Kim Kiyosaki - Rich Woman: What Financial Freedom Really Takes

Full transcript: Kim Kiyosaki on London Real

3:43 This is London Real. I am Brian Rose. My guest today is Kim Kiyosaki, the internationally renowned speaker, author, entrepreneur, real estate investor, radio talk show host, and partner in the Rich Dad company alongside your husband, Robert Kiyosaki. You began investing in real estate in 1989 and now owned over 7,000 rental units, two hotels, and four golf courses, as well as commercial properties and other investments. Today you’re known as an outspoken advocate for female financial education with your books Rich Woman and It’s Rising Time by challenging the way tens of millions of women around the globe think about money.

4:17 Kim, welcome to London Real. Thank you, Brian. Such a pleasure to be here. Awesome to have you here. So much stuff I want to talk to you about, all right.

4:24 First of all, what’s it like being back in London? I know you’ve come to this city many times over the years, but what’s the city like? How is it different from the other international cities that you travel to? I love London. I love London.

4:36 I was able to get out and walk almost every day, and I love to walk out and talk to people, and I was, I think, the people in London. There’s a friendliness. There’s a welcome spirit. It’s very kind of low-key, actually, even though it’s a very vibrant city. So I love being here, and we’ve just done some events, and I have to say, and I’m not blowing smoke.

4:59 It was the best audience I’ve ever been in front of, and the women were all walks of life, from entré, from stay-at-home mom onto employee to successful entrepreneur with 50 plus employees, and these women were so open, so eager to learn, so energized from the moment that we started. It was so fun. It just, I learned so much from them. Wow, yeah. it’s great, and I just, I love being London.

5:28 I wish I could spend like a month or two months here and really get to know the city a lot better. Yeah, I think you’d love it. You know, I would for sure, and When you see real estate, what do you think you see everything through a different eye, and Robert always tells me he said Kim is the expert in real estate. I’ll of real estate and I started back in 1989 with a little two-bedroom, one-bath house. You know, and back then it was $45,000, and I had to put down $5,000, which I didn’t have, and I was scared to death, and what if I lose money?

5:57 And what if I make a mistake? But once I got through that first property and kept buying more and more properties, I understood the, I understood real estate, I understood the game, but I also understood the freedom that real estate, specifically cash flowing real estate, could deliver. And that’s really the love of real estate. It’s not so much the property, although I love properties. I love to figure out how to make the properties better, how to create a better environment for our tenants.

6:26 I love all of that, but the number one thing is the freedom that comes from the cash flow of these rental properties. Yeah, no, that’s good. I want to talk about that a little bit later, and when you see, like, the high-rises here, and when you see things, what would you do, things go through your mind? Does it look different than other places? Do you see investment opportunities, or I see a lot of cranes in the skies, and I, and I noticed similar to New York, like when checking into a hotel rooms are lost.

6:54 There’s a lot of building going on. There’s a lot of growth happening here, and prices are high, so I haven’t. Again, if I was to come here and really look at buying real estate, I would have to spend two, three months. You’re really getting to know it, talking to property managers, talking to eight brokers to find out where the real opportunity is here. So I haven’t had the chance to do that for example in the US right now.

7:22 I think the big opportunity is in senior housing, and that’s a property I’m working on right now. We’re changing it over from a sports club to senior housing, because you got all these aging baby boomers. So, I, one thing I might do with coming out here is say, is there an opportunity here for senior housing, because you’ve got all the aging baby boomers as well. Yeah, that’s interesting, cuz I have not. You heard that term used here in the UK?

7:45 Okay, or in Europe? So I’m guessing that you’re probably years ahead of thinking about that. Well, then maybe I do need to come out here. Maybe there is an opportunity there. Probably is, but yeah, central London rent, you know, retail, you know, real estate, maybe it’s somebody to stay away from, because yeah, get a little crazy.

8:02 It’s hard to get the cash flow going. Yeah, so even in the U.S. with our apartments, we don’t go high-end apartments, because when there is a recession, and we do think there will be a recession coming sometime shortly, people in the high-end move to the middle end, so we’re middle end, and people in the middle end move to the low end. Okay. So we kind of worried, we’re not, we are not risky when it comes. We don’t take great risks when it comes to real estate.

8:28 We’re pretty stable. We’re pretty risk-averse. We know our formula. We know our niche, and we just keep doing that. It gets a little, it’s even a little bit more difficult now in the U.S., because we have hedge funds.

8:42 We have all this money from Wall Street coming into real estate now, so even in the U.S., it’s getting more and more competitive. Yeah, but when that crash comes, then they’ll be buying opportunities. Good. Well, I want to talk about the crash. Haven’t seen a live talking himmat with the Kiyosaki’s about the crash, which is good.

8:58 You know, you just reminded me. My mother Betty in San Diego started investing in real estate when I was in my teens, and again, she must have been terrified. You know, in her teens? No, I was in my teens. I, I just was like in the ’80s when I didn’t know many, but people, you know, people weren’t talking about it.

9:16 There was no internet. That kind of thing. She now has, I think, about 30 or 35 units that she still manages to this day. The 30 year mortgages were paid off, and now that’s just cash flowing. Yeah, she does that, and then six months of the year she travels the world.

9:29 Fantastic. And it’s just amazing to see how she could create her independence that way. Yeah, and has for the last 30 years. So, yeah, powerful stuff. It is, and anybody can do it.

9:42 It’s just, there’s, there seems to be a fear of parting your money into a property, when especially when you don’t know, for like the first time I did this, I really didn’t know anything about real estate. You know, I, I think maybe I got the numbers right, but I don’t know, and what happened after three months? The tenant moved out. The first property, I had the tenant moved out. I’m like, oh, I’m so smart, I’m gonna raise the rent.

10:04 So I raised the rent. Well, I raised it above market, so nobody rented for three months. So instead of making my $25 a month, I lost $300 a month. You know, so you learn lessons along the way, and a lot of life lessons too, right? Which I think made it into the board game, which we’ll talk about later as well.

10:21 Yeah. That’s really interesting stuff. To see how that works and I want to talk about it for sure. I want to talk about a bit of the mission of kind of what you and Robert have been doing the last, you know, 30 years. Before I do that, though, I just want to say that I first met you in London, I think five years ago or six years ago at the ExCeL Centre, and I remember I threw all my cameras in a taxi and went out there with my director Lewis, and you just met.

10:45 There was no one else at London Real at the time, and we did a 30-minute interview with Robert. It was really powerful. Robert was just really open and authentic and honest, like he always is, and I met you, and you were just amazing. You always have incredible energy, Kim. You’re always just a shining beacon of positivity, and can I saw you in Phoenix a year ago, and it was the same thing, and so I just want to say thank you, because you are that person.

11:09 You’re always that person. And this is back before I was, you know, London Real famous. You still were so kind of mean. I think people really feel your energy, and your life, really, such an important part of this whole thing that you ain’t done. So thank you for that.

11:23 Thank you. Your mission, that Rich Dad is to elevate the financial well-being of humanity. Yes, and I know you and Robert are really thinking big these days, and thinking about, like, how can we do that on a global basis? And you’ve always said, we got to stand, mind you know, what though, I’m reading my mind, really? Okay, this discussion yesterday.

11:39 Oh really? Yes, and you always say, we’ll stick to the mission. When we stand to the mission, we win. And just wondering about that vision, did that take time to evolve, and what does that look like today? That’s a great question, because we came up with that mission statement to elevate the financial well-being of humanity in the very beginning.

11:57 So we created our cash flow board game that came out before Rich Dad Poor Dad, and that was our mission statement. It was funny, Brian, because people said, well, that’s a very bold statement. That’s kind of, aren’t you kind of full of yourself to think you can elevate the financial of humanity, and all this, you know, all this. We’re like, yeah, we think we’re gonna give it a shot. We’re gonna give it a shot.

12:18 And so we’ve always stuck to that mission, always, and today you know, we traveled the world, and I just, I’m always so humbled when somebody comes up and says, thank you for Rich Dad Poor Dad, thank you for a Rich Woman, thank you for, you know, the board game, because of this, we’ve done this, because of we’ve read this. It changed our life, and that’s to me that’s the mission, and the only time we get in trouble with that mission is when people come in who don’t understand the mission. Come into our company.

12:51 They don’t understand the mission, but they understand the money, and that every single time, it doesn’t, never works. It never works when people come in because of the money instead of the mission. There is a failure. So we’re crystal clear that every time we stick to the mission, just do what we know how to do. Money is secondary.

13:12 Mission is first, and so we are actually bigger internationally than we are in the US, and we want to keep growing it internationally. Of course the internet, you know, allows us to do that, but we still love the face to face. We still love getting in front of people. We still love hearing the stories. So I don’t know that we’ll ever stop doing that, but we’re always looking at ways to expand the brand, and we’re now partnering with people who are only mission based and aligned to our mission, and that’s really important, and for partners, this is something I’ve learned over the years.

13:50 If you take on a partner or an employee, absolutely, number one, they’ve got to be aligned to your mission, really aligned, not just lip service, but really aligned to the mission and aligned to the values. If they’re not, it’s not gonna work. That’s powerful. Powerful advice. It’s, I’ve learned it the hard way.

14:08 Yeah, yeah. And I think a lot of companies struggle with that. Yeah, I have the mission, and then some great, you know, financial opportunities come along, and then they realize, wait a second, that changes who we are as a company. Yes, and you and Robert, I’ve always been out there. I mean, when I look at your schedule, it’s like, you know, makes me tired.

14:25 Yeah, you know, you’re traveling all around the world, you know, in Asia. I know you’re going to India like tomorrow. And I mean, you guys are always on the road and in front of audiences and on stages. That’s always been something that’s important to you. It has been.

14:39 Again, it’s just getting in front of the people, because that’s where we learn if we’re on track or we’re off track, and so to hear people’s stories and to be able to, I mean, Robert, I mean Robert is his passion is education, his passion is educating people more more today, I think, than ever. For me to educate women, that was never my goal. My goal was never to be on stage. My goal was never to be a speaker. I loved the business.

