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The most obsolete idea is go to school, get a job,
work hard, save money, get out of debt
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and invest
for the long term in the stock market.
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See, why would you save money when
they're printing trillions of dollars?
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The gap between the 1% and 99% is massive.
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You see, it's not just money.
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You have to
step back and look at the bigger picture.
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So what do you do?
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In every one of us is a poor person.
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There's still a poor person inside me.
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There's also a middle class person.
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And that middle class person wants security.
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They want that steady paycheck.
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And there is a rich person.
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And they're all
inside of us except that it's not taught.
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You're taught to go to school,
get a job and get a paycheck.
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You're not taught how to get rich.
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If you read the Rich Dad Poor Dad,
my rich dad refused to pay me.
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He said the paycheck was one of the most damaging
things you could take in your life.
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He says the moment you take a paycheck,
you're an employee.
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And that's the mindset.
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So my rich dad never paid me.
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It drove my poor dad,
a government employee, nuts.
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You got to pay people.
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You got to pay people.
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And Rich Dad
was not saying that the paycheck was bad.
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He says
he didn't want to be a slave to money.
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So as an entrepreneur, if Rich Dad folded,
I just start another company.
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I don't need a paycheck.
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I don't need anybody to take care of me.
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If my government doesn't like me, I move to another
country because they need entrepreneurs.
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So the
entrepreneur is not so much the business.
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The entrepreneur is really the mindset and the
skill sets and the different set of rules.
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You see, I don't operate.
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Small business does not operate
in the same rules as big business.
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Entrepreneur is a mindset first,
a skill set and rules.
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And depending upon whether you're an employee or a small business,
the rules are different.
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The mindsets are different.
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The skill sets are different.
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Do the rich people cringe and say,
don't tell them that, Robert?
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Yes, yes, yes.
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Don't tell people what you know.
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Keep them poor.
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My father was the head of education,
PhD, all that stuff.
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I go home and ask him, I said,
why don't we learn about money in school?
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And he looked at me and said, because the government
doesn't let us teach that subject.
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The government tells us what
we can teach and what we can't teach.
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And I thought that was strange.
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And I said, but aren't
we going to school to learn about money?
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He says, no.
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Your job is to get a job.
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I said, but you get a job to earn money.
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He goes, no.
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You're supposed to just get a job.
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I went, no, no, no, no, no.
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Isn't the purpose of a job to earn money?
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He goes, you're correct.
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I said,
so why don't I just learn about money?
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I can skip the job part, you know?
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And he got flustered and he said,
if you want to learn about money,
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why don't you ask
your best friend's father about money?
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I said, why?
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That's Mike.
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So I asked him.
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He says,
because Mike's father is an entrepreneur.
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And I said, what are you?
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He says, I'm an employee.
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I'm a government employee.
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I went, oh, what's the difference?
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He says, the difference
is an entrepreneur must know about money.
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Or they're no longer entrepreneurs.
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And he says, an employee doesn't
have to know anything about money.
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Because
the government will take care of them.
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The company will take care of them.
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So kid, I'm all confused.
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But I took my dad's advice and
I trundled over to Mike's father's office
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and knocked on his door.
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And I said, hey, I'm here, nine years old.
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Teach me about money.
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He says, beat it, kid, you know?
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But that's where
the story of Rich Dad Poor Dad started.
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And finally, through persistence,
my rich dad started teaching me
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about money on one condition.
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And
that condition was he would never pay me.
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He says, the moment I pay you,
you think like an employee.
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He says, that's the trap.
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Entrepreneurs work for free.
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And now I'm nine years old.
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My head's going cracking in half.
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He says, you never want a paycheck.
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You understand that, kid?
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I said, OK, I got it.
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And he says, well, how do I make money?
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He says,
that's what entrepreneurs figure out.
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So how do I learn about money?
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So he would
just break out a Monopoly game board.
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So I would work for free.
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I'd pick up cigarette butts.
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He had hotels and restaurants
that I would clean and do menial tasks.
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And as I got older, I started getting into
office work and marketing and accounting.
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And I was an apprentice, basically.
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But I always worked for free.
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And he would teach me about money.
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But the way he taught
me about money was playing Monopoly.
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And finally, one day, I got upset.
