you wake up tomorrow morning and you’re on the street and you have nothing you
on the street and you have nothing you
on the street and you have nothing you don’t have a single contact in your
don’t have a single contact in your
don’t have a single contact in your network all you have is the knowledge
network all you have is the knowledge
network all you have is the knowledge and experience that you’ve had
and experience that you’ve had
and experience that you’ve had throughout your career how do you build
throughout your career how do you build
throughout your career how do you build up from there well I’ve been there many
up from there well I’ve been there many
up from there well I’ve been there many times so it’s no big deal
times so it’s no big deal
times so it’s no big deal you just figure out what’s needed I’m
you just figure out what’s needed I’m
you just figure out what’s needed I’m wanted to go do it you know I’ll always
wanted to go do it you know I’ll always
wanted to go do it you know I’ll always kind of dump one we call the fast food
kind of dump one we call the fast food
kind of dump one we call the fast food industry if I had to do it again I got
industry if I had to do it again I got
industry if I had to do it again I got one from McDonald’s the reason I go work
one from McDonald’s the reason I go work
one from McDonald’s the reason I go work for McDonald’s you know whether seven
for McDonald’s you know whether seven
for McDonald’s you know whether seven bucks an hour or 15 I don’t really care
bucks an hour or 15 I don’t really care
bucks an hour or 15 I don’t really care I don’t really like McDonald’s food but
I don’t really like McDonald’s food but
I don’t really like McDonald’s food but they have the best business systems or
they have the best business systems or
they have the best business systems or how else can a company take virtually
how else can a company take virtually
how else can a company take virtually non-college educated people and build
non-college educated people and build
non-college educated people and build fast to an industry across the world and
fast to an industry across the world and
fast to an industry across the world and they have the best system so right
they have the best system so right
they have the best system so right inside little McDonald’s you can learn
inside little McDonald’s you can learn
inside little McDonald’s you can learn everything you need to learn about
everything you need to learn about
everything you need to learn about business except for the management plan
business except for the management plan
business except for the management plan so I just go work it Donald so I can
so I just go work it Donald so I can
so I just go work it Donald so I can learn even more if I look at life as
learn even more if I look at life as
learn even more if I look at life as learning I’m constantly learning reading
learning I’m constantly learning reading
learning I’m constantly learning reading constantly studying constantly
constantly studying constantly
constantly studying constantly I spend most of my time with
I spend most of my time with
I spend most of my time with entrepreneurs I don’t spend my time with
entrepreneurs I don’t spend my time with
entrepreneurs I don’t spend my time with people who complain about the economy
people who complain about the economy
people who complain about the economy you know so nothing would really change
you know so nothing would really change
you know so nothing would really change I just go back to being an entrepreneur
you know school is good for people who
you know school is good for people who like school but here is my poor dead
like school but here is my poor dead
like school but here is my poor dead ahead of Education PhD on the governor’s
ahead of Education PhD on the governor’s
ahead of Education PhD on the governor’s Board of Hawaii and all this done and
Board of Hawaii and all this done and
Board of Hawaii and all this done and his kidney and I’m flunking out of
his kidney and I’m flunking out of
his kidney and I’m flunking out of school because I can’t read I can’t
school because I can’t read I can’t
school because I can’t read I can’t write I said I couldn’t read I couldn’t
write I said I couldn’t read I couldn’t
write I said I couldn’t read I couldn’t write I was bored out of my mind you
write I was bored out of my mind you
write I was bored out of my mind you know I was hate so what I did instead
know I was hate so what I did instead
know I was hate so what I did instead was that’s when I met my rich dad was my
was that’s when I met my rich dad was my
was that’s when I met my rich dad was my best friend’s father and he’d used these
best friend’s father and he’d used these
best friend’s father and he’d used these things called a game with games or the
things called a game with games or the
things called a game with games or the best teaching tools so when I’m playing
best teaching tools so when I’m playing
best teaching tools so when I’m playing this game this is how the rich taught
this game this is how the rich taught
this game this is how the rich taught their kids battle strategies called
their kids battle strategies called
their kids battle strategies called chess my rich dad taught me to be a rich
chess my rich dad taught me to be a rich
chess my rich dad taught me to be a rich man playing Monopoly we played Monopoly
man playing Monopoly we played Monopoly
man playing Monopoly we played Monopoly our you know the formula for great
our you know the formula for great
our you know the formula for great wealth of Monopoly is for green houses
wealth of Monopoly is for green houses
wealth of Monopoly is for green houses one red hotel so today in Arizona I own
one red hotel so today in Arizona I own
one red hotel so today in Arizona I own 8,000 reading hotel in greenhouses and
8,000 reading hotel in greenhouses and
8,000 reading hotel in greenhouses and several rental deals I just played
several rental deals I just played
several rental deals I just played Monopoly for real so that’s the power of
Monopoly for real so that’s the power of