15:08 I loved running the business. I loved making things happen back there. And then what would happen is, Robert, I would travel together, and we talk about Rich Dad philosophy and the Rich Dad principles, and I would get up on stage and I talk for just a few minutes to the women, and every time, it could be London, it could be Singapore, it could be Johannesburg, every time at the breaks I would just be surrounded by women, and they have all these questions, and it was really, really clear that there was such a need for women, because the how-tos are the same of investing in business and all that, but the issues that women face are very different when it comes to money.

15:44 So being able to address that when we do our events, it’s women only so that they feel safe. They can share. They can tell their stories. It’s a lot of fun. Yeah, and it’s so important.

15:54 In some of the statistics you share with me or shocking, and I want to get into it because it’s so important, and you know I have women in my life, and I told my mother, is he’s quite an exception? I mean, she really is all over that. She’ll rattle the numbers off to me over the phone, and I think okay, but that, but that’s, I love it too in it, but that’s the exception. Sometimes it is accept, and I don’t want to, generally, yeah. Unfortunately, in it disempowers men when the women aren’t financially apt, and a lot of men aren’t as well, but it’s just like we need everybody and I, and is a great point, Brian, because I would think, you know, sometimes if a woman, if they’re married and the woman comes up and said, I really want to understand what we have and what we’ve gotten, how we’re gonna grow it.

16:32 Oftentimes the guy might get a little threatened, like, aren’t I doing a good job, or is there something wrong and I would think ideally the partnership, he would be relieved to have them working together on the money, because we work so hard for our money, we work so hard for our money, and why would we not? Why would we not want it? Why would we want to turn it over to a financial planner or a financial advisor who they hope and pray is gonna you know, do a better job than them.

16:59 Nobody’s gonna look after your money better than you. So I always thought it would be great to have a team, husband and wife or partners working together to grow that money. Yeah, you said the number one argument between couples is money, is money? Yes, the only, I heard a comment, the only time we talk about money is when there’s a problem. Yeah, yeah.

17:21 That’s a whole shame. All right, well, we’re gonna break through all this stuff today, because I agree. I mean, I want my whole family knowing about money. I want my daughter and my sons and my wife, and I want everybody being proactive thinking about it, talking about it, because that way there won’t be, yeah, the problem. It’s very healthy.

17:36 Yeah, as opposed to this big unknown. So I want to get to that stuff, but I want to just dial it back a little bit because you mentioned, like, that first rental property in Oregon, I think it was, and how that one month you didn’t have your cash flow, and you really felt it. Yeah. And a lot of people don’t know that the board game, the cash flow board game came out before the book, and it’s a game that people are still playing today. They play online on your websites, and it’s incredibly educational.

18:01 Just wondering, maybe you could talk about how the Rich Dad, which became Rich Woman, enriched at Empire kind of built, because you were there from the beginning, and how did that go from kind of a board game and then the book, and then you guys are on Oprah, and yeah, that was amazing. There is an Oprah effect. Yeah, the board game, we found out we’ve got like 3,500 cash flow clubs that have popped up all over the world spontaneously. People get together on a regular basis and just play the game, and that fulfills our mission, but The cash flow board game came about because Robert and I were financially free in 1994.

18:38 I was 37, Robert was 47, and everybody kept asking, how did you do it? How did you do it? And they all assumed we had millions of dollars and we did not have millions of dollars. We had $10,000 a month coming in every month from our investments, which were primarily real estate, but our living expenses were only 3,000, so that was always our formula. To have your passive income from investments greater than your living expenses.

19:04 At that point you’re free. So everybody wanted to know how we did it, and we’re like, you know, we don’t want to be traveling all over the world, because we were doing that in a previous business teaching this, and we love games, and so we’re like, let’s make a board game, and this was, we decided this, we’re sitting in New York City one day, having a cup of coffee, and we’re like, let’s make a board game. I have no idea how to make a board game. No idea at all.

19:29 Were you inspired by other board games? I know Robbie’s flaming out, and I said yes, but cash flow game is like, it’s like a grownup version of mallanna. It’s like Monopoly with consequence. Yes, reality. Yes, reality, right?

19:40 Yes. So we started building this game, and we would work morning, tonight, and we had a friend that came in, and on the board game you actually have deals. You have real estate deals and business deals, and he actually put all the numbers through a simulation, like thousands of times, to make sure the numbers were correct, and we printed a thousand copies of the board game, and then we’re like, wait, we did everything a little bit backwards, Brian, a little bit.

20:07 We printed. We’re like, okay, now we got to sell it, and how are we gonna sell it? So Rob was like, I’m gonna make a brochure, so he starts working on this brochure, and in the meantime we’re gonna launch this game in Singapore at a seminar, because we had from our previous business we had a big base of people in Singapore, in Australia, New Zealand, so we’re like, let’s do a big seminar, everybody’s gonna play the cashflow game, and they’re all gonna get one.

20:33 That was our first launch. But in the meantime, Robert’s writing this brochure, and he keeps writing it, and he keeps writing it. I’m like, where’s the brochure? Where’s the brochure? And the next thing you know, here’s this book called Rich Dad Poor Dad.

20:45 I’m like, it’s a big brochure, and that book came out. No publisher wanted it, and we self-published. We had a thousand copies in our garage, and we had a friend of ours who had one of those big car washes, on the super car washes, with the convenience store attached, and we said, hey, put our book in your convenience store. Would you put it in there, and he’s like, we don’t sell books, and we’re like, that’s why we want it. There’s no competition.

21:14 So he put his books in there. Long story short, we get this call, and this guy calls, and he says, hey, my name is Bill. I’m in Dallas, Texas. Good book you got there, like you read Rich Dad Poor Dad? He goes, yep.

21:29 He goes, I said where’d you get it? He said, we got my friend sent it to me from a car wash in Austin, Texas. I said, yeah, we had two dozen books there. He goes got them all. I’m like, what?

21:40 He goes, yeah, how many more you got? I said, we got a thousand less 24 he goes, well, I already got the 24. I’ll take the rest. And I’m like, who are you? And he says, with a company called Amway, and so it started going through Amway because we talked about passive income, they talked about residual income.

22:01 It was very much aligned to their philosophy, so that’s how it started. And then in 2000, and Amway was massive door-to-door sales. Yes, yes, yes. Net massive door-to-door sales they had, and every night they do what they call showing their plan, and in recruiting people into their business. And so, every night they would talk, and we’ll, these people all over the US, but talk about Rich Dad Poor Dad.

22:23 So it’s like a grassroots campaign getting our book out there, and then in 2000 Oprah Winfrey calls, and Robert goes on Oprah Winfrey. She does an entire show, just I’m Rich Dad Poor Dad, brings people in who would we never met, who’s who, because of Rich Dad Poor Dad. It changed their life, and I still remember walking into the set, and Robert and I were sitting in the front row, and there’s two chairs on stage, and Robert, kosher, I wonder who that other chair’s for, and I’m like, Robert, that’s for you, and it fun, and it hit him.

23:02 They had a great show. They had a great rapport. Yeah. And overnight her show was syndicated to 150 countries, so overnight we’re in 150 countries, and that was the spark internationally that got us out there. So I have a lot of respect and admiration for Oprah Winfrey.

23:19 This is like pre-internet, so basically Oprah was the energy, was the Internet? Absolutely. Yeah, yeah. That’s incredible. Yeah, it is a great episode.

23:26 You can still watch it on YouTube. Yeah, right. And there was all these people that had changed their lives. Yeah. Robert was really good at being articulate in, you know, that book.

23:33 I mean, I must say I listened to it again when I flew out to Phoenix to see you guys, and all over in, I just thought, you know what, I’m gonna go back in, and and it’s just so powerful. It’s just a book about psychology and human beings, and our own relationship with fear, and our own misunderstanding of being grown up in a world and being told that money is this, when realizing it’s something else. It’s real fundamental stuff. Yeah, I was just impressed.

23:59 Yeah, I read it again at how simple it was. Is simple, that’s the beauty of it. Robert takes the complex and makes it very, very simple, because if you look at money, money is kind of a psychotic subject. Everybody’s got all these crazy ideas and beliefs, and money is the root of all evil, and only rich and rich people are corrupt, and you know, all these crazy ideas it’s just money. It’s just a means of exchange, and people do crazy things for it.

24:28 So you know, a lot of my favorite line that Rich Dad said, he said Richard said money may not be the most important thing in the world, but it affects everything that is. You know, it affects your lifestyle. It affects your healthcare. It affects your level of education. It affects everything on a day to day basis.

24:45 It affects the food you eat, so it may not be the most important thing, but it does affect everything that is important. Yeah, that’s powerful. And another thing that Robert said to me recently, he said the difference between a rich person and a poor person is his fear and their relationship with fear. And I think about you with that first investment. You know, that’s going into your fear, but 99 other people out of 100 would have not done that because of that fear.

25:13 It would have been easier not to do that deal. It would have been easier not to buy the deal, because then I wouldn’t have to go through this learning curve. Then I wouldn’t have to face a fear all the time of what’s gonna happen and how do I deal with tenants, and how do I do this? And it was a lot to learn on one little tiny property, and so I think a lot of people, they don’t want to be uncomfortable. They don’t want to get out of their comfort zone.

25:35 And the only way we grow and learn is by stretching ourselves, and getting out of our comfort zone, even by a little bit. You know, it’s Emerson said, this is not the exact quote, but something to the effect of, if you’re not facing something you fear every day you’re, you don’t understand the secret of life, because that’s where growth and transformation happens. Yeah. So I hate making mistakes just like everybody else. I hate failing, but that’s where we learn the most if we can take the lesson of the failure and take the lesson of the mistake, and learn from it, then we get much smarter.

26:08 I look at what you and Robert doing, your print and board games before they’re sold? You’re right, brochures that turn into books. I mean, you’re taking a lot of risks, taking a lot of it. At the time it just seemed like it didn’t seem like risk. It’s like, okay, let’s try this.

26:22 Let’s try this, let’s see if this works We had a lot of belief in what we were doing So I guess, you know, when you’re, I, we, I think we had a different philosophy on business. We’re also very, very big in personal development, and so we knew about, you know, facing your fears, and just going through, you know, knocking on the doors, making the phone call. I remember making a phone call to Harvard University because I had this idea that the women at Harvard would take the game, play it, and the women at Harvard would be able to learn from, learn about money, and learn about investing, and we were gonna go the women’s route at Harvard.

