he’s an American businessman investor self-help author and motivational
self-help author and motivational
self-help author and motivational speaker he’s the founder of the Rich Dad
speaker he’s the founder of the Rich Dad
speaker he’s the founder of the Rich Dad company he has an estimated net worth of
company he has an estimated net worth of
company he has an estimated net worth of 80 million dollars he’s Robert Kiyosaki
80 million dollars he’s Robert Kiyosaki
80 million dollars he’s Robert Kiyosaki and here are his top ten rules for
and here are his top ten rules for
and here are his top ten rules for success so the last thing I want to talk
success so the last thing I want to talk
success so the last thing I want to talk about debt is one of the best
about debt is one of the best
about debt is one of the best investments I made because I started off
investments I made because I started off
investments I made because I started off with no money like most people you know
with no money like most people you know
with no money like most people you know my first investment was a little 18,000
my first investment was a little 18,000
my first investment was a little 18,000 dollar condo in Hawaii and I made a
dollar condo in Hawaii and I made a
dollar condo in Hawaii and I made a whopping 25 dollars a month I didn’t
whopping 25 dollars a month I didn’t
whopping 25 dollars a month I didn’t make much money on that deal but every
make much money on that deal but every
make much money on that deal but every time I did an investment be it real
time I did an investment be it real
time I did an investment be it real estate or business
estate or business
estate or business I got smarter because experience makes
I got smarter because experience makes
I got smarter because experience makes you smarter so I started with just a
you smarter so I started with just a
you smarter so I started with just a little eighteen thousand dollar unit I
little eighteen thousand dollar unit I
little eighteen thousand dollar unit I broke up my credit card I paid the two
broke up my credit card I paid the two
broke up my credit card I paid the two thousand dollar down payment with my
thousand dollar down payment with my
thousand dollar down payment with my credit card so 100% financed now most
credit card so 100% financed now most
credit card so 100% financed now most experts will tell you that’s stupid you
experts will tell you that’s stupid you
experts will tell you that’s stupid you don’t do that but but if you know what
don’t do that but but if you know what
don’t do that but but if you know what you’re doing you can do it a number of
you’re doing you can do it a number of
you’re doing you can do it a number of years ago I bought a 7 million dollar
years ago I bought a 7 million dollar
years ago I bought a 7 million dollar commercial building I paid for it with
commercial building I paid for it with
commercial building I paid for it with zero down and every month after
zero down and every month after
zero down and every month after everything is paid for it puts about
everything is paid for it puts about
everything is paid for it puts about $30,000 a month income in my pocket or
$30,000 a month income in my pocket or
$30,000 a month income in my pocket or three hundred sixty thousand dollars a
three hundred sixty thousand dollars a
three hundred sixty thousand dollars a year for no money down so that is the
year for no money down so that is the
year for no money down so that is the price of having a good education or a
price of having a good education or a
price of having a good education or a bad education a good education is
bad education a good education is
bad education a good education is knowing the good debt versus bad debt
knowing the good debt versus bad debt
knowing the good debt versus bad debt and how debtors can win if you know what
and how debtors can win if you know what
and how debtors can win if you know what you’re doing I don’t know what the heck
you’re doing I don’t know what the heck
you’re doing I don’t know what the heck with people think about money but that’s
with people think about money but that’s
with people think about money but that’s what I get a lot of is kind of this well
what I get a lot of is kind of this well
what I get a lot of is kind of this well you know money is not spiritual I’m just
you know money is not spiritual I’m just
you know money is not spiritual I’m just saying it’s your attitudes you know the
saying it’s your attitudes you know the
saying it’s your attitudes you know the person’s attitude towards money I make a
person’s attitude towards money I make a
person’s attitude towards money I make a lot of money but I give a lot you know
lot of money but I give a lot you know
lot of money but I give a lot you know what I mean in fact it goes to biblical
what I mean in fact it goes to biblical
what I mean in fact it goes to biblical principle the more you give the more you
principle the more you give the more you
principle the more you give the more you receive so when I meet somebody who’s
receive so when I meet somebody who’s
receive so when I meet somebody who’s not doesn’t have any money it just means
not doesn’t have any money it just means
not doesn’t have any money it just means that they’re not giving something yeah
that they’re not giving something yeah
that they’re not giving something yeah you know so a lot of times there’s