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I said, well, when
are you going to teach me about money?
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He says, what do you think we're doing?
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We're playing Monopoly.
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He goes, no, no, no, no.
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What do you think we're doing?
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We're playing Monopoly.
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He says, what do you think we're doing?
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He says, I don't know.
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I'm teaching about money.
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And
then that's when you have one greenhouse.
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He says, there's many
formulas for great success and money.
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There's thousands of them.
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But one of the best
ones is found in the game of Monopoly.
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It still is today.
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Four greenhouses, one red hotel.
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I said, what?
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He says, one of
the greatest ways to acquire great wealth
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is playing Monopoly in real life.
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Four greenhouses, one red hotel.
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Is that all there is?
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He goes, that's it.
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And he says, what do you think I'm doing?
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And I went, I don't know.
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So then he took me out.
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He showed me his greenhouses.
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And 10 years later, when I was 19,
I was now in school in New York.
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And I come back to Hawaii.
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And Rich
Dad had bought the biggest piece of land,
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smack dab in the middle of Waikiki Beach.
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And when you go to Waikiki Beach today,
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you'll see the Hyatt Regency Hotel.
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That was his hotel.
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Just like the game of Monopoly.
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Just like the game of Monopoly.
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Acquired assets,
and they became bigger assets.
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He just kept what's called an assemblage,
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because that
property wasn't that big at the time.
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So he had to buy out all the small guys.
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Because Waikiki
was a little dirt-watered little town.
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So he'd buy out
this shop owner and buy that shop owner.
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And it took him a while,
but he finally assembled
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this large piece of property.
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And then
he and Hyatt put up this giant hotel.
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And it just sold for $800 million.
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So that's how I learned about money.
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The reason I wrote Rich Dad, Poor Dad,
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was because I knew this time was coming.
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And we have,
as a world, I've never been here before.
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And so is it a spooky time?
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It is probably the most dangerous time ever,
ever, ever, ever.
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There's nothing to compare it to.
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Because there's
never been a world economy before.
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For example, 100 years ago,
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there was a stock market crash in England.
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It didn't affect anybody.
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But now the US market goes down,
the world goes down.
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So plus with social
media and all this we're doing now.
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So we've never been here before.
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And I'm excited about it.
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Because I make more money
in crashes than I do when they go up.
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But for the average person,
they'll get wiped out.
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I'm afraid at the worst, I hope I'm wrong,
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but I think
we're heading for a global depression.
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How does this play out for the average worker,
Robert,
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for the small business owner?
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I mean, what
does the next three months look like?
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Because it doesn't look pretty.
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I mean, people are already being laid off,
made redundant.
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Businesses are, there's
no cash flow in most of these businesses.
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How does that play out?
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Well, let me give one more step just to give you the size of it,
okay?
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The national
debt for World War II was 25 billion.
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Every day today,
every day they're printing 125 billion.
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Every single day,
that's like five World War IIs per day.
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They're printing so much money to keep this,
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think
of a hot air balloon with a tear in it.
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And they're doing
desperately trying to fix this tear.
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But no matter how hard they try, the tear has gone beyond,
it's coming down.
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So in financial terms,
it's called our debt to deep GDP
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has now gone from 60 to 90 to 105,
it's going to 120.
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We're bankrupt and they're
going to print more and more money,
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which means savers are losers,
just as I predicted.
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Your money
is going to be worthless in a few years.
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So my message
is the same as some of your other guests,
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this is metamorphosis type.
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Financial education, in Rich Dad's terms,
is really financial transformation.
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00:09:06,520 --> 00:09:09,299
And the definition
of metamorphosis is very important.
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Metamorphosis, the definition
is the evolution or the transformation
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from an immature form to an adult form.
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An immature form to an adult form.
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Metamorphosis is the same as
a caterpillar turning into a butterfly.
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And Fuller always said, there's nothing to
predict a butterfly inside a caterpillar.
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So everybody listening right now,
if you're struggling financially,
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just think
of yourself as a little caterpillar.
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And this crisis is your cocoon.
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The question is, what do you emerge as?
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Do you emerge as a victim?
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You know,
the world did that to me and the capitalists are crook,
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and
the rich are bastards and all this stuff.
