Robert Kiyosaki - Rich Dad, Poor Dad: How To Avoid the Next Global Financial Crisis

Full transcript: Robert Kiyosaki on London Real

4:00 This is London Real. I am Brian Rose, My guest today is Robert Kiyosaki, the entrepreneur, educator, investor. Best known is the author of Rich Dad, Poor Dad, The Number One Personal Finance Book of All Time. You have become a passionate and outspoken advocate for financial education by challenging the way tens of millions of people around the world think about money. Your new book, Fake, warns of the next financial crisis and what we can do to protect ourselves. Robert, Welcome back to London, Real.

4:26 Well, Brad, I’m honored and I’m really glad I see your office because this is amazing. You like it here, I like it, It’s fits my, you know, it’s so eclectic, it’s great. Thank you so much, you know? Last time we spoke, I came out to Arizona, we sat down, had an amazing conversation, a lot of different things, and it really blew up. I think over 10 million people ended up watching that, Robert, So there’s some vibe. I don’t know if it’s the two of us or people really getting into your heart in your mind that people really tune into.

4:59 And it’s people of all ages, so I’m super excited. You know, thank you out here with you, tell me about London, What’s your relationship like with this city? do you like it here? It’s not sunny, like Arizona. What do you think? Well, I love London just for the history of it, you know, it’s a seafaring nation.

5:15 And the school I went to was U.S. Merchant Marine Academy at Kings Point, New York. And we learned how to sail ships and navigate the seas. So, you know, the Sun never sets on the English British Empire, right? And so that’s my association. Plus, I played rugby and I remember her coming to Twickenham for the Rugby World Cup.

5:38 I think within Twenties, seven, eight, eight whenever I went was, and it was like, My God, I’m here to play. You know, I’m here for rug because rugby started here in London, in England. Yeah, so I was a lot of fun memories, not a good memory, but my first wife was English from sorry. The only lasted nine months wasn’t. Her fault was my fault.

6:01 She should never have married a rugby player and I came back several times to play rugby here. So it’s been No. Those are my drinking and playing rugby and chasing beautiful women days. I loved it here, so anyway, that’s my association with England. Yeah, well, welcome back, I mean, you were a merchant.

6:23 Marine spent a lot of time, yeah, you know, all around the world doing that, and I guess England really paved the way. For a lot of that’s.That’s seafaring tradition and protocols, right, correct, eh? They ruled the oceans, you know, there was a British East India company, one of the most notorious pirate company. Oh, one of the first limited companies, right, correct? And the American flag is a flag of the British is India company, and most people don’t know that.

6:53 So they said, Well, in America, they tell us that Betsy Ross sewed the flag all Betsy Ross. Let’s take the British, you see Andy a good flag, she’ll look it up and she put stars on it. And that was the American flag. So the Sun still doesn’t set on thee. I’m gonna look that up.

7:13 We were called The Great Pirates. Yeah, yeah, yeah, you know, I’m really curious about you, Robert, because, you know, when I saw you in Arizona, I WA, you know, I saw how you’re living out there. Rich Dead headquarters. We spent time with Jim Rickards and it was just an amazing time. But I noticed that you don’t have to travel the world and do all this teaching.

7:32 You know you could retire, but you still do, and I’m wondering what pushes you to get out there and make these long trips. I mean, even when I saw you in Arizona, you were just coming back from Japan. You were, you know, struggling with health, but you were showing up and making it happen. Why, well, the long answer short question is being an entrepreneur. I was in the rock and roll industry and back into A.V.S I started studying with a man named Dr. R. Buckminster Fuller, best known for the Geodesic Dome.

8:04 So in 67, I hitchhiked from New York City to Montreal, Canada, to see Expo 67. And but Buckminster Fuller’s Dome was the U.S. Pavilion there. So X plus 67 was the world’s fair on the future. And Fuller was a futurist. But I didn’t meet him there and then him.

8:26 Back in 1981, I finally met him in Kirkwood, California, on a seminar called The Future of Business. And so I studied with him 81, 82 and 83, and every and I was a hardcore make money entrepreneur. And one day, Fuller asked me, says, What’s your life’s purpose? and I said, Make money, and how did I know that was the wrong answer? And he scolded me, You know, Cuz, here I’m in rock and roll and sex drugs rock’n’roll. I don’t do drugs, but I was trying for the rest.

9:01 And he goes, it’s a waste of a good mind just to make money on going, What do you mean, you know? he says. I thought we were supposed to make money, and he just challenged my paradigm the way I looked at world in the business, he says. And I covered this and faked, and the question he asked me says, Why don’t you do what God wants you to do? I went what he says, Look, humanity is evolving and again, ask yourself, What does God want done? Not, not what Robert Kiyosaki wanted done, What does God want done?

9:39 And he could have scolded me in front of the whole class. You know, I’m going, I said, What’s wrong with rock and roll? He goes. It’s about you, It’s your passion, but it’s not God’s purpose and not really religious. I’m not pumping that. So the question, you know, I said to ask myself, What does God want done in the evolution of life and what I came to me? I don’t think God wants people to be poor, and today in the world, America especially, is as gap between the rich and everybody else.

10:17 And I know the game of the rich, you know, my rich dad taught me, You know it, Cuz, you’re the banker. The game, the bankers and the rich play is different than what they teach you in school. And that’s the story of Rich Dad, poor dad, you know, my poor dad, P.H.D. stands for poor, helpless and desperate. They don’t know anything about money, and he’s teach, they’re teaching our kids. And my rich dad was an entrepreneur who never finished school.

10:46 I grew up in Hawaii, so all of the pieces of the puzzle in went Fuller, scolding me back in 83. The piece of the puzzle and my life started to come together and I understood what he was saying. Then. You know, it says, Well, maybe we should stop ripping people, huh? You know, it might be a good thing, and you know a question.

11:10 I ask all over the world what the school teach you about money, and the answer is nothing, and that’s not a mistake, that’s not an accident. I knew that most people know that. But the way to keep the poor, the middle-class working hard is never teach them what the rich know. So if you read Rich Dad, Poor Dad, which came out in 1997, it’s what the rich teach our kids about money. The poor middle class do not.

11:36 And so. And I’d already retired and I made enough money at 47, so I didn’t have to work again for the rest of my life. And I said, Now, what do I do with the rest of my life? And so that’s when I came out with Rich Dad, poor dad, the cash flow game because poverty hurts. I mean, I don’t like it, and I don’t like that.

11:59 Our academic system so corrupt, you know, we know the banking system is corrupt, we know politics is corrupt, but act, but academics is just as corrupt. So I just said, Well, if exactly this, Fuller said, what does God want done? Not what I want done, Martin Luther King said. Another way, says King, says, I just want to do God’s will, so that’s what I cover in faith. What does God want done?

12:24 You’re giving me weird flashbacks here, Robert Because for 20 years of my life, I was in banking. Yeah, trying to do what was good for Brian, right? But honestly, the last eight years has been London Real, and this is definitely what God wants done. Yeah, and it’s a computation, yeah, but you won’t. They all never get this on CNBC right, because it doesn’t play in with the whole structure that you talk about with Wall Street, right?

12:48 And the fact that it’s corrupted our academic institution, that kind of makes you mad, doesn’t it? I mean one thing if it’s the banking and the politics. But this is where we send our children and we trust them to do the right things for them. And yet they’re being not taught something so fundamental like you asked your dad when you were a kid, dad, Oh yeah, stratego about money and it was just never, never have, never will. So anyway, because so that’s why I keep going, you know, that’s why I appreciate, you know, your support of my work and time.

13:21 And all this. Because somebody you know, without guys like you, nobody hear about me, you know, I was on. I was on CNN calling the crash of 2008. I said, Laymen’s going down, you can check it out. I said to Wolf Blitzer, Lehman’s going down and he goes, Huh?

13:39 And he got all. He got kind of flustered because they’re not allowed to say stuff like that, right? And we had Jean Chatzky, who represents Wall Street. You know, though, the mutual funds and 401k guys, she goes, so they don’t want me to, they don’t want what we know out there. So that’s why fake us fake money, fake teachers, fake assets and the asset part, you know where that comes from.

14:08 It’s the City of London, Wall Street, the derivatives markets, LTCM, long-term capital amount with records and all of us that know, I kind of getting out. That’s why I love Gem Records. I had dinner with him the other night. That’s why we’re talking. This is what’s really going on.

14:25 But our school system will never tell us that because they’re part of the process fake money, fake teachers, fake acids. They’re all one scenario, and that’s what Bucky Fuller’s kind of inspired me to do. Back in 83, he says, You know something, what do you know, share it? What does God want done? was Martin Luther, King says. I just want to do God’s will, so what drives me on in my health is not the best.

14:56 But the will you know, the spirit keeps me on and you still publishing books. You got another one on the way you’re going from here to Poland, Romania Tip South Africa out of Japan -. It’s a powerful pace. I want to get into what we talked about in face. But CNN never invited me back after that night.

15:17 And I can imagine, I mean, I was telling you. Earlier, when I was in banking in London, Lehman was one of my clients. There were five traders over there that I got to know really well over five years personally. And to suggest that Lehman would have gone bankrupt even six months earlier, it’s sacrosanct, not to mention from a network that probably gets a lot of advertising to us from blah, blah, blah. Yes, and then I watched it happen.

15:38 On a Sunday night. I was telling you I got a call at home from one of the traders said, Are you coming into work? I said, It’s Sunday night, you know, I’m not. And he said, We’re mounting down now, we need you in because we have to. We have to undo all of our transactions now.

15:52 And it was, and I want. They walked out with cardboard boxes, right, and that’s because Lemon didn’t play ball with them on LTCM. The Russian Ruble deal right, and we gonna get into this. So they so they banged Lehman because, hey, you broke the Boys Club code, did I ask you business? Yeah, and you talked about that in the fake assets, and I want to fake money.

16:11 I wanted to preface this whole interesting thing by quote that you’ve said once and I and you said. The primary difference between a rich person and a poor person is how they manage fear. And when most people hear that they would, they would probably say, but that’s something completely different than money. Robert That doesn’t have anything to do. You know, with money, you know, you have a lot of strong statements for you, saved things like that.

16:32 How do people normally react? Well, when I talk to most people, you know, they said, Look, first of all, let’s go back to what is financial education. It’s not get a job, work hard, save money and invest in a well-diversified portfolio stocks, bonds, mutual funds and ETFS. That’s not it, you know, money is the financial industry is two things debt and taxes, debt and taxes, and that’s where fake starts. 1971 Nixon took the dollar off the gold standard, and the U.S. dollar became debt.

