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the show notes. Young

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my LinkedIn secrets masterclass today. I'll see you

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all in class. on January 31st. You've

2:30

also said that we need new entrepreneurs to save us

2:32

from the economy failing. Well

2:51

because when you look at the economy right now,

2:54

guys like my poor dad are running the show. And

2:56

you talk to most entrepreneurs, they don't know what they're

2:58

doing. They're working for fake money. And

3:00

I hate to tell you this, it comes

3:02

to an end. What's

3:20

going on young improper is welcome back

3:22

to the show. My guest today is

3:25

a titan in the area of personal

3:27

finance. Robert Kiyosaki is an

3:29

American investor, businessman, motivational speaker, financial commentator

3:31

and the founder of rich global and

3:33

the rich dad company. He's the author

3:35

of numerous books, including the global bestseller

3:38

rich dad poor dad, and he's the

3:40

host of the rich dad radio show

3:42

podcast. Today we're going to be talking

3:44

about super smart ways to manage your

3:46

money, make it as an entrepreneur and

3:48

so much more. Robert, welcome

3:51

to young and profiting podcast. Well,

3:53

thank you. I'm so pumped for

3:55

this conversation, Robert. I've been such a big fan

3:57

of your work for a long time. Poor

4:00

Dad was one of the first business

4:02

books that I ever read. And so my

4:04

goal for today's conversation is to cover the

4:06

big evergreen ideas that you have in this

4:08

classic finance book, Rich Dad, Poor Dad. I

4:11

also want to hear your thoughts that you

4:13

have around new issues going on in the

4:15

world. And lastly, capture as many life lessons

4:17

that we can that you've learned on your

4:19

journey along the way. So today,

4:21

you're a hugely successful entrepreneur, businessman, and

4:24

author, and you've overcome a lot in

4:26

your journey. It's taken many different turns.

4:28

And I thought a good place to

4:30

start was your early career as a

4:32

sales rep at Xerox. What

4:34

did you learn from this experience and how did

4:37

that job shape who you became later on in

4:39

life? Well, my first career

4:41

was this. I

4:43

flew these for the US Marine Corps. Oh,

4:45

he's carrying a plane for those of you listening

4:48

on audio. I flew for six

4:50

years in the Marine Corps. And when

4:52

I was coming out of the Marine Corps, I was

4:54

born in 1947, so I was coming out of the

4:56

Marine Corps in 73, 74. And

5:00

my poor dad, of course, said, you know, why don't you

5:02

fly for the airlines? I was a

5:04

gunship pilot. I went down three times in Vietnam. All

5:07

my crew came back. That was my

5:09

most important job as a Marine Lieutenant, is

5:11

bring my men home alive. So

5:14

my poor dad says, go fly for the airlines,

5:16

go back to school, get your PhD. And I

5:19

said, I'll wind up like him, you know, an

5:21

employee working for money. And

5:24

in the meantime, I studied with my rich dad since I

5:26

was 10. Rich dad was my best friend's

5:28

father. And so this story of

5:30

rich dad, poor dad is what two fathers

5:32

tell their sons, my best friend's father, about

5:35

money. And we don't teach money at

5:37

school. And they're completely opposite. My

5:39

poor dad always says, you know, work hard for

5:41

money. And my rich dad says, you don't

5:43

work for money. So the reason I

5:45

got a job at Xerox was not because I

5:47

like Xerox and I wasn't looking for a career.

5:50

I need sales skills. When

5:52

I find an entrepreneur who doesn't have any

5:54

money, the main reason is they can't

5:57

sell. And it's

5:59

because sales equals money. income. This

6:01

here is a financial statement. This

6:03

is the cash flow board game. These

6:05

guys here have always want income. They want

6:08

salaries. But entrepreneur

6:10

needs cash flow coming in. So

6:13

I meet so many people who have no cash

6:15

flow coming in. And they say

6:17

stupid, stupid things to me. I mean, I can't

6:19

believe how stupid they are to say, I'm

6:22

a millionaire. I say, well, how are you

6:24

a millionaire? Well, my net worth

6:26

is a millionaire. Well, net worth is

6:28

not a millionaire. I make

6:30

a million dollars a month. That's a

6:32

millionaire. So when you can

6:34

make a million dollars a month without working,

6:37

you're a millionaire. That's what Elon Musk does. That's

6:39

what Donald Trump does. And so that's

6:41

a whole different educational mindset. And that's what I set

6:44

out to teach when I wrote Rich Dead Porta 25

6:46

years ago. What

6:48

actual lessons in sales did you learn? You said

6:51

you wanted to learn sales experience. I totally agree

6:53

that when it comes to entrepreneurship, sales is by

6:55

far the number one skill that you can have.

6:57

What did you learn at that job? How

7:00

to sell, how to handle rejection. There

7:03

was a big sign on our wall at the Isla

7:05

San Honolulu. Salesmanship

7:07

begins when the customer says no. So

7:10

years later, when I met my wife, Kim, I

7:13

mean, she turned me down for six months. So

7:16

if I had quit, when most people

7:18

quit, I had never gotten married. So

7:21

the main reason people are poor is because

7:23

they don't have all to keep going. And

7:26

my best friend, and I met

7:28

at Xerox, I think that's one of

7:30

the keys to becoming rich is who your friends are. And

7:33

my best friend and I, we pushed each

7:35

other and all this. So we became millionaires

7:37

together, and we became billionaires

7:39

together. So that's the power of

7:42

friendship. If you have wimpy friends,

7:44

you're screwed. I couldn't agree

7:47

more. I have a business

7:49

now. I've got a company that has

7:51

50 employees. We make several million dollars

7:53

a year. And I'd run it with

7:56

my two closest friends who originally I

7:58

met them through work. But

8:00

they're my close friends and to your

8:02

point if you've got really smart people pushing you you

8:04

can go really far But if you're hanging out with

8:07

losers You're gonna end up being more

8:09

like a loser Right. Well,

8:11

congratulations on your success. Thank

8:13

you Okay So you had a

8:15

business in your early 20s that I think

8:17

you were just kind of alluding to that

8:19

you started with your friend Can you talk

8:21

to us about the first business that you

8:24

had real business that started making real money?

8:26

I've had so many which one you're talking about

8:29

I mean, I think I'm talking about the wallet.

8:31

Oh the one one was a star was a

8:33

nylon wallet business We went broke

8:36

we're gonna came back up and

8:38

it became the number one product in sporting goods Failures,

8:41

this is the biggest guy. I hate it about

8:43

school stuff. Look at the school. I

8:45

hate a school They don't like my school teachers. I

8:48

wouldn't have a business partners. That's for sure But

8:50

they want job security, you

8:52

know job security is a different person But

8:55

when we went down It

8:57

was the best thing that happened to me because we

8:59

just came back up. We fought back up We redesigned

9:01

our product lines and all this and

9:04

we became the number one product in sporting goods The

9:07

lesson is before you can walk you

9:09

got to fall down a couple of times So

9:11

baby learn to walk by falling down and

9:14

our schools teaches that if you fall down

9:16

you're stupid I made so many

9:18

unsuccessful people They're so

9:21

afraid of falling down. They never become

9:23

successful Yeah, you've got this

9:25

awesome quote about failure you say in school We

9:27

learned that mistakes are bad and we're punished for

9:29

making them Yet if you look at the way

9:31

humans are designed to learn we learn by making

9:34

mistakes We learned to walk by falling down

9:36

if we never fall down we would never walk Congratulations,

9:39

you read my book. You've very good. Oh, of

9:42

course. I read your book. We've got it for bear

9:45

You see this aircraft here. Yes,

9:47

he's carrying his helicopter The

9:49

reason I flew this aircraft in

9:51

Vietnam our life expectancy was 30

9:53

days And this is

9:55

the lesson I when I have the time I talk

9:57

to people about is the more

10:00

dangerous the mission, the

10:02

more skillful you've got to become.