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Or do you say, oh, this is
the best thing that ever happened to me?
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The same as my health,
I am ground zero for the coronavirus.
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00:10:03,080 --> 00:10:05,700
All
that does is inspire me to get healthier.
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00:10:06,760 --> 00:10:09,460
You're either
going to get healthier and wealthier,
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or you're going to go bust.
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Your choice, it sits between your ears,
your heart, your body,
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your mind, your spirit, your attitude.
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This could be
the best thing that ever happened to you.
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Physically,
mentally, emotionally, spiritually,
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00:10:23,840 --> 00:10:28,600
if you turn out to a butterfly, or somebody
will step on you like a little worm.
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Your choice.
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00:10:33,220 --> 00:10:36,419
You could say one thing to somebody
who has never been an entrepreneur,
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and they're thinking about making the leap
of faith into becoming an entrepreneur.
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What could you tell them?
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Well, I'll just tell
them the same thing that happened to me.
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You know, my last paycheck,
I still remember it clearly.
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It was one of
the worst and the best days of my life.
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And I was in Puerto Rico,
I was working for Xerox,
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and my boss gave me my last, it wasn't a paycheck,
it was a bonus check.
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I think it was about 30,000 bucks taxable,
that's the only problem with that.
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So I got this check,
and I went, holy mackerel.
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You know what I mean?
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So I was excited, but I was also disturbed.
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And so this other guy comes up to me,
his name was John,
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and John says to me,
he says, you're going to be back.
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00:11:19,640 --> 00:11:20,320
I said, why?
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00:11:20,740 --> 00:11:21,940
He says, because you're going to fail.
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I looked at him and said,
look, a few expletive words,
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because that's what he did.
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He left Xerox, failed, and he came back.
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I said, look, you failed, and you came back,
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but I'm going to fail,
and I'm never coming back.
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And that's the attitude.
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Do you know what I mean?
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If you say, well, if I fail,
I'll go back to mommy and daddy,
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then that's what you'll do.
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So if you fail,
that's when I became an entrepreneur,
241
00:11:49,060 --> 00:11:49,960
because I had no money.
242
00:11:50,300 --> 00:11:51,800
I had no money for years.
243
00:11:52,540 --> 00:11:53,640
Yeah, I didn't have a paycheck,
244
00:11:54,460 --> 00:11:56,680
but that's
what my rich dad encouraged me to do.
245
00:11:56,800 --> 00:11:58,880
He says, when you don't have this paycheck,
246
00:11:59,440 --> 00:12:02,780
you get hungrier, smarter,
and it's a test of your character.
247
00:12:03,300 --> 00:12:04,320
Will you become a crook?
248
00:12:04,500 --> 00:12:05,580
Will you become dishonest?
249
00:12:05,860 --> 00:12:06,920
Will you cheat and steal?
250
00:12:07,280 --> 00:12:09,180
Or will you become a better human being?
251
00:12:09,780 --> 00:12:13,080
So really,
that's the benefit of becoming an entrepreneur,
252
00:12:13,140 --> 00:12:14,940
is you really find out who you are
253
00:12:14,940 --> 00:12:16,260
when you don't have anything.
254
00:12:18,600 --> 00:12:19,960
So you
always have to look at the big picture.
255
00:12:20,120 --> 00:12:22,540
Too many people look at,
well, what's going to happen to me?
256
00:12:22,940 --> 00:12:26,020
When you look at the big picture,
you're also going to know
257
00:12:26,020 --> 00:12:29,060
that when something bad happens,
something good is going to happen.
258
00:12:29,080 --> 00:12:32,160
But you've
got to prepare for whatever is coming.
259
00:12:32,740 --> 00:12:35,940
If you think next
20 years will be like the last 20 years,
260
00:12:35,980 --> 00:12:36,820
you're going to get creamed.
261
00:12:37,280 --> 00:12:39,020
You know,
when you and I go to the supermarket,
262
00:12:39,020 --> 00:12:40,460
we buy a carton of milk,
263
00:12:40,940 --> 00:12:42,740
well, let's check for the expiration date.
264
00:12:43,640 --> 00:12:46,900
But most people do not check
for the expiration date on their brains.
265
00:12:48,680 --> 00:12:50,720
Instead of get out of debt, I get into debt.