27:08 So I sent this game. I got a contact to a professor there, and the center of the games, and never heard from her. And she said I saw. Finally I called her, and I said, did you get the games? She goes, yes.

27:19 I said, did you play them? She was, no, and I said, why not? She goes, number one. This is Harvard. We don’t teach money at Harvard.

27:28 And then she said the best line, and besides women don’t play games? Like, what planet are you on? Women are the best game players on the planet. We’re playing games every single day. So yes, so we know.

27:47 I don’t think we ever really looked at it as taking risks. We were just doing what needed to be done to get there, to get the game out there. And she said they don’t teach money. Don’t teach me, they don’t teach money at Harvard. Then what are they doing in the public school system?

27:58 There, sure as heck not. They’re not teaching it there. Uh-huh. And why they’re still not teaching it? I don’t think they want us to know.

28:06 I, you know, there’s the conspiracy theory of once well, for example, in medical school. So I forget who took over medical school, like Rockefeller or Carnegie or somebody took over the medical schools, and as soon as they came in they got rid of all the teaching of any natural chiropractic, Ayurvedic, reflexology, acupuncture, all of that disappeared from medical school, and all they taught was Western medicine, so I think in the school system they don’t want us to learn about money, because they just want to pump out good employees that do what they’re told. I mean, if you look at school, it’s opposite of what it takes to be successful in real life.

28:44 Don’t make a mistake. Do as you’re told. Take tests by yourself, don’t cooperate, do it by yourself, do it on your own, and the last thing was, oh, there’s only one right answer. No, there’s tons of answers to a problem, so you come out of school scared to death and making a mistake. You do everything on your own.

29:08 You don’t cooperate. There’s no synergy. There’s no brainstorming, and there’s only one right answer. Everybody wants to get the right answer. There’s no one right answer.

29:14 So I think people come out of school paralyzed. I think the school system is criminal, in that it kills a child spirit of learning. You know, some a child goes into school all excited about, yeah, I’m gonna learn, and it’s gonna be great, and then the teacher says, sit down and shut up, don’t talk. We don’t care what you’re interested in. Did anybody in school ever ask you, to the teacher, ever ask you, Brian, what are you interested in?

29:38 I never did. I never did. So they just teach you what they want to teach you instead of finding out what the child is interested in and teaching to that. So I think kids come out of school scared to death of making a mistake. They come out paralyzed.

29:53 They don’t know what they want to do, because they’re, their spirit and their creativity has been crushed inside of them, so you almost have to do a whole reprogramming once you get out of school, so you can find, so you can find out what it is that excites you, what it is that where your passion is. And we just launched, up, excuse me, a product on finding out what’s most meaningful to you, because once you can discover what’s most meaningful, then decisions and life becomes so much easier, because there’s more joy. There’s more, better communication with relationships.

30:25 But they don’t teach any of this in school. They just say sit down, do as you’re told, take the test by yourself, and don’t make a mistake. Yeah. That’s criminal. I’ve got boys that are 2 and 3 years old.

30:38 I’m just thinking, I don’t want them to do that. Yeah. And then you get out of school, and what’s the first thing you get? The paycheck. Yes, talk about that, because you get the paycheck, and then you’re waiting for the next paycheck.

30:49 Yes. What does that do for the entrepreneurial spirit? Oh, kills it. Absolutely kills it. And a lot of people are addicted to that paycheck.

30:56 They’re so afraid to venture out on their own, and not, and have not had the security of that paycheck. You know, a lot of times we say, if you gotta, if you have a full-time job, keep your full-time job, to start off part-time business, and work it, and work it, and work it. Look at what you do in your spare time, and people go, I have no spare time. Well, yes, you do. If you broke it out, how much are you watching TV how much are you on your iPhone, playing video games, doing things that really are not important, and take that time and channel it into the business that you want to create.

31:29 But the you know, for me, I had to paycheck, and my dad was in corporate America, and he was in sales, and I was always taught, get the pay raise. If I’m working an hourly rate, work more hours, raise my hourly rate. It was always focused on making more income, making more income, making more income. The shift for me came finally, after I was on my, like, my tenth or twelfth property. Finally I’m like, don’t keep focusing on that paycheck, that income focus on acquiring assets.

32:06 And that was a big shift. Instead of focusing on acquiring income, I shifted it to acquiring assets, and then the assets create the income. That was a big change for me. That’s powerful. So it’s just, I’m going through the lessons of the book, and I’m thinking, when Robert started working for his Rich Dad, he wouldn’t pay him.

32:25 Yes, the hourly rate, right? And it almost seems like cruelty that’s what his biological dad said. That’s what the Poor Dad said, right? And he’s going in and he’s forcing Robert to be entrepreneurial, right? Yes, forcing him to figure out a way to create different, like, I think the mindset.

32:41 Yeah, yeah, to think different. And, you know, I studied finance at the Sloan School of Management at MIT, and they didn’t teach me any of the things that I now know that I need to do as an entrepreneur. It’s just to take risks. Income follows assets. Look, all of these, because it’s a mindset, and it is baked into you the wrong way ever since you’re a kid.

33:01 Yeah. You look at your parents. You look at the world. You look at this. It’s very hard to unlearn that.

33:06 Yes, it is. And you know, they say like 50% of businesses fail, and I think what happens for a lot of first-time business owners, they’re coming out of a job, so they’re coming out of an employee mindset And I know this one guy, for example, in Phoenix, Arizona, and he decided he was gonna start his own business, and he had been an employee all his life. So what’s the first thing he does? He goes and rents a nice office space. Then he buys all the nice furniture.

33:32 Then he gets a secretary. He hasn’t made not one dollar, and he spends all this, because he thinks that’s what an entrepreneur looks like, versus go make the money first, then go rent your office, if you even need an office. Start out over your home. We all started. All the entrepreneurs, successful entrepreneurs I know, all started out of their home.

33:52 Yeah, you know, we get to here at London. Yeah. Cash flow board game was created on our dining room table. Rich Dad Poor Dad was written in our house. So I think that employee mindset, I think, and if you are an employee, and you know, if you are an employee, if you can get that entrepreneurial mindset, even as an employee, oh my gosh, you’re gonna be so much more valuable to the owner of your company, because you’re gonna think the way they think.

34:18 I think I think that’s been really, really important. Yeah, that’s definitely true. What was it like after everything blew up on Oprah, and then what were those next five, ten years like? Because it doesn’t necessarily mean everything’s easier. No, it wasn’t easier.

34:33 What was interesting is, right before we had several publishers who were wooing us before Oprah to publish our book, because now we’re a self-published book around the New York Times bestseller list, the only self-published book on the New York Times bestseller list. We’re on all the bestseller list, Wall Street Journal, all of them. So we had several publishers wooing us, and Oprah calls, and we had one publisher with was Time Warner, and they came to us and they said, on a handshake, we will print and distribute 300 thousand books in the next 10 days and get them into bookstores before you go on Oprah and what that’s like, that’s like the magic that happens right as you’re going towards your goal, and you’re, and you’re driving your mission, then all of a sudden magic, magical things happen along the way, and So we shook hands, and sure enough, we went on Oprah, and those 300,000 books were sold out like that.

35:28 But so, wow. Yeah. So now everybody wants to partner with us. Right? So, narrow, but so we’ve got, you know, people want to teach seminars with us people wanted to coaching with us.

35:39 Everybody wants to, everybody wants to be a part of it. So that was tricky to figure out who are the right partners. Right, back to the mission. Yeah. And everybody’s saying, we’ll make you this much money.

35:52 We’ll make you this much money, and we’re like, well, wait a minute, who’s aligned to the mission? And that that was the first time I really faced that, and I wasn’t as crystal clear as I am now. So it was, it was muddy. It was muddy on who to work with, who not to work with We had a partner that was more money based than we were. So Yeah.

36:13 There was, their entrepreneurship is not for the faint of hearts. It is not, and to this day it’s like this every single day, because you’re always pushing the envelope, right? And the purpose of an entrepreneur is to solve problems. So every day something happens, and you’re like, oh, I didn’t expect that, and you got to deal with it. And I also say if entrepreneurship is the fast track to personal development, because they say, right?

36:37 Your face is facing something, right? Here it’s like, oh man, and you can’t back down from it. You gotta, you got to deal with it. So it totally is just taught me so much, just getting involved in this venture Yeah, because, yeah, you have to face your fears. You have to face your nonsense, all the stuff you tell, talk about you tell yourself you are.

36:56 Yeah, but you’re told every day if you really are that person, whether it becomes your business your relationship with your team. Yeah, all that. And also, an entrepreneur doesn’t exist unless you take risks. In fact, lien, so you won’t be here a year from now unless you’re taking risks, sometimes big risks. So you have to get into that process to, of constantly doing that, and then failing and adjusting and winning, and but what a great way to develop yourself personally and live potentially an intense and incredible life.

37:24 Yeah, absolutely. And I came across a study, and it was a study of centenarians, people then lived over a hundred, and they wanted to find what were the common denominators, and they found three, and one was they had a sense of purpose. It didn’t matter how big or small, but they had a sense of purpose. Number two, they were optimistic, and number three was resiliency. How well you come back from a setback when you hit that wall do you fall down?

37:49 Do you get up? You go through it, and I’m like, those seem like the three, the three characteristics of a good entrepreneur, to a sense of purpose, optimistic, and resilient. If you’re not resilient, and you don’t, you can’t persevere, do not become an entrepreneur. Do not do it. Your, you’re just gonna be, yeah, it’ll be a exercise in futility.

38:10 Is it not for everyone? It’s not for everyone, right? No, but I do think that if people try it they’ll learn a lot about themselves very quickly, and if you can do it, you know, like you said, part time. Yeah it’s a great way to learn. Yeah, because then I think you’ll make better decisions, because you kind of have the safety net of your paycheck.

38:28 So the decisions, so when Robert and I started the Rich Dad company, we had a vow that every decision we made would not be a decision for what put money in our pocket, but for what furthered the mission. That was the vow. And at that time we were financially free, so we had that cushion. We’d have to worry about that, but a lot of people, I see, they quit their job. They start their part-time business, and because they’re struggling for money they make bad decisions, because they’re just trying to find how to put money in their pocket to keep their business alive So I think if you are an employee, that’s a smart way to go.