10:06

So when I meet a person and

10:08

they're so afraid of making mistakes, they're

10:11

not going to make it. They'll make it,

10:13

they'll become a doctor or a lawyer or an

10:15

accountant or something. But the more

10:17

dangerous the mission, the

10:19

more skillful you've got to become.

10:21

I say that because when I

10:24

graduated from school in New York, King's

10:26

Point in Long Island, I had

10:28

a high-paying job with Standard Oil of California.

10:31

Our starting pay back then was 120,000 a year, which wasn't much money

10:33

but under 20,000 in 1969

10:39

was a lot of money. And I gave it up

10:41

to go fly for the Marine Corps. And

10:44

the thing I loved about the Marine Corps and

10:46

flying was we had to crash

10:48

every single day. Every single

10:50

day we had to practice crashing.

10:53

And the reason it did that is the odds

10:55

of us being shot down were so high because

10:57

our life expectancy was only 30 days. And

11:00

that's where I learned that lesson. So

11:02

the more dangerous the job, the

11:04

more skillful you've got to become. And

11:07

when I meet people who are unsuccessful, number one,

11:09

I say can't sell. But number

11:11

two, they're so afraid of making mistakes,

11:14

they don't ever have any skill sets. You're

11:17

so right. We learn so much from

11:19

our mistakes. And even when we try

11:21

new things and it doesn't work out

11:23

necessarily, you learn new skills along the

11:25

way that you can make a lot of money

11:27

on later on if you hit the right idea

11:29

and you're able to execute the right idea at

11:31

the right time. Well there's different kinds

11:34

of money. So making money is no

11:36

big deal. Like I said, I'm a

11:38

millionaire. So well, what? When

11:40

you make a million dollars a month tax-free, give me

11:42

a call. That's the difference. And

11:45

so it was how you define money. The

11:48

problem with schools, they don't tell you those three

11:50

types of money. There's earned income,

11:52

portfolio income, and passive income. Most

11:55

people since they go to school to get a

11:57

job, they're working for earned income, highest

11:59

taxed. don't get ahead that way. I

12:02

think my audience will appreciate that because we're

12:04

mostly entrepreneurs or want to be entrepreneurs at

12:06

least. Right, so it's a matter

12:08

of your goals and your friendships. So

12:11

my friend and I are still great

12:13

friends, we became billionaires together. We

12:15

just push each other along. We're hard on each

12:17

other, we're tough. We lost several

12:19

times, we just keep fighting back. And

12:22

then that's determined who our friends were. And

12:24

speaking of friends and the importance of

12:26

relationships in business, you're in business with

12:28

your wife and actually you started this

12:30

whole journey creating a board game,

12:33

Cashflow, which you have. If you

12:35

guys are watching on YouTube right now or on

12:37

IGrails, you'll see he's got the

12:39

game board behind him as his background. So you put

12:41

that out in the late 1990s

12:44

with your wife. So a couple questions around

12:46

that. Why did you decide to go into business with

12:48

your wife and why did you start out with the

12:50

Cashflow game? Well, the reason

12:52

we created the Cashflow board game was I

12:55

met her when she was 27 and I was 37, we're 10 years apart. And

12:59

10 years later, we're retired. We

13:02

didn't have to work anymore. And people

13:04

kept asking us, how'd you do it? How'd you do it? How'd

13:06

you do it? Because everybody, they're

13:08

in the stock market. Okay, you can

13:10

make a lot of money in the stock market. You know, Warren Buffett

13:12

made a lot of money in the stock market. But

13:14

I'm an entrepreneur, I don't like stocks. I

13:16

don't like bonds, I don't like mutual funds,

13:18

I don't like ETFs. So

13:21

we couldn't explain how we did it.

13:23

We couldn't explain how we retired in

13:26

10 years. So at the end of

13:28

10 years, she and I created the board game to

13:30

teach people about it. And this

13:32

is the financial statement here. And this

13:35

is your report card when you leave school. But

13:37

most people think the report card is a great point

13:39

of average. That's why A students work

13:41

for C students, you know, because I'm a C

13:43

student. Exactly. But this here

13:45

is your financial statement, this is what your banker wants

13:48

to see. So we

13:50

created the casual board game after we

13:52

had retired. And the thing I

13:54

don't trust about YouTube is a

13:56

lot of those guys are liars. I mean, I

13:58

listen to a lot of these people on their... I

14:00

won't mention names because I get into a lot of

14:03

trouble. But they say things that

14:05

make absolutely no sense. One

14:08

guy is a real estate guy, he says,

14:10

buy a $25 million property to start with

14:12

no money. I'm going, are you crazy? He

14:15

might have done it, but I wouldn't

14:17

recommend it. I don't recommend investments, by the way.

14:19

I build my own assets. The other

14:22

guy is Dave Ramsey and I, he says

14:24

live debt free. And Dave's a good friend of mine.

14:27

I don't live debt free. I'm a billion dollars in

14:29

debt. So there's millions of

14:31

ways you can get rich, but

14:34

you've got to find the right teacher, the right

14:36

partners, the right education. And

14:38

let me say it again, is the more

14:40

dangerous the mission, the better you've

14:42

got to be. I'm not

14:44

saying take huge risk, but I'm saying better

14:46

know thyself, you know. So

14:48

I know myself fairly well and I

14:51

thank the US Marine Corps. Because

14:53

like I said, every single day I'm flying

14:56

these things in Vietnam, went down three

14:58

times. And if

15:00

I hadn't practiced crashing

15:02

every single day in

15:05

flight school, I'd be dead. To your

15:07

point, you don't build the character because you didn't

15:09

go through hard experiences. So you don't know

15:11

how to feel. Amen, Ella, amen.

15:13

God bless you. When you have rejection and failure, you

15:15

kind of just approach things because I've had so much

15:17

rejection in my life. I was a failed entrepreneur several

15:20

times. I started being an entrepreneur straight out of college.

15:22

I also thought about this goal. Congratulations.

15:25

You know? It's just like I had nothing

15:27

to lose. I was just willing to take

15:29

risks and try things and learn and work

15:31

for free and do whatever I could to

15:33

gain the skills that I needed to now

15:35

be the podcast princess and dominate my industry,

15:37

right? So I'm with you in terms of

15:39

you've got to really fail and be brave,

15:42

I guess. Now, Ella, what

15:44

I find refreshing is you're not

15:46

afraid to say you failed. Yeah. I've

15:49

met so many people who don't talk about

15:51

their failures. And I

15:53

was also court martial twice as a Marine. I

15:56

was stationed on an aircraft carrier in Vietnam. of

16:00

days of our lives is when your friends don't come back.