you know so a lot of times there’s
you know so a lot of times there’s people who would like more but they’re
people who would like more but they’re
people who would like more but they’re not giving anything so they’re like my
not giving anything so they’re like my
not giving anything so they’re like my poor debt you know he belonged to the
poor debt you know he belonged to the
poor debt you know he belonged to the labor unions and he wanted to work less
labor unions and he wanted to work less
labor unions and he wanted to work less and get paid more well that’s
and get paid more well that’s
and get paid more well that’s anti-religious to me
anti-religious to me
anti-religious to me yeah if you want to get paid more work
yeah if you want to get paid more work
yeah if you want to get paid more work more give more that’s how I see it
more give more that’s how I see it
more give more that’s how I see it discipline I had to get into was always
discipline I had to get into was always
discipline I had to get into was always pay myself first even when I had no
pay myself first even when I had no
pay myself first even when I had no money and would have all these bill
money and would have all these bill
money and would have all these bill collectors calling me I use them as
collectors calling me I use them as
collectors calling me I use them as inspiration really Oh wonder how the
inspiration really Oh wonder how the
inspiration really Oh wonder how the government’s hounding you bill
government’s hounding you bill
government’s hounding you bill collectors calling it because I’ve been
collectors calling it because I’ve been
collectors calling it because I’ve been broke again you understand what it feels
broke again you understand what it feels
broke again you understand what it feels like to be broke
like to be broke
like to be broke when those guys are calling you instead
when those guys are calling you instead
when those guys are calling you instead of you know shrinking and going into the
of you know shrinking and going into the
of you know shrinking and going into the shell and eating my pizza I use it as
shell and eating my pizza I use it as
shell and eating my pizza I use it as motivation to go out and make more money
motivation to go out and make more money
motivation to go out and make more money so I used that I used my bill collectors
so I used that I used my bill collectors
so I used that I used my bill collectors as motivation and that’s why I paid
as motivation and that’s why I paid
as motivation and that’s why I paid myself first even though sometimes I
myself first even though sometimes I
myself first even though sometimes I would you pay yourself I was blunt
would you pay yourself I was blunt
would you pay yourself I was blunt assets I buy a house or I’d put money in
assets I buy a house or I’d put money in
assets I buy a house or I’d put money in the bank and things like this but it was
the bank and things like this but it was
the bank and things like this but it was just a habit
just a habit
just a habit look what exact what you’re talking
look what exact what you’re talking
look what exact what you’re talking about it’s up here it’s about changing
about it’s up here it’s about changing
about it’s up here it’s about changing the way you think you said the whole
the way you think you said the whole
the way you think you said the whole book is about that’s because we’re our
book is about that’s because we’re our
book is about that’s because we’re our biggest asset we’re also my biggest
biggest asset we’re also my biggest
biggest asset we’re also my biggest liability but the common wisdom the old
liability but the common wisdom the old
liability but the common wisdom the old intelligence idea is to diversify and
intelligence idea is to diversify and
intelligence idea is to diversify and what I believe in this is something else
what I believe in this is something else
what I believe in this is something else is increase your financial IQ you
is increase your financial IQ you
is increase your financial IQ you financial like intelligence and instead
financial like intelligence and instead
financial like intelligence and instead focus and what focus stands for is this
focuses follow one course till you’re
focuses follow one course till you’re successful and so that’s what I did in
successful and so that’s what I did in
successful and so that’s what I did in 1973 I signed up for my first real
1973 I signed up for my first real
1973 I signed up for my first real estate investment course and I just did
estate investment course and I just did
estate investment course and I just did it and did it and did it you know I
it and did it and did it you know I
it and did it and did it you know I bought this one little $18,000 place and
bought this one little $18,000 place and
bought this one little $18,000 place and I did it again and I did it again and I
I did it again and I did it again and I
I did it again and I did it again and I did it again until the point where I
did it again until the point where I
did it again until the point where I understood it and then I went into
understood it and then I went into
understood it and then I went into becoming an entrepreneur and I did it
becoming an entrepreneur and I did it
becoming an entrepreneur and I did it and I did it and did it I’m still