39:08 What you just said, to start a part-time business. Start learning what it takes. The reality, you got to get the reality of what it takes. I thought, Brian, this is my thought. When I went, when Robert, I had our first date back in 1984 psy in Hawaii.

39:25 He said, what do you want to do with your life? I had been fired twice from the same job out of college, twice from the same job. Yep, they fired me, and they hired me back, and they fired me again, and I knew I wanted my own business, so On our first date he said, what do you want to do with your life? And I said, I want my own business, but I don’t know anything about entrepreneurship. I’ve never been around entrepreneurs, and Robert said, well, I’ve started several businesses, and all of my friends are entrepreneurs.

39:52 I’m like, great, perfect. So two months later I started my first business, but the funniest thought I had coming from an employee was oh, now my time is my time. I’ll do it whenever I want, and I’ll have all this free time, and it’s gonna be on my schedule. Wrong. No, you work 24/7.

40:12 I had no free time. And like, okay, so that was a myth I had, but that was my mindset as an employee, that where you work 9:00 to 5:00. Oh, now I can get up, and I could start at 11:00, and you know, if I want to work at night I can work at night. No, you’re working, especially when you’re starting a business. It’s 24/7.

40:32 Yeah. What was it like building the business with your partner? You know what was that? That’s not for everybody either. It worked for us.

40:42 I knew early on that I wanted my life partner to be my business partner I knew that, because I didn’t, I wanted us to grow together and not grow apart, and which I see a lot of couples do, because they have nothing in common, but It’s tricky, because you don’t leave your work at home. I mean, you don’t, you leave your work at the office you take it home. And we are very similar in a lot of ways, and we’re very different in a lot of ways, so to figure out, there wasn’t really a bad, I wouldn’t call it a balance, but to see where it’s kind of a dance.

41:16 Who’s gonna, who’s gonna do this? Who’s gonna do that? Where’s the real strength? And we had a lot of arguments, a lot of disagreements, and most of them, I’m gonna say 99% of them were about the business, not about the personal relationship, because we had different ideas on which way to go and what we needed to do and who we needed a partner with. So it’s tricky.

41:39 It is tricky, but you guys did it. We did it. Yeah, we perseverative. I know but Mr. Fuller was one of, you know, your mentors. You know, both you and Robert, he’s kind of, people don’t know him.

41:51 He’s this, like, futurist and visionary, and is amazing. You had contact with him, but I never did meet him Rob, it was, he was Robert’s mentor, and he passed away the year before I met Robert. Okay, so I got to know Bucky through Robert, and through his teeth through Bucky’s teachings, and there’s one of his quotes that you like to repeat sometimes, and it’s the more people we serve, the more effective we become. Yes, which you wouldn’t expect that necessarily from an entrepreneur.

42:15 But tell me, why did that quote mean something to you? Because as we’re growing our business, especially with Rich Dad Poor Dad, in the cash flow game, we looked at it as, how do we serve best? learning from Bucky. Bucky was all about service. He was all about making a contribution.

42:37 So as I started learning about Bucky and got inundated in that philosophy, I’m like, it’s not about making money, it’s about how do you serve the most people? How do you be the best contribution to humanity? So that was kind of that, that was where my mind was, and that’s what Robert’s mind is. So the more people I serve, the more effective I become, is if we can get our message and our work out to as many people as possible, then we’re gonna be fulfilling our purpose and our mission.

43:05 That’s always been. And I think for any business owner, I say, you know, there’s three things to a business. Number one, what problem does your business solve? And two, how do people hear about you, and how do you grow it? So if you’re chasing just to chase the money and get, you know, reach the masses because they’re gonna give you more money, versus how do I serve these people?

43:28 And if I’m serving them, yeah, the money’s gonna come. And it’s not about, do what you love and the money will follow. It’s not that it’s, do what you love. Where do you, where is the problem you’re solving? Where can you be a contribution?

43:43 Then you work your butt off, and then the money will come from amen I can agree with that, but I just, like, I like having, I like thinking of making a contribution versus just selling a product. Right, right? And I’ll say one other thing. A lot of people say you know, I really want to make a difference in the world, and I think my product or my service is going to make that difference, but they’re not willing to charge money for it, or really turn it into a business.

44:13 If you’ve got a product or service, and you really feel it’s gonna help people and help the masses, then you have a responsibility to make your business successful, so that people hear about you and to get it out to the world. Yeah. that’s probably the biggest problem with my students in our London Real Academy, is their relationship with money, and a lot of them have the passion, and I’m like, okay, let’s solve a problem for people. What is a challenge of your customer now?

44:39 It’s time to charge money, and that’s when they all get freaky. Yeah, you know, oh no, in money’s dirty, it’s bad. I don’t like to sell, and I’m just like, wait a second, if you can charge money, you can help more people. And so I’m, I always, and I take a step further I’m like, you’re being selfish not to do that, because you’re worried about how you feel. Yeah, well, you could, thank you that’s accurate.

44:58 More people. Yeah, and it’s really hard, and people, most people have this kind of dysfunctional relation Okay, women have a really hard time, because women think that they just need to help people. They just want to help people, and so I can’t charge for that. So when we could launch the cash flow board game Okay, at that time Monopoly was like twenty nine ninety five US dollars, right? Well, we had gone to a couple seminars and they talked about, it’s easy to be the lowest price but people will keep undercutting you.

45:29 What if you’re the highest priced, and we decided, if somebody’s gonna buy the cash flow board game, we want to make sure they pay, they play it, because it’s a, they call it Monopoly on steroids, you know. We want to make sure they’re gonna play it, so we charge one hundred ninety five dollars, and this was a thing, Brian. We had to sit there and practice saying yes And the price is a, huh, the price is the price is a hundred ninety. To say that today, piece of cake, because I think is worth a thousand dollars.

46:04 Yeah, because I see the value, and I see all the stories, and I see that’s the successes that people have had because of the game. But at the time it was not, it was very uncomfortable to charge such a high price, but we did it. That’s what we did, and it worked, and it worked, and people played the game, and that’s an interesting concept, because people value what they pay for yes, and if they invest in something, they’ll actually do it. Yes, and that’s kind of how I price a lot of my courses.

46:31 And I always have this great story. I left banking after I started a meditation course, but at the time there was no YouTube, and they’re wondering, the apps, and I had to pay two thousand dollars for a Transcendental Meditation course and people like, oh, that’s crazy. But I’m like, I went to every single class, and I did everything they told me and no matter what, because I paid this week by the money, and then this morning I woke up and I meditated so I got the value of that because they charged me that price.

46:59 Yeah, so the sin, because they charge the high price, you did everything available, which is really smart. So there’s something to that. Yeah. But I know I understand what you mean with that. Practice to it first.

47:09 You know, you just mentioned women and money, and I think we should jump into this. So what do you see as the differences between the genders, and then the relationship with money, and the knowledge of money and the investing? Where do you kind of start off that discussion? Yeah, I think the biggest problem for women with money is number one. None of us, most of us, have not been taught about money, right?

47:35 Growing up. But for women, and you look at all the stereotypes and the Cinderella’s and all of that, which is still prevalent today we were actually taught to depend upon somebody else for our financial well-being. You know, the Prince Charming, is he a good provider? You know, it was, so we’re taught to depend upon a husband, a partner, family member, government, to take care of us. And only now are we seeing all of these role models of women who are succeeding on their own, making their own money, but they’re still in the back of your mind is like, yes well, I’m supposed to be, he’s supposed to provide for me, and I’m supposed to do this.

48:15 So I think that’s where it starts. Yeah, but then what happens for so many of us women, especially as we get older, due to divorce, due to death of a spouse, due to bad money management, due to ignorance. So many women, as we get older, find themselves in a financial crisis. I know a woman just the other day. Her husband passed away suddenly.

48:39 She had no idea what she had, where it was, and then Mr. mrs. financial helper come in to help her, and the next thing you know, she’s broke, because she has no idea. So one of the startling statistics is that this is in the US, but the trend is similar in other major countries. In the U.S., of the elderly living in poverty, three out of four are women, but of those women living in poverty, 80% of them were not poor when their husband was alive. 80 percent.

49:13 He dies. She has no idea money’s gone. So that’s when I took it upon myself to create this mission to educate women, encourage women to start learning about money, to not become a statistic. We’ve got women that are in toxic, horrific relationships that are afraid to leave because they can’t afford to. A lot of us, men and women, are working at jobs we hate because we’re afraid of leaving the paycheck, the safety of the paycheck, because we’re addicted to it.

49:42 So that’s the rete, one of the main, that’s the main reason I speak to women. Yeah. there’s so many, like, the statistics that you’ve dropped, just there are, like, it’s surprising. And you said, like, 40% of women over the age of 50 are single, and you don’t think about that because of divorce and all these other things, and then they’re trying to deal with what’s going on with the money. Fifty percent of marriages ending in divorce, right?

50:05 And then there’s no financial education. And then the elderly, she, oh, she usually ends up with the children, so she’s responsible for herself and her children. Yeah, yeah. And then, so then also the programming in the history with that. And then you were saying hard for women to charge money for things and to ask for money as well.

50:22 So that’s another weird gender. It is. Well, we were just doing a program here, and that is a big topic too, to be able to ask for what you feel you’re worth. Women tend to ask for less. And again, if you’ve got a service or product that needs to get out there, you got to charge for it.

50:41 You got to make your business successful and sustainable yeah, because if you don’t, there’s no business, and you’re not sustainable either. Some positives with women in business as well, because also women tend to treat relationships and things differently. So what are some of the big positives there? One of the big positives is a study that they’ve done recently with Fortune 500 companies in the US. They found that women that are on boards and in executive positions, those companies outperform companies without women.

51:12 So the women bring an energy, they bring a diversity, they bring the relationship thing is huge. I have a friend of mine, her name is Nomi Prins, and she wrote the book Collusion, all about the central bank. She was very much involved in the Lehman and Bear Stearns and all of these, Goldman Sachs, and she told a story of, she was working in Wall Street at one of these, one of these investment banks, and they were selling this product, and she does her research, and so she’s doing her research, and she goes, you’re saying that people can, at the worst, are gonna lose 10%.