Monopoly for real so that’s the power of a game because a game engages me
a game because a game engages me
a game because a game engages me mentally physically because I access the
mentally physically because I access the
mentally physically because I access the moving emotionally because when somebody
moving emotionally because when somebody
moving emotionally because when somebody knocks me out
knocks me out
knocks me out I better wake up
I better wake up
I better wake up so when you look at business business is
so when you look at business business is
so when you look at business business is the same thing this is a team sport I
the same thing this is a team sport I
the same thing this is a team sport I have to have good accountants going to
have to have good accountants going to
have to have good accountants going to turn these good marketing guys because
turn these good marketing guys because
turn these good marketing guys because tech guys got great staff after great
tech guys got great staff after great
tech guys got great staff after great leaders the trouble with most
leaders the trouble with most
leaders the trouble with most entrepreneurs are self-employed so they
entrepreneurs are self-employed so they
entrepreneurs are self-employed so they quit their job and you know in America
quit their job and you know in America
quit their job and you know in America they the SBA the Small Business
they the SBA the Small Business
they the SBA the Small Business Administration says is 28 million small
Administration says is 28 million small
Administration says is 28 million small business owner 28 million 24 million are
business owner 28 million 24 million are
business owner 28 million 24 million are classified as non employers mirth or
classified as non employers mirth or
classified as non employers mirth or one-man team it’ll be like this guy say
one-man team it’ll be like this guy say
one-man team it’ll be like this guy say ok I’m going to take you on be crazy but
ok I’m going to take you on be crazy but
ok I’m going to take you on be crazy but that’s what most entrepreneurs are
that’s what most entrepreneurs are
that’s what most entrepreneurs are trying to do because that’s what they’re
trying to do because that’s what they’re
trying to do because that’s what they’re taught to do in school to be the rugged
taught to do in school to be the rugged
taught to do in school to be the rugged individual you know in school I was very
individual you know in school I was very
individual you know in school I was very successful as long as I could cooperate
successful as long as I could cooperate
successful as long as I could cooperate at testing but in school cooperation at
at testing but in school cooperation at
at testing but in school cooperation at test time is called cheating in the real
test time is called cheating in the real
test time is called cheating in the real world the guys have the biggest team so
world the guys have the biggest team so
world the guys have the biggest team so all I focus on is putting the best team
all I focus on is putting the best team
all I focus on is putting the best team together meanwhile a lot of time to a
together meanwhile a lot of time to a
together meanwhile a lot of time to a students in school that the doctors and
students in school that the doctors and
students in school that the doctors and lawyers instead of they’re all by
lawyers instead of they’re all by
lawyers instead of they’re all by themselves they’re sitting ducks but
themselves they’re sitting ducks but
themselves they’re sitting ducks but they’re entrepreneurs and that means
they’re entrepreneurs and that means
they’re entrepreneurs and that means this in mindset tactic strategy I went
this in mindset tactic strategy I went
this in mindset tactic strategy I went to military school I’m a former Marine
to military school I’m a former Marine
to military school I’m a former Marine so I think like a military operation
so I think like a military operation
so I think like a military operation which I love chess so most most
which I love chess so most most
which I love chess so most most entrepreneurs you know they have as jobs
entrepreneurs you know they have as jobs
entrepreneurs you know they have as jobs ok I’m going to be an entrepreneur in
ok I’m going to be an entrepreneur in
ok I’m going to be an entrepreneur in this case of massacre
this case of massacre
this case of massacre because they went to school they’ll
because they went to school they’ll
because they went to school they’ll learn to get a job and it takes us
learn to get a job and it takes us
learn to get a job and it takes us longer out they have to be the smartest
longer out they have to be the smartest
longer out they have to be the smartest that’s like the LeBron James
that’s like the LeBron James
that’s like the LeBron James I don’t want being a smartest guy in my
I don’t want being a smartest guy in my
I don’t want being a smartest guy in my team but I want to have the best and
team but I want to have the best and
team but I want to have the best and that’s why I win estimate the last thing
that’s why I win estimate the last thing
that’s why I win estimate the last thing I want to talk about debts when the best
I want to talk about debts when the best
I want to talk about debts when the best investments that I made because I
investments that I made because I
investments that I made because I started off with no money like most
started off with no money like most
started off with no money like most people my first investment was a little
people my first investment was a little
people my first investment was a little $18,000 condo in Hawaii and I made a
$18,000 condo in Hawaii and I made a
$18,000 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 to be in real
time I did an investment to be in real
time I did an investment to be in real estate or business I got smarter because
estate or business I got smarter because
estate or business I got smarter because experience makes you smarter so I
experience makes you smarter so I
experience makes you smarter so I started with just a little eighteen