16:03

All the planes return and your

16:05

friend's aircraft doesn't return and the crew dies out

16:07

there. So you get to very close

16:09

to your guys who survive. So

16:12

I got court-martialed twice. I got kicked out

16:14

as a Marine Lieutenant and my

16:17

best friend went out as a Marine

16:19

Lieutenant General, three stars. And

16:21

he and I would laugh all the time because we

16:24

take the same risk, we do the same stupid things.

16:27

And I said, Jack, I said, how come you're a

16:29

General and I'm a Lieutenant? And he

16:31

says, because you get caught and

16:33

I don't. And we're still the

16:36

best of friends. If I

16:38

can leave that one message as your friends

16:40

are your key. Let's

16:42

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free. One

21:42

of the things that I learned about you that I

21:44

didn't know before I started researching you for this show

21:46

is that you don't have any kids. So

21:49

why did you decide not to have kids

21:51

even with you being so successful? What was the logic

21:53

behind that? Well, let me tell you

21:56

the story about Kim again. I was a rugby

21:58

player. All rugby players are drunks. We

22:00

have a good time. We're not soccer players.

22:02

Soccer players are different than rugby players. Rugby

22:05

players always make friends with soccer players and all

22:07

that stuff. Anyway, I was playing in

22:09

Hawaii. I always had my little

22:11

business. I was also in rock and roll.

22:14

I don't know if you know that. I worked with

22:16

Duran Duran, the police, Van Halen, and Boy George.

22:18

I didn't know, no. Entrepreneurs have a lot of

22:20

profession, should we say. I

22:23

saw Kim one day and I was

22:25

hot after her. All my rugby

22:27

friends said, she'll never go out with you. You're

22:29

ugly, you're fat, you're not rich. She

22:31

only goes out with rich, good-looking guys. So

22:34

I kept asking her out. So that's

22:36

why I say, salesmanship begins when the customer says

22:39

no. She said no for

22:41

six months. Just

22:44

no, and I kept asking and all this stuff. And

22:47

so we finally said yes. And then what

22:49

turned her on, Hala, was that I

22:51

didn't want job security. It was interesting. I

22:54

found that very interesting about her. She goes,

22:56

I said, well, it's kind of this adventure I'm on. I want

22:58

to find out how far I can go with nothing. And

23:01

one day I said, I'm leaving Hawaii, I'm

23:03

going to leave to California, San Diego specifically.

23:06

And I'm going to teach entrepreneurship.

23:09

And Kim says, I'll go with you. I want,

23:12

holy mackerel. That's when

23:14

we fell in love. After six months, she

23:16

just wanted some guy with some testicles. I

23:20

mean, she was so sick and tired

23:23

of having these rich guys head on her.

23:25

And let's fly to Maui, and let's

23:27

go out for dinner and all this stuff. That

23:30

was a big lesson for her.

23:32

She says, and as we got more and

23:34

more serious, and we were homeless and all that stuff,

23:36

she loved it. She was a real entrepreneur.

23:39

Kim's a real entrepreneur, real tough woman.

23:41

And we fell in love with all this. And one

23:44

of the things was, well, we're going to have kids.

23:46

And I said, do you want children? She goes, no.

23:49

And she had sisters and all this stuff. And they

23:51

all had kids. I said, I don't want kids either.

23:54

So those are the terms and conditions of

23:56

the partnership. Every time the question

23:58

of kids came up. up. We'd borrow

24:01

my sister's kids and that lasted

24:03

about a day. And then

24:05

you realize we can just send these

24:07

back. No, that's what I

24:09

was saying. You have to find out who you

24:11

are. So everybody listening to

24:13

this saying the biggest question on the planet Earth

24:15

is who are you? Who are you as a

24:17

human being? Exactly. And there's no right

24:20

or wrong, right? You don't have to

24:22

have kids to be happy or successful.

24:24

And I know Alex and Leila Hermosi

24:26

were just on the show pretty recently

24:28

and they also have chosen not to

24:30

have kids. So even if you're extremely

24:32

rich and successful, there's other ways to

24:34

help the world aside from having your

24:36

own children, right? Well, I'll tell

24:38

you about the saddest things I say is that a

24:41

lot of men are not doing their job, should I say.

24:44

They knock women up and they leave them

24:46

and all this. I meet so many single

24:48

moms and these guys just have

24:51

sex and have kids and deserve the

24:53

women. And I feel for

24:55

the... If they're boys, I feel for them because

24:57

they grew up without a father. I had a

24:59

rich dad, poor dad. My dad, the men

25:02

figures in my life were crucial to me.

25:04

And then I go to military school, it

25:06

was all male school. And

25:08

the Marine Corps is definitely male energy. But

25:11

I see so many young boys today.

25:13

You know that guy, Sam Bankman Freed,

25:16

he was the crypto guy, the

25:18

biggest Ponzi scheme ever. Yeah. He

25:21

has his mushroom haircut. I see

25:23

so many guys with their mushroom haircuts

25:26

today, young boys. They're all Sam

25:28

Bankman Freed fanatics and they're all

25:30

TikTok dancers. I'm going, what's

25:32

happening to the men, you know? Yeah,

25:35

Scott Galloway came on the show and

25:37

he has a lot of opinions on

25:39

how like young men are just really

25:41

struggling now. They're not getting into college, they're

25:44

not getting good jobs. And

25:46

girls are having trouble finding spouses because they're

25:48

more successful and girls want to marry up

25:50

and guys kind of want to marry down,

25:52

right? And there's just, it's becoming a mismatch.

25:55

I love you, man. You're the wiser beyond

25:57

your years. Tell

26:00

the men that women don't

26:02

marry down. Women marry up

26:04

and it's really hard for us to

26:06

want to marry down. So you

26:09

guys got to get educated and got to get

26:11

rich. There's

26:13

not so many single, like we don't have

26:15

a population problem. Okay, so let's get to

26:17

Rich Dad, Poor Dad, because there's so much

26:19

material and it's evergreen and your book is

26:21

so popular. It's one of the most popular

26:24

books of all time, 32 million

26:26

copies sold around the world. The

26:28

book is about your real father, aka your

26:30

poor dad and the father of your best

26:32

friend, which is your rich dad and the

26:34

ways that these men shaped your thoughts about

26:36

money and investing. And so it's been 26

26:38

years since you released this book. It's still

26:40

recognized as a top financial book, even

26:42

had a resurgence in popularity thanks to

26:45

book talk on TikTok. And

26:47

so my first question related to your book is why

26:49

do you think in 1997, when

26:51

you put it out that it created such

26:53

a big buzz? It goes back to

26:55

school. I flunked out of school because I can't write.

26:58

And it's not that I can't write, it's a teacher who

27:00

didn't like what I was writing, if that makes

27:02

sense to you. So I flunked my sophomore

27:04

year and I flunked my senior year of high school because

27:07

I can't write. And then I

27:09

also flunked my junior year and my

27:11

poor dad who was the head of education, my poor

27:13

dad was a PhD from Stanford University

27:15

of Chicago and Northwestern. And

27:18

he was the head of education. So when my

27:20

second instructor flunked me, my poor

27:22

dad fired him and that

27:24

sent reverberations through the school, school was 2400

27:26

kids. It's pretty big for a white school.