17:12 And we still tell kids to go to school, get a job, work hard, save money and get out of debt. Now who tells them to do that? That’s the most ridiculous thing there is. The book starts, and it says line number one, saving money will make you rich and never will. You know that all taught that is, kids, yeah, because they can print it.

17:33 Why would you save it and why would you work for it? If they can print it as faster than you can work for it? And number two is, they keep dropping the interest rates on it. You know, Japan still has syrup, zero interest rate policy and the Japanese are the biggest savers in the world. And I’m Japanese, I’m fourth generation.

17:53 They’re not too bright, right? Why do you keep saving when they’re printing it? You know, and when I’m in Japan, and that’s what I mean by fear. They’re so afraid because the Japanese, they’re very good culture, but they do. As you’re told, it’s very conformist, very conformist.

18:13 America for. So they just do us are told, and then they just save money and their government. The sky, a bay abenomics. It’s just printing trillions of it and buying ETFs with it, and they don’t know what to do, and they’ve been doing this for 12 are afraid they’re afraid, okay, they’re afraid they might make a mistake. The good little students in school go to school, get a job, don’t make mistakes right, and that’s what’s cool.

18:40 Conditions, people to do, correct to not get mistakes, get an A on the test, show up and do your homework. But to be a great entrepreneur and investor and a great rich person, you have to engineer mistakes into your life. Well, I write about it in fake, you know, I mean, the way I learned to be, I flew from, I didn’t. I stopped selling for Standard Oil of California as a third mate for them, and I went to fly for the U.S. Marine Corps in Vietnam. And the military education different than academic education.

19:09 We’re taught to make mistakes, you know, so every day I’d fly and we had to wait to kill the engine on our aircraft and crash. It’s called autorotation. I used to fly our 22s, and it’s the scariest thing you’ve ever done. But every aircraft we do, we I was, I was, I was cross-.training all the aircraft. We always practice crashing because one day, yes, you know, you will crash and you did crash and I did crash three times, but if I didn’t practice that I’d be dead.

19:39 So what happens to the average person in a financial crash? They don’t know what to do, and right now, as you know, for the middle class of the world, we’re in a crash. The, you know, the purchasing power of the yen, the euro, the rupiah all going down. And people are working harder and harder and harder, and the central banks of the world are printing more money interest rates. You know, Trump, just hold the Fed, don’t you raise those interest rates?

20:07 While that screws all the savers, right, and everyone hears, the economy’s doing great and stop mark itself. But the middle class and the poor are having a harder time correct, right? And that’s why that’s why I write and I speak. And so if someone’s listening to us, that’s stuck in that poor middle class trap. And they hear it’s their fear that ultimately is keeping them from that.

20:25 That’s a hard thing to hear, Robert, But you’re gonna give them the information about what they can do if they can get out of that fear. Well, every time I and I do a lot of speaking to the masses out there, you know, Lehman doesn’t invite me on because we’re gone. But they go, what you know? It’s so risky, what you’re saying is risky. I said, What I do isn’t risky for me, what’s risky for you and when somebody says, What is risk?

20:51 Yes, the look in the mirror. JEN I mean, for me to fly in Vietnam, that was high risk, but the higher the risk, the more you have to study. You know that I know that, so if you’re not gonna study, you’re not gonna practice and all that, then you should do what Wall Street tells you to do by, you know, 401ks, mutual funds, ETFs and all that, but that’s where they’re fake assets, because he’ll they make Wall Street or the City of London rich. Just watch where the cash is flowing, follow the money. Yeah, it’s not making the poor, middle class rich.

21:27 You know, all Wall Street in America has done is rip off the pensions. Because, you know, pensions are the biggest pool of money in America. And states like Kentucky, in New Jersey, Illinois, California, Hawaii are going bankrupt. Because Wall Street went in and just sucked, all the cash are their pensions. So the schoolteachers, like my dad, the firefighters and police officers, they have no retirement now.

21:50 And so that’s why. Is fake money fake teachers fake asses? They’re the same system, and that’s what Bucky Fuller encouraged me years and years ago, he says. You better tell the world that you know, and that’s what I knew. Let’s talk more about this fake money because I’d love to go through each one of these pieces and just keep a little bit more of an idea.

22:10 So Nixon takes us off the gold standard, which basically means now they can print money whenever they want. So what you’re saving and hoping that’ll be worth something one day. Is it the whim of a government to just print more and make it obsolete? Well, make sure, is that just thinking about it, doesn’t it? Yeah, if you read Rich Dad, poor Dad, rich Dad’s lesson number one, the rich don’t work for money, don’t you touch that stuff?

22:35 You said, when someone gives you a paycheck, it’s something inside of a person just shuts off, right? Well, it’s not even that they’ve already sucked the life out of your paycheck, right? I see it when 71, that’s where fake starts. My rich dad sent me a letter Oh, stationed on the aircraft carrier off yet now? And it says, Hey, did you know that Nixon took the dollar off the gold standard?

22:58 And we didn’t know we’re not in the banking industry. And he says, Watch out the world’s gonna change. So by the time I got the letter was 72, and then my co-pilot, I said, Well, what does gold and gold standard mean? But we didn’t know American was illegal for Americans to own gold in 72. Imagine that, wow, that’s how powerful goal was, I said, And the more I researched it, the more I found out, so my copen either.

23:30 Where the book stars fakes threats, we fly behind enemy lines to go Look for gold, which proves Marines are not that smart. And you were quite a wild one. We’re sure, yeah, we went to, we went to look for gold, and we’re standing in front of those little Vietnamese woman who’s the broker for the Gold Company, and she’s selling those little cubes, little nuggets of gold. And then, you know, gold was 35 an ounce, it was now pushing 50 an ounce. So I figured while she’s behind enemy lines, we’re behind enemy lines.

24:03 I can negotiate a deal because little tiny woman or red teeth could they to beetle nuts all day long? And I go, I’ll give you $40, she goes, she laughing about. We’re behind enemy lines. I got us dollars, she and then I realize she knew more about money than I did. I don’t think she went to Harvard Jan.

24:27 I mean, she knew that this was worthless, the gold was worth more than my dollars, and that’s where the fake money comes to. And then I got curious, okay? So even she knew, with very little education behind enemy lines, that the gold was a real asset call spot right, right spot price Yeah, as they know all over the world. Cuz, what same price, right? Yeah, it’s the same price via enemy lines, same price, and I’m going.

24:52 So why they take dollar off the gold standard? And what does this mean? What don’t we know it? Follow it, my rich dad, you know? The pieces of the puzzle kept falling into place, so what that meant was in 71, they could print as much money as they wanted. So as the economy of the United States worsened, you know, the deficit, trade, deficit and print and print and print.

25:19 So that’s why if you read when you read fake, it says, the people that are being screwed today are the poor middle class. Because they work for money, you know, the bank repairs, they’re not working for money, they have money working for them. Yeah, right, very big difference in mentality here. So we have in America today. We have, you know, even Ray Dalio of Bridgewater on the biggest hedge fund Guys in America.

25:45 He’s saying this gap between the rich and everybody else is too wide. Well, you could have seen that back in 1972 because the moment you corrupt money, the very thing that everybody works for saves counts on. They were screwed anyway. And our school systems, fake money, fake teachers, fake as it’s part of that same system Government, Education, Wall Street or City of London. And how does the fake teachers coming in?

26:17 From there? They reinforce those same ideas they treat they teach us to be employees right to not notice at all, right, get a job, and it’s very subtle. They don’t say to train you to be a worker, be the rest of your life, but they educate you in a way where. That’s what you come out right, and, you know, in Paris today they have the Yellow Jackets. Yeah, the process going on in America today are red forehead.

26:45 All these cool teachers are putting on red T-shirts because they know they’re being screwed, they’re protesting and all this. Their pension plans have been sucked dry by Wall Street and what they do they put hedge fund managers in to manage the pensions. You got to be kidding me. You put a hedge fund guy in to manage the biggest pot of money called the school teachers, firefighters and police officers pensions. They just sucked all the cash out of it and the teachers are going, what happened to us?

27:19 But because they don’t know anything, it’s red for it. They’re out there protesting in Mass all over the United States, but you don’t hear about it. They talk about the Yellow Jackets, they don’t talk about red forehead. So this whole thing is coming apart right now and it goes back to the question I elbow high above us ass. Why doesn’t our school teach us about money?

27:39 Because Wall Street won’t let him? That’s simple, that’s so now you got a different education about money with your rich dad. And I reread that book when I went out to see you in Arizona, and what really hit me was the hard lessons he made. You learn Young, you went to go work for him and I don’t even know how you kept going back. But because it was weeks and weeks of asking you to do things, I think not paying you.

28:03 But he was forcing your brain to be uncomfortable, so he could turn it into kind of the entrepreneurial brain, right? Well, what are some of the things he was doing because for a young kid, I mean, it must have been flabbergasting right? Well, he said. I said, I want you to teach me about money, so it was, so why should I teach you? You go to school, your dad’s got the debt, My poor dad’s not going to teach you, he goes, he says.

28:27 I said, Oh, finally, I keep acquiesced. I said, Okay, he says. But if I teach you, you work for me for free, and I said, Why for free? And my dad? My poor debt whatnots, he says, because if I pay you, you think, like an employee, your brains will, your brain will change.

28:44 If you learn never to work for money, you’ll be a rich man. So I might add the poor tip and the back story for people. Your dad was the poor dad, right? P.H.D. Stanford Northwestern University CaGO, the head of education for the State of Hawaii, candidate for lieutenant governor of Hawaii as a Republican. Of all things, they know nothing about money and they teach our kids right, they’re good people.

29:11 Like ninety eighty percent of good people, twenty percent just are there for the pension and the paycheck. You know that, and your dad knew that the poor dad was the one to go talk to about business. He even he knew, you know, should go talk to buy about him about money, right? My poor dad said, Go talk to your best friend’s father, Mike’s father. I said, Why is that? he says, Because Mike’s father’s an entrepreneur and, you know, nine years old, so what’s an entrepreneur?

29:37 And I said, Well, I’m an employee. They’re two different people, right? Mindset wise, right? And this is powerful. Once you give someone a paycheck, their brain turns off.

29:47 Because it had been the promise of a pension right, a job security, which is kind of a paycheck in disguise. Correct? After you stopped working back to that old analogy, give the man a fish eats for the day, teach him to fish. He throw a lifetime, you know, one is capitalism one of socialism, right? Today, you know, I don’t you been following in here the UK.