started with just a little eighteen
started with just a little eighteen thousand dollar unit I broke out my
thousand dollar unit I broke out my
thousand dollar unit I broke out my credit card I paid the $2,000 down
credit card I paid the $2,000 down
credit card I paid the $2,000 down payment with my credit cards was 100%
payment with my credit cards was 100%
payment with my credit cards was 100% financed now most experts will tell you
financed now most experts will tell you
financed now most experts will tell you that’s doofus you don’t do that but on
that’s doofus you don’t do that but on
that’s doofus you don’t do that but on but if you know what you’re doing you
but if you know what you’re doing you
but if you know what you’re doing you can do it a number of years ago I bought
can do it a number of years ago I bought
can do it a number of years ago I bought a 7 million dollar commercial building I
a 7 million dollar commercial building I
a 7 million dollar commercial building I paid for it with zero down and every
paid for it with zero down and every
paid for it with zero down and every month after everything is paid for it
month after everything is paid for it
month after everything is paid for it puts about $30,000 a month income in my
puts about $30,000 a month income in my
puts about $30,000 a month income in my pocket or 360 thousand dollars a year
pocket or 360 thousand dollars a year
pocket or 360 thousand dollars a year for no money down so that is the price
for no money down so that is the price
for no money down so that is the price of having a good education or a bad
of having a good education or a bad
of having a good education or a bad education a good education is knowing
education a good education is knowing
education a good education is knowing the good debt versus bad debt and how
the good debt versus bad debt and how
the good debt versus bad debt and how debtors can win if you know what you’re
debtors can win if you know what you’re
debtors can win if you know what you’re doing I don’t know what the heck would
doing I don’t know what the heck would
doing I don’t know what the heck would people think about money but that’s what
people think about money but that’s what
people think about money but that’s what I get a lot of as kind of as well you
I get a lot of as kind of as well you
I get a lot of as kind of as well you know money is not a spiritual I’m just
know money is not a spiritual I’m just
know money is not a spiritual I’m just saying it’s your attitudes you know a
saying it’s your attitudes you know a
saying it’s your attitudes you know a 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 exactly it goes to biblical
what I mean exactly it goes to biblical
what I mean exactly 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
receive
receive so when I meet somebody who’s not
so when I meet somebody who’s not
so when I meet somebody who’s not doesn’t have any money this means
doesn’t have any money this means
doesn’t have any money this means they’re not giving something you know so
they’re not giving something you know so
they’re not giving something you know so a lot of times there’s people who would
a lot of times there’s people who would
a lot of times there’s people who would like more
like more
like more but they’re not giving it even so
but they’re not giving it even so
but they’re not giving it even so they’re like my poor dad you know he
they’re like my poor dad you know he
they’re like my poor dad you know he belonged to the labor unions and he
belonged to the labor unions and he
belonged to the labor unions and he wanted to work less and get paid more
wanted to work less and get paid more
wanted to work less and get paid more well that’s anti-religious to me if you
well that’s anti-religious to me if you
well that’s anti-religious to me if you want to get paid more work more give
want to get paid more work more give
want to get paid more work more give more that’s how I said but the common
more that’s how I said but the common
more that’s how I said but the common wisdom the old intelligence idea is to
wisdom the old intelligence idea is to
wisdom the old intelligence idea is to diversify and what I believe in this is
diversify and what I believe in this is
diversify and what I believe in this is something else was increase your
something else was increase your
something else was increase your financial IQ you financial like
financial IQ you financial like
financial IQ you financial like intelligence and instead focus and what
intelligence and instead focus and what
intelligence and instead focus and what focus stands for is this focuses follow
focus stands for is this focuses follow
focus stands for is this focuses follow one course until you’re successful and
one course until you’re successful and
one course until you’re successful and so that’s what I did in 1973 I signed up
so that’s what I did in 1973 I signed up
so that’s what I did in 1973 I signed up for my first real estate investment
for my first real estate investment
for my first real estate investment course and I just did it and did it and
course and I just did it and did it and
course and I just did it and did it and did it you know I bought this one little
did it you know I bought this one little
did it you know I bought this one little $18,000 place and I did it again and I
$18,000 place and I did it again and I
$18,000 place and I did it again and I did it again and I did it again until
did it again and I did it again until
did it again and I did it again until the point where I understood it and then
the point where I understood it and then
the point where I understood it and then I went into becoming an entrepreneur and
I went into becoming an entrepreneur and
I went into becoming an entrepreneur and I did it and I did it and did it I’m
I did it and I did it and did it I’m
I did it and I did it and did it I’m still learning and I’m still learning
still learning and I’m still learning
still learning and I’m still learning about real estate and the reason in 1966
about real estate and the reason in 1966