51:52 She goes, my numbers show the worst they could lose 25% and we need to let them know that. And so the men said, no, we don’t. And she said, if we want to keep this relationship, because she was very relationship oriented. If we want to keep a good relationship with our clients, we need to tell them the truth. She was then like, oh, and the thing, the investment vehicle that product did crash, and the people didn’t lose ten percent.

52:23 They didn’t lose twenty percent. He lost eighty percent. And so there is this, the women, in my opinion, a lot of the women, they’re very, want to keep that relationship with the client in very good terms. They’re willing to tell the truth. They’re willing to nurture that client and make sure that client does well by them, instead of, let’s just sell them a product.

52:43 And so what if they lose money? She actually went back to the company after they had lost this 80 percent, and convinced them to return some of the money to the clients. They weren’t going to do anything. Hmm. So I think she got them to return like half of the money back to the clients.

52:58 That’s a difference between in least in Wall Street. That’s one example. Yeah. No, I don’t know, me, and she’s really good. Yeah, and no, that’s a great example.

53:07 And so more relationship oriented sometimes less ego. I think less ego, we all have, you go, right? But I think men have a stronger ego, and I think that has to do with how their brain works, and the neuroscience of it all women, especially my friends were investors, they don’t buy a building because, oh, look at my fancy building. They look at the building because, look at my cash flow, look at the bottom line. And I do think that women as investors, one of the pluses, they really do tend to nurture their tenants.

53:37 They want to create a really nice environment, and it’s very smart to, because you create a nice environment, then the tenants want their friends to move into, so it makes good business sense. Yeah, so a lot of it is just common sense, but it’s, I think we’re just wired very differently. Yeah. One of my mentors is a guy named Dan Payne. Yeah, he’s a high performance coaching.

53:57 Yeah, he has a castle in Scotland. He’s called the 50 billion dollar man. It’s a very long story had people who’ve watched my show know that, but he says he has a system called qlae teaches people how to create generational wealth, and he says the women do better than the men, and I think it’s because they understand the process, and they work the process, and they don’t allow there, you go, to get in the way. Yeah, yeah. And so I can totally see that.

54:18 Yeah. There was another study that was done in, I think it was Arkansas, and it was a big sporting goods company, and families had worked at this manufacturing plant for years and years and years and then the plant moved to Mexico, and only 10% of the people remained at this plant. So these men, their grandfathers worked there, their fathers worked there, they worked there, their kids were gonna work there. So all these people were let go. Well, the women go, well, we have to take care of our family.

54:47 So the men were trying to find a job similar to the job they had, with the same benefits and the same pay. Well, these women are like, I’m gonna do anything. I’ll be a janitor, someone back to school to be schoolteachers and nurses, because they were needed there, and over the years these women rose up to management levels. They were making good salaries. They were doing really, really well while the men were still looking for the job with the benefits and the pay.

55:12 So it actually has been shown through the brain that women adapt to change much better than men, and it’s not right or wrong. It’s just the fact that they do adapt to change differently, and they do what they need to do, especially if there’s kids involved and they need to provide for their family, they’ll do whatever it takes. Yeah, and that fast. Yeah, it works, and I can totally see that. I just, on that side, you know, and also in America we’re seeing like maybe even globally, we’re seeing a greater percentage of women graduating college now than men.

55:42 We’re seeing a lot of stats going kind of the other way. Yeah, comes to yeah, that kind of thing, and the number one sector in the world of business is women-owned businesses. Okay, but there’s one problem with that. The one problem is, of those women owned businesses, sixty eight percent only make twenty five thousand or less a year, and of those women owned businesses, ninety percent, I want to play her, so I challenge women, if they’re going to get into business, really look at how big this business can be.

56:17 If you’re just doing it as a hobby, that’s fine. If that’s all you want to do it, do it as a hobby or to bring some extra money in, fine. But we, I feel, we really need more female role models out there, especially in the entrepreneurial world, and if you’ve got a great product, why stay small? Saying small doesn’t serve anybody. Why not?

56:34 If it’s a great product that it’s gonna serve people, then get it out there. Yeah, for sure. Tell me, if there’s, you know, if my wife is watching, my stepdaughter, or my mom, or anyone out there who wants to share this with some of the women in their life, what is that, what are some of the steps that they should be taking to, you know, to learn more about these things? Yeah, I dance well, to learn about money, I would say number one, learn the language of money.

57:00 Understand the language, because there’s a lot of jargon that is out there. People throw around all this jargon, especially people in the industry, because they want to make themselves look smart, and how do you think that you don’t know anything, and so you need them. Okay, there’s, I’m gonna give you five terms you got to know, and you’ll know this from Rich Dad Poor Dad. Income, expense, asset, liability, cash flow. If you learn those five terms, that’s a great starting place, and then it’s just a matter of just finding out what you’re interested in.

57:34 So as you know, in the world of investing there’s four asset classes. There’s business, there’s real estate, there’s paper asset, Stockmann stocks, bonds, mutual funds, and there’s commodities, gold, so oil/gas, soybeans, coffee. And I found when talking with women and men, there seems to be one that resonates with each person. So for me it was real estate. I love real estate.

57:58 I understand it. I know it. I like driving by my properties. I like looking at the numbers. The numbers are, they always tell a story.

58:07 I can, I can get a pro forma on a property and know exactly how it’s operating without ever seeing it, just by the numbers, cuz people get stuck with numbers. It’s numbers are very creative to me, and I’m not a math person. I’m not an accounting person, but numbers tell the story. So real estate was great for me. I have a friend who she’s an accountant.

58:27 She loves paper assets. She does really well trading options, so that’s her niche. So as you’re looking at these different asset classes, pick one, focus on one. You know, have to learn about all of them, focus on one, learn a little bit, and then I say, put a little money down. Once you get right, once you get that money in the game, your intelligence goes through the roof.

58:49 So one thing I always recommend is go out and buy a 1 ounce silver coin, not a collectible, just 1 ounce silver bullion coin, and it’s amazing. You spend like $20 U.S., and because you’ve got this, because I’ve spent this money, all of a sudden I’m looking at articles, what’s silver doing today, how’s it affect goal, what’s gold doing today? And I find for me every time I put some money into any type of investment, my education goes through the roof. Yeah, so I think that’s a great way to start, by one, by one share of stock, you know, two shares of stock, in real estate, real estate, it’s a little more expensive, but there’s other ways that you can do it, or just start, just look at properties, start making phone calls to brokers and asking questions, and it’s, you get a little bit of information, you put a little money into it, and then the process starts self generating.

59:46 Yeah, such a good advice. Yeah. When I used to trade on Wall Street, there would be certain assets that I hadn’t traded before, so I would trade, you know, some stock options and bond options, and then it’d be like, oh, foreign currency, how does that work? And I’d ask, much questions, be like, we’ll just put a little position on ya, because every investment has a personality, and it changes over time, like a person. And then, but you put a little in there, and after a week or two you’re now, you know, now you know, oh, and this happens.

1:00:11 I do this, and then this happens. This is this, and that’s what that term is, and then you’re comfortable with, yes. Yeah, then you can kind of, yeah, that’s, I like that. Every asset has a personality. Every product has a personality.

1:00:22 I like that. I like that, because they find that real learning. The best way to learn is by doing the real thing. So exactly what you’re saying. Just by putting some money into whatever it is, a little bit, options, you know, foreign currency, you that’s how you’re gonna learn the best.

1:00:36 Yeah, and everyone, too, these days can do that really easily. You can go online now, you can open up account, you can probably put a hundred dollars in there and buy one of something, and start this journey, start this process of education. I did that with Robert. I did that with cryptocurrency. I still don’t understand crypto.

1:00:54 K, I was about to ask you this. Crypto, an asset class or not? I don’t. We’ve talked to so many different people who have been very involved in cryptocurrency, and we’ve heard everything from, it’s gonna go to 0-2, it’s gonna go, it’s gonna replace currencies throughout the world, but the one thing people are saying that is consistent is the blockchain technology will be something of the future. So maybe that’s where you invest.

1:01:20 I don’t know. We have not invested in that at this point, but we did buy some different crypto currencies, and we watched it, and it’s not, I guess, for me, I’ve got a, it’s something I have to watch on a regular basis, and I just haven’t had really the interest to do that. So I’m, truth is, I might miss a great opportunity. I might, we don’t, we don’t get every opportunity. So I’ve missed a lot of opportunities.

1:01:42 Yeah, I’ve missed opportunities in real estate. I’ve missed opportunities in business. I can’t cover them all, but I think you said it right, if, like, you put the money in the crypto and it’s doing things and you’re not sure and you don’t feel like, okay, I’m comfortable with this, then stay out of it. Yeah, right. That’s good advice for anybody.

1:01:57 Man, investing. Yeah, I’m not a stock person. I’m not good with the stock market. I don’t understand the stock market. I think the stock markets a bit.

1:02:04 I mean, it was manipulated, and now that they’re trading in nanoseconds, hard to compete with that. So I tend to stay out of that. We do have a dear friend, Andy Tanner, who trade stock options, and I’ve done a little bit of that with him, that makes more sense, because that fits my cash flow mentality. Right, but even that you’ve got to watch every single day. Yeah, that’s true, but it’s good to see you’re experimenting with this stuff, and it’s nice to see you bought a few little bits of crypto, chances, as opposed to just say, oh no, that’s a bunch of nonsense.

1:02:31 And it’s like, we learned, I mean, Robert and I when we wanted to learn about what do you call, the Oh, what do you call it when your tax liens. So tax liens in the US. We wanted to learn about tax liens, whereby if somebody doesn’t pay their taxes after so much time, you can actually pay the taxes for them, and then they either have to pay you, and a return on that money, they pay you an interest rate on that money, or if they don’t pay you, you have, you could actually end up owning the property.

1:03:04 Right? So we wanted to experiment. So we went to the little, this little town in southern Arizona where there was a county seat, and we bought some tax liens and wanted to see how it works, and it cost us like a thousand dollars, and we got to understand the whole process very quickly, because we’re doing the real thing. Yeah, and we found out that the funniest thing is one of the properties we bought, who we’re actually, this is one property where we actually could get the property, but it turned out to be owned by a friend of ours, and we couldn’t do it.