30:07 But the Democrats, they’ve gone hardcore Communist, you know, they have Ocasio Cortes, Yeah, Elizabeth Warren, you know, Bernie Sanders looks like a conservative, you know, he’s hardcore Socialist as they come and they want to give everybody a free education. Free medical, you know, free manicures, free pedicures, universal basic and universal income. What do you think of all that? That’s wonderful if you know how to pay for it, but don’t do anything to get elected right? Yeah, they have to go extreme right now, otherwise they have no chance, right?

30:40 And so a couple of their lessons. You’re poor, dads are, you’re rich, Dad said. I’m not gonna give you a paycheck, and yet you still showed up. What else was he, what was he trying to do those first few months? Were you working for him, what was he trying to get across to you because he taught you the hard way about money? Well, it came a lesson.

30:59 Before I reg dead, I was in Sunday school, I flunked out of Sunday school else and that, whatever that, I never did well in Sunday school. But the my Sunday school teacher was a young, pretty woman, you know? And she said, I’m like, nine, and she goes, Why were the three wise men wise? You know, I go, Cuz? They were rich in the game, the game.

31:20 They gave the swaddling Jesus, gall, frankincense and myrrh, so they have to be a rich guys. I said in a Oh, commodities as well, yeah, and she goes, No, no, that’s not it. Well, when they had gold, frankincense and myrrh, well, that’s not it. So why were there wise? I don’t know.

31:38 Just what made them wise was they always sought the best teacher. As she said, If you’re gonna be a successful in your life, you’ve got to find the best teachers. And so with that, when my poor dad said, Go, seek out your rich dad, I was just following her advice. And today, that’s why you and I jump. No, Jim Rickards and Nomi Prins and all these people, they’re the guys that actually Harlow, came from the inside.

32:07 Just like you from the inside the machine. And they know what’s going on and they tell the world what’s going on. So I’ve had a habit ever since then. Or a policy. If I find out.

32:21 There’s a great teacher and a great teacher is somebody who comes from the inside, not the outside. You know, when I was in flight school, I swear to God my pilot, Mike instructors could fly because I flew with them. But in school, you don’t know if your instructor is for real or not, that’s where the fake teacher comes from. When I was in my M.B.A. program, I was still in a Marine Corps I came back from. The more I’m in the M.B.A. program and back then this is the 73 now.

32:54 And the students were spitting on me, yelling at me. University of Hawaii, You know, I’m there. I was stupid enough to go in my Marine Corps outfit, my flight suit, and they’re yelling at me, baby killer and all this. I’m sitting in this classroom and my MBA accounting teacher doesn’t know what counting, and I’m going, I’m going nuts. I’m not an account.

33:16 But I knew he wasn’t an account also, so I took him honest and I said, Are you an account? He goes. I have a master’s in accountancy. I said, That’s not the question, Are you an accountant? I have a master’s in accountancy, and I stood up and I said, Marines are not the brightest guys.

33:35 I said, Give it. Are you an account? Same answer as a You’re a fake, you don’t know what you’re talking about. And to this day, when I listen to what people are teaching kids about accountancy, it’s bad accountancy, right? This is not practical, it’s not real.

33:52 -World confusing, right? Right? Assets put money in your pocket liabilities, take money from your pocket, they count anything of value as an asset they cut. Your car is an asset, your house is an asset. We’re just really taking money from your pocket, your retirement plan and guess what the liability taking money from your pocket every month.

34:10 And whose pocket does it go to Wall Street or City of London? And that’s why is you? And I know these funds, you know, they sit there, they go assets under management, that’s what they’re paid on. You’re not, you’re not making any money. But they’re making fortunes on the fees and assets under management.

34:32 And most of these hedge fund guys and all that, you’re not making any money, but they’re sucking the fees out every day, right? And most poor people confuse assets for liabilities. They think their home is an asset. It’s an actually a liability, right? And again, that’s why yelling at the accounting teacher, I said, An asset is a noun like a house.

34:56 Cash flow is a verb, so to understand if it’s an asset, a liability, it takes a Noun + verb. So if the cash is flowing out of your pocket, it’s a liability if the cash is flowing into your pocket. Asset verb, it’s an asset, so I own 7000 rental properties, those are assets every month, the cash flows in, whereas many people have the big house on the hill and the cash is flowing out right and they’re going broke right? It’s like a frame of mind. The other thing the poor don’t understand is the number one expense for most people as taxes, and yet we don’t even see it.

35:35 Isn’t that weird? You walk around and you look at the paycheck and say, Oh, that doesn’t seem right. And you don’t realize that the government’s got a huge hand in your pocket and you are doing nothing to minimize that again. This is what it’s very different about the rich and the poor. Well, the reason the rich don’t work for money is number one expensive tax.

35:54 See, there’s three kinds of income earned portfolio passive, so earned income is if I get a job that’s earned income, if I’m a doctor or a programmer, that’s earned income because I’m working for it. If I buy us A by, let’s say Apple for ten dollars and I sent it for 20. That’s portfolio income, capital gains. Yeah, but passive income, which is cash flow, is never text, so it’s not so obvious. Guys are screaming right now in America.

36:29 Tax too rich? I said, Good luck because most of the guys complaining they don’t know. Those three kinds of income and the rich don’t have jobs anyway, they have assets. And so the average small out there, a poor guy, you know, sent the kid to school. They don’t learn this.

36:46 So that’s why, in Fake as you were talking about it, there’s a newspaper article about Jared Kushner. And he explains how the Trump’s and the Kushner’s don’t pay taxes and make millions of dollars. And the reporter couldn’t understand him because they’re not. Our schools will never teach you that three types of income and they judged him and say they’re wrong and it’s cheating, and we see that over and over again. Amazon Not paying taxes?

37:11 What do you say to people when they come up to you and say, Robert, it’s not fair, it’s not fair, they’re not paying taxes. Well, there’s always three sides to a coin, you know, heads, tails into edge, you know, some would say the coin. A You are from my side, it’s fair, but this is the difference. Everybody can do the same thing I do because the tax laws are for everybody, you know, they don’t say well. The tax also only for the rich, the tax laws are for everybody to use.

37:37 If you have the right financial education and there is that I’m an advocate of financial education, without that education, you’ll have to pay taxes. You see, very few people will buy what I do, make a million dollars and pay zero tax that takes. And my rich dad taught me that playing monopoly, that’s how it started, you know, for green houses, one red hotel or the McDonald’s form, and I write about it yet. MCDONAlD’S RAY KROC Yeah, McDonald’s is in the real estate business, so they sell hamburgers, but they buy a real estates, they pay no taxes. You know this guy, Bezos, but he’s sixteen billion dollars.

38:15 How much tax did append a 16 billion zero? And that’s all legal. Anyone can do it, everybody could, but everyone knows people lack the education courage. Jarrod learned about money when he was a kid by watching his father by watching. These people will invest in real estate and said, Wow, not only do you get to make the money, you get to keep the money, that’s a big problem.

38:37 A lot of people don’t understand they look how much money I made, but how much did you keep? Because that could be half. Did you pay right, What tax did you pay? And so well, you always say, this is the law, the law is true for every citizen you can do it, but most people just don’t do it. Sometimes, like you said, they don’t have the education, but you need to have a plan.

38:55 If you’re gonna go do risky things, well, that’s not risky. I mean, to me, what’s a risk is having a job in paying taxes and saving money because they’re printing it, you know, that’s the worst thing of all, and that’s why there’s fake money, fake teachers, the teachers will never. They don’t know it right and fake assets, because Wall Street or the City of London or Lehman Brothers or Goldman. And though they’re not going to tell you this, yeah, how are their billionaire bankers today? You know, I’ve been supposed to be watching your money, you know, yeah, I want to talk about that.

39:34 You said in here also, the greatest asset you have is your mind. What does that mean? Well, because money doesn’t exist anymore. Inside Fake, I cover the infinite return when I came back from Vietnam in 73 January of 73. My poor dad said, Get your MBA.

39:54 If my rich dad laughed and my rich I saw, I asked her why she laughed Why’d you rich? Dad laughs. He’s so good, You go, you’re gonna turn out to be an employee. Who else hires guys with M.B.A.s? Yet? I mean, he was just pragmatic about it, he says. If you really want to be a rich, take a class on real estate.

40:14 I said, Why is that? he says. I didn’t know at the time. But once you understand real life, real estate is based on debt, and he says you will learn how to use debt as money. Because that’s what happened. In 71, the U.S. dollar became dead.

40:29 So once you learn how to use debt as money, you can never say I can’t afford it. You see, because the banks will give you so the banks. After the crash of 2008, the banks gave me 300 million dollars tax-free to buy real estate. That the idiots had lost Atha stand there, they were idiots. Because the prices were so high, why would you buy it at the top of a market?

40:55 Don’t you know, that’s gonna crash? They Oh no, no, this is the oh, that was the subprime was the derivatives market. There’s MBSS and all that stuff had driven the price of real estate so high and the rest of us were just waiting. And then when the whole thing came crashing down, all this real estate was now available and they needed. You know, the Fed and those guys in the Treasury needed guys like us to go in there.

41:22 So Wall Street gave us hundreds of millions of dollars to mop up all that real estate. These guys had lost. now it’s fair because everybody could do it right. So, you know, when they ask, the average guy said, Can you, why don’t you use debt? They can’t even get a loan because there are scores their FICO scores won’t.

41:41 Let me have them here are so bad, right, right? So that’s what’s going on in the world today. It’s fake money, fake teachers, fake asses. The schoolteachers will never tell you that because they don’t know it. My poor dad never knew that.

41:54 And he thinks they think the rich are crooks, the risks just played by different laws. The rules are the same, but you have to do what the government wants you to do. Talk to me about these fake assets and what do people have to know about them? We were what we were talking about my history in the crisis. I remember in 98, when the Ruble Russian Ruble crashed.

42:16 Jim Rickards, Our friend, was that long-term Capital Management I was trading derivatives at Bankers Trust in the First National Bank of Chicago. And I saw them out there and everybody wanted to do business with long term capital. It’s a big hedge fund and it nearly. It nearly went bankrupt, but 8Lt and nearly took on took down the world economy. Yeah, one hedge fund, one hedge fund with these quote-unquote fake assets.

42:40 Well, Cuz. Nobody took him to counterparty a risk to it, right, and he were highly levered because they were these rocket scientists, right? Iron Prizewinners Yeah, Nobel Prize winners Myron Scholes and then one of the big guys from Salomon brothers, John Merriweather. Yeah, Merriweather, it was in that book, Liars Poker. Yeah.