about real estate and the reason in 1966 I got into oil when I went to work for
I got into oil when I went to work for
I got into oil when I went to work for the Standard Oil Company today I’m still
the Standard Oil Company today I’m still
the Standard Oil Company 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 they make mistakes and all
sometimes they make mistakes and all
sometimes they make mistakes and all this but I just don’t buy good as with
this but I just don’t buy good as with
this but I just don’t buy good as with all the bad if you’re going to be
all the bad if you’re going to be
all the bad if you’re going to be successful as an investor you know the
successful as an investor you know the
successful as an investor you know the versification is good to the average
versification is good to the average
versification is good to 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 from the bad
ones the good investments from the bad
ones the good investments from the bad investments good advisers from the bad
investments good advisers from the bad
investments good advisers from the bad advisers and what’s good for me and
advisers and what’s good for me and
advisers and what’s good for me and what’s not good for you because what I
what’s not good for you because what I
what’s not good for you because what I do is not necessarily what’s going to
do is not necessarily what’s going to
do is not necessarily what’s going to work for you and vice versa so that’s
work for you and vice versa so that’s
work for you and vice versa so that’s why I really think it’s been a
why I really think it’s been a
why I really think it’s been a diversification or diversifying the new
diversification or diversifying the new
diversification or diversifying the new rules of money they follow one course
rules of money they follow one course
rules of money they follow one course until you’re successful
until you’re successful
until you’re successful keep doing it because once you find that
keep doing it because once you find that
keep doing it because once you find that way of being successful you can do it
way of being successful you can do it
way of being successful you can do it again and again and again just to
again and again and again just to
again and again and again just to reiterate was in nineteen próxima 1975
reiterate was in nineteen próxima 1975
reiterate was in nineteen próxima 1975 I came up with this product and we were
I came up with this product and we were
I came up with this product and we were extremely successful but we kept running
extremely successful but we kept running
extremely successful but we kept running out of money the more successful we got
out of money the more successful we got
out of money the more successful we got the more we ran out of money so that’s
the more we ran out of money so that’s
the more we ran out of money so that’s when I went to my rich debt I tried to
when I went to my rich debt I tried to
when I went to my rich debt I tried to borrow $100,000 and he chewed me out he
borrow $100,000 and he chewed me out he
borrow $100,000 and he chewed me out he says why would I invest in a dumb
says why would I invest in a dumb
says why would I invest in a dumb product when you have a bad business and
product when you have a bad business and
product when you have a bad business and so that’s what that’s when he began
so that’s what that’s when he began
so that’s what that’s when he began teach me the next level of my
teach me the next level of my
teach me the next level of my entrepreneurial education it’s not about
entrepreneurial education it’s not about
entrepreneurial education it’s not about the product it’s about how to design a
the product it’s about how to design a
the product it’s about how to design a business that doesn’t need me to keep
business that doesn’t need me to keep
business that doesn’t need me to keep raising the capital in other words how
raising the capital in other words how
raising the capital in other words how do you design a business that keeps
do you design a business that keeps
do you design a business that keeps raising money automatically and today
raising money automatically and today
raising money automatically and today the Rich Dad company is cash rich cash
the Rich Dad company is cash rich cash
the Rich Dad company is cash rich cash keeps pouring in because the ability to
keeps pouring in because the ability to
keeps pouring in because the ability to raise money constantly with designed
raise money constantly with designed
raise money constantly with designed into the business and once again this is
into the business and once again this is
into the business and once again this is the diagram this is the BI triangle
the diagram this is the BI triangle
the diagram this is the BI triangle these are the eight pieces that make up
these are the eight pieces that make up
these are the eight pieces that make up a business when a business is hurting
a business when a business is hurting
a 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 their
communication systems are bad or their
communication systems are bad or their audit another internal order processing
audit another internal order processing
audit another internal order processing is about a manufacturer is bad with a
is about a manufacturer is bad with a
is about a manufacturer is bad with a marketing stat and they want to have bad
marketing stat and they want to have bad
marketing stat and they want to have bad cash flow management
another part of your financial IQ is to
another part of your financial IQ is to know there’s three types of income so if
know there’s three types of income so if
know there’s three types of income so if you’re going to say work hard most
you’re going to say work hard most
you’re going to say work hard most people are working hard for earned
people are working hard for earned
people are working hard for earned income and that’s what these guys are
income and that’s what these guys are
income and that’s what these guys are working for the children would earn
working for the children would earn
