing Loopholes and The Insider’s Guide To Making Money In Real Estate.

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