and I did it and did it I’m still
and I did it and did it I’m still learning and I’m still learning about
learning and I’m still learning about
learning and I’m still learning about real estate and the reason 1966 I got
real estate and the reason 1966 I got
real estate and the reason 1966 I got into oil when I went to work for the
into oil when I went to work for the
into oil when I went to work for the Standard Oil Company so today I’m still
Standard Oil Company so today I’m still
Standard Oil Company so today I’m still focusing I invest in oil and oil and oil
focusing I invest in oil and oil and oil
focusing I invest in oil and oil and oil and I don’t diversify you know doesn’t
and I don’t diversify you know doesn’t
and I don’t diversify you know doesn’t mean they don’t lose sometimes I’m lose
mean they don’t lose sometimes I’m lose
mean they don’t lose sometimes I’m lose sometimes I make mistakes and all this
sometimes I make mistakes and all this
sometimes I make mistakes and all this but I just don’t buy good as with all
but I just don’t buy good as with all
but I just don’t buy good as with all the bad if you’re going to be successful
the bad if you’re going to be successful
the bad if you’re going to be successful as an investor do you know
as an investor do you know
as an investor do you know diversification is good for the average
diversification is good for the average
diversification is good for the average investor that’s what you want to be have
investor that’s what you want to be have
investor that’s what you want to be have a good life but what I’d rather do is be
a good life but what I’d rather do is be
a good life but what I’d rather do is be able to know the good ones from the bad
able to know the good ones from the bad
able to know the good ones from the bad ones the good investments for the bad
ones the good investments for the bad
ones the good investments for the bad investments the good advisors from the
investments the good advisors from the
investments the good advisors from the bad advisors and what’s good for me and
bad advisors and what’s good for me and
bad advisors and what’s good for me and what’s not good for you
what’s not good for you
what’s not good for you because what I do is not necessarily
because what I do is not necessarily
because what I do is not necessarily what’s going to work for you and vice
what’s going to work for you and vice
what’s going to work for you and vice versa later so that’s why I really think
versa later so that’s why I really think
versa later so that’s why I really think instead of diversification or
instead of diversification or
instead of diversification or diversifying the new rules of money say
diversifying the new rules of money say
diversifying the new rules of money say follow one course until you’re
follow one course until you’re
follow one course until you’re successful and then keep doing it
successful and then keep doing it
successful and then keep doing it because once you find that way of being
because once you find that way of being
because once you find that way of being successful you can do it again and again
successful you can do it again and again
successful you can do it again and again and again the thing is you see when
and again the thing is you see when
and again the thing is you see when people economies go out become is go
people economies go out become is go
people economies go out become is go down we might go into a depression
down we might go into a depression
down we might go into a depression the worldwide like I said I Francis it
the worldwide like I said I Francis it
the worldwide like I said I Francis it very big trouble Germany is okay
very big trouble Germany is okay
very big trouble Germany is okay England’s in big trouble
England’s in big trouble
England’s in big trouble China’s in trouble so if we go that we
China’s in trouble so if we go that we
China’s in trouble so if we go that we go to a worldwide depression that might
go to a worldwide depression that might
go to a worldwide depression that might take ten years you know to come out of
take ten years you know to come out of
take ten years you know to come out of it but during these times is the best
it but during these times is the best
it but during these times is the best time I have made more money in the last
time I have made more money in the last
time I have made more money in the last three years than ever before in my life
three years than ever before in my life
three years than ever before in my life you know I bought five I bought five
you know I bought five I bought five
you know I bought five I bought five golf courses last year on a bank that’s
golf courses last year on a bank that’s
golf courses last year on a bank that’s impressive
impressive
impressive well the bankses yeah Donald bought ten
well the bankses yeah Donald bought ten
well the bankses yeah Donald bought ten they’re giving them away no I’m totally
they’re giving them away no I’m totally
they’re giving them away no I’m totally yeah but you have to know how to operate
yeah but you have to know how to operate
yeah but you have to know how to operate them you know yeah ethic an entrepreneur
them you know yeah ethic an entrepreneur
them you know yeah ethic an entrepreneur yeah so the bank’s just call you up and
yeah so the bank’s just call you up and
yeah so the bank’s just call you up and they say that there was this one it was