working for the children would earn income in America your tax rates
income in America your tax rates
income in America your tax rates approximately 50 percent or as Warren
approximately 50 percent or as Warren
approximately 50 percent or as Warren Buffett says it’s a shame that is
Buffett says it’s a shame that is
Buffett says it’s a shame that is secretary pays a higher percentage in
secretary pays a higher percentage in
secretary pays a higher percentage in taxes and he did although he makes
taxes and he did although he makes
taxes and he did although he makes billions of dollars so when you see
billions of dollars so when you see
billions of dollars so when you see their child go to school and get a safe
their child go to school and get a safe
their child go to school and get a safe secure job you tell them work for earned
secure job you tell them work for earned
secure job you tell them work 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% and
trying to change this it’s about 20% and
trying to change this it’s about 20% and portfolio income is generally known as
portfolio income is generally known as
portfolio income is generally known as capital gains if I buy a stock for $10
capital gains if I buy a stock for $10
capital gains if I buy a stock for $10 and I sell it for $50 the $40 gain is
and I sell it for $50 the $40 gain is
and I sell it for $50 the $40 gain is tacked at 20 percent or if I buy a house
tacked at 20 percent or if I buy a house
tacked at 20 percent or if I buy a house for a hundred thousand and sell it for
for a hundred thousand and sell it for
for a hundred thousand and sell it for 200,000 that’s a capital gain such as
200,000 that’s a capital gain such as
200,000 that’s a capital gain such as Bentley pay a lot of tax for that and
Bentley pay a lot of tax for that and
Bentley pay a lot of tax for that and the third type of income which is the
the third type of income which is the
the third type of income which is the which is the best type of income excuse
which is the best type of income excuse
which is the best type of income excuse me can’t spill again is passive income
me can’t spill again is passive income
me can’t spill again is passive income and this is income that just comes in in
and this is income that just comes in in
and this is income that just comes in in a regular basis one of the reasons I am
a regular basis one of the reasons I am
a regular basis one of the reasons I am wealthy and able to retire at a young
wealthy and able to retire at a young
wealthy and able to retire at a young age is because I worked hard for passive
age is because I worked hard for passive
age is because I worked hard for passive income not earned income
income not earned income
income not earned income don’t flip real estate generally not
don’t flip real estate generally not
don’t flip real estate generally not portfolio income I don’t flip stocks I
portfolio income I don’t flip stocks I
portfolio income I don’t flip stocks I want passive income so today the new
want passive income so today the new
want passive income so today the new rules of money it’s important to
rules of money it’s important to
rules of money it’s important to understand what are you going to school
understand what are you going to school
understand what are you going to school to become es entrepreneur or investor
to become es entrepreneur or investor
to become es entrepreneur or investor and what kind of income you’re working
and what kind of income you’re working
and what kind of income you’re working hard for earned portfolio or passive and
hard for earned portfolio or passive and
hard for earned portfolio or passive and if you know what you’re doing you can
if you know what you’re doing you can
if you know what you’re doing you can pay zero pratense descent taxes legally
pay zero pratense descent taxes legally
pay zero pratense descent taxes legally and this can be done all over the world
and this can be done all over the world
and this can be done all over the world they’ll say we can’t do it in my country
they’ll say we can’t do it in my country
they’ll say we can’t do it in my country well these people can’t do it in any
well these people can’t do it in any
well these people can’t do it in any country but in most parts of the world
country but in most parts of the world
country 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
investors and business owners
investors and business owners or passive and so those are some of the
or passive and so those are some of the
or passive and so those are some of the new rules of money you’re really going
new rules of money you’re really going
new rules of money you’re really going 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’s going to income when you’re
what’s going to income when you’re
what’s going to income when you’re working hard for
well most successful entrepreneurs have
well most successful entrepreneurs have gone bust well you know Henry Ford an
gone bust well you know Henry Ford an
gone bust well you know Henry Ford an old-time entrepreneur he went bust five
old-time entrepreneur he went bust five
old-time entrepreneur he went bust five times okay look at Steve Jobs yet his
times okay look at Steve Jobs yet his
times okay look at Steve Jobs yet his own board fired him yeah you know Bill
own board fired him yeah you know Bill
own board fired him yeah you know Bill Gates was taken before the Supreme Court
Gates was taken before the Supreme Court
Gates was taken before the Supreme Court for monopolistic practices right even my
for monopolistic practices right even my
for monopolistic practices right even 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 the average person is so afraid of those
the average person is so afraid of those
the average person is so afraid of those losses they never get ahead because at
losses they never get ahead because at
losses they never get ahead because at school they teach you if you make a
school they teach you if you make a
school they teach you if you make a mistake or if you fail you’re a failure
mistake or if you fail you’re a failure