1:03:34 We couldn’t do it, so we said, you just pay us the property taxes so you can keep your building. But we did the real thing. Yeah, and that’s how we learned. That’s how you learned. That’s really what you’re saying – really good advice.

1:03:46 You mentioned financial planner earlier, as, as you know, a way that in the past some friends of yours have kind of lost track of their money. How do you feel about financial advisors and financial planners? I know one good one. I do. It’s not you, is it?

1:04:05 It’s not me. No, it’s a friend of ours. He’s very much aligned to the Rich Dad philosophy, and even he will say most people who come to him, they’ll say, yes, yes, yes, yes, I’m gonna do this. Yes, I’m gonna do this. Of course.

1:04:19 Yes, I’ll stick to this plane, this plane, this plane. As soon as they walk out the door, they do nothing. Too often people come to them when they’re in their, you know, 60s and 70s, and there’s not a lot he can do for them. It all depends. There’s two, and I’m, and I’m not, I’m not saying all financial planners are bad.

1:04:37 There’s, I know there’s really good ones out there. I guess the question is, are they there to really help you grow your money, or are they there to take fees for themselves? So a lot of financial planners, they’re sales people, and though I know I’ve learned this from a friend of mine who was a financial planner, and she kind of told me how it works in her industry, and how they had these different buckets, and at the end of the quarter, if you didn’t have enough clients in this one bucket of different products, you have to put everybody in there, whether it was for their best interest or not.

1:05:08 So I think the question was, financial planners, is if they’re gonna recommend something to me, and this goes with stockbrokers, and this goes with real estate brokers, if they’re going to recommend an investment for me, are they also investing in that as well? So our stockbroker never recommends anything, and we don’t have much money in the stock market, but he’ll never recommend a stock that he hasn’t also put his money into. So if they’re putting their butt on the line, then I have a little more interest in listening to what they have to say.

1:05:39 Right, but ultimately they’ll never look after your money the way you, wow, never, never, never. I still remember early days, we had this neighbor who was a stockbroker, and he said, oh, you got to buy Coca-Cola. I said, okay, so we bought some Coca-Cola years and years and years ago, and I’m watching and watching, and I was like, I want to sell it now. It’s, it’s, it’s made a nice little profit. I want to sell.

1:05:59 No, don’t sell. I don’t sell. It’s gonna do this, and it’s gonna do that, and I’m like, no, no, we really want to sell it. No, no, no, and I let him talk me into keeping it, and I put the other way, and we lost money on that. So I just I’m just not a student of the stock market.

1:06:16 I don’t want to be a student of the stock market. If I’m gonna do an investment, I need to be a student of that investment. I need to study it. Entrepreneurship, we’re studying every day, right? We’re learning every day, we’re studying new things every day, so whatever I’m going to put my money into and put my time into.

1:06:31 I’ve got to be a avid student of it Yeah, good advice. All right, taxes, tell me about taxes. What do people need to understand about taxes? I think a lot of people have a weird impression of taxes, may be the same as money, and who should pay and who shouldn’t pay and what you do about that. So to educate us Nobody likes paying taxes, but I have heard people say, I’m happy to pay more, and I’m happy to pay a lot more in taxes because that means my income is bigger.

1:07:02 That means I’m making more money. Okay. I don’t have problem contributing money to my country, but not when they’re spending it and wasting it and not using it, to wear it how it should be done. So in the world of taxes, unfortunately, the people that pay the highest taxes are employees and self-employed people because they don’t have many. There’s not many, what’s the word?

1:07:34 Deductions. they don’t have many deductions that they can take to offset their income against the taxes. So the people that benefit are business owners and investors, who pay a lot less in taxes, and the reason they pay a lot less in taxes is because, as our friend Tom Wheelwright, our tax advisor and Rich Dad adviser on taxes, he says that the government that taxes are just an incentive system. They’re an incentive, so the government will give you tax incentives if you’re doing things that the government cannot do.

1:08:05 So when we buy apartment houses, we’re providing housing. Government can’t provide housing, not a lot of it. When we invest in oil and gas, the government is not going to look for new energy supplies. So we are investing in things that the government wants us to invest in, and by doing that we get tax advantages. People don’t understand that.

1:08:27 They think if you make a lot of money, you should pay the bulk of taxes. Well, I don’t know the statistics exactly, but the people who do make the most money, by far, they pay like 95 percent of the taxes in the U.S. So In the U.S., it’s the only place where the people complain that the peak who paid the most taxes, how does the Sango in the U.S. people complain that the people who play them, who pay the most taxes, don’t pay enough, and the people complaining don’t pay any taxes.

1:09:06 Something like that, right? But Yeah, so it’s a, unfortunately, the government doesn’t know how else to make money except by taxing people. In Honolulu, for example we have property there, and we are not residents of Hawaii. So a few years ago we got a notice saying they’ve just passed a law, and because you’re a non-resident, new on property, we’re tripling your property taxes. They don’t know what else to do.

1:09:32 So I think the most important thing about taxes is under you you, it’s not rocket science, but just know, if you’re an employee, there’s not a whole lot you can do, and you’re gonna pay that tax bill, but if you become an entrepreneur, even in the self-employed quadrant there’s still tax deductions you can take, but as a business owner and as an investor, especially investors, have the greatest tax breaks, and again it’s because you’re investing in things that the government wants you to invest in, and taxes is the single biggest expense for most people in their lives. Yes, and they don’t realize it. Yes, because you get this printed receipt at the end of every month, and you’re like, seems like a lot of money, but I got 2,000 in my bank account, I’m gonna go spend it.

1:10:15 Yeah, but you don’t realize that that is the single biggest expense, more than your mortgage, more than your food, more than your kids’ tuition. Yes, the government’s taking that. Yes, and that’s an incentive to get you to invest in assets. Yes, is what it really is. Yes, that’s a great point.

1:10:30 That’s a very great point. And but if you choose not to, that’s your choice, but a lot of people are saying, I’m gonna buy this property, and I’m gonna have tax deferrals or tax advantages, and I’m providing this service that by definition the government wants you to do, right? That’s why, the time, right? And that’s a great point, Brian, cuz every employee I serve. Another, first time I got my paycheck, what’s all, what’s all this stuff taken out of my blood is fifteen but every employee can be an investor.

1:10:56 Every self-employed person can be an investor. If you’re going to be an investor, just watch that mindset, because if you bring an employee mindset to the world of investing you may, it may work against you, because an employee wants safe, secure income they want, they want that security, so in the, so you, they will probably invest as a secure investment, so just be aware of that. So if you’re an employee and you have that employee mentality and you want to invest in property, you might need to make some shifts in your thinking.

1:11:32 Right? Okay, and people that complain that some people don’t pay taxes. I think I was talking to Robert about, it’s a big article in New York Times about how Jared Kushner had not paid taxes because he invested in a lot of property, and then these days we see big corporations around the world, like, not paying taxes here and there. What should people think about that stuff? Well, you know, they wanted Trump to reveal his tax returns.

1:11:53 The average person would have no idea what that tax return means, because the people that, again, if they, there’s a mindset that if you don’t pay it, if you make money you should pay a lot of taxes. I mean, in Europe, there’s countries that are, looks like, what, seventy percent taxes, and things like that, right? So I think people just need to understand that, and I don’t know how to get this across, but the people that are like, let’s talk about somebody that owns a big business, high employees, a thousand people, that person’s creating jobs, that person is creating product that is bought and sold, that person is paying taxes, that person is doing a lot of good in the country, but all people can see is they’re not paying taxes.

1:12:43 Okay, so if it’s, there’s got to be this shift. There’s, right now, capitalist, a capitalist is a four-letter word, and I do agree. There’s a lot of greed. There’s a lot of greed in business today, and there’s a lot of greed in Wall Street especially, but I would love to see a shift, and it’s starting. I’m seeing a few people talking about it, from just capitalism to conscious capitalism, social capitalism, where it’s not about the money so much as it’s about doing good, and a lot of, a lot of companies.

1:13:14 I, we were on, listening to the co-founder of Whole Foods, and he was talking about conscious capitalism, and he says, you know, people blame capitalism for all the social ills of the world, because that’s not fair. We didn’t create all this social ill. We’re trying to do good work. We’re trying to put people to work, or we’re hiring them, we’re giving them jobs, we’re creating product that’s used in the, by the citizens. So there, I think it’s almost like people are being brainwashed into, business is bad, business people are bad, capitalism is bad, people, Wall Street is bad, and Wall Street, in a lot of ways, is bad, investing is bad.

1:13:57 You know, landlords are bad. It’s like there’s this polarity that’s happening, and I’m not sure how to correct it. If you have ID on that, just think, sometimes it’s these weird news headlines that are kind of clickbait, to kind of get us against them, versus and howdy, which kind of feeds into the whole system that never teaches you about money in the first place. And you know, I don’t necessarily believe in conspiracy theory, but I do believe that people like the status quo, like we’re all, most people are kind of interested in keeping the status quo the way it is, and so you could teach kids about money in school, but it might mess up all these other things, you have employees and the mentalities and stuff and so they, instead, but throw a headline, I’ll look, this company didn’t pay tax, or look at this person doing this or this Wall Street banker guy paid this, without maybe diving in deep and saying, okay, well, what’s going on here?

1:14:46 Yeah well, people don’t really pass the headline. Yeah, matter of fact, I was talking to one company, and they talk about the unobvious trends happening, and the number one, an obvious trend, was an obvious trend was manipulated outrage, and what’s, it’s the media, it’s social media. They like, just as you say, these horrific headlines they get you all riled up on the internet. They’ll go, if you get all riled up, oh, if you like this article, we got 10 more that are worse than that.

1:15:13 So they are creating this polarity, and they’re creating people to get very upset and angry about business, about money. So I agree with it. It all goes back to, people need to be educated about money and understand what money is about, and how to not just manage it but how to grow it. Yeah I mean, we’re in an attention economy right now, so it’s just all about attention. Attention is the new currency, and so people want to grab it from you.

1:15:41 If they can get you to spend an hour on Instagram, an hour on Facebook, and an hour being angry at the rich people or Wall Street, they just made money. Yeah, and there’s entire billion dollar companies, multi-billion dollar companies, Silicon Valley, that are actually really good at it, right? Yes, they are, and you need to just check yourself. Like, every time you react to a headline, well, first of all, why are you reading that? Maybe you should be building a business, right?