27:29

So by the time I got to my senior year, the

27:31

teacher was going to flunk me again. And it's not that

27:33

I can't write. They don't like

27:35

what I was writing. And

27:38

so, how when Rich Dad Poor Dad

27:40

came out, same thing happened. Editors

27:43

and the big book publishers out of New

27:45

York, they turned Rich Dad Poor Dad down

27:47

saying, you don't know anything about

27:49

money. And I said, well, maybe you don't. Does

27:52

that make sense to you? They don't. So Rich

27:54

Dad Poor Dad got turned down. So I had to

27:57

soft publish it. I put it in

27:59

my friends. car wash in Austin, Texas,

28:02

and the book sat there for a long time. And

28:05

my friend was an orthopedic, he's my friend now,

28:07

he's an orthopedic surgeon. He was

28:09

in Amway and he picked up the

28:11

book and he read it and he went, oh my God. And

28:14

he said it to us, uplying in Dallas in

28:16

Amway was a diamond. And

28:18

it says, this is exactly what Amway's looking

28:21

for. You're teaching entrepreneurship. I said, yes, I

28:23

am. And Amway, holla,

28:25

took it all over the world. Next

28:27

thing you know, Oprah called, Trump

28:30

called, but we're

28:32

reaching entrepreneurs and our schools are

28:34

teaching people to be employees. That's

28:37

been the struggle, as you probably know. And

28:39

I feel like you were one of the first people,

28:42

I guess, to really put that out there in the

28:44

world to talk about how entrepreneurship is the way to

28:46

go. And even to say,

28:48

your father to other people at that

28:50

time, people probably thought that was a

28:52

successful person, you know, Stanford PhD, principal

28:54

of a school. And you're

28:56

saying, that's my poor dad. So

28:59

I feel like that's probably a shocking

29:01

thing to say at that time. Now

29:03

everybody's an entrepreneur. Back then, it

29:05

was a little bit mysterious to be an entrepreneur,

29:08

wouldn't you say? Well

29:10

it's also times have changed. Okay,

29:12

so understand that my generation,

29:14

I'm a baby boomer. Trump and I are

29:16

the same age. We wrote two books together.

29:18

This is Trump's book and myself. The

29:21

baby boom generation is in trouble. And

29:23

the reason for that, we had it too easy. We

29:25

came in after World War II,

29:28

1944, the US dollar

29:30

became the reserve currency of the

29:32

world. And it was really easy for

29:34

Americans, American boomers. And

29:37

then in 1971, Nixon took the dollar off

29:39

the gold standard. So this year is real

29:42

gold. This is real money. And

29:44

this year is toilet paper. Are

29:46

you scaring a dollar bill and a gold coin? Yeah,

29:49

and people are taught to work for fake money.

29:53

And what's happening today, as you may or

29:55

may not know, America's bankrupt today. Because

29:58

after Nixon came to office... they

30:00

printed trillions of these fake dollars,

30:03

we can't pay it off anymore.

30:05

America's bankrupt. So your generation

30:07

kind of knows that. That's why you

30:09

guys created Bitcoin and all that. Because

30:12

you know our money's bad. Not only

30:14

is education bad, as I call

30:16

them the three stooges. The three stooges,

30:19

one stooges in the White House, his name is

30:21

Biden. The second stooges, the

30:23

Treasury Secretary name is Yellen. And

30:25

the third stooges, Powell, he's head

30:27

of the Federal Reserve Bank. And these

30:29

three stooges are driving us bankrupt. But

30:32

there was a stooges before that, this guy named

30:34

Bernanke, who was from your part of the world,

30:36

New Jersey, Princeton and all that. He

30:39

got a Nobel Prize for bankrupting

30:41

America. And that's what happens

30:43

when you have professors like my poor dad running

30:46

the economy. That's the problem. That's

30:48

why in 65 I had to read this book here.

30:51

It's called The Communist Manifesto. I

30:53

went to military school in New York. My

30:56

economic teacher had us read

30:58

The Communist Manifesto. But

31:01

most people don't realize that school teachers are

31:03

Marxists. They're not bad people. They

31:06

just have different values, if you know what I mean. So

31:09

like my poor dad believed in taxing the

31:11

rich. So this is what

31:13

Marx said. A heavy or progressive income tax

31:15

is necessary for the spread of communism. So

31:19

guys like Trump have made way to pay tax. But

31:21

the Marxists want us to pay tax. The

31:24

other thing that Marxists believe in are labor unions.

31:27

My poor dad was head of the NEA, National

31:29

Education Association. Forage

31:32

Magazine calls the NEA National Extortion

31:34

Association. So most school teachers

31:36

are Marxists. They just don't know it.

31:39

Not bad people. They have different values. Let's

31:42

talk about the fact that you started off

31:44

not as a good writer. You just alluded

31:46

to that, that you were kind of like

31:49

flunking out of school. People said that

31:51

you weren't a good writer. And I

31:53

think this is a really huge lesson for my

31:55

young and profiteers. So you look at Robert, one

31:57

of the most famous authors in the world. But

32:00

this is his peak, right? It's not

32:02

his starting point. He had

32:04

multiple failures, multiple businesses. He had a

32:07

wife, all these relationships that he talked

32:09

about, all these skills that he's acquired

32:11

over the years. Talk to us

32:13

about how or why you think you

32:15

were able to transform writing, which

32:18

you weren't necessarily great as,

32:21

as a student, to

32:23

then becoming one of the most famous authors in the

32:25

world. Why do you think you were able to bridge

32:27

that gap? Well, it's called what

32:29

the market wanted. In other words,

32:32

look, this here, this here, nothing I learned from

32:34

my rich dad. Okay. E S

32:37

B I. My books don't

32:39

sell to employees. It's a wrong

32:41

market. My books don't sell to

32:43

doctors and lawyers. S is wrong

32:46

market. So the market

32:48

will tell you what they want. So

32:51

if you don't give the market what it wants,

32:53

the market doesn't buy it. So my job as

32:55

an entrepreneur is not to find the market. So

32:57

a lot of people talk about the Fed, chairman

33:00

Powell and Yellen, the treasury and

33:02

Biden, but really nothing to do what

33:05

the Fed does is what's the market

33:07

doing. So right now the market's

33:09

going to crash probably March of next year,

33:13

2024 because the market's going to churn up the world. The

33:16

market determines everything, not some academic sitting

33:18

at the Fed. And so

33:20

as an entrepreneur, I'm always like, what does this

33:22

market want? So when I wrote rich

33:24

dad, poor dad, I knew it was going to have trouble

33:26

because most college professors are

33:28

ease employees. They want job

33:30

security. They hate my books. And

33:33

the doctors and lawyers, you know, the a

33:35

students, they hate my books, but

33:38

my books over here is why a students

33:40

work with C students. They love my books.

33:43

You've got to know who your customer is, who's

33:46

your target market. And so that's

33:48

why I tell this story. Rich dad, poor dad sitting

33:50

in a car wash in Austin, Texas, and

33:52

this orthopedic surgeon, really smart

33:54

guy, Tom Burns. Tom Burns

33:56

was over here. Dr. Smart

33:59

guy. He says I want to come over

34:01

here so I found my book rich

34:03

dad poor that's what I'm looking for and

34:05

then he said to his up line in and

34:08

with a diamond build galvan. And

34:10

the book to a because I

34:13

started reaching these guys here so

34:15

that was twenty something years ago and

34:17

only now is it sleeping across to

34:19

here. Only now are you

34:21

using the essence kind of waking up saying oh

34:23

my god the economy is in bad shape but

34:26

I knew the economy was gonna be in

34:28

bad shape because I was doing so dr.