mistake or if you fail you’re a failure but that’s not real life
but that’s not real life
but that’s not real life a baby learns to walk by standing up and
a baby learns to walk by standing up and
a baby 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 debt an academic was so unsuccessful he
debt an academic was so unsuccessful he
debt 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 is called MC companies Ken
company is called MC companies Ken
company is called MC companies Ken McIlroy’s business is in the business of
McIlroy’s business is in the business of
McIlroy’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 not
trust that makes sense to you so Ken not
trust that makes sense to you so Ken not always business gets stronger and
always business gets stronger and
always 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 rich data
she’s increasing more assets rich data
she’s increasing more assets rich data company gets stronger and stronger and
company gets stronger and stronger and
company gets stronger and stronger and stronger because every year we add more
stronger because every year we add more
stronger because every year we add more assets this year we’re adding
assets this year we’re adding
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 with sister the book has
rich brother with sister the book has
rich brother with sister the book has come out we come out of the real book of
come out we come out of the real book of
come out we come out of the real book of real estate except for except
real estate except for except
real estate except for except and every one of those products every
and every one of those products every
and every one of those products every year continues to send money into our
year continues to send money into our
year continues to send money into our product so that’s an idea of a
product so that’s an idea of a
product so that’s an idea of a well-designed business if you have a
well-designed business if you have a
well-designed business if you have a well-designed business I don’t care for
well-designed business I don’t care for
well-designed business I don’t care for real estate or making no cash flow for
real estate or making no cash flow for
real estate or making no cash flow for games if it’s well designed investors
games if it’s well designed investors
games if it’s well designed investors will put give money to you because this
will put give money to you because this
will put give money to you because this is a well-designed business
[Music]
[Music] look I have a I have an unfair advantage
look I have a I have an unfair advantage
look I have a I have an unfair advantage you know I went to war at war I’m alive
you know I went to war at war I’m alive
you know I went to war at war I’m alive because other guys died for me when you
because other guys died for me when you
because other guys died for me when you see stuff like that you know how can I
see stuff like that you know how can I
see stuff like that you know how can I quit most guys I just wasn’t cowards I
quit most guys I just wasn’t cowards I
quit most guys I just wasn’t cowards I don’t have so they should I should get a
don’t have so they should I should get a
don’t have so they should I should get a job
job
job [Music]
well I’ll say it again in 1973 I came
well I’ll say it again in 1973 I came back from Vietnam and I was a pilot out
back from Vietnam and I was a pilot out
back from Vietnam and I was a pilot out there and I took a real estate course
there and I took a real estate course
there and I took a real estate course there was $385 three days long and
there was $385 three days long and
there was $385 three days long and that’s a lot of money back then I was
that’s a lot of money back then I was
that’s a lot of money back then I was only making $500 a month so 385 was all
only making $500 a month so 385 was all
only making $500 a month so 385 was all I had
I had
I had and he instructed the end of the program
and he instructed the end of the program
and he instructed the end of the program said to me he said what did the whole
said to me he said what did the whole
said to me he said what did the whole class full of 30 of us who says your
class full of 30 of us who says your
class full of 30 of us who says your education begins now that you leave the
education begins now that you leave the
education begins now that you leave the class even get educated Wilde the class
class even get educated Wilde the class
class even get educated Wilde the class so his assignment was that everybody
so his assignment was that everybody
so his assignment was that everybody over 30 of us made the Parapan team get
over 30 of us made the Parapan team get
over 30 of us made the Parapan team get up in teams two or three of the team and
up in teams two or three of the team and
up in teams two or three of the team and went to look at 100 properties in 90
went to look at 100 properties in 90
went to look at 100 properties in 90 days and he says don’t buy anything just
days and he says don’t buy anything just
days and he says don’t buy anything just look at 100 properties doing evaluation
look at 100 properties doing evaluation
look at 100 properties doing evaluation of each property right up right a short
of each property right up right a short
of each property right up right a short blurb about of why it’s good why it’s
blurb about of why it’s good why it’s
blurb about of why it’s good why it’s bad and it’s at the end of 90 days and
bad and it’s at the end of 90 days and
bad and it’s at the end of 90 days and 100 properties then you make up your
100 properties then you make up your
100 properties then you make up your mind if you’re going to buy something he
mind if you’re going to buy something he
mind if you’re going to buy something he says if you haven’t found one property
says if you haven’t found one property
says if you haven’t found one property in 100 100 deals you start again you
in 100 100 deals you start again you
in 100 100 deals you start again you know you start to get another hundred
know you start to get another hundred