42:56 They went out there and on the reputation alone, they didn’t know the balance sheets back it up. They got 20x leverage, 30 x 40 x 50 X leverage and they had massive positions. And when the ruble moved and markets moved, not only were they about to go bankrupt, but all the institutions that had blended money to them. We’re about to go bankrupt. The counterparty, Yeah, the counterparty and I saw this happening and it was pretty crazy.

43:16 Yeah, but explain how can you explain that to people? And then what do they need to know about fake assets to protect themselves, especially from this upcoming crash or crisis? That’s going to happen. Can I give you a very simple please? Okay, I think I got it.

43:30 This is because I’d like to, you know, rich data is important to keep it simple. Okay, this here is a balloon, so in 1971, Nixon took the dollar off the gold standard, so what did that mean? That meant the U.S. government, the U.S. Treasury, could now print money, so they the U.S. Treasury would sell a bond to the Fed. Over here with a Bank of England and Bank of Japan ECB and all this, so in 71, it was the U.S. not anybody else basically screwed the world economy. So rather than fix the economy to this, so things were fine, they fixed the economy.

44:18 You know, inflation went through the roof. There’s a dollar sign on it and is pumping money into the system. So 87, that was, you know, the real estate. Everything’s getting expensive, inflation’s going. Creases of the 80s, right?

44:32 87 crash, Big Crash Did anything happen? No, nothing happened. They just so 87 that went like this, and then there was the LTCM, plus the Southeast Asian crash, the repeal crash and all this. Yeah, so what did Greenspan do? It was a greenspan put right, he says. Oh, don’t worry, we’ll give the bank’s all the money they want, so you won’t crash. So the banks and Treasury and the central bank, the Fed and Bank of Bank of England, they’re like keeping this thing else.

45:12 Everything’s inflated. Now they’re pushing money into system to prop it up every time. Fake money, fake money, This is fake money going in. So then, in 2000, the Dot-com crash hits goes, so Greenspan kind of panics. And he says, Oh my God, we’re better keep this thing going.

45:33 Cuz That was a pretty bad pop, you know, so 2008. That’s when everybody was into derivatives and, you know, pumping his baby up and it did nearly come down. Yeah, some Lehman came down and Bear Stearns was wiped out, and it was like this, so what did Bernanke and those guys do more? So after 2008, they just kept pumping it and it’s getting worse. So now we have the stock market, this one area of the economy, all-time highs floating on fake money, real estate.

46:11 I mean, I don’t know how people can afford to live in oil. In New York, I was looking at a condo for 55 million in real estate in Silicon Valley, you can’t afford to live there. And then all these companies start borrowing money. So the economy’s good in, you know, unemployment, Slaw and all this, they say there’s no inflation. But have you seen the price of food, real estate and student loans and medical?

46:37 It’s a bubble, you know, so now what’s going to happen is the baby boomers. My generation are gonna start to retire and there’s no money. Their Social Security’s broke pensions are broke, student, the students are broke. Yeah, we’re screwing everybody with debt, so let me ask you a question, This is cause this is making me nervous. I know this is called Economics, this is called Bubble Dominic’s, but they’ll never teach you.

47:07 There’s no school. And why do they keep to printing money because they want to save something because it’s an addiction? You know, this is like heroin. The moment you take that one hit. They say, Okay, I’ll quit next week and the economy gets worse so they could go.

47:25 Trump gave us a tax cut in America. This thing gets bigger and bigger and bigger. So what happened in 2008? They stopped it by printing money, so we they call it the Great Recession, but they didn’t really fix anything right, you know? Derivatives went from 700 trillion to 12 trillion today, twice as much, and that is net.

47:50 You know, that’s not, doesn’t tell the whole story, so when? So when the recession hit, the P.H.D. standard came in, that was Bernanke, you know, and then yellin, the P.H.D. said they have P.H.D.S was no different than long-term Capital LTCM. They had Nobel Prize winners. People like my poor debt academics, you know, so anyway, this is what’s going on in the world economy today. So the baby boomers are going to retire now, student loans are bust.

48:27 So do you have to be an economist to say what’s going to happen because they this? We’re fighting a 12-year war. Now entitlements are going through the roof. National debt The GDP is a hundred and nine in the Mare Hundred, nine percent, ninety percent is too late. We have to keep printing now, so this is called Bubble Na mix and this is what’s going to happen.

48:55 Got it, I got it, the economics, one on one scary stuff. It’s happened throughout history, and that’s what I would teach. And what can we do about it? What can we do as the people watching here, what can they do with their money with them brain and what’s gonna happen with this crashes? I mean, this is kind of blood on the streets type stuff.

49:16 I mean, we’ve never seen anything like this, and that’s why guys like Ray Dalio of Bridgewater, he says. This is -. This is we’re going Venezuela, we’re going Greece, Spain, Italy, Ireland, I mean, look, what happens in Venezuela? It’s like there’s no food, there’s protesting in the streets, there’s clamp down on media. I mean, when it gets bad, it’s really bad.

49:40 And then all of that money you thought you had and all your digital money, it’s gone. So here I am, I’m Mr and Mrs America or England or France wasn’t making a difference. You saved all this money and goes, Poof, it happened, you know. In 1920 was called the Weimar Republic, which led to Adolf Hitler and led to FDR Franklin Delano Roosevelt. We’ve been here before, but as schools don’t teach u.s. economic history, so we need to start learning more about our money.

50:13 Well, a record says, You know, he is, he has he and I, you know, we wish we’re singing from the same hymnal. And he says that they’re gonna go to STR, which is IMF, the special drawing rights. But that’s the same thing. And then guys like Harry Dent are saying that goals gonna drop to four hundred an ounce because they’re gonna suck all the cash out of the market. So people have no cash, so it will be going into depression Records saying is going to 10000 an ounce, so one guy is pretty smart.

50:46 Records is 10000 an ounce gold, and those are just indicators of the economy $10000 an ounce goal means we’re in hyperinflation. Where is it now? One thousand, three, okay, and you own gold, right? Lots, okay, well, let’s think of this in. In 1999, he was 290 an ounce, so in 20 years has gone up to 1300.

51:10 That’s how much money is being popped in and they’re trying to suppress. It is manipulated, so some guys is saying 10000 and guys like debt are saying 400. What I write about in this book is number one is stud. You know, I have an infinite return, I don’t need money, that’s why I learned that real estate class I can buy on debt because they want you to borrow debt is debt free money? When I borrowed 300 million, there’s no tax on that money.

51:42 Why do they want me to borrow it? Because if we don’t borrow money, there’s no money in the economy. MM-hmm, see if you can picture this, he have them. You have the Treasury, you have the Fed and you have Wall Street so that this is quantitative easing. The Treasury issues a bond to the Fed, the Fed writes a check Just print money.

52:07 They give it to Wall Street, and who does Wall Street give it to me, they give it to the rich now, why don’t they give it to the poor middle class because the poor middle class? The only way I get that money is I have to borrow it out. That’s what happened in 1971, so I borrowed three hundred million verse around 2009. -2010 there, a happy Please take the money. So the poor and middle class now the gap is so wide because then they can’t borrow that money.

52:41 They got a credit card, get FICO scores, schoolteachers, the balance, checkbooks, but they don’t know anything about this. I make any sense totally, so you want people to get educated. Well, let me show the other side. So what’s happening now is Bernie Sanders, Elizabeth Warren that the Democrats, the Socialist and Communist now what they won. This is called Neo-keynesian.

53:03 So the rich guys like me go in there. I can borrow 300, I’m up to 600 million now. I bought the best real estate in the world at 2- interest. I’m not gonna believe it. If I died and went to heaven, the price of money kept coming down.

53:16 Let’s go in, thank you, this is in the recession. You did, yeah, and the mom-and-pop savers are getting wiped out because their savings are going down. I know the interest is going down. So what Ocasio Cortez and Bernie Sanders and Warren, the Communists, basically so they so that’s called Neo-keynesian, so that’s how the rich get rich. So what they want is they want to give it to the people, so the way they’re gonna plan it, you have a Treasury.

53:40 It issues a bond to the Fed, the Fed writes the check, and give some money to the poor middle class, right? It’s called MMT Modern money theory that’s hardcore hyperinflation socialism. So the world and the reason I use the U.S. as you know, the U.S. right now is still the so called reserve currency of the world. So it’s they write down the world teeters. Japan is almost gone, I think that 220 percent debt to GDP, China’s in horrible shape.

54:16 You look at my setting in Spain, Italy, grace, what’s going on in Venezuela, Brazil, Argentina. You know, the world is teetering right now, and it all goes back to 1971, when I was flying behind enemy lines looking for gold, so I decided that I’m gonna put myself on the gold standard. That’s a record says. To do it just could put yourself on the gold standard so we buy real gold, not ETFS. That’s fake gold.

54:45 So my wife and I had been buying gold since. I don’t know when, because this is all saying, Do you build your house on sand, or do you build it on rock? Saudi Bill? You the ability house on cash or debug that you build it on gold coins. So we kept just saving gold coins, we’d have much money we kept, you know.

55:07 And as we got richer and richer and rich, we had more and more gold coins and our foundation got stronger. But think of us it was $290 in 1999, and today it’s 1300. Okay, so hold real assets and understand what’s real and what’s not, how’s the record? says -. Right, and that’s I own real estate, land, gold, and he recommends a museum-quality. Hard work.

55:34 Okay, out of my box, I don’t know, I don’t know. Yeah, I don’t know. A good painting from a fake painting. And so you want people to understand what’s fake and what’s real. Try to get into the real assets because that’s the way to protect from the next crack.

55:46 House schools will never teaches us right, never, and Wall Street won’t, either. They make too much money, they don’t get money off of, they’ll make money off of gold or real estate or Bitcoin. They make money off pension funds and selling them all those things. And yeah, exactly, is this ever get people depressed when you tell them about this stuff because a lot of people are out there now? panicking Robert. Yeah, well, they’re stuck in 20 years of a mentality of waiting for that paycheck, you know, and trying to save the money.

56:15 How do you get someone to shift that mentality? Well, that’s my records, and I have such good friends. You know, you read this book, The Road to Ruin. Yeah, it’s great, He goes nice, nice, so very nice. So many people trapped in the same device.

56:30 It’s called the Stock Market Care, but in America’s 401Ks IRAS savings so everybody can do is something you can buy silver for two bucks, you can buy u.S. dime for two bucks, right? Go real as fast as you can. Don’t have to do that much, but that’s what that’s what I, that’s what records does, what I do. We’re going real because the rest is fake, Okay, all right, so get out of the fake everything and get into the real understand the well study first, don’t believe us. Yeah, you know, I mean, some of those stocks will do well.