34:30

Buckminster fuller. I created a

34:32

few just like domino that any

34:34

basically said what we all know

34:36

today are banks are open us

34:38

off. Interesting that you

34:41

say that and the fact that when you

34:43

first put out the book it was really

34:45

entrepreneurs who gravitated towards it and now

34:47

like I was mentioning before everybody's side

34:49

hustling and getting into entrepreneurship so

34:51

no wonder that it's having

34:53

a resurgence and this is

34:55

why you're on our. Yeah

34:58

you guys know you're in trouble well I'm

35:00

not in trouble but some folks are

35:03

trust me the economy goes down

35:05

as I say when it goes down you go find out how

35:07

good your money is. Let's dig into that

35:10

what do you mean how good your money is you

35:12

have this stuff this is toilet

35:14

paper and he's holding a dollar

35:16

bill yeah I have this

35:19

stuff okay and

35:21

I have building a gold. Golden

35:24

silver yeah and I have

35:26

bitcoin. We're

35:28

gonna get to all these lessons like why

35:30

rich people investing commodities and things like that.

35:33

Not rich people smart people smart

35:35

people the average american my generation

35:37

there in the stock market my

35:39

generation was taught 6040. 60%

35:43

equities 40% bonds why

35:45

did silver gate bank why did silicon valley

35:47

bank why did credit space the biggest

35:49

bank in the world go down you

35:52

know why why bonds. China's

35:55

going down cuz the bonds are bad you

35:58

see and that's what I call. people

36:00

like you just because you're making.

36:06

Where am I putting that money to keep it I guess?

36:08

No, if you're holding toilet

36:11

paper, you're in serious trouble. So

36:14

ever since 1964, I was saving this. This

36:18

is a 1964 Kennedy half-dollar.

36:21

I was 17 years old. I

36:23

have tons of silver and tons

36:25

of gold and I have

36:27

lots of Bitcoin. I don't have

36:30

dollars and since I was 17, I

36:33

knew our dollar was bad just

36:35

because you're making money today and you

36:38

could be making a lot of money. But

36:40

our currency is bad, our money is bad

36:43

and that happened in 1971 and 64. So those

36:45

are the lessons. Well

36:48

you definitely have my wheels turning and me

36:50

thinking about most of my money's in

36:52

stocks and things like that. So I definitely

36:54

have to look at gold and I want to talk to

36:56

you about that later on. S&P is

36:58

gonna go down big time. S&P

37:00

is an all-time high. Looks like a big fat

37:03

balloon sitting in the sky right now and

37:05

the bond market brought down Silicon

37:08

Valley Bank. I don't know if you know

37:10

this stuff but that's money. That's not how

37:12

much money you make, not being an entrepreneur, it's

37:14

what kind of money you're buying into. You're

37:16

talking about a big lesson that you talk

37:18

about in your book and I know you

37:20

have many lessons from Rich Dad Poor Dad.

37:23

So I thought that I could basically rattle

37:25

off some of your key ideas from the

37:27

book or quotes and go over them with

37:29

you quickfire style. So I'll read a quote

37:31

or a big idea and then I'd love

37:33

for you to expand on it and

37:35

these are all ideas from Rich Dad Poor Dad.

37:37

Okay, the poor and the middle class

37:39

work for money, the rich have money

37:41

work for them. That's pretty

37:44

good okay. That's this here. This

37:46

was book number two of the cash flow quadrant. So

37:49

after all Rich Dad Poor Dad, you

37:52

go to school, go to school, get a job

37:54

and you work for money and they

37:56

want a pension and all this stuff and

37:58

the S is the smart program. like a

38:00

doctoral lawyer. And these people

38:04

who make like under a million a year. So

38:09

what happens is when I talk

38:11

to people, like a lot of

38:13

podcasts now, they go, oh, I started my side

38:15

hustle. You went from here to here.

38:19

Taxes, this is worldwide, taxes over

38:21

here are 40%, taxes

38:24

over here are 60%. So

38:26

the average person becoming an entrepreneur

38:29

walks into a higher tax bracket. So

38:32

they work harder for their money. This

38:34

here is 500 employees or more

38:36

big business, but it also stands

38:39

for brand. So I

38:41

started a brand, you know, Apple is

38:43

a brand, Tesla is a

38:45

brand, Warren Buffett only

38:47

invests in brands. And

38:49

I stands for insight investor. So I

38:52

only invest in the insight. That's why I

38:55

have no stocks, bonds or mutual funds. I

38:58

have no bonds. And what happened was, when

39:01

they raised the interest rates, the

39:04

bonds inside the banks collapsed. You

39:06

have to understand bond market. So not

39:08

just about making money, but you have

39:10

to understand the monetary system. So

39:13

the bonds started to collapse, Silicon

39:15

Valley bank collapse, Silvergate bank

39:18

collapse, Credit Suisse, the

39:20

biggest bank in Switzerland collapsed. And

39:23

UBS, United Bank of

39:25

Switzerland, had to gobble up Credit Suisse.

39:28

And UBS is going bust now. So

39:30

what I'm saying to you is this, the world

39:33

banking market is going bust. So

39:35

I wouldn't be holding cash. I

39:37

would be outside the system that's gold,

39:40

silver, Bitcoin. Okay, the

39:42

next one, rich people acquire assets, the

39:44

poor and middle class acquire liabilities that

39:46

they think are assets. This

39:49

is a financial statement. This

39:51

is what your banker wants to see. This is

39:53

from the cashflow board game. So

39:55

this here are E's and S's that

39:58

work here. E stands for what now? stands

40:00

for what? Employee, self-employed,

40:03

small business. Got it. And

40:05

then you have big business and then the last

40:07

one is investments. Insiders. Insiders,

40:09

okay. That's like the

40:11

last week I bought two new businesses. I

40:14

don't work the businesses, I hire the CEOs for

40:16

them. I only invest in the inside.

40:19

Got it, okay. I don't want the stock,

40:21

I don't want the bond. I have stocks and bonds

40:23

but they're my companies. I

40:25

took a company public last

40:27

July. It's a gold mine in

40:30

Utah. Biggest gold mine in America. So

40:33

I took it public and that's why I have stock for

40:35

that but I still own the mine. But

40:37

I practiced a long time to do it. Anyway, so

40:41

these are capitalists over here, these are the

40:43

working class here. What my poor

40:45

dad taught me was to work here, go to

40:47

school, get a job, pay taxes. I

40:50

don't pay taxes. I have assets. Okay,

40:53

just to kind of piggyback on that

40:55

question, make sure my listeners understand, what

40:58

are the liabilities that the poor and middle

41:00

class acquire that they think are assets? What

41:02

are the mistakes that they make? Are you

41:05

just saying bonds and stocks stay

41:07

away? Is that the lesson right there? Yes.

41:10

The biggest liability, the biggest you guys

41:12

have is student loan debt. So

41:15

today, the biggest asset of America is

41:17

student loan debt. We took

41:19

the year generation and put them in debt so

41:21

America could stay afloat. So your

41:24

generation's in serious trouble because of student loan

41:26

debt and your college degree

41:28

is not an asset, it's a liability.