know you start to get another hundred and that’s what most that’s why most
and that’s what most that’s why most
and that’s what most that’s why most people are not rich is they’re not
people are not rich is they’re not
people are not rich is they’re not willing to go through that process of
willing to go through that process of
willing to go through that process of looking at a hundred deals to find one
looking at a hundred deals to find one
looking at a hundred deals to find one deal and this sometimes in you and I
deal and this sometimes in you and I
deal and this sometimes in you and I know you look at a lot of frogs to find
know you look at a lot of frogs to find
know you look at a lot of frogs to find one princess yeah but when you find that
one princess yeah but when you find that
one princess yeah but when you find that one princess everybody goes oh well how
one princess everybody goes oh well how
one princess everybody goes oh well how do you get so lucky
do you get so lucky
do you get so lucky well I looked at a lot of dirt dirt dogs
well I looked at a lot of dirt dirt dogs
well I looked at a lot of dirt dirt dogs out there you know is that like anything
out there you know is that like anything
out there you know is that like anything in life you don’t marry the first man or
in life you don’t marry the first man or
in life you don’t marry the first man or woman you meet hopefully it gives a
woman you meet hopefully it gives a
woman you meet hopefully it gives a couple of Okemah before you do
[Music]
[Music] my last paycheck I still remember
my last paycheck I still remember
my last paycheck I still remember clearly it was one the worst and the
clearly it was one the worst and the
clearly it was one the worst and the best days of my life I was in Puerto
best days of my life I was in Puerto
best days of my life I was in Puerto Rico I wasn’t working for Xerox and my
Rico I wasn’t working for Xerox and my
Rico I wasn’t working for Xerox and my boss gave me my last wasn’t a paycheck
boss gave me my last wasn’t a paycheck
boss gave me my last wasn’t a paycheck was a bonus check I think was about
was a bonus check I think was about
was a bonus check I think was about 30,000 bucks taxable look at this check
30,000 bucks taxable look at this check
30,000 bucks taxable look at this check and I went yeah I mean I was excited but
and I went yeah I mean I was excited but
and I went yeah I mean I was excited but I was also disturbed and so this other
I was also disturbed and so this other
I was also disturbed and so this other guy comes up to me they was John John
guy comes up to me they was John John
guy comes up to me they was John John says to me is he gonna be back at supply
says to me is he gonna be back at supply
says to me is he gonna be back at supply he says because you’re going to fail I
he says because you’re going to fail I
he says because you’re going to fail I looked and looked
looked and looked
looked and looked a few experts of words because that’s
a few experts of words because that’s
a few experts of words because that’s what he did he left Xerox field and came
what he did he left Xerox field and came
what he did he left Xerox field and came back I said look Dada
back I said look Dada
back I said look Dada you failed and you come came back but
you failed and you come came back but
you failed and you come came back but I’m going to fail and I’m never coming
I’m going to fail and I’m never coming
I’m going to fail and I’m never coming back and that’s the attitude do I mean
back and that’s the attitude do I mean
back and that’s the attitude do I mean here if if you say well if I fail I’ll
here if if you say well if I fail I’ll
here if if you say well if I fail I’ll go back to mommy and daddy then that’s
go back to mommy and daddy then that’s
go back to mommy and daddy then that’s what you’ll do so if you fail that’s
what you’ll do so if you fail that’s
what you’ll do so if you fail that’s when I became an entrepreneur because I
when I became an entrepreneur because I
when I became an entrepreneur because I had no money I had no money for years I
had no money I had no money for years I
had no money I had no money for years I didn’t have a paycheck but that’s what
didn’t have a paycheck but that’s what
didn’t have a paycheck but that’s what my Rich Dad encouraged me to do is is
my Rich Dad encouraged me to do is is
my Rich Dad encouraged me to do is is when you’re don’t have this paycheck you
when you’re don’t have this paycheck you
when you’re don’t have this paycheck you get hungrier smarter is a test of your
get hungrier smarter is a test of your
get hungrier smarter is a test of your character we become a crook if you
character we become a crook if you
character we become a crook if you become dishonest when you cheat and
become dishonest when you cheat and
become dishonest when you cheat and steal or will you become a better human
steal or will you become a better human
steal or will you become a better human being so really that’s the benefit of
being so really that’s the benefit of
being so really that’s the benefit of becoming an entrepreneur you really find
becoming an entrepreneur you really find
becoming an entrepreneur you really find out who you are when you don’t have
out who you are when you don’t have
out who you are when you don’t have anything if you’re an entrepreneur and
anything if you’re an entrepreneur and
anything if you’re an entrepreneur and you’re going to be a big entrepreneur
you’re going to be a big entrepreneur
you’re going to be a big entrepreneur leadership skills communication skills
leadership skills communication skills
leadership skills communication skills are more important illogically
are more important illogically
are more important illogically so now I have another book that just
so now I have another book that just
so now I have another book that just came out it’s called the eight lessons
came out it’s called the eight lessons
came out it’s called the eight lessons and military leadership in the military
and military leadership in the military
and military leadership in the military I want the Military Academy know that I