they say that there was this one it was
they say that there was this one it was five golf courses in one hotel in the
five golf courses in one hotel in the
five golf courses in one hotel in the states in Arizona yeah golf Mecca you
states in Arizona yeah golf Mecca you
states in Arizona yeah golf Mecca you know and but this Japanese company had
know and but this Japanese company had
know and but this Japanese company had it and they asked me if I want to buy it
it and they asked me if I want to buy it
it and they asked me if I want to buy it about five years ago for 260 million I
about five years ago for 260 million I
about five years ago for 260 million I said does it make sense you know it
said does it make sense you know it
said does it make sense you know it doesn’t make sense at 260 million so
doesn’t make sense at 260 million so
doesn’t make sense at 260 million so they told me I didn’t know what I was
they told me I didn’t know what I was
they told me I didn’t know what I was doing this I’ll get by and then lasts
doing this I’ll get by and then lasts
doing this I’ll get by and then lasts this one year ago the summer the city
this one year ago the summer the city
this one year ago the summer the city bank called up and says you want lost
bank called up and says you want lost
bank called up and says you want lost golf courses and they gave me the money
golf courses and they gave me the money
golf courses and they gave me the money to buy him just to reiterate was in
to buy him just to reiterate was in
to buy him just to reiterate was in nineteen price of 1975 I came out with
nineteen price of 1975 I came out with
nineteen price of 1975 I came out with this product and we’re extremely
this product and we’re extremely
this product and we’re extremely successful but we kept running out of
successful but we kept running out of
successful but we kept running out of money but the more successful we got the
money but the more successful we got the
money but the more successful we got the more we ran out of money so that’s when
more we ran out of money so that’s when
more we ran out of money so that’s when I went to my Rich Dad I tried to borrow
I went to my Rich Dad I tried to borrow
I went to my Rich Dad I tried to borrow $100,000 and he chewed me out he says
$100,000 and he chewed me out he says
$100,000 and he chewed me out he says why would I invest in a dumb product
why would I invest in a dumb product
why would I invest in a dumb product when you have a bad business and so
when you have a bad business and so
when you have a bad business and so that’s what that’s when he began teach
that’s what that’s when he began teach
that’s what that’s when he began teach me the next level of my entrepreneurial
me the next level of my entrepreneurial
me the next level of my entrepreneurial education it’s not about the product
education it’s not about the product
education it’s not about the product it’s about how to design a business that
it’s about how to design a business that
it’s about how to design a business that doesn’t need me to keep raising the
doesn’t need me to keep raising the
doesn’t need me to keep raising the capital in other words how you design a
capital in other words how you design a
capital in other words how you design a business that keeps raising money
business that keeps raising money
business that keeps raising money automatically and today that Rich Dad
automatically and today that Rich Dad
automatically and today that Rich Dad company is cash rich cash keeps pouring
company is cash rich cash keeps pouring
company is cash rich cash keeps pouring in
in
in because the ability to raise money
because the ability to raise money
because the ability to raise money constantly was designed into the
constantly was designed into the
constantly was designed into the business and once again this is the
business and once again this is the
business and once again this is the diagram this is the BI triangle these
diagram this is the BI triangle these
diagram this is the BI triangle these are the eight pieces that make up a
are the eight pieces that make up a
are the eight pieces that make up a business when a business is hurting
business when a business is hurting
business when a business is hurting oftentimes is because one of these eight
oftentimes is because one of these eight
oftentimes is because one of these eight pieces is missing for example many times
pieces is missing for example many times
pieces is missing for example many times people to have a great product but their
people to have a great product but their
people to have a great product but their legal is really bad or this
legal is really bad or this
legal is really bad or this communication systems are bad or they’re
communication systems are bad or they’re
communication systems are bad or they’re on it you know their internal order
on it you know their internal order
on it you know their internal order processing is a bad or the manufacturing
processing is a bad or the manufacturing
processing is a bad or the manufacturing is bad or the marketing is bet and they
is bad or the marketing is bet and they
is bad or the marketing is bet and they only have bad cash flow management
only have bad cash flow management
only have bad cash flow management another part
another part
another part of your financial IQs – no there’s three