266
00:12:51,480 --> 00:12:54,460
I just refinanced 300 million in debt.
267
00:12:54,700 --> 00:12:56,580
I went from 5% to 2.5
268
00:12:56,580 --> 00:12:57,260
% interest.
269
00:12:57,480 --> 00:12:58,560
I made a fortune.
270
00:12:59,020 --> 00:13:01,080
Every month, more money comes in
271
00:13:01,080 --> 00:13:02,980
because my cost of money has gone down.
272
00:13:03,480 --> 00:13:06,480
So while some financial
experts are saying get out of debt,
273
00:13:06,560 --> 00:13:09,440
I'm saying learn how to use debt.
274
00:13:09,980 --> 00:13:13,960
See,
when I came back in Vietnam in January of 73,
275
00:13:14,140 --> 00:13:16,700
the first thing
my rich dad said to me was go to school
276
00:13:16,700 --> 00:13:18,700
to learn how to invest in real estate.
277
00:13:18,760 --> 00:13:19,780
It wasn't real estate.
278
00:13:19,820 --> 00:13:21,540
It was how to use debt and taxes.
279
00:13:22,340 --> 00:13:24,420
Debt and taxes make the rich richer.
280
00:13:25,100 --> 00:13:27,820
Debt and taxes
make the poor and middle class poor.
281
00:13:28,260 --> 00:13:32,120
So all the
rich guys who are doctors and lawyers or,
282
00:13:32,820 --> 00:13:35,140
you know,
those guys, they're getting creamed.
283
00:13:35,180 --> 00:13:36,600
And they don't know why.
284
00:13:36,940 --> 00:13:38,220
Doctors are getting creamed.
285
00:13:38,420 --> 00:13:38,660
Oh, yeah.
286
00:13:38,680 --> 00:13:40,880
They make him more money,
but the take home is less.
287
00:13:41,120 --> 00:13:41,260
Sure.
288
00:13:41,520 --> 00:13:43,620
You know, my doctor just yelled at me.
289
00:13:43,680 --> 00:13:44,120
He's happy.
290
00:13:44,220 --> 00:13:45,400
He says, oh, guess what?
291
00:13:45,540 --> 00:13:47,000
I finally made a million dollars.
292
00:13:47,400 --> 00:13:49,720
And I said, yeah, this was three weeks ago.
293
00:13:50,320 --> 00:13:52,580
And so I said,
yeah, well, how much you pay in tax?
294
00:13:52,720 --> 00:13:55,100
He says 750,000 in taxes.
295
00:13:55,180 --> 00:13:58,000
So his net was about 400,000.
296
00:13:58,060 --> 00:13:59,000
That's not bad.
297
00:13:59,740 --> 00:14:02,400
But when I make a million bucks,
I keep a million bucks.
298
00:14:02,800 --> 00:14:05,900
And the reason is because
I don't make it by working for money.
299
00:14:05,940 --> 00:14:08,260
See, if you work for money, you're taxed.
300
00:14:08,400 --> 00:14:10,740
So that's why lesson number one in rich dad,
poor dad,
301
00:14:10,900 --> 00:14:12,200
is the rich don't work for money.
302
00:14:12,580 --> 00:14:15,640
What we do instead
is we create businesses as entrepreneurs.
303
00:14:16,180 --> 00:14:17,260
We acquire real estate.
304
00:14:17,700 --> 00:14:19,320
I don't want to invest in the stock market.
305
00:14:20,460 --> 00:14:22,760
So the reason is because as entrepreneurs,
306
00:14:22,820 --> 00:14:27,180
I have more control over my income,
how much I make,
307
00:14:27,380 --> 00:14:29,060
and how much I pay in taxes.
308
00:14:29,680 --> 00:14:33,900
And because I'm an entrepreneur
as well as an investor in real estate,
309
00:14:33,900 --> 00:14:35,040
I pay zero tax.
310
00:14:35,440 --> 00:14:38,460
So every time I make, let's say,
a million dollars as an entrepreneur,
311
00:14:39,120 --> 00:14:41,160
I immediately invest it in real estate.
312
00:14:41,240 --> 00:14:42,700
I have a four to one step up.