1:16:03 And I never see that headline about, like, Kushner’s not paying taxes because he’s investing in real estate. I always think, well, maybe I should be doing that. So I just really think people need to have a fundamental question with themselves about money. They need to question what they’re reading. I mean, that’s one thing.

1:16:18 I, when I was nine years old, my mom said, Kim, if you don’t want to spend your life in the kitchen, don’t learn how to cook, and she said, this is before computers, and if you don’t want to be a secretary, don’t learn how to type, and she was really saying, don’t go with this status quo of what a woman should do. Start to question everything, question everything, and that’s what I would say. That’s just what you’re saying, as you’re reading these headlines, question I mean, number one, what’s the source of that?

1:16:42 What’s the source of this article, and what’s really the truth about this article. And people today, I heard, their attention span is like less than eight seconds for the average person. Goldfish. Yeah, can’t prove he was a goldfish. Yeah.

1:16:56 So people don’t take the time to really understand what’s going on, and I think the only way, I mean, it’s, it is all about education, is about financial education. It’s why you do what you do. It’s why we do what we do, and with just a little education, it can go a long way. Let’s talk about that. What do you want Rich Dad and Rich Woman to be doing the next five or ten years?

1:17:19 You’ve got a big mission. You always had a big mission. Yeah, but I know you and Robert are really thinking about, okay, how can we really educate, you know, a billion people that are living in poverty? You know, we’ve had conversations off-camera about this, and you guys are really thinking big. What are some of the things you can do, or you’re thinking about doing, or what do you want to be doing in ten years from now?

1:17:39 Yeah, that’s a great question, cuz I can barely think past tomorrow. You know, it’s our, and again, you never know what’s gonna happen, but, you know, what, what could it be like? Yeah, and, you know, some some of the Technic, I have this lot that some of the technology may not even be invented yet. There’s so much happening, but I know that we do want to take this financial education into other countries, maybe even poorer countries, where people and have people within the countries teaching our ideal, and the reason we created the cashflow game was to have people teaching people.

1:18:14 So we don’t have to be out there teaching. They can play the board game and teach one another. So I think for us to be able to find those networks or those partners that are aligned to us, that can help us spread it, because we can’t do it by ourselves So our focus right now really is to look internationally has happened, you know, in a fantastic way without a lot of our attention on it now The publishers do a great job with the books, and we have some international partners.

1:18:49 We do seminars, of course, internationally, but we haven’t put a lot of attention, and so if we start putting more attention internationally where we’re best known, and partnering with people that are aligned to our mission, and want to take Rich Dad and take Rich Woman into their countries. I think that’s gonna be the next big step for us. I get local people teaching. We’ll see that’s us, our, yeah, because nobody wants, you know, these people from Phoenix to come say this they, you know, they know their markets, they know their neighborhoods, they know their people, and yeah that would be the best leverage for us.

1:19:23 Okay, tell me about you. What’s something for you that is non-negotiable every day that allows you to be Kim Kiyosaki, like I know you and Robert running at 100 miles an hour constantly doing things like, how, what is something you have to do every day? One thing I have to do every day is when I get up in the morning, I have four or five books which are spiritual inspirational personal development books, and I’ve been through these books many, many times, but every day I get up and I read a paragraph or a page or a chapter, and then I take whatever I learn in that chapter and apply it that day.

1:20:00 So nobody messes with my morning, nobody messes with my coffee. I do my reading, have my coffee, and then I journal. I know one of the, if she gave me was a journal, and I journal every day, and the journaling might is just free writing. It might be about something I’m thinking about, or it might just be what’s gonna unfold today. So what I’ve been practicing, and I love that you do so much meditation, I’m not as diligent with my meditation, but one thing I’ve been practicing is to let whatever unfolds unfold, not right or wrong, not good or bad.

1:20:33 There it is. It’s just there, and to kind of go with that flow. If something comes up that I have to deal with, I deal with it, but then if something takes me in a direction, if all the sudden somebody shows up and says, hi, I’m so-and-so, and I’d really like to have a phone call with you, I’m like, maybe that’s something I need to pursue. So to have the freedom to kind of follow what shows up in front of me every single day is a must for me now. Mmm.

1:21:01 So being aware of being able to react, go with intuition, as opposed to everything has to be exactly like, expect, yes, yes, okay. I’m practicing being more present with people without the little chatter going on in my head, and the awareness, that’s a great word, awareness, about being aware of what’s happening in front of me, because we, it’s even like, it’s like opportunities come and go every day, but we’re not aware of them, so we miss them. Well, we also missed the moment.

1:21:26 We miss the little things that happen in that very moment, because we’re too busy in our head, or we’re too busy doing. So I’m starting to pull back on the doing and put more attention on the awareness. Okay, you know that morning routine I’ve heard someone said recently that they could tell you everything about the person in the first hour of their day, how successful they are, how happy they are, based on what they do when they wake up in the morning.

1:21:50 And waking up and checking your social media on your phone is not usually the ones that have been successful for doing it. It’s the people that have time for themselves. Journaling is a big thing. Meditation is big thing. Contemplating, having your time.

1:22:04 Yeah, not having someone else’s agenda for your time, which is what email is. And so, you know, in the news, it’s someone else hijacking your brain yes, yes. If you start your day off that way, like, how you ever gonna get it back? Yeah, and our life is just a series of days that you can either win or lose. Yeah, kind of.

1:22:20 Yeah, I want to do my best to enjoy every single moment as best I can, and I think for women especially it’s even more difficult, because we wear so many hats, and they’re taking care of the kids, and they’re taking care of their spouse, and they’re taking care of the parents, and they’re taking care of their business, and they’re taking care of the house, and they’re taking care of everything. And so it’s such a luxury for so many women to have that time of themselves, but I think that’s what’s going to propel a person more than anything, to have that introspection time, to look at what’s going on, to – there’s an upset. What’s the upset about, and really delve into it.

1:22:55 Meditation is great for that. I sit on my balcony and I look out at the mountain as I’m, as I’m writing or reading, and I need space. I need nature around me, because it gives me more. It just expands my viewpoint, right? Yeah.

1:23:10 Golf as well. Golf as well, and Golf is similar. I love golf. I’m a golfer. I love to get on the Golf Course, especially when there’s not a lot of people out there.

1:23:19 It’s freeing. There’s also a lot of life lessons in golf, such as sometimes in golf you’ve got to lose control to gain control, as you, as you’re swinging your golf club, in golf you have to slow it down, not speed it up. Everybody thinks if you speed it up it’s gonna go farther. If you slow it down, it goes far, and the ball goes farther. So yeah, there’s a lot of good life lessons deep.

1:23:43 So I guess, you have a lot of time to yourself out there as well? No, not a lot, not a lot. But my mornings are precious. Yes, my mornings are precious. Okay, if I were to ask five of your best friends, what is Kim’s superpower?

1:23:57 How are you able to do everything you do and build what you’ve built? What would they say it is That’s a great question. I think I just really honor people. I allow them to be who they are. I call it granting beingness, and let there, let their talents come through, let their gifts come through.

1:24:24 I think, I think I’m a good, I think I’m a good read of people, and for me, I’ve always wanted to be very authentic and very genuine I’m not a, as I said, I never wanted to be a speaker. I was never wanting to go on stage, because I just want to do what I do. So I think I just, I think I honor people is probably the best thing that I could say. That’s a good one. I like that What was the best day of your life and the worst?

1:24:59 Oh my god, I know. Oh my god. Do the best day. Oh, one of the best days. One of the best days was when we knew we were gonna be on Oprah, and the reason for it was because when we started the Rich Dad company, my dream was to get on Oprah.

1:25:18 I had post-its all over the office, where on Oprah today’s, Oprah, Oprah’s gonna call, and I just knew that that was a dream I had, and I won’t go into the whole story, but there was one piece of the story where we almost didn’t get on Oprah, because I had a phone call with a producer, and she wanted me to give information about Rich Dad that we had promised we couldn’t give, and we have promised Rich Dad we would not reveal. And I said, I can’t give you that information, and she said, well, then you can’t go on the show, and I’m, and I hung up the phone, and I’m like, ah, I can’t. We’re not gonna go on the show, because I couldn’t break my promise.

1:25:59 I couldn’t get a promise, and then two minutes later she calls back and shows, okay, let’s figure out how we’re gonna get this done. Like, yes. So when she called and finally said, I remember my parents were visiting, and I got the phone call, and I grabbed Robert, we’d go outside, and I am literally jumping up and down. I was so excited, and I just knew that that was going to skyrocket our company. So that was a great day, and you had been, you had been kind of affirming that, yes, for a long time, Todd’s years, and that’s part of the way that, you know, Robert and I do business differently as you do – Brian, you know, we do affirmations, and we do, we we do that, the invisible stuff that most businesses don’t do.

1:26:43 Yeah. And so when we’re told we don’t know how to do business, we’re like, well, we’ve done pretty well so far Well, you don’t do it the way you do it. I know, but we do it the way we do it. So all of that, you know, all the affirmations and the visualization, and we also, you know, we hammered the producers. We still, to the state, do not know how we got on Oprah.

1:27:04 Somebody said the mother of one of the producers sent her the book. Somebody else said, no, it was so-and-so that introduced us and how Oprah did this, and so we still don’t know to this day, but that was a great day that was a great thing that you keeping me those post-it notes. I didn’t What about the worst day? Ah, worst day. Anytime I’m involved in legal battles, we’ve had legal battles, people, because we have because we have means, people think they deserve some.

1:27:40 So we’ve had lawsuits that were literally frivolous lawsuits that went awry. We had one that just was pretty devastating. We’re still in the middle of it, and it infuriates me, because I always thought that the legal system was just and fair. I don’t believe it’s just, unfair. And right now what’s happening is, if you have money and the other person doesn’t have money, the jury says give them money regardless of the facts.

1:28:11 So that was a tough day, because it was a bit, it felt like such a betrayal. You know, we worked so hard, and then somebody just says, oh no, this guy, even though what he’s saying, even though he’s lying, and say not saying good things, you’re gonna have to give him money. It’s just, it’s a betrayal, and it’s like, it’s just so unjust. So I guess anything for me that I feel is unjust, it’s why I love animals, and I have a hard time with seeing cruelty to animals.