of your financial IQs – no there’s three
of your financial IQs – no there’s three types of income so if you’re gonna say
types of income so if you’re gonna say
types of income so if you’re gonna say it work hard most people are working
it work hard most people are working
it work hard most people are working hard for earned income and that’s what
hard for earned income and that’s what
hard for earned income and that’s what these guys are working for the trouble
these guys are working for the trouble
these guys are working for the trouble with earned income in America
with earned income in America
with earned income in America tax rates approximately fifty percent or
tax rates approximately fifty percent or
tax rates approximately fifty percent or as warren buffett says is a shame that
as warren buffett says is a shame that
as warren buffett says is a shame that his secretary pays a higher percentage
his secretary pays a higher percentage
his secretary pays a higher percentage in taxes and he did although he makes
in taxes and he did although he makes
in taxes and he did although he makes billions of dollars so when you say to a
billions of dollars so when you say to a
billions of dollars so when you say to a child go to school and get a safe secure
child go to school and get a safe secure
child go to school and get a safe secure job you’re telling the word for earned
job you’re telling the word for earned
job you’re telling the word for earned income the worst type of income the
income the worst type of income the
income the worst type of income the second type of income is portfolio
second type of income is portfolio
second type of income is portfolio income and today as I speak and they’re
income and today as I speak and they’re
income and today as I speak and they’re trying to change this it’s about 20
trying to change this it’s about 20
trying to change this it’s about 20 percent in portfolio income is generally
percent in portfolio income is generally
percent in portfolio income is generally known as capital gains if I buy a stock
known as capital gains if I buy a stock
known as capital gains if I buy a stock for ten dollars and I sell it for $50
for ten dollars and I sell it for $50
for ten dollars and I sell it for $50 the $40 gain is taxed at 20% or if I buy
the $40 gain is taxed at 20% or if I buy
the $40 gain is taxed at 20% or if I buy a house for a hundred thousand I sell it
a house for a hundred thousand I sell it
a house for a hundred thousand I sell it for two hundred thousand that’s a
for two hundred thousand that’s a
for two hundred thousand that’s a capital gains type of event so you pay a
capital gains type of event so you pay a
capital gains type of event so you pay a lot of tax for that and the third type
lot of tax for that and the third type
lot of tax for that and the third type of income which is the which is the best
of income which is the which is the best
of income which is the which is the best type of income excuse me I can’t spell
type of income excuse me I can’t spell
type of income excuse me I can’t spell again it’s passive income and this is
again it’s passive income and this is
again it’s passive income and this is income that just comes in on a regular
income that just comes in on a regular
income that just comes in on a regular basis one of the reasons I am wealthy
basis one of the reasons I am wealthy
basis one of the reasons I am wealthy and is able to retire at a young age is
and is able to retire at a young age is
and is able to retire at a young age is because I worked hard for passive income
because I worked hard for passive income
because I worked hard for passive income not earned income I don’t flip real
not earned income I don’t flip real
not earned income I don’t flip real estate generally not portfolio income I
estate generally not portfolio income I
estate generally not portfolio income I don’t flip stocks I want passive income
don’t flip stocks I want passive income
don’t flip stocks I want passive income so today the new rules of money is
so today the new rules of money is
so today the new rules of money is important to understand what are you
important to understand what are you
important to understand what are you going to school to become es
going to school to become es
going to school to become es entrepreneur or investor and what kind
entrepreneur or investor and what kind
entrepreneur or investor and what kind of income you’re working hard for earned
of income you’re working hard for earned
of income you’re working hard for earned portfolio or passive and if you know
portfolio or passive and if you know
portfolio or passive and if you know what you’re doing you can pay zero
what you’re doing you can pay zero
what you’re doing you can pay zero pratense percent taxes legally and this
pratense percent taxes legally and this
pratense percent taxes legally and this can be done all over the world people
can be done all over the world people
can be done all over the world people saying we can’t do it in my country well
saying we can’t do it in my country well
saying we can’t do it in my country well these people can’t do it in any country
these people can’t do it in any country
these people can’t do it in any country but in most parts of the world
but in most parts of the world
but in most parts of the world governments need these people so they’re
governments need these people so they’re