313
00:14:43,020 --> 00:14:44,780
So I put a million dollars in real estate.
314
00:14:44,920 --> 00:14:46,820
I get four million from the bank.
315
00:14:46,880 --> 00:14:47,920
That's why I love banks.
316
00:14:48,300 --> 00:14:50,160
But the banks are screwing everybody else.
317
00:14:50,360 --> 00:14:51,020
Terrible.
318
00:14:51,340 --> 00:14:52,120
But it's good for me.
319
00:14:52,660 --> 00:14:54,680
That's why you say when you print,
it's good for you.
320
00:14:54,700 --> 00:14:56,760
But when you print,
it's bad for people that work for money.
321
00:14:56,800 --> 00:15:01,500
Because when you print, savers get creamed
and people who work for money get creamed.
322
00:15:01,760 --> 00:15:03,440
When they print, debtors get rich.
323
00:15:04,020 --> 00:15:07,780
You see,
debt and taxes make the rich richer.
324
00:15:08,700 --> 00:15:11,500
And debt and
taxes make the poor middle class poorer.
325
00:15:13,820 --> 00:15:17,140
When we have obsolete ideas,
we get obsolete results.
326
00:15:17,980 --> 00:15:21,740
So what's happening for most people,
the idea of going to school,
327
00:15:22,560 --> 00:15:25,600
getting a job, working hard, saving money,
328
00:15:25,780 --> 00:15:28,760
getting out of debt,
buying your house because it's an asset,
329
00:15:28,840 --> 00:15:31,420
and investing for the long term,
is obsolete.
330
00:15:32,420 --> 00:15:33,320
The world has changed.
331
00:15:33,380 --> 00:15:38,280
The world changed in 1971 when President
Nixon took us off the gold standard.
332
00:15:38,760 --> 00:15:40,380
And money became debt.
333
00:15:41,220 --> 00:15:42,660
What if we get rid of school?
334
00:15:42,800 --> 00:15:43,540
Then what would happen?
335
00:15:43,640 --> 00:15:46,220
Would it be better
if we had no educational system at all?
336
00:15:46,500 --> 00:15:48,560
No, I'm saying
education is more important before.
337
00:15:48,680 --> 00:15:49,500
It's just obsolete.
338
00:15:50,060 --> 00:15:52,200
You know, there's Moore's law that,
339
00:15:52,280 --> 00:15:55,580
Moore's law states
information doubles every 18 months.
340
00:15:55,580 --> 00:15:57,640
In other words,
everything's obsolete 18 months.
341
00:15:58,520 --> 00:15:59,980
And this is a recent phenomenon.
342
00:16:00,320 --> 00:16:02,040
So when you come out of school,
you're already obsolete.
343
00:16:02,560 --> 00:16:04,180
And that's why I'm the old guy, you know?
344
00:16:04,180 --> 00:16:05,620
I meet my friends who went to Harvard.
345
00:16:05,740 --> 00:16:06,480
Yeah, I went to Harvard.
346
00:16:06,620 --> 00:16:08,300
I said, yeah, that was how long?
347
00:16:08,320 --> 00:16:09,200
50 years ago?
348
00:16:09,860 --> 00:16:14,020
Today, the banks
are charging you interest to save money.
349
00:16:14,020 --> 00:16:16,160
In other words,
the banks don't want your money
350
00:16:16,160 --> 00:16:18,480
because they printed too much of it.
351
00:16:18,740 --> 00:16:20,820
And that's
why there's these bubbles in stocks
352
00:16:20,820 --> 00:16:22,540
and bubbles in real estate and all this.
353
00:16:22,600 --> 00:16:24,420
People are dumping the cash.
354
00:16:24,480 --> 00:16:28,100
Because as I said in here,
savers are losers and cash is trash.
355
00:16:28,920 --> 00:16:30,920
And yet people,
well, I want a high paying job.
356
00:16:31,020 --> 00:16:32,280
Well, that's an obsolete idea.
357
00:16:32,720 --> 00:16:34,420
Get out of debt is an obsolete idea.
358
00:16:34,460 --> 00:16:35,860
You should learn how to get into debt,
359
00:16:36,140 --> 00:16:37,580
how to use debt to get rich.
360
00:16:37,880 --> 00:16:39,640
And they'll never teach you about taxes.