I want the Military Academy know that I
I want the Military Academy know that I let you know from day one you learn the
let you know from day one you learn the
let you know from day one you learn the leadership you know day one at the
leadership you know day one at the
leadership you know day one at the academy I have to stand in front of 20
academy I have to stand in front of 20
academy I have to stand in front of 20 18 year old kids ago section ten-hut
18 year old kids ago section ten-hut
18 year old kids ago section ten-hut and that’s right they’re going to you so
and that’s right they’re going to you so
and that’s right they’re going to you so that’s when you learn to be a leader now
that’s when you learn to be a leader now
that’s when you learn to be a leader now as you said to me we first met patrol
as you said to me we first met patrol
as you said to me we first met patrol with the military go we’ll Rock probably
with the military go we’ll Rock probably
with the military go we’ll Rock probably the number one skill to be an
the number one skill to be an
the number one skill to be an entrepreneur which is leadership the
entrepreneur which is leadership the
entrepreneur which is leadership the ability to listen to not take it
ability to listen to not take it
ability to listen to not take it personally I think you’ll still get the
personally I think you’ll still get the
personally I think you’ll still get the job done as such is five things you must
job done as such is five things you must
job done as such is five things you must remember number one is the fun was a
remember number one is the fun was a
remember number one is the fun was a strength of character you fail stand up
strength of character you fail stand up
strength of character you fail stand up don’t lie don’t cheat those two stand up
don’t lie don’t cheat those two stand up
don’t lie don’t cheat those two stand up on it keep going on strength this is
on it keep going on strength this is
on it keep going on strength this is focus the index finger this is where I’m
focus the index finger this is where I’m
focus the index finger this is where I’m going and I talk about how I went to
going and I talk about how I went to
going and I talk about how I went to flight school you know preparing to fly
flight school you know preparing to fly
flight school you know preparing to fly at Vietnam and people are shooting at
at Vietnam and people are shooting at
at Vietnam and people are shooting at you is still going to stay focused on
you is still going to stay focused on
you is still going to stay focused on your target a particular children the
your target a particular children the
your target a particular children the process this one everybody knows this is
process this one everybody knows this is
process this one everybody knows this is what you stand for and what I stand for
what you stand for and what I stand for
what you stand for and what I stand for is very simple financial education keep
is very simple financial education keep
is very simple financial education keep it simple
it simple
it simple you know teach people to manage your
you know teach people to manage your
you know teach people to manage your money so I stand for it and then don’t
money so I stand for it and then don’t
money so I stand for it and then don’t never get off that track the ring
never get off that track the ring
never get off that track the ring fingers for relationships if you if
fingers for relationships if you if
fingers for relationships if you if somebody is struggling financially get a
somebody is struggling financially get a
somebody is struggling financially get a company a country or marriage it’s
company a country or marriage it’s
company a country or marriage it’s because you have a bad relationship and
because you have a bad relationship and
because you have a bad relationship and they’re just incompetent but they want
they’re just incompetent but they want
they’re just incompetent but they want to pretend they’re smart and then the
to pretend they’re smart and then the
to pretend they’re smart and then the little ones the little finger
little ones the little finger
little ones the little finger every entrepreneur must do something
every entrepreneur must do something
every entrepreneur must do something that nobody else does for example the
that nobody else does for example the
that nobody else does for example the United States Walmart their whole system
United States Walmart their whole system
United States Walmart their whole system of business is designed to give you the
of business is designed to give you the
of business is designed to give you the lowest price possible everything
lowest price possible everything
lowest price possible everything whereas a little mom-and-pop store those
whereas a little mom-and-pop store those
whereas a little mom-and-pop store those able to put things on sale that’s not
able to put things on sale that’s not
able to put things on sale that’s not the same thing
the same thing
the same thing FedEx says overnight that was a whole
FedEx says overnight that was a whole
FedEx says overnight that was a whole thing they’re both the whole compound
thing they’re both the whole compound
thing they’re both the whole compound that little promise domino speeds in
that little promise domino speeds in
that little promise domino speeds in America was pizza in less than 30
America was pizza in less than 30
America was pizza in less than 30 minutes so the entire business was built
minutes so the entire business was built
minutes so the entire business was built around one simple little prongs and
around one simple little prongs and
around one simple little prongs and those are the things that make
those are the things that make
those are the things that make entrepreneurs extremely rich or
entrepreneurs extremely rich or
entrepreneurs extremely rich or extremely poor they don’t have most line
extremely poor they don’t have most line
extremely poor they don’t have most line [Music]
”
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