governments need these people so they’re always giving tax incentives for for
always giving tax incentives for for
always giving tax incentives for for investors and business owners who are
investors and business owners who are
investors and business owners who are for passive income so those are some of
for passive income so those are some of
for passive income so those are some of the new rules of money you’ve really got
the new rules of money you’ve really got
the new rules of money you’ve really got to know what you’re working hard at and
to know what you’re working hard at and
to know what you’re working hard at and what kind of work are you performing
what kind of work are you performing
what kind of work are you performing what kind of income are you working hard
what kind of income are you working hard
what kind of income are you working hard for well most successful
for well most successful
for well most successful entrepreneurs have gone bust yeah you
entrepreneurs have gone bust yeah you
entrepreneurs have gone bust yeah you know Henry Ford an old-time entrepreneur
know Henry Ford an old-time entrepreneur
know Henry Ford an old-time entrepreneur he went bust five times okay look look
he went bust five times okay look look
he went bust five times okay look look at Steve Jobs yep his own board fired
at Steve Jobs yep his own board fired
at Steve Jobs yep his own board fired him yeah you know Bill Gates was taken
him yeah you know Bill Gates was taken
him yeah you know Bill Gates was taken before the Supreme Court for
before the Supreme Court for
before the Supreme Court for monopolistic practices right here my
monopolistic practices right here my
monopolistic practices right here my friend Donald Trump went down a billion
friend Donald Trump went down a billion
friend Donald Trump went down a billion dollars yeah I only went down a million
dollars yeah I only went down a million
dollars yeah I only went down a million so the average person is so afraid of
so the average person is so afraid of
so the average person is so afraid of those losses they never get ahead
those losses they never get ahead
those losses they never get ahead because at school they teach you if you
because at school they teach you if you
because at school they teach you if you make a mistake or if you fail you’re a
make a mistake or if you fail you’re a
make a mistake or if you fail you’re a failure but that’s not real life a baby
failure but that’s not real life a baby
failure but that’s not real life a baby learns to walk by standing up and
learns to walk by standing up and
learns to walk by standing up and falling down standing up and falling
falling down standing up and falling
falling down standing up and falling down and our school system punishes you
down and our school system punishes you
down and our school system punishes you for making mistakes that’s why my poor
for making mistakes that’s why my poor
for making mistakes that’s why my poor dad an academic was so unsuccessful he
dad an academic was so unsuccessful he
dad an academic was so unsuccessful he was terrified of making mistakes but key
was terrified of making mistakes but key
was terrified of making mistakes but key to raising money this is Ken McElroy’s
to raising money this is Ken McElroy’s
to raising money this is Ken McElroy’s company it’s called MC companies Ken
company it’s called MC companies Ken
company it’s called MC companies Ken McElroy’s business is in the business of
McElroy’s business is in the business of
McElroy’s business is in the business of acquiring assets
acquiring assets
acquiring assets that’s why his company gets richer and
that’s why his company gets richer and
that’s why his company gets richer and richer and richer every year he adds
richer and richer every year he adds
richer and richer every year he adds probably a thousand new apartment units
probably a thousand new apartment units
probably a thousand new apartment units to his inventory so Ken’s company gets
to his inventory so Ken’s company gets
to his inventory so Ken’s company gets richer and richer because MC core
richer and richer because MC core
richer and richer because MC core company is designed to increase assets
company is designed to increase assets
company is designed to increase assets poorly designed businesses never have
poorly designed businesses never have
poorly designed businesses never have any assets they have huge liabilities I
any assets they have huge liabilities I
any assets they have huge liabilities I trust that makes sense to you so Ken
trust that makes sense to you so Ken
trust that makes sense to you so Ken macro is business gets stronger and
macro is business gets stronger and
macro is business gets stronger and stronger and stronger because every year
stronger and stronger because every year
stronger and stronger because every year she’s increasing more assets the Rich
she’s increasing more assets the Rich
she’s increasing more assets the Rich Dad company get stronger and stronger
Dad company get stronger and stronger
Dad company get stronger and stronger and stronger because every year we add
and stronger because every year we add
and stronger because every year we add more assets this year we’re adding
more assets this year we’re adding
more assets this year we’re adding franchising to a mix we’re also you know
franchising to a mix we’re also you know