361
00:16:39,920 --> 00:16:43,860
The reason the 1% is way
up here and the 99% are going this way
362
00:16:43,860 --> 00:16:46,620
is because when you print money,
two things happen.
363
00:16:46,740 --> 00:16:47,980
Inflation and taxes.
364
00:16:48,380 --> 00:16:49,500
It's going to crush you.
365
00:16:51,660 --> 00:16:53,940
And any entrepreneur thinks,
I'm just going to make money
366
00:16:53,940 --> 00:16:55,540
and start a business and make a lot of money
367
00:16:55,540 --> 00:16:56,620
because of what we talk about.
368
00:16:57,040 --> 00:16:59,580
They really have got to smell the roses,
man.
369
00:17:00,600 --> 00:17:03,460
That's not
what the real entrepreneurs are doing.
370
00:17:04,300 --> 00:17:08,020
Most entrepreneurs,
there's 28 million small business owners
371
00:17:08,020 --> 00:17:08,780
in America.
372
00:17:10,020 --> 00:17:13,300
24 million are one person entrepreneurs.
373
00:17:14,020 --> 00:17:16,240
They're called non-employee entrepreneurs.
374
00:17:17,820 --> 00:17:20,980
And that's what happens
is when people don't really understand
375
00:17:20,980 --> 00:17:22,359
what an entrepreneur does.
376
00:17:22,740 --> 00:17:25,320
So most big people are self-employed,
377
00:17:25,440 --> 00:17:27,380
but they're not really entrepreneurs.
378
00:17:28,359 --> 00:17:31,119
The self
-employed pay the highest taxes of all.
379
00:17:31,940 --> 00:17:33,280
Nobody tells them that.
380
00:17:34,720 --> 00:17:36,900
It's also called the entrepreneurial spirit.
381
00:17:37,880 --> 00:17:40,640
But what we were actually
talking about was there's no such thing
382
00:17:40,640 --> 00:17:41,660
as a bad economy.
383
00:17:42,980 --> 00:17:46,160
You and I, we all have an external economy,
384
00:17:46,740 --> 00:17:48,820
but we also have an internal economy.
385
00:17:49,060 --> 00:17:51,900
And the willpower
is to change our internal economy.
386
00:17:52,359 --> 00:17:56,060
So for me,
I can see the good and I can see the bad.
387
00:17:56,180 --> 00:17:59,359
I don't really give a
damn because I'm going to be rich anyway.
388
00:18:00,020 --> 00:18:03,359
But a
poor person with a poor personal economy,
389
00:18:03,700 --> 00:18:05,800
all they're going to see is a bad economy
390
00:18:05,800 --> 00:18:09,780
because they don't
know how to make money in any economy.
391
00:18:10,380 --> 00:18:12,960
And a middle-class person,
they have a middle-class economy.
392
00:18:13,060 --> 00:18:15,880
You know, they want a nice house,
a steady paycheck,
393
00:18:16,540 --> 00:18:18,180
and the job and the car.
394
00:18:18,640 --> 00:18:21,599
And so when you take their job away to them,
that's disaster.
395
00:18:21,839 --> 00:18:24,560
Well,
since an entrepreneur doesn't have a job anyway,
396
00:18:24,640 --> 00:18:25,460
it's no big deal.
397
00:18:26,380 --> 00:18:27,680
So all I'm saying to people,
398
00:18:27,839 --> 00:18:29,640
that's what Bucky Fuller taught me,
399
00:18:30,060 --> 00:18:31,260
is always two sides.
400
00:18:31,480 --> 00:18:31,800
You know what I mean?
401
00:18:32,359 --> 00:18:34,220
You know, to use plural, at minimum, two.
402
00:18:34,700 --> 00:18:36,599
So if you think the economy is bad,
403
00:18:36,740 --> 00:18:38,339
it's because your economy is bad.
404
00:18:39,000 --> 00:18:42,160
If you think that steady,
you know, employment is important,
405
00:18:42,660 --> 00:18:45,520
then you'll see an economy without jobs.
406
00:18:46,680 --> 00:18:49,440
Your economy versus the external economy.
407
00:18:49,440 --> 00:18:51,180
What you
control versus what you can't control.