41:32

One more quote here, most people use their

41:34

budget as a plan to become poor or

41:36

middle class rather than to become rich. My

41:39

budget is a plan to become rich. You

41:41

have to make a surplus an expense. Well,

41:44

it's a lot of it but the biggest asset

41:46

you have is your time and we

41:48

basically have the same, we're equal 24 hours

41:50

a day and the question is what do you do

41:52

with your time? So that's how I was

41:55

saying to you when I came out of the Marine Corps

41:57

as a very good pilot, I could have flown for the

41:59

airlines. What I. Hear.

42:02

On. The want to be there so hot I can over

42:04

here. So. My time was by

42:06

making the transition. Out as a

42:08

Muslim people your screen of our he up on.

42:11

her rather just feel small business guy

42:13

whose side hustle. For to

42:15

pay sixty percent tax. On.

42:17

Me ask you this because I actually think

42:19

this is a really empowering, fascinating study about

42:22

the quadrants. I don't know much about it,

42:24

that's why I keep asking followup questions about

42:26

it. So you've got this as quadrant and

42:28

the be content as is like doctors, lawyers,

42:31

small business owners. right? Now you're an

42:33

S. Right now I'm yeah, I'm an

42:35

ass. I do think I built a brand, but

42:37

I am and ask. How do I

42:39

then make the transition to be big business?

42:41

like? What are the steps that I would

42:43

take to go from small business owner? To.

42:47

That. Next level which is. A

42:49

big business Or the brand. What's. The deal

42:51

on must do What is Steve Jobs? Do

42:53

what the Thomas Edison do. A

42:55

study. Those guys musk was one of smartest guys

42:58

have ever seen them. And jobs

43:00

as my generation. Those. Guys are

43:02

bees and eyes! On the I

43:04

saw it is circular People talk about boss

43:06

at a loss is over here. So.

43:09

It's amount of studying the people you

43:11

respect. And figure out how they

43:13

deserved. So. Does the third book I

43:15

had to keep selling books he uses his

43:17

but the third book as risk as guy

43:19

to investing. In the third book is

43:22

what it takes to come over here. So

43:24

his consistency. And a to say

43:26

this for most before I checked out. Yeah,

43:29

I don't know about my listeners though. It's. Probably.

43:31

All of us are in this as by

43:33

can't look into try to figure out how

43:36

to become a been in I ride so

43:38

don't fiance about giving us any direction as

43:40

I think we'll take your advice. I'll

43:42

have a reason to tell. you guys. Have checked out.

43:45

Because. It'll piss you off and you'll check back

43:47

in as. As

43:49

call reverse psychology of I call most of

43:51

your whims and you on make it. It

43:54

pisses enough people off that they'll come firing

43:56

back on this now and improve Robert or

43:58

on Death but are real. Impulse. or

44:00

yeah, he's right, I am aware I hit

44:02

the hit. actually got my much America the

44:04

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44:08

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48:27

you just mentioned that you think the economy is gonna

48:29

crash next year. I think you said

48:31

March. You've also said

48:33

that we need new entrepreneurs to save us

48:35

from the economy failing. Why do you believe

48:37

that? Why do you think it's important that

48:39

we've got some new entrepreneurs stepping up in

48:42

the world? When you look at the

48:44

economy right now, guys like

48:46

my poor dad are running the show. PhDs.

48:49

PhDs stands for poor helpless desperate.

48:52

Do you mean like they're just academics they have

48:54

no idea like how to run a business

48:56

or make money? Is that your... Okay got

48:58

it. And also they're rich people

49:01

to get me wrong but it's how'd you make

49:03

your money? Hmm yeah.

49:06

If you ran the Fed you'd run it differently

49:08

than Powell would because you've had to work

49:10

on your own. So you'd actually be

49:12

a better Fed chairman than him because

49:14

you come from experience. And

49:16

speaking about being a successful entrepreneur,

49:19

you also talk about how money

49:21

emerges from good ideas that are

49:23

executed well. Tell us about that.

49:25

Like what makes a good entrepreneur in your opinion? What makes

49:27

a good business? What makes a good entrepreneur? What do you

49:29

need? That's the third book. It's

49:32

over here. These are entrepreneurs.

49:34

He's pointing to BNI, big business brands

49:37

and insider. I build

49:39

brands starting another brand. I'm

49:41

constantly starting businesses and invest. Like

49:43

last week I invested in two

49:46

big businesses. I'm an insider.

49:48

I don't use my own money. I don't need money.

49:50

So I know some people are gonna

49:53

have money but I don't need money. But

49:55

It took me a long time to get there to

49:57

train my... You Gotta train your brain to think that

49:59

way. Why? Do we talk about

50:01

the difference between a brand and a business? Because I

50:03

feel like some people don't understand the difference. So when

50:06

I started. I have a social agency in a

50:08

podcast. Network I run People Social. The. Channels.

50:10

On Lincoln and Instagram and You Tube.

50:12

and then I also monetize podcast than

50:14

I have one of the biggest podcast

50:17

networks rape. When. I first started

50:19

I had built this big brands

50:21

around me. Being a social. Media

50:23

Influencer and starting my company. Yeah,

50:26

Media. And. I was able to charge

50:28

like ten thousand dollars a month for linked

50:30

in services were other people probably charged like

50:32

five hundred dollars a month. And it's because

50:34

I had a brand. Which. Is one

50:37

of the reasons lives able to charge so

50:39

high and obviously reputation credibility and so. For

50:41

approving whatever rape. What would you

50:43

say is a difference or teams us

50:45

of business? And A brands. You.

50:48

Can't go public. As. He

50:50

can go public. You're not a brand. Hollow.

50:53

You make a lot of money as an S.

50:55

My. Brain cells without me. I

50:58

don't have to work. So. As to

51:00

another company last week. I'm

51:02

developing into a brand. But.

51:04

I don't have to be that. says. He

51:06

didn't take yourself out of your business. Now

51:08

you've created a brand. As like

51:10

Tesla. Or. google. Or

51:13

apple. Or General Electric.

51:15

Bills. Edison. As a book called

51:17

Branding by A. Charlton. Race:

51:20

Or supposedly. So I

51:22

knew at the amount of be a

51:24

high paid us because you're. I

51:27

guarantee I don't pay taxes and you below

51:29

Texas? Ideal as a way to any

51:31

taxes or it as a success. I know it

51:33

ever. Of fact, I need to move to a

51:35

different state and I need to figure that out.

51:38

What? You're asking the right question because your mind,

51:40

I think your mind as. I'm punch

51:42

see where the head right now going.

51:45

Brand brand bread. right? Now

51:47

you're and S S S. Onassis

51:50

of client's. Fee. Have clients

51:52

another brand. I don't have

51:54

clients. I don't work. I have a

51:56

complete works for me. I have

51:58

employees. I have. The as

52:00

people here. All over the

52:02

world. Kings Point The school I went

52:05

to on Long Island not too far from where you

52:07

are. Is supply chain.

52:09

I. Bill supply chains. So.

52:12

My products call over the world. I

52:14

don't go around the world. Is

52:16

a different mindset. All.

52:19

Of your people assume right down ago

52:21

I have a site also got to

52:23

scare gonna got my podcast going. I'm

52:25

a tick tock dancer either Your title

52:27

is. Young. And profiting. That's.

52:30

Not a brand, Position

52:32

Statement. Catholic Churches a brand.

52:35

And also the gun. Buffet.

52:39

And vests and brands.

52:41

But. That won't invest in your company.

52:44

Wall. Street invest in brands.