franchising to a mix we’re also you know rich brother rich sister the book has
rich brother rich sister the book has
rich brother rich sister the book has come out we come out with the real book
come out we come out with the real book
come out we come out with the real book of real estate etc etc and every one of
of real estate etc etc and every one of
of real estate etc etc and every one of those products every year continues to
those products every year continues to
those products every year continues to send money into our product so that’s an
send money into our product so that’s an
send money into our product so that’s an idea of a well designed business if you
idea of a well designed business if you
idea of a well designed business if you have a well designed business I don’t
have a well designed business I don’t
have a well designed business I don’t care it’s for real estate or making you
care it’s for real estate or making you
care it’s for real estate or making you know cash flow boardgames
know cash flow boardgames
know cash flow boardgames if it’s well designed investors will put
if it’s well designed investors will put
if it’s well designed investors will put give money to you because this is a well
give money to you because this is a well
give money to you because this is a well designed business
designed business
designed business I think the big mistake is I hear so
I think the big mistake is I hear so
I think the big mistake is I hear so many people say it’s important to save
many people say it’s important to save
many people say it’s important to save that’s ridiculous and the reason that’s
that’s ridiculous and the reason that’s
that’s ridiculous and the reason that’s ridiculous is because what happened in
ridiculous is because what happened in
ridiculous is because what happened in 1971 is crucial in 1971 the US dollar
1971 is crucial in 1971 the US dollar
1971 is crucial in 1971 the US dollar stop being money in 1971 the US dollar
stop being money in 1971 the US dollar
stop being money in 1971 the US dollar became a currency and what that meant is
became a currency and what that meant is
became a currency and what that meant is Richard Nixon in 1971 the president took
Richard Nixon in 1971 the president took
Richard Nixon in 1971 the president took us off the gold standard that’s like
us off the gold standard that’s like
us off the gold standard that’s like giving an alcoholic free rein to the bar
giving an alcoholic free rein to the bar
giving an alcoholic free rein to the bar or it’s like giving somebody we can’t
or it’s like giving somebody we can’t
or it’s like giving somebody we can’t control their spending unlimited credit
control their spending unlimited credit
control their spending unlimited credit cards so what’s happening is all the
cards so what’s happening is all the
cards so what’s happening is all the savers today are losers you know the
savers today are losers you know the
savers today are losers you know the problem with 1971 is that the federal
problem with 1971 is that the federal
problem with 1971 is that the federal government keeps printing money so the
government keeps printing money so the
government keeps printing money so the value of your money keeps going down so
value of your money keeps going down so
value of your money keeps going down so these people I’m saving saving saving
these people I’m saving saving saving
these people I’m saving saving saving and if you notice as the value of the
and if you notice as the value of the
and if you notice as the value of the dollar goes down prices go up so they
dollar goes down prices go up so they
dollar goes down prices go up so they call this inflation you know you look at
call this inflation you know you look at
call this inflation you know you look at in 1997 oil was about I think $10 a
in 1997 oil was about I think $10 a
in 1997 oil was about I think $10 a barrel ten years later it’s about a
barrel ten years later it’s about a
barrel ten years later it’s about a hundred thirty five a barrel so they say
hundred thirty five a barrel so they say
hundred thirty five a barrel so they say it’s inflation but really what it is is
it’s inflation but really what it is is
it’s inflation but really what it is is the dollars value coming down so savers
the dollars value coming down so savers
the dollars value coming down so savers are getting wiped out today so just keep
are getting wiped out today so just keep
are getting wiped out today so just keep saying to yourself and to your kids to
saying to yourself and to your kids to
saying to yourself and to your kids to save money that is not the new rule
save money that is not the new rule
save money that is not the new rule that’s an old rule so a very big problem
that’s an old rule so a very big problem
that’s an old rule so a very big problem for most people to stop using the word
for most people to stop using the word
for most people to stop using the word save and use the word hedge you’ve got
save and use the word hedge you’ve got
save and use the word hedge you’ve got to hedge your money hedge against losses
to hedge your money hedge against losses
to hedge your money hedge against losses like when I buy a stock I put a hedge
like when I buy a stock I put a hedge
like when I buy a stock I put a hedge and I put a stop loss or a put inside of
and I put a stop loss or a put inside of