57:06 But as we all know, when that baby pops gold will come down to, You know, everything’s gonna come down, yeah, what happens when that big crash happens, like, are we gonna be worried about our safety? Gonna be massive paradigm shifts for people. This world is not even ready to deal with a hard time or a day without Starbucks, like, What do you see? I mean, you know, you grew up in hard times, you’ve been to war. I mean, you look at this world, you know, I’m not calling everybody snowflakes, but you look at this world, we’re very comfortable.

57:35 Robert What happens when there’s a major crisis, you know, 50- drop in asset value? Well, what the guys who are smarter than me are saying, Just look at what, though the police are doing, they have military vehicles now, you know, they’re not driving around in squad cars, they got armored vehicles, always got helmets, they’re ready for riot control. So what’s going on in Paris? You know what the yellow vests America is ready for that -. They have full-blown military gear, ready for civil unrest.

58:10 I hope it doesn’t happen, but when I talked to my friends from a police officers, they go, Man, there’s parts of Phoenix. Where I love now is that they’re so dangerous we’re afraid to go into. So it’s gonna be like war inside the cities, so that’s why records are nice, nice, so I’m very nice. So many people trapped the same device, they have a job and they have a 401k and they have savings. It’s right, it’s right in front of our faces.

58:42 And people carry around stacks of dollar bills and think that they’re rich, you know, and they want to take away in America, and it’s you’re more civilized here in London. What an America that trying to take away our guns fat chance. More people are buying guns today because they what they know, something’s gonna happen, they want to protect themselves. What are things like in America these days? What do you see when you?

59:05 When you look at that country, when you look at where it’s going, you know the politics, the chatter? The devices were coming apart. Insight Fake House also write about this guy named Roger McNamee, who was friends with Zuckerberg, and that the female person and he says there were. They used to be nice people, he says. They changed inside. Fake is a quote, he says.

59:31 Facebook’s makes more money on MIS than real information. And what they can do now is, Let’s say you hate Trump, they’ll target everything that’s hate Trump on you. It keeps you inflamed, it keeps you not thinking. It’s called social media, it’s really anti social media and look at the kids, you know, going in and shooting other kids. Oh, there’s something really sick and center society, so a lot of it is fake money.

1:00:00 But a lot of us. Fake social media, – and fake news, fake news, nobodies, everybody’s, you know, not who’s gonna let me on the Besides you to blum a little balloon up and pop it? Not CNBC, not CNN. Because that would terrify the whole country right? But we know what’s gonna come.

1:00:19 Do you think a lot of these problems are inherently down to financials? Do you think isn’t that crazy, that all that could breed that insecurity and that mentality to where it all ends up? Being a social unrest? Because nobody ever really understood money and the game that’s been playing on them the whole time. Well, let me ask you this, if you know, tally alright, yeah, it’s a billionaire.

1:00:43 Yeah, why would he be? is saying, What are you saying? He knows they’re not stupid people, so that’s why I keep asking what this school teach you about money. Most Americans say, Oh, I can balance my checkbook, Jose, Good save money, get out of debt, invest for the long-term in a 401k or IRA. And they don’t know. Nice, nice, so very nice, so many people trapped in the same device.

1:01:20 People elected Trump. Because I think they saw a guy who wasn’t gonna play the usual game and they saw a guy who was a businessman. And if people aren’t from America or from America, is that, you know, everybody in America values a winner. And when they see someone that can make money as a businessman, they’re like, You know what, they did, something that’s hard to do now he’s there, you were, you got, you were an early adopter of Trump, you guys, but made books together and things like that. How’s he doing?

1:01:46 And then what do you think of that? Is that a reaction of the people to put there a guy that knows something about money, or what do you see with the psychology of that? Well, you, but you love him or hate him, as you know I have. Trim is respectful. I worked with him for eight years and we’re supposed to write the third book by the time the third book came.

1:02:05 He said, I’m sorry, I’m running for office and like, Keep going, you know. So he opens his mouth, he says, things he shouldn’t say. Really, you know, he doesn’t need to say those things, but if you watch what he’s doing, you know. I mean, this thing about the immigration and the border, with the hundreds of thousands of people crossing our borders and the Socialists ain’t just let them in. Well, it’s the same as England here.

1:02:30 People come across your borders because your social programs are fantastic, right? your health care is fantastic. It’s a great country to be poor in stimulus, America, and so what they found in America is if you have good social programs, all the unemployed, go to yours and make sure it makes your state broke. So it depends on who you talk to. People love him. I hit on my friend, my friend, single, and he’s dating these beyond that.

1:03:03 On the Tinder, I guess he dates, yeah, if he goes. They say, These hot women say, If you like Trump, don’t bother, he says. Well, I could not like Trump Friday. It’s so funny, it’s on social media. If you like Trump, I’m not going to go out with you.

1:03:23 But will he get reelected? It’s like it’s like, Who knows? It’s very possible, I think he will, because he’s doing things that are actually working. You know, like The New York Times finally came out and said that they need to put that wall up because they can now see it. Really, you know, it’s not anti Mexican, he’s anti-illegal immigration, right and are gonna bust our social programs apart.

1:03:52 Education. You’re one of the most things you’re famous for is the is the cash flow game, and it’s something I know people still play today. One of my guys here bought it after our interview in Arizona, and he brought it in. And you can play it online on your website. How important.

1:04:07 I have sons, another two and three years old, and I think about this, Robert, and I’m like, How am I gonna teach them about money? Is that the way to get them to really start playing with it? Using it, understanding IT monopoly style is that kind of how we can educate the new generation. Yeah, have fun, that’s fun. I had so much fun when I was nine years old, I had so much fun playing monopoly with my rich dad.

1:04:29 But the difference was he actually took me out and showed me his four greenhouses. And today, the Red Hotel he just sold for eight hundred million bucks was the Hyatt Regency Waikiki Beach. And he got that by acquiring pieces of property over a long period of time and rolled it up into one big thing. Just like the Game of Monopoly, correct? So I created the cashflow game because it’s basically an accounting game.

1:04:53 It’s monopoly on steroids because Monopoly has no financial statement, so there’s an income statement balance sheet statement of cash flow. So these, so the your guys are having fun. But they may not, subconsciously as locked in his income statement, some balance sheet assets, precious liabilities and the cash flow. As I said, you don’t know if something is an asset on liability until you can see which way the cash flows. So a house is that an asset, a liability?

1:05:23 Well, if it’s taking money from your pocket, it’s liability, it’s putting money in your pocket, it’s an asset. And that’s what the game is, kind of hardwiring into your head and you’re having fun. And the big difference is here is that when you go to your banker, you know? When I went in to borrow three hundred million dollars, my banker never asked me for my report card. My banker didn’t ask him what school I went to, what my grade point average was, he says.

1:05:50 Show me your financials, I went, he says. How much do you want? Will you ever get kids, kids playing this game in schools? Oh, we have lots of them playing okay, but not in the schools themselves. No, not to.

1:06:03 That’s what we get some private schools in the next 50 years, Robert, that teach people real financial education. I mean, you can find stuff online now. I mean, you know, kids like your age nine years old now can watch us talk, right? They can play your cashflow game on my website. I mean, there is a possibility that we can educate people in the future.

1:06:21 Well, that’s not me talking, that’s how I want to talk to you about it, so I don’t take. I want to take my game to the next level and I’ve got to make changes. So, you know, it’s a marriage, this thing, how would I, if you were me, how would you do this? And that because my good friend is now the governor of Arizona. And he just signed into law that financial education will be taught in schools today.

1:06:44 So it’s good, we’re making progress. That’s power. And the reason Trump and I are friends is because, you know, he’s calling for financial education. He’s also calling for a return to the gold Standard. So Trump is very, very much capitalist, whereas Bernie Sanders and Elizabeth Warren will Cascio Cortes hardcore Socialist and they both have a position.

1:07:09 You know, the Socialists have a good point of view and sort of capitalist, but we just can’t have all Socialists and no capitalists taught in schools, which is what’s happening today, right? How do you feel about crypto currencies? I think it’s the future of the dark Web. What does that mean? is that good or bad? That’s how the criminals trade.

1:07:31 Okay, you know that I know that they can’t trace that stuff. Yeah, it’s hard. Yeah, I think it’s, you know, they these little miners. PIP replaced the Fed. You know, the guys in my company who are miners, I don’t what they’re doing, but they’re mining bitcoin.

1:07:47 But they’re doing the same thing the Fed does. I think it’s kind of interesting, it’s entertainment to me, you know, so you’re not a fan of it. It’s just another disguised way of other people manipulating your money. It’s the money, it’s the monopoly of money being coming apart. You know, the Fed and the Treasury and corporations are losing their control, so you look at all the entrepreneurs.

1:08:10 Look at the iPhone. You got more power in that. I phoned and the what it took to put a man on the moon today. So these young people are not going to play by the same rules. Guys like me played by and so I, you know, I can say that’s good or bad, but they don’t care what I think they’re gonna do, what they’re gonna do.

1:08:28 So I’d rather support them and be legal, ethical and moral business people and educate them about how to get their money to make more money. And I’m not against, you know, what about paying taxes? Let me say this taxes are incentives. The reason I get tax breaks for real estate is because I provide housing. I get tax breaks for providing jobs, I get tax breaks for providing oil, and I get tax breaks from providing food.

1:08:59 But me, but most people see me as a crook, I’m not. The U.S. government wants me to provide housing, wants me to provide jobs, wants me to borrow money. Because that’s how money is created through debt and provide oil and food. I get huge tax breaks, everybody can do the same thing. If they had the financial education to do it, if people understood the tax code, we’d be more prosperous.

1:09:24 Isn’t that crazy? Yeah, right, because more people would be entrepreneurial, correct, and creating things that would help the economy starting jobs, creating jobs. Old company, you know, boy, you know, we got starvation. All of them are just provide food, you provide food. The government gives you a tax breaks for that.

1:09:40 Yeah, what about the Millennials? I know you have a resident millennial there in Arizona with you, and she’s great, you make fun of her, but you know, this is a new generation of people. They’re in their 20s, I’ve got some people here. They’re using a lot of times these online banks, they give them like a summary of their expenditures. You know, they got a new way of thinking about money, are you optimistic?

1:09:59 Also, a lot of them are hustling side hustles, which is, you know, an entrepreneurial spirit. Maybe they’re trying to sell something on Instagram or something. What do you see positive and negative in these millennials? Well, it depends upon the millennial, you know, there’s always lazy ones, and there’s also a proactive ones, the proactive ones. I’ve met holy mackerel, they sharp, I mean, you know, they teach me today.