1:28:37 I have a hard time seeing man’s inhumanity to man anytime I see that, I can’t watch movies about it anymore because I get too anytime there’s injustice that I see, that’s a bad day. That’s a bad day. Yeah. What, what scares you? God, not so much anymore, really No, I used to scare you.

1:29:03 Yeah, taking on big tasks that I didn’t know I could do. We used to scare me, but now they excite me. I think I’ve come to a point, I really tapped into it my core, what is most important to me, and so now I operate along that. I don’t care what people think anymore I used to, I think that used to scare me. What people thought of me, couldn’t care less anymore.

1:29:32 What people think of me. I don’t care if they say bad things about me. It doesn’t matter, because I know who I am. I think I’m very, very confident and secure and who I am. So I don’t.

1:29:47 I have, I don’t, I don’t mean to be you know, I hate. I still today hate making a mistake. You know, getting on stage used to scare me a lot. I remember the very first time I spoke on a stage, two women, 2,500 women. I was hoping an earthquake was gonna hit so I wouldn’t have to do it.

1:30:10 I think the only thing that scares me. Yes, the only thing that scares me right now is if I am not growing and I’m not expanding myself, if I’m getting stagnant, or if I’m going backwards. That scares me. That scares me. I want to make sure I keep growing, and I keep getting better, and if I’m not getting better, that scares me.

1:30:38 Okay, what would we be surprised to learn about Kim Kiyosaki? Something you do in your spare time that we might be surprised. These are good questions. I have to think about these good question. We know about the golf.

1:31:10 Yeah, now you have a dog. You usually turn. I have a dog that she goes she doesn’t travel on the planes, but she goes everywhere with me. I’m very big into holistic and naturopathic. Every week when I’m in Phoenix, I go get a vitamin trip.

1:31:27 I go get a it’s called blood ozone, where they withdraw blood and mix it with ozone oxygen and reinsert it, very much into that. I do love a good glass of red wine matter of fact, in Phoenix right now, when it’s really, really, really hot, it’s 110 to 120 in the evening. When the sun goes down, I go out to the pool with a nice glass of wine I go for a little swim with my dog. Look up at the mountain, and I say thank you to the universe for everything I have.

1:32:01 That’s pretty cool. What keeps you awake at night? Ah business problems. Yeah, when there’s business problems, I don’t, I go to sleep, and I think that if I can it, sometimes the mind just kicks in. You know, yeah, that’s the number one thing.

1:32:22 Business problems, I want to solve them before I wake up in the morning. Yeah. Yeah, and when you look at this world that we’re in, like you said, I could bother you, sometimes, the way we treat animals, or we treat each other. What do you make of what’s going on in the world right now? Are you hopeful?

1:32:42 Are we gonna make it? What do you see? I see, some people are gonna do just fine, but I think the majority are gonna be in for a big wake-up call I think there’s, I think, I think the economy can’t sustain. I mean, worldwide everybody’s very tied together. There’s a lot of money games going on, you know.

1:33:09 Russia and China are getting together to kind of devalue the U.S. dollar. So there’s a lot of money games going on. There’s stuff going on with Iran, they’re stuffing oil, but the economy in the U.S. right now is a mess. The economy in most major countries is in a really bad shape, and at some point it’s got to give, and when it gives, I don’t know what that looks like. When it gives, when it gives to the bank’s, all shut down.

1:33:34 People don’t have access to money. Do, do products stop becoming available I think there’s going to be a financial. I don’t know if it’s a financial collapse, or, but it’s going to be a big financial correction, more than a correction. And I think a lot of people who have nothing outside the banks are gonna, are gonna be in dire straits, unfortunately. I can see civil unrest right now.

1:34:09 You know, we, this is one of the reasons we speak out as much as we do, it’s like, you, there are things you can do to prepare if this were to happen. And maybe there’s a technology, something’s going to come along. I am the eternal optimist, so for me to talk this way is very different. Maybe there’s a technology that’s going to come along that’s going to change things. It’s going to somehow turn it around, or maybe something that isn’t invented.

1:34:31 I don’t know. There’s, you know, I always have that optimistic viewpoint, but you know, people right now, I mean, we have gold and silver, because if the bank shut down we can trade gold and silver for goods and services. That’s one little thing you can do. That’s why we buy real estate. Real estate is outside the banks, right?

1:34:54 So there’s things people can do to prepare. I just think, I think most people think oh, it’s gonna be okay, the government will take care of us. Oh, everything, they’ll fix it. I think they all think it’ll be fixed. They’ll fix it.

1:35:07 Well, right now they’re just kicking the can down the road. They know it’s all broken. they know, the countries, most countries are bankrupt. They people have a sense that something’s wrong, but many of them, if they’re not educated, they don’t know what’s wrong so unfortunately, I think there’s gonna be a real awakening happening, and for a lot of people, they’re going to struggle and it could make 2008 look like very team, very team, and we talk, as we have the Rich Dad radio show, we talked to a lot of top economists.

1:35:39 We talked to a lot of top investment people who travel the world, who see what’s going on in all these different countries, and they don’t have a, they don’t have an optimistic picture. So I think right now the best thing you can do is you could, there are things you can start preparing, just you know, just buy gold or silver. Buy silver, that’s one thing you can do. Look at real estate. Look at real, real assets.

1:36:03 I have a friend who’s, who’s buying wood who’s buying a tree farm, cuz you’re gonna need wood, right? There’s all sorts of things. Think about what people are gonna need if the bank shut down, and what can you deliver that’s needed? Yeah, and I feel like it’s been what, 11 years since our last crash, and, yeah, it’s all been forgotten. Yeah, you know, a lot of younger generation doesn’t understand that the economic party doesn’t last forever.

1:36:32 No, but you know, like, they probably wouldn’t understand, what all of a sudden there’s like businesses down, and there’s no money, and like, that whole concept is really foreign to a lot of people, and Robert called the crash in 2016, but, and the reason why we think it didn’t crash, because we didn’t anticipate that they would be printing all this money. We never anticipated that. So it should have crashed back then, had they let the markets just do what they needed to do, and I think that they should have let a crash, because then it could self correct.

1:37:02 But now that they’ve propped it up with all this money that they’ve printed, and it all went to the stock market, and it all went to corporations who used it to buy back their own stock. It didn’t go into the economy. It didn’t go into consumers It just has created this false bubble, and it’s sometime, that bubble is gonna burst Yeah, this is a bit of what Robert’s talk about. His latest book, think, yeah, when she goes into it with much more detail. Yes, and I think it’s definitely worth talking about, you know.

1:37:30 And I’ve worked in the banking system, and I understand how we just assume the banks are always there, and they have a little digital ones and zeroes that have your savings in there, that are these fiat currencies that we assume are gonna be around in the end of time. Yeah, they’re not. And even if you look at the history, you know, a hundred years ago this stuff isn’t always there. Yeah, and we’ve been living in this kind of a little bit of a paradise, you know, these last 10, 20, 30 years, even with our corrections and quote-unquote crashes, but if something that big happens, like you said, I mean, the civil unrest is hard to even, op, you seem to understand, and like you said, this, it’s really not the rich people that are gonna suffer No, no, it’s the middle class and the poor.

1:38:13 Yeah, they’re the ones that are gonna feel the brunt, and job losses, business is closing. Yeah, so it’s important for people to start being educated. Yeah, and taking steps today. Yeah, and they can take a step right today. I could start today, just little things.

1:38:30 Yeah. No, I appreciate you saying that, Kim. I always ask everyone a few questions at the end, I’m, and ask you if you could pick up the phone and call the 20 year old Kim Kiyosaki and give her some advice. I guess you just started college in Hawaii? Okay, I moved from New York.

1:38:46 Yeah, so right. Yeah, yeah. I met Robert yet, and I don’t think, no, no, it’s not a funny. I was having a good time and had a little, being single, and what was that like back then? Oh, that was fine.

1:38:56 Crazy thing to go from New York State. Well, I went to Oregon in between high school, in Oregon of course, and then I went to college and went to, of my four years, at the University of Hawaii, but ended up graduating from the University of Hawaii, and it was one big party. It was, I did, I did my single days very well, Brian. I appreciate that. And what advice would you give, torn your?

1:39:20 Oh, Kim and Rich Dad, and yeah, just really appreciate you coming on here. I hope that if women are watching, they take your advice, and the men that are watching forward this to the women, because I think we all want more women in business and understanding finances, and just doing that, because it’s gonna make everything better. Yeah, I think the more women that stand up and take leadership roles in business and investing in politics. I think it’s, it’s sorely, sorely needed throughout the world, not to get rid of men by a chain any means, but to have that combination of men and women working together on the high levels.

1:40:23 I think it’s really, really necessary. We need that female energy. We need that female perspective in order to move forward in the world. So I am all for women standing up and, like, taking a lead in roles throughout the youth, throughout the world, right? They have to do it.

1:40:37 They’ve got to do it, right? Yes the step up, step up and do it. We need you, and we do need that female energy. It’s a term I never used to understand, but it is so important. It brings in a different perspective, and when I was in banking it was like 20 dudes on the dusk, and we did, we did, we made stupid decisions.

1:40:52 It was a lot of ego and a lot of this, and it was never a great long-term decision. I mean, yeah, and we need that. We need the intuition. We need all that. Yeah, I think women, they care about people they care about their communities.

1:41:06 They care about their countries, and I think we need people that care more than want to take care of one. I think we need people that care about those things, versus just care about putting money in their pocket. Yeah, amen to that. Well, here’s to your mission. Thank you.

1:41:24 Yeah. Yeah, I think mission, I know we’re very light. Look, super excited with you guys putting that into place, and hopefully we can be a part of it in some way. Fantastic. Thank you for being here.

1:41:35 Thank you for everything you’ve done, and Robert as well. I love sit down, always talking with you. You guys have amazing energy. You, you know, you inspire me with what you’re doing for so long, and you know, you guys are, you know, working harder than most people half your age, and do an amazing thing. So thanks for everything.

1:41:52 You know, thank you, thank you for the gift that you’re doing, the work you’re doing, and it’s an honor to be here with you. Thing, all right. My pleasure. Nice time. Thanks, Kim.