and I put a stop loss or a put inside of it or a call whatever I’m doing I want
it or a call whatever I’m doing I want
it or a call whatever I’m doing I want to stop it so today I don’t save money
to stop it so today I don’t save money
to stop it so today I don’t save money I’m hedging so I in 1997 I started
I’m hedging so I in 1997 I started
I’m hedging so I in 1997 I started investing in oil gold and silver so as a
investing in oil gold and silver so as a
investing in oil gold and silver so as a dollar drop oil gold and silver went up
dollar drop oil gold and silver went up
dollar drop oil gold and silver went up so I’m not betting so much on oil gold
so I’m not betting so much on oil gold
so I’m not betting so much on oil gold and silver I’m bidding against the US
and silver I’m bidding against the US
and silver I’m bidding against the US dollar and that’s why this idea that
dollar and that’s why this idea that
dollar and that’s why this idea that you’re going to tell people you need to
you’re going to tell people you need to
you’re going to tell people you need to save money that’s really really an
save money that’s really really an
save money that’s really really an obsolete idea because the idea went
obsolete idea because the idea went
obsolete idea because the idea went obsolete in 1971 the US dollar in the
obsolete in 1971 the US dollar in the
obsolete in 1971 the US dollar in the last few years has lost almost 80% of
last few years has lost almost 80% of
last few years has lost almost 80% of its purchasing power and the prediction
its purchasing power and the prediction
its purchasing power and the prediction is because this has happened throughout
is because this has happened throughout
is because this has happened throughout history it happened thousands of years
history it happened thousands of years
history it happened thousands of years ago with the Romans with the Greeks with
ago with the Romans with the Greeks with
ago with the Romans with the Greeks with the Germans with the English the
the Germans with the English the
the Germans with the English the Japanese and the Chinese every time
Japanese and the Chinese every time
Japanese and the Chinese every time they’ve made money money into a currency
they’ve made money money into a currency
they’ve made money money into a currency something you could print and unlimited
something you could print and unlimited
something you could print and unlimited every time they have that has happened
every time they have that has happened
every time they have that has happened the currency has gone to its true value
the currency has gone to its true value
the currency has gone to its true value which is zero so I am afraid as this
which is zero so I am afraid as this
which is zero so I am afraid as this economic volatility continues the savers
economic volatility continues the savers
economic volatility continues the savers who were operating by the old rules of
who were operating by the old rules of
who were operating by the old rules of money are just gonna get wiped out
money are just gonna get wiped out
money are just gonna get wiped out because the purchasing power of their
because the purchasing power of their
because the purchasing power of their dollar is going to go down so even with
dollar is going to go down so even with
dollar is going to go down so even with a bank paying you five to ten percent
a bank paying you five to ten percent
a bank paying you five to ten percent interest you can’t keep up with the
interest you can’t keep up with the
interest you can’t keep up with the bank’s printing money so that’s the old
bank’s printing money so that’s the old
bank’s printing money so that’s the old rule of money is saving money and the
rule of money is saving money and the
rule of money is saving money and the new rule is hedge you’ve got to be able
new rule is hedge you’ve got to be able
new rule is hedge you’ve got to be able to see what’s coming up as something
to see what’s coming up as something
to see what’s coming up as something else is coming down thank you so much
else is coming down thank you so much
else is coming down thank you so much for watching I made this video because
for watching I made this video because
for watching I made this video because the B thong asked me to so if there’s a
the B thong asked me to so if there’s a
the B thong asked me to so if there’s a famous entrepreneur that you want me to
famous entrepreneur that you want me to
famous entrepreneur that you want me to profile next leave it in the comments
profile next leave it in the comments
profile next leave it in the comments below and I’ll see what I can do
below and I’ll see what I can do
below and I’ll see what I can do I’d also love to know which of Robert
I’d also love to know which of Robert
I’d also love to know which of Robert Kiyosaki’s top ten rules had the biggest
Kiyosaki’s top ten rules had the biggest
Kiyosaki’s top ten rules had the biggest impact on you leave it in the comments
impact on you leave it in the comments
impact on you leave it in the comments below and I’m gonna join in the
below and I’m gonna join in the
below and I’m gonna join in the discussion thank you so much for
discussion thank you so much for
discussion thank you so much for watching
watching
watching beam to believe and I’ll see you soon
”
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