1:10:21 Even in real estate, you know that the millennials in real estate do it differently than the old guys did. It townsel Well, just in baking. Hate to say this, but they can get the number of employees down, they can manage more properties with fewer employees. Right, just embracing digital. And yeah, yeah, and then, so I’m going back to Phoenix in a about a month, and I’m going to take classes on that as how we can manage more property with a few more people using artificial intelligence.

1:10:48 I mean, I’ve got to, I’ve got to do that. Okay, I don’t want to fire those people, but if I don’t, then my properties go up in price. You know, I mean, yeah, the rent goes too high, so my job is to bring rent prices down, not up. So I think they’re fantastic, but a couple of them, you know, some millennials have very bad attitudes. MMm, that’s, but that’s nothing’s different about that, you know, but you’re still learning again, you’re still seeking out teachers, even if they’re in their 20s, correct why there they are my teachers now, but that’s unique.

1:11:24 Robert A lot of a lot of guys in their 70s would not be doing that. Yeah, especially a guy that has taught so many people have done so much, but you’re still learning, you’re excited by it. Yeah, learning this, stimulating, you know, our millennials are also being taught to be politically correct these days. Don’t say that, don’t say this, don’t say that, a lot of shaming, a lot of victims. How do you feel about that, and does that hurt the entrepreneurial spirit in, to a certain extent, when people are watching what they have to do?

1:11:49 I’m guessing Robert Kiyosaki, in his 20s, wasn’t very politically correct. I’m assuming you did what you wanted to do and say what you wanted to say. Well, what do you see in this kind of movement? I don’t really know I’m a I have. It’s a thing called Resilience.

1:12:04 You know, I mean, you had to have resilience, I had to have resilience. We’ve all fallen down in all this, but what has happened is they made us wear helmets to wear ride motorcycles and bicycles. So that’s physical safety, and that makes sense to me. But from the helmets, it shifted to I’m Gonna Protect Your Feelings so run from physical to you can’t say anything to hurt my feelings, that’s what I don’t understand, because I get my feelings for every single day. You know, if I have to.

1:12:38 If I have to be so politically correct, I can’t hurt your feelings, then I can’t do anything because I don’t know what’s gonna hurt your feelings. So they’ve carried this protection from helmets and seat belts to protecting people’s feelings and ideas. I think they’ve gone too far with protection. Is that stifle entrepreneurialism? Do you think or could it?

1:13:02 What’s happening is people are going to smaller groups. I’m very, you know, my as an entrepreneur, I just start a smaller group. We’ve gotta be tighter. It’s called trust and respect and things like that. I’ve got to be very careful who I let into my inner circle.

1:13:20 Because, you know, just one person gets out. And they can Facebook it, they can, YouTube it, they can do anything they want, so it makes us more cautious. That’s, I think that’s about it, but it’s, as we used to say, one of our younger deal with it. It’s what’s happening, deal with it, right? So I’ve met young people who are weak as they can be, and I’ve met young people who are sharp, bright and going for it.

1:13:47 Right. So it’s I hate to condemn one whole group, there’s a group called The Agenda. I generally only know the iPhone and they’re inside the Millennials, So they were born 1995 on, and they’re very, very different than the rest of the Millennials because their whole world is at iPhone, whereas I had to learn to use iPhone, they were born with it, so that’s gonna be it. And those are. Those are the ones that are causing the riots and campuses right now because they can.

1:14:19 Do, you know, get mass crowds together and all this stuff. So this I Jen, born 1995 on We’re Gonna See a Whole Different World. It’s almost like the Cyborg. You know, whether they’re are part of the Internet as part of them, and they’re, they’re all hyper connected. It’s gonna be interesting to see what happens and it’s gonna be good and bad from it.

1:14:39 Yeah, you took Rich Dad as a company, you know, into a more spiritual direction a few years ago. You know, you really said, Wait a second, you know, I want to make sure what doing is has a real direction and a real giving thing back. Can you talk about that decision, and how has that changed your perspective on what you’re doing the next few years? Well, I didn’t really change direction, I just became more open about it. You know, as I said when I was telling when Bucky Fuller in the Eighties, he says, What does God want done?

1:15:07 And most guys say, Well, I want to do what I want to do, so I was in rock’n’roll, I was having fun, make a lot of money. But when fuller ass is, what does God want done? I think God wants evolution and he wants everybody to enjoy wealth, not just a rich. So with that, all I made the difference to do was become more vocal about spirituality. And the guy that kind of inspired me, too, was Ray Dalio.

1:15:36 You know, Bridgewater? He says he encourages people to meditate well, guys like me meditate. We read spiritual books like The New Earth Holly singer Fuller, so I read my financial books, but I also read great spiritual plot leaders today. And I think if we don’t do that, we’re finished anyway. Does that surprise a lot of people to know that, you know, a money guy has a serious spiritual component?

1:16:05 Does that surprise a lot of people? Well, I cover that in fake, because what most people don’t know, the military is very spiritual. You know, you never leave a friend, you know? Then we didn’t fight for our country. I fought to make sure of, you’re honest, my job was to get you home, and that was a, You know, my job was get my team home.

1:16:29 So I went to Vietnam with 16 guys and my job as I get 16 guys home. That was my job. It wasn’t to get air medals and all that stuff. And so that it’s the first word I learned that the Academy was the mission. What is your mission?

1:16:46 And when I went to the M.B.A. program, there was no mention on the word mission, it was money. How do you screw the next guy? how do you beat your competition? So I found my spirituality and Terry school and in the Marine Corps, and I write about it. You know, I was hot over the South China Sea, I lost my engine, I went down three times, I lost my engine. And they call it going exterior.

1:17:18 And suddenly I wasn’t flying. The aircraft, you know, was just watching me fly the aircraft. I don’t know how he got down. Because we are loaded with rockets and machine guns and Ammo and all this. And we were coming out of the sky like a rock.

1:17:34 It was so terrifying, you know, just went, but I went into another dimension and from there I started searching. And more and more and more, that’s how wonder was Buck? Nuts are fuller. It’s what is this thing called Spirituality like I said, I flunked out of Sunday school, I was looking for spirituality, not religion. If you know, I mean, is there some higher power guiding you?

1:18:00 You think, I think guiding all of us, there has to be, and I really do want to believe that. This higher power God or the great spirit or whatever you call it Watts all of us to make it and I think we better start doing something pretty quick. We’re gonna kill each other, we’re killing the planet, becoming the Earth, we’re killing people. You know, how can a kid walk into a room and shoot their classmates? There’s something extremely sick about that and you can say you can take away the guns.

1:18:32 Well, if you take, you took away the guns. They’d still be doing it another way, you know, they gas them or something, so there’s something going on that if we don’t get the message of human beings, we’re finished. And that poor mentality in that poor economic situations is at the root of a lot of this right. Well, this was taught. Yeah, it’s what’s taught, you know, in school cooperation is called cheating.

1:18:59 You know, I got through school being cooperative with my teachers, I was cheating. And today, when you look at how I write about it and fake, I have accountants, attorneys, have bookkeepers, I bankers and all this. And the guys that win are the guys that cooperate, the guys that lose are the ones doing on their own. The small business guy, you know, the chick, the fish-.and-chip shop guy down here, they getting crushed, right? Cuz, they don’t feel that they’re doing what they’re taught in school.

1:19:27 Do it on your own, don’t ask for help, you know. Even Prince Harry is saying he’s asking for help for mental health, you know, in America, Phelps was the Olympic swimmer. He’s asking for mental health, and we’ve got to admit that we’re not Rambo’s, you know? So the men especially need to say, Look, we need to ask for help, get more compassionate, to be kinder. It’s sick, and then if you want to hurt somebody, I go play rugby, I love rugby, but they play by the rules.

1:20:03 There is a big increase in suicide among men. You know that we’re seeing the younger men, well, what do you think we should do about that, or how does that, how does that make you feel? Is it a product of some of this, these issues financial and political correctness, and is it changing the dynamics? Well, there’s a I have a look for Jimmy Little Tetrahedron. So we have.

1:20:25 We have mental intelligence, which is important academic, then we have physical intelligence. You know, like guys like McIlroy, it was great physically. Yeah, then you have emotional, intelligent. Intelligence is probably the most important EQ, and there’s spiritual intelligence. I think we’d better address all four intelligences, so that’s where that’s where I’m going with my company to some limited success.

1:20:52 Because a lot of people. So while you’re treading on my religious beliefs, I said No, and just its spiritual, not religious. No, but I encourage people like Dalio to meditate, you know, to seek mental health, like when I get messed up in the head, I’m on speed-dial with my own Haiti. It’s not the word about therapists. Hey, I’m kind of upset about this, just talk it over, got it done, but you have to ask for help.

1:21:19 Yeah, you always had someone you could talk to you, Oh yeah, yeah, and that’s helped a lot. Oh yeah, my medical doctors on speed dial at my age, but that’s the benefit of having money I can call him. If you don’t have money, you can’t call right, so you have no medical help, no psychological help. And then and then the poverty just again, it just it creates us more problems, and it’s passed down as well. I mean, Bruce Lipton, who was here, who talked about you on our show, said, It’s genetic and well, and passed down.

1:21:51 And do you think it is, or is it also just something that’s passed down mentally? I’m sure that’s passed down. You know, somehow, well, I look in the mirror and I see my dad, I’m going, How’d that happen? So something got passed down. My dad was a teacher, I’m a teacher, so there’s more, there’s more that’s passed down that we’ll ever know.

1:22:08 But can poverty be passed? Their genetic? Yes, because it’s some type of way of thinking it’s an editor, an attitude now you’ve fought against it to get where you are. Well, it’s very simple. When I went in, people asked, How do I stop it? I just said, Never say I can’t afford it.

1:22:24 I would my rich dad for bet, his son and me to say the words I can’t, he says. Ask yourself, How can I? So, you know, like, the reason I have so much money is because I don’t say I can’t do it. I just got, how can I do it? And I guess going to it doesn’t make a lot of mistakes, but that’s how I learned.

1:22:54 How can I, the poorest, poor people like my poor dad, always said, I can’t afford it, you think I’m made of money? I’m a school teacher, I can’t do that, and I picked that up, and my rich dad never said those words. So when I meet poor people that use the words, I can’t a lot, you know, it’s like my wife, Kim, is gorgeous and absolutely drop-dead, gorgeous. First thing I said is she won’t go out with me, you know, my friends kept saying she’ll never go out with you. And I said, Well, if I lift that stop, mate, she never will, so I asked.

1:23:27 I asked her out for six months. So don’t I mean, it’s what goes on between this ear and this year and in our hearts that determine our lives out there? There’s not, there’s no world out there, except let’s go on here. So the people that said, I can’t afford it, I can’t do this, I can’t get to college. The rich are evolving.