52:47

While. She won't invest and your

52:49

business. So. When you think about

52:52

that, Then. The piece

52:54

of start to figure come in. But.

52:56

I had to read the stories of

52:58

Thomas Edison and of Steve Jobs. But.

53:01

Those guys crate brands. And

53:03

when you browse and you will edit.

53:05

But. Right now, ecological couple of pieces,

53:08

missing. I saw implied Selig

53:10

You're a way that lifestyle compliance

53:12

and. Things. Like that but I will

53:14

try to figure out how he can become more of

53:16

a brand. And. Were of an insider.

53:18

As Book three a this book to

53:20

call the Casual Quadrant which is this

53:22

year. And maybe what have you back on after I

53:24

read that Blacks I can. Pizza this year's be

53:27

on I. You have yet

53:29

to get to this year but you. Will.

53:32

You. Can make a lot of money here for

53:34

the does the says making money here. More.

53:37

Let's talk about things even talking

53:39

about in recent years. You

53:41

mentioned before, Gold and silver. Why?

53:43

Such a big proponent of gold and silver.

53:46

Produces. Toilet paper. He's.

53:49

Carrying a dollar. Just. Went fake.

53:51

This is a killer. The half dollar. Sixty

53:54

Four. To swim fake and seventy

53:57

one. Since important question. See.

53:59

What Apple? Monday went to this and

54:01

seventy one. Then. I went to

54:03

Treasury Bonds T Bills and T

54:06

Bonds. You know what the Ira

54:08

is. Inflation Reduction Act.

54:10

I was I. Then again, They're. Raising

54:12

interest rates to kill America.

54:15

And when the socialist take over will

54:17

be communists. They. Want social programs

54:19

and all the stuff? And

54:22

a bankrupting America right now. So.

54:24

I'm a Us. Marine. I went to military

54:26

school. That's what we studied. That's.

54:29

Why? so read this book at the Academy

54:31

here. Are by should read this book.

54:33

A. Backup systems collapsing. Hope it doesn't.

54:36

But if they keep doing what they're gonna

54:38

do, those can be runs on the banks.

54:41

Are holding onto this stuff? You

54:44

what happened during two thousand and eight with

54:46

this stuff? There a thing

54:48

called bail ends, not bail outs. They're

54:51

going to take your dollars in the bag. And.

54:54

They're gonna turn it into bank shares. As

54:56

a failed in and give me a

54:58

macro economics right now. So. That's

55:00

why. Back. And sixty

55:02

four, the sweat fake. And

55:05

seventy one. Does. What

55:07

faked. If this is how you

55:09

feel, you feel like America's becoming communist

55:12

and people are Mark Sisson communists and

55:14

don't even know it. Basically, I think

55:16

people have his opinions because they see

55:18

such a disparity between the Ritz in

55:20

the poor right now, right? The rich

55:22

are getting richer. They're not really tax.

55:25

They. Know how to make money and they're they're doing.

55:27

Better than a majority of Americans. They all that

55:29

wealth is like with the top. Point.

55:31

Zero One Percent. And. Then

55:33

everybody else is sort of lesson and us. What's

55:36

your perspective on that? Few not

55:38

believe in any sort of. Social.

55:40

Programs are helping people who. Didn't.

55:43

Have the same opportunities. You

55:46

can teach a man to fish.

55:48

Are you can give a man a fish? You're

55:51

not the type of person that wants to be

55:53

given says oh, You. Teach a man

55:56

to fish. You feed him for a lifetime.

55:58

Or. Woman: to You have a person

56:00

to fish, you feed them for a day. And

56:03

60% Americans believe in giving people fish.

56:06

I'm not even getting into that, Howl. I'm just saying

56:08

right now is this. If you

56:10

have this and you're working for this and

56:13

you have this in the bank, you're in

56:15

trouble. I hear

56:17

you. I started this whole

56:20

program because in 64, I

56:22

was holding one of these Kennedy half dollars

56:24

looking at it. It was copper.

56:27

What they did in 64 is they pulled

56:29

the silver out of the silver coins. And

56:33

then what happened in 71,

56:36

Nixon pulled the gold out of the dollar. Today

56:39

America is the biggest debtor

56:41

nation in history. Howl,

56:43

we're going bankrupt. We are bankrupt right

56:46

now. We have a few more

56:48

months left. So the object

56:50

is, I'm not trying to save anybody. If

56:53

anybody's listening, I'd buy some of the silver

56:55

coins right now. They're about 35 bucks. They

56:58

used to be 50 bucks. So I

57:00

would go to real money as fast as I

57:02

can, either real gold, this is real

57:04

silver, real gold or

57:06

Bitcoin. Get out of this stuff

57:08

here. Talk to us about

57:11

that cryptocurrency. You mentioned Bitcoin. Why

57:13

do you feel that's safer than dollars

57:15

right now? I study

57:18

like crazy. I'm not kidding you. I

57:20

hang out with very smart guys. Like I

57:22

said, you're number one answer to your friends. We're

57:24

your friends. This is a question I ask

57:26

people. Are your friends E's,

57:29

S's, B's or I's?

57:32

That's where you start. How about your father?

57:35

E, S, B or

57:38

I? Your sister? S,

57:41

B or I? Everyone

57:43

is an S for me. And

57:45

it's going to affect the way you think. I

57:47

hang out with people your generation who

57:50

can explain Bitcoin to me. So

57:52

I don't have an ego or similar persons. I'm

57:55

older so I can't learn. I can

57:57

learn from somebody who knows more than me. friend

58:00

who is a Bitcoin freakin genius. I mean, he

58:02

used to work for me but now he's a

58:04

millionaire, he doesn't have to. But

58:06

he understood Bitcoin. I don't understand it. So he

58:08

explained it to me. I said, okay, I got

58:10

it. So you've got to find in anything

58:13

in life here, who are

58:15

the people you're talking to? I

58:18

don't like financial planners. You

58:20

know, they're nice people, but they tell

58:22

you the 60-40, 60-40 equities, 40% bonds. 60-40 is going

58:28

to bankrupt people this year. This

58:30

year, not next year. This

58:32

year is another book I wrote here, Who

58:35

Stole My Pension? If I

58:37

had gone and become an airline pilot like my

58:39

friends did, they lost their

58:41

pensions. They flew for United Airlines. United

58:44

Airlines stole their pensions. It's

58:46

going to happen to every police officer,

58:48

firefighter, school teacher. Their pensions have

58:50

been stolen. They don't know it yet though. It's

58:52

coming out in the wash. So

58:55

I'm warning people now, oh,

58:57

you know what you're talking about. Okay. But

58:59

my friends who went to fly for

59:01

United Airlines, they lost their pensions already.

59:03

Okay, I'm just warning people. I wish I could

59:06

say, guess what? The Easter Bunny is

59:08

coming to town. We're going to hit you up

59:10

around the place. We're going to hug and kiss. And

59:13

I'll be happy. We

59:15

touched on a lot of things. One thing you didn't really

59:17

talk about is real estate. How do you feel about real

59:19

estate right now? Is it something... Okay.

59:22

Because interest rates are going up. It depends upon what

59:24

your interest rate was when you bought the thing. Now,

59:27

the good news is, is when markets crash is when you

59:29

get rich. So I say, what's going

59:31

to crash? Everybody goes, oh, he's bad news. That's good news.