1:23:49 I choose not to participate that, and that’s one thing people could change today right now. Is that dialog in their head stop saying the word can’t, I can’t right? So how can? How can I especially as in I can’t afford it, how can I afford that? Because that opens them up to looking at it as an investment to a greater future, right, you know, when I borrowed 300 million dollars, I couldn’t do it.

1:24:12 When I told I went to ask. And I got turned down so many times as the hello. And every time I showed the back of my financials. And he go, Sorry, I said, Look, do me a favor, why did you turn me down? You tell me This is out, the numbers are out here, so if I get these numbers fixed, can I come and see you again?

1:24:34 He goes sure and turn me down again. I can. I put make a make sure the numbers were real and fix it. So it’s called rejection, you know, same as my wife rejected me for six months. It’s just a matter of personal willpower, which is spiritual.

1:24:54 Just saying if they can do it, I can do it, and how can I? how can I? And I think it’s you once said words become flesh. Yep, I was a Bible -. Such a powerful quote What’s next for you? You say you got another book already, you’re working on No. I’m working on my next project, because that’s one when I talk to you about is, you know it? And I know it, that books are not the way to go anymore.

1:25:18 I reach only those that read, and they’re getting fewer and fewer and fewer. So I want to revamp my next product line to go to more of this meeting. This afternoon, I’m meeting with another documentary, Guys, and how do I do this and this and this and that? So I’m doing my research into your world, that’s exciting, I don’t. Definitely this would be a great thing for you.

1:25:41 I’d love to see the Netflix documentary of Rich Dad because, again, it’s just 90 minutes. People can understand what’s what might take them 90 days to read and they never will read. And when your stuff, Robert, it’s so fundamentally core to the human experience. And I think a lot of people see Rich Dad, and they say, Oh, I’m not about money. Money’s dirty law, and they forget it’s this rich life for rich mentality.

1:26:06 You’re teaching people how to be the best humans correct, it’s, you know, it’s not about their savings account, right? They make lied to, that’s the worst thing, right? They’re printing money. Why would you say fit and the rich don’t pay taxes? And like you know, like, anyway, there’s just so much more of the person can learn and make different choices.

1:26:28 Just being aware that’s, that’s all I want to do. I don’t need the money, I mean, I like money. Money is my scorecard. But there’s a lot of work to do, same as reason you feel good doing what you do. I feel good doing what I’m doing. Yeah, when you’re making these world tours, how do you? how do you stay in the zone? Is there something you do every morning?

1:26:48 Is it a meditation routine? Cuz, You’ve got a whole month on the road, how do you, How do you structure your day to where you’re looking? Amazing, cheerful. How do you do that? Well, it is the meditation, and my therapist is on speed dial. Okay, I asked for help, You know, like I go, Why am I thinking this? And that’s important, you know, especially some of the men out there.

1:27:11 We’re taught not to ask for help and to talk about, but you need to ask for help, right? That’s why Prince Harry fantastic, you know, he lost his mother. What? How tragic would that be? Lose your mother? Yeah, I don’t know what it. I was so blessed to have a great mother, a great father, although I trash my father.

1:27:27 But let me give you, my mother was just the most loving person, and so that was a blessing. I don’t know how well Prince Harry and I don’t blame him. It’s not week he’s actually being strong. So to ask for help in school is called Cheating in Real Life, it’s called Being Human MMM. And so for you on a daily basis, you meditate still every day.

1:27:50 Okay, and you’ve been doing that for a long time about five years now. Okay, how’s it going good, good, good? And the person who got me to do it is my doctor, he says. I can’t fix you, he’s a cardiologist, he says. Your problems alright, aren’t physical, Your problems are emotional and mental, you’re so hyperactive.

1:28:09 So I said, He says, You’ve got, you’ve got to get the brain slowed down and then go silent. You know, our brains, I think we think ninety thousand thoughts a day and eighty nine thousand are the same. Something like that. Yeah, you said, you got to go to silence and let God talk to you If you’re talking, God can’t talk to you. So my health has gotten better, even though I’m getting older, keeping the stress down, keeping my dress down, cortisol down starts with meditation.

1:28:49 Tell me about What would your friends say is Robert Kiyosaki’s superpower? If I was to ask five of them and Kim and all these people and say, I was Robert able to do all this stuff. Travel on the world, write books to run companies, all that stuff, what would they say is the thing that allows you to do it? It was Buckminster Fuller. What does God want done? It’s called Evolution, you know, as God want us.

1:29:13 Cutting down March Rays No. Does you know more Fossil fuels? No. Even though I invest in them, you know, we’ve got to do what God wants done, your job is, I figure out, what does God want done that I can do? That’s, I think that’s why you’re happier, because, you know, this is what God wants done.

1:29:35 Because if you stayed with, let’s say the CNBC or those guys, you couldn’t do this stuff. Yeah, the corporate would not let you, so you’re always following your heart in your mission. I just asked, What does God want done? Yeah, you know, yeah, so, and we all have different gifts, and mine was. I just happened to understand money.

1:29:57 I just happened to have Rich Ted and a poor Ted, and I could see it is education school, and, you know, for me to criticize school, I may as well criticize the pope. Yeah, that’s like education, czar, religion and then fake. I trash it in there. There’s a guy is a guy who graduated from Yale, and he talks about how our schools taught, how Yale and Harvard taught them to create derivatives. And you know what, the Fullerton minute father, but that’s his name.

1:30:30 Buffett calls derivatives weapons of mass financial destruction, and, he says, he says, disguises. He’s a Yale graduate. And he says, they taught us how to blow up the world to make money with the revenues. It’s scary, and you talk about this in here, yeah. On a personal note, What was the best day of your life and the worst day?

1:30:54 I’ve had something I’ve ever been blessed, probably, which we talked about her earlier, you know, was to meet my aunt in New York, my aunt was from Romania, but she was a prima ballerina. PARIS And she fought for the French resistance, and she would tell me stories of what it was like to be a prima ballerina of Paris to be drinking with the Russians as a spy. Knowing if they caught her, they would kill her and she had to have sex with them. And all this just to get the information. And so here I’m, an 18 year old kid.

1:31:41 I’m now going from Hawaii to school in Manhattan. And here’s my aunt telling me stories of the real world out there I’m going as she inspired me, you know? So I’ve been blessed by having a lot of very, very good women in my life. You know, my hand, my mother, my wife Kim, my Christina, my assistant, Cathy, my wife, you know, I’m just, I’m just blessed with good, great women. Mona helps me get my book out.

1:32:10 And so it’s the women of the world who really deserve more credit for what’s going on in the world. And I’m my wife is now on our own, speaking to women about taking care of themselves financially. So it really is. I think if you look at what God wants done, I think women better step up. You know, yeah, the female energy brings something different, you know, sometimes the male energy could get very competitive and not cooperative.

1:32:37 Correct? And it’s interesting you surround yourself with women, and it just shows, you know, yeah, bringing to that energy worst day of your life is it. Would it be going down in one of those crashes in Vietnam or those not? Worst days are those great days. I have a different philosophy since I started meditating the worst days were my best days.

1:32:59 Because, you know, I think all of us, every human being, has that low point in their life. And if they get the message, a new life begins. If they don’t get the message, they keep going down and that, and that’s, I think, the difference, so I’ve had a lot of horrible things happen. Like I got sued here, you know, sued there for business and money, and it took me a while. But it’s the other side of the coin, you know, three heads tale to the edge.

1:33:30 The person that sued me actually did me a big favor. I learned a lot about me and I’d say, You know, say what? One of my business partners. She and I had this huge fight and went to court and sued. And I, you know, she won, I won and all that stuff.

1:33:47 But when I looked at what she taught me was priceless. It was a horrible day of my life. I was priceless, so took me about five years, my rotary letters and, you know, thank you. You taught me a lot big contribution to me growing up, so that’s how I’ve learned to look at it. Philosophically, there’s no such thing as good or bad, right or wrong. You know, the reason we have wars as both, I think they’re right, same as lawsuits, and I’d rather just choose to see both sides now.

1:34:18 Yeah, yeah. We made a documentary last year called Iron Mind, and I went through an Ironman race and trained for it. And a lot of mistakes from my past came off. Problem struggles with addiction back in New York City. And now that I look at them, they were like blessings.

1:34:33 They were the foundation of what even this show is that those quote-unquote failures. But it got my attention. It’ll change my game right, right? and that’s what Fuller said. The biggest mistake is they punished kids for making mistakes. How do we learn?

1:34:48 You know, baby learns by falling down, standing up, learn about riding a bicycle by falling off, and we’re always going to make mistakes. This hall was, You’ll always have opposition, you know, if you, if you are, you just say, I’m pro Trump, somebody will say, I’m anti Trump, you know? So look at both sides, right, and encourage our children to make more mistakes correct and look at. Look at the benefit on both sides. You know, keep an open mind.

1:35:14 Yeah, what scares you, Robert? Actually, not too much, you know, because fear, fear, turns to excitement. So like, right now, y’all in this, I’m an entrepreneur, is trying another project, I don’t know anything, and there’s fear and I’m gonna fail. I know I’m gonna fail along the way because that’s part of the process, but through the failing, I know them. We’ll get smarter, right?

1:35:43 Yeah, same as you have you started, you got smarter and smarter and smarter. So that’s why what our schools are teaching kids that making mistakes is a mistake. How do you learn? You know, I didn’t get in my first project, my first real estate deal was eighteen thousand dollars. The last moment does a hundred and twenty million dollars.

1:36:07 Only thing that changed was my experience, what I learned going along the process. So your intelligence increases through your mistakes through the ups and downs, or what you’ve learned real estate’s real estate. But what I learned made me richer, not the money, so that’s my, you know, when I talk to people, that’s why I say, Oh, but I don’t want to make mistakes. What if I fail? Who taught you that school?

1:36:39 Yeah, what would we be surprised to learn about Robert Kiyosaki? Something you do in your spare time that we’d be like, Wow, that’s crazy, you play video games, and he likes certain snacks. I don’t know what is something because we only know you sometimes from rich dad, poor dad. So no, I’m pretty, I’m pretty upfront about it. Welcome, I covered in their what’s called The Infinite Return, right.

1:36:59 You know where you don’t need money to make money? And the richer I got was because I didn’t need any money. I could use this to make money. But how did I get there as I made a lot of mistakes? So I’m thinking about writing my next book, but the times that nearly went to jail and stupid things I did, you know, and just to let people know it wasn’t, it wasn’t this, it was horrifying.