59:34

But right now, the biggest thing

59:36

is consumer credit and then corporate

59:39

credit. I'm doing my very best to

59:41

tell you something. Okay. This

59:44

is garbage. Dollar bills. It's

59:47

built on debt. We're

59:50

coming down. We're

59:52

probably going into a depression. I

59:54

hope I'm wrong. You've

59:56

got to get away from this stuff here. So,

59:59

oh, I'm making... millions today, I saved

1:00:01

millions of dollars. But

1:00:03

throughout history, these things have

1:00:05

disappeared like that. It's

1:00:07

like we're just about to go over the falls right now.

1:00:10

And you want to

1:00:12

talk about more of this stuff here.

1:00:14

I'm warning you. I'm warning you. I'm

1:00:16

warning you. At least get to some

1:00:18

solvers, only 35 bucks. This thing is 2,200 bucks. People

1:00:24

say I need cash. I

1:00:27

walked down to my gold dealer. He just made 2,200 bucks

1:00:30

for that same day. It's liquid.

1:00:32

It's good as cash today. But

1:00:35

when I bought this thing, it was only 50

1:00:37

bucks. Today is for a 2,200. Think about

1:00:39

that. Think about that. Well,

1:00:43

let me ask you this. Why do you

1:00:45

think gold and silver will keep its value?

1:00:47

I know that it's actually valuable,

1:00:50

right? It's a precious metal. But

1:00:52

why is it that it keeps its value more

1:00:54

than dollars? That's a really good

1:00:56

question. Because it's real. Gold is God's

1:00:58

money. Silver is God's money. Bitcoin

1:01:01

is people's money. Most of your

1:01:04

listeners, if they're male, are into Bitcoin. You

1:01:06

want to get outside the system. Don't

1:01:08

want to be inside the financial system.

1:01:11

The whole financial system was set up to rip

1:01:13

us off. Well, Robert, like I mentioned,

1:01:16

it's been such a great conversation. I end my show

1:01:18

with two questions that I ask all my guests, and

1:01:20

then we do something fun with them at the end

1:01:22

of the year. So the first question is, what

1:01:24

is one actionable thing our young

1:01:26

and profiters can do today to

1:01:28

become more profitable tomorrow? I

1:01:31

would find out where is your

1:01:33

local gold and silver dealer. And

1:01:36

a gold and silver dealer, they have to know what they're

1:01:38

doing. A lot of crux out there. I

1:01:40

bought my first gold coin. It was 50 bucks.

1:01:42

I still have it. It's not worth 2,200

1:01:45

bucks. Did the gold coin get

1:01:47

a more valuable or did the dollar get less

1:01:49

valuable? I hate to tell you this, March 2024,

1:01:53

it comes to an end. My generation

1:01:55

is toast because all we have are 401ks. Okay,

1:01:59

last question. What? Did your

1:02:01

secrets? you profiting in life And this

1:02:03

is a metaphor. So beyond financial and

1:02:05

business, how do you suggest that we

1:02:07

live our most successful profiting life? Be.

1:02:10

Generous. Your generous and

1:02:12

sure what you know. I'm just showing what

1:02:14

I know. But. Also because since

1:02:16

be careful who you listen to. A.

1:02:18

Slump that a Sunday school all souls and for a good

1:02:20

to know. My. Mom and Dad tried to get

1:02:22

me to. Become a good Christian. I

1:02:24

couldn't handle it. Bomber. One

1:02:26

big thing, I was at Sunday school of

1:02:29

seven years old and a Sunday school teachers

1:02:31

young woman. To. Says Why

1:02:33

Or the three wise men

1:02:35

wise. And I raised

1:02:37

my hand as this is why. I.

1:02:40

Said cause you are rich. And legitimate

1:02:43

are all well as he goes out out out

1:02:45

out. Why do you say they're rich? As

1:02:47

over a gold frankincense and myrrh. That.

1:02:50

To be a ritzy those now.us the summer

1:02:52

sense of. Why the three

1:02:54

wise men? Wise. Or else

1:02:56

was causes sought. The does teacher. For.

1:02:59

Our seven years old at that time. When.

1:03:01

I was ten years all I knew. My

1:03:03

old man, poor Dad was poor. He

1:03:05

was never gonna make it. He wanted me

1:03:07

get a phd and although the serve you know. So.

1:03:10

I went to seek the next teacher. And

1:03:13

Auschwitz get. And today I

1:03:15

still see the wisest teachers. Thus,

1:03:17

My lesson. Love. That what a

1:03:19

great way to. and the salad cannons as a

1:03:21

wrap. Everything at. Thank. You so much

1:03:23

for joining us and young and podcast work in Everybody

1:03:26

learn more about you and everything that you do. For

1:03:28

reached A.com. I would get the

1:03:31

board game player ten times. It'll change your brain.

1:03:33

Most. People are wired to think like his

1:03:36

analysis. They'll change a thing to

1:03:38

the bees and eyes as what starts. Why?

1:03:40

Know that I've got the more reading to the

1:03:42

i gotta read some of your more recent bucks

1:03:45

that even talking about. Thank you so much Robert

1:03:47

for join us on the show. As you

1:03:49

keep up the good work. Very strong

1:03:51

and tough. Thank.

1:03:53

You. So

1:03:58

much has changed about being an entrepreneur. Rich

1:04:00

and Poor Dad was first published in the late

1:04:02

Ninety Nine. Yeah, But. So what's your favorite

1:04:05

scene? Kill. For. Example: I love the way

1:04:07

that Robert talk about not being afraid of

1:04:09

failure. As he has were and

1:04:11

we learn to walk by falling down. If

1:04:13

we never fell down, we would never walk. Sometimes.

1:04:16

You have to be willing to make mistakes

1:04:18

and fall down city can get back up

1:04:21

as a stronger and better person and entrepreneur.

1:04:23

Robert. Had to overcome flunking at a

1:04:26

school, going off to fight in Vietnam

1:04:28

and having his first couple of businesses

1:04:30

fail. But. He dusted himself off

1:04:32

and. Kept trying new things that. The

1:04:34

new businesses and been. One.

1:04:36

Of the keys to his success was finding

1:04:38

the right friends to make mistakes that. He

1:04:41

said he found a lot about becoming rich and

1:04:43

successful. Depends on who your friends are. will you

1:04:45

be able to find the right people that will

1:04:47

keep pushing you to do better? and who will

1:04:49

accept it when you push them back. As

1:04:52

Robert put it bluntly, if you're hanging out with

1:04:54

losers, you're gonna end up. Being a

1:04:56

leader, I also found it

1:04:58

fascinating how Robert described his breakout success

1:05:00

with rich dad poor Dad He didn't

1:05:02

attributed to being a work of genius

1:05:04

or anything like that. He. Says he

1:05:06

possessed into what the market wanted. If you

1:05:08

don't give the market what it wants, the

1:05:10

market doesn't buy it. You've got to know

1:05:13

who you're writing for and who your customers

1:05:15

are. Think. So much for listening

1:05:17

to this episode of Young and Profiting Podcast.

1:05:19

We know who our listeners and customers are

1:05:21

and we want to keep being able to

1:05:23

bring you great content that you enjoy. If

1:05:26

you listen, learned and profited, be sure to share this

1:05:28

episode with your friends and family. And if you get

1:05:30

enjoy the shell and you learn something. New and

1:05:32

please.