1:37:29 And then my poor mom, you know, she was the greatest level of woman, everything I was growing up and she has this. I don’t do this and don’t do that and don’t do this. Everything she told me not to do became my to-do list, so I went out and did it, you know, and she’d come home. I said, Mom, that’s how I learned. Jegos Ellen, you were out with those strange women.

1:37:52 I said, Well, they’re nice, so I’ve done everything my mom said not to do just about. I don’t do drugs, I don’t beat people. I don’t rape on all the other stuff the guys knew. But, you know, I love my mom so much, but she gave me the best advice, everything she said not to do. I want to did it did, and but I think that’s why I can write Infinite return.

1:38:15 It’s because I learned that I don’t, and that’s how I learned. And well, the people are afraid of making mistakes, and all this fear of failing it limits them. Yeah, yeah, what keeps you awake at night thinking about the economy? You know that Bolon, yeah, bothers you. It’s a dangerous thing, isn’t it?

1:38:41 What’s that? Just a dangerous situation with that bubble, as you know? And I know we’ve never been here as a world, you know, we’ve had, like, Greece went down, let’s say, and Venezuela goes down. But as you know, the whole world in the same position today China, Japan, Russia, America, Europe, South America. It’s all because in 1971, Nixon took the dollar off the gold standard and the whole world started to print money.

1:39:11 So we have sit on this big fat bubble. How long can this bubble stay? I don’t know, but I keep going, I keep running in my head and I listen. I’m always reading and studying guys like Records and David Stockman, who was Reagan’s budget director. And it concerns me, yeah, there’s a great graph in the book.

1:39:34 People will see when they when they buy it. And it has like the twenty nine stock market crash and the one in 87, and they’re just tiny little blips compared to where we are now. I mean, this, I was like, one-hundredth of what we’re looking at now. And, yeah, the 1929 crash was this big 2008 was that big? The next one’s gonna be that big, that’s it, the whole world in the same place at the same time.

1:40:03 Or his record says Nice, nice, so very nice, So many different people trapped in the same device that says it all. Robert I always asked everyone a few questions The end, I’ll ask you, I’m not. I know I’ve asked you before, but sometimes I get different answers. If you could pick up a phone and call that twenty year old Robert Kiyosaki, maybe you’re in Manhattan, still learning. At 20, I was a medic in the university that must’ve been a crazy time and give that young man some advice. What would you tell him?

1:40:30 I’m pretty happy when I did, I said, Just keep going, Yeah, you’re the hardest thing, that’s it, the young people. When I graduated at 21 from the Merchant Marine Academy, the starting pay my classmates was about a hundred twenty thousand a year. This isn’t 69. Wow, and I gave it up, I was I was making more making five times more than my father. Driving tankers for Standard Oil Wow, and I gave it up for $200 a month ago, fly for the Marine Corps.

1:41:03 So I am very happy with that move because had I stayed there for the money, I wouldn’t be talking to you today, I’d be this whole guy. Driving an oil tanker retired huge, got you no salary man drunk. Because it was the wrong mentality, I would have missed one of the biggest adventures of life going to war. It was such an adventure, what was it like? It was an adventure, you know, like there was a woman. HELEN KELLER You know, yeah, life is either a daring adventure or nothing.

1:41:45 And I read that as a kid and said, I want my life to be an adventure. And so that’s why I’ve never stopped. I just keep going from adventure to adventure, but since Fuller is what, how can I contribute? That’s the question, What does God want done? And, you know, there’s people all over the world doing great work right now, you know, there’s no cure cancer.

1:42:07 They do this, and for me it’s education in schools. What really disturbs me is that, as you know, because you’ve seen a lot of them. The guys, the kids on the bankers, they go to the best schools, right? They don’t have to do it alone. Debt.

1:42:22 I think you know they, that cheating scandal, they and they bribed somebody to get into USC of all things, Oh my God, they’ve paid a lot of money. You can’t get into USC, what’s wrong with you? But anyway, I feel for the kids who don’t have that, you know, mandate, they’re not going to go to USC, they’re not going to go to Harvard, you know, because they’ve had a bad education to start. So those are the people I work for when I put it that way, but I want to teach their parents first and their parents can teach their kids, because if the kids have to go to school, they’re never gonna learn this anyway, right? Schools will never teach what we know, never right, so that’s what drives me on.

1:43:11 I feel for those kids who his parents didn’t have a headstart couldn’t afford a head start for the kids. But the reason I created the cashflow game was for one purpose. People who teach people if people can teach people, we can solve this problem. If you have to go to school, you’re never gonna learn it anyway. So my whole mission and my thing is in financial education.

1:43:36 It’s allow people to teach people and have fun, inspire further learning, not give them answers. Wow, so that’s really what that’s really what started with a rich Dad company 22 years ago. MMM I start with a cashflow game in 96. I didn’t know how to sell it so out Rich dad, poor dad and sold, that’s an entrepreneur that he’s an entrepreneur. Yeah, and this is the one question I want everyone to really be asking themselves for today, the next week, maybe the next month.

1:44:08 What does God want me to do? And if you have what you want done, what does God want done? Right? There’s a very big difference because when I was in rock and roll, I was having a lot of fun. But when that question is what does God want done?

1:44:25 I knew because I knew what I knew from rich Dad important. So for the firm, for many doctors, you know it’s gonna end cancer for others. It’s hunger, you know, for my sister’s a Buddhist nun, and she’s doing what God wants done, working with the poor. So we all have that inside of us, and I think it’s selfish to say, Well, I’m just doing what I want to do. It’s a big difference.

1:44:54 Yeah, best advice you’ve ever received. Maybe it was from above Mr. Fuller, or maybe from your rich dad, or maybe from him. I don’t know what comes to mind. No, it was a story of Helen Keller Life’s a Daring adventure or nothing. I love that quote.

1:45:08 Yeah, Yeah, my mom wanted me to stay at home and she, she was so happy. I got this high paying job with standard oil driving oil tankers, and she saw my paycheck. She’s going home. I can’t believe this 1960 and I and I can’t believe how much money you make. Yeah, mom, I just quit.

1:45:31 I’m going to join the Marine Corps, but somebody told me I had to do it. You know, I mean, yeah, yeah, last part of that question to that 20 year old. That’s watching us. The one that probably knows deep down in their heart that they don’t really understand money and they have the wrong concepts around it. But they want to do something about it.

1:45:53 How do they start? What’s the best way to start this journey? Besides buying this? Well, there’s two things I say to young people in number one.

1:46:13 Guests on wealth, creation, productivity, leadership, morning routines, health and, well,-being Gold, silver and Oil. I love all three of them, I’m, I really do, I study them, I enjoy it. I’m not an expert, but I am always taking classes on it. And the reason I’m not in the stock market was because I took three companies public through.

1:46:45 The Toronto Stock Exchange took a gold company, a silver company and an oil company public. And once I found out how stocks are put together. It’s not a game I want to play house out, so that’s why I, but I found out for myself. You want to invest in mutual funds and ETFS, and that’s your life. It’s not what I want to do, I can make more money and have more fun.

1:47:11 I love real estate, I can being here in London. MMM, I would love to all these buildings. What do you see, What do you see? Well, there’s this gorgeous architecture, and, you know, it’s just a fabulous place. I love real estate, I really do and I love oil, I don’t know why, and I love gold and silver.

1:47:31 I took one goal company public in China, the Chinese government took it from me, That’s why I’m not too fond of China. Okay, what Trump is saying is correct. They do steal. I’m sure we steal, too, though, and then silver, you know? Silver’s Plata in Spanish and Silver’s an industrial metal.

1:47:55 But I love it, I have lots of gold and silver, so that’s why I’m rich. I’m only investing what I love. You know, I like Apple, I like my Apple iPhone, but I don’t want anyone Apple stock I’m. I should have bought somebody that’s not interested, right? So you’re encouraging people to go ahead and invest in something you’re excited about.

1:48:12 Heart Yeah, follow their heart, What do you want to study right? And their greatest asset is their brain, yep, and their interest and their wanting to serve humanity. Like I have 7000 tenants, I have to take care of them because they take care of me, I don’t, I’m not a slumlord or anything like this. Make sure they get the they’re taken care of. A big thing about renting property is security.

1:48:40 You know, we spent a lot of money. Make sure they have lights and things, the place is secure and all this, or we could cut back on that. But we rent to a lot of single moms and things like this. So if we got to make sure our properties are secure, because that’s what they pay me for, how roll over. They had kitchen, toilet and security.

1:49:01 It’s very simple stuff and I make guys we just want to rip him off or flip a property. And I almost never flip, you know, because I’m a long term take care of my property and the government gives me tax breaks. Yeah, any final thoughts for people-watching anything else they should know? No, I just thank you for doing what you’re doing, You know that what you’re doing is a great service to humanity. I think that’s why you’re successful.

1:49:28 There’s a principle Fuller talked about the principles that these were God’s principles. They’re called generalized principles, and one of the generalized principles was emerges through emergency. So you look at the word emergency. The root word is emerge, so people say when something gonna change as well, some of those in emergency will change. You know, till then, nobody’s gonna change anything, yeah, but the second one he always talked the generalized principle was the more people I serve, the more effective I become.

1:50:04 So most of my thoughts on a daily basis is how can I serve more people, not how much money can I make if I serve more people? I make more money and you know that. And too many people want to focus only on how much money they make, not how they serve people. So we’ve all been in our restaurant where the person didn’t want to be a waiter. They were just there for the money, they don’t last long.

1:50:32 So I think my biggest lesson for my biggest suggestion for people is figure out how you want to serve people. Yeah, such powerful stuff, Robert. Four years ago, I remember I grabbed a bunch of cameras here and went out to the XL Center. And I got thirty minutes of your time between your speaking. I met Kim there and I sat down in.

1:50:53 Our thirty minutes, was watched by a quarter-million people. And I found this really passionate, introspective man named Robert Kiyosaki behind the Rich Dad book. And I was like, Wow, not what I expected, and I got to come out and see you in Arizona last year again. People were just like, Wow, there’s so much going on with this man. It’s spiritual, it’s connection, its purpose.

1:51:14 It’s not just about the money and we see it again today, so I just want to thank you so much for everything you do for putting this messages out. And also for showing me what I’ll be doing in my 70s, which is basically putting the foot on the gas. Which is what you’re doing, right? So thank you for this book. It’s called Fake.

1:51:29 I think it’s it sold out in Amazon, but I’m sure you’re gonna resupply. It’s fascinating book some great lessons in there and until the next time, because I think we’re gonna be doing more of these. Well, thank you for your contribution. My pleasure. Thank you all, right, all the best, thank you.