408
00:18:51,260 --> 00:18:51,960
I can control.
409
00:18:52,099 --> 00:18:56,320
Yeah, it's called an
internal focus versus an external focus.
410
00:18:56,839 --> 00:19:00,080
So the
real entrepreneur has an internal focus.
411
00:19:00,420 --> 00:19:02,820
But if they fall down,
they say, oh, this is good,
412
00:19:03,180 --> 00:19:04,440
because I'm going to go up higher.
413
00:19:05,180 --> 00:19:06,859
You know,
the average person will fall down, say,
414
00:19:06,859 --> 00:19:08,339
oh, I'm going to take some Prozac.
415
00:19:08,859 --> 00:19:11,859
Or if somebody has a mistake,
all the mistakes don't matter.
416
00:19:12,300 --> 00:19:13,320
Well, mistakes matter.
417
00:19:13,359 --> 00:19:14,400
It means you didn't know something.
418
00:19:15,420 --> 00:19:17,900
But a real entrepreneur,
whether they fall down,
419
00:19:18,640 --> 00:19:20,040
they always can go up.
420
00:19:20,040 --> 00:19:21,740
They can stand back up and go higher.
421
00:19:22,440 --> 00:19:23,820
But no matter what happens to them,
422
00:19:23,880 --> 00:19:27,119
they get stronger
and better and smarter and happier.
423
00:19:28,180 --> 00:19:30,720
But a person with a weak internal mindset
424
00:19:30,720 --> 00:19:33,760
is that they're so afraid of what happens,
425
00:19:33,859 --> 00:19:34,780
it generally happens.
426
00:19:35,359 --> 00:19:37,220
Like, you know,
people are afraid of losing their jobs,
427
00:19:37,500 --> 00:19:38,760
they generally lose their jobs.
428
00:19:39,420 --> 00:19:39,700
You know what I mean?
429
00:19:40,320 --> 00:19:42,060
Yeah, so everything comes through you.
430
00:19:42,280 --> 00:19:43,500
Yeah, so the entrepreneur,
431
00:19:43,580 --> 00:19:46,560
first job is to control inside here,
not outside there.
432
00:19:47,180 --> 00:19:49,880
The moment you take that paycheck,
you're an employee.
433
00:19:50,900 --> 00:19:52,359
You've got to be stronger than that.
434
00:19:52,599 --> 00:19:53,900
It's about inside control.
435
00:19:55,820 --> 00:19:57,580
I've had financial crashes.
436
00:19:57,720 --> 00:19:59,580
I've had people stab me in the back.
437
00:20:00,220 --> 00:20:02,740
But they're all good,
because I grow from it.
438
00:20:02,740 --> 00:20:03,720
That's spirituality.
439
00:20:04,339 --> 00:20:06,099
People who are afraid of making mistakes,
440
00:20:06,119 --> 00:20:08,320
like they teach in school,
they don't ever grow.
441
00:20:09,480 --> 00:20:12,280
Because spirituality
is there's good and there's bad.
442
00:20:12,460 --> 00:20:13,859
There's right and there's wrong.
443
00:20:13,960 --> 00:20:15,500
There's up and there's down.
444
00:20:16,119 --> 00:20:17,940
Most people only want to be right.
445
00:20:18,160 --> 00:20:19,339
They only want to be positive.
446
00:20:20,099 --> 00:20:21,119
Well, you can't have that.
447
00:20:21,119 --> 00:20:22,099
That's not reality.
448
00:20:25,040 --> 00:20:28,220
Well,
I wasn't poor by most people's standards.
449
00:20:29,220 --> 00:20:31,900
But I
came from a family with a poor attitude,
450
00:20:32,000 --> 00:20:33,140
if you know what I mean.
451
00:20:33,500 --> 00:20:36,800
Because rich, poor, middle class, poverty,
452
00:20:37,140 --> 00:20:39,080
starts with a fundamental attitude.
453
00:20:40,440 --> 00:20:41,920
Poverty has passed on.
454
00:20:42,540 --> 00:20:44,020
It's taught in your families.
455
00:20:45,500 --> 00:20:47,500
And middle class is taught in families.
456
00:20:48,140 --> 00:20:50,800
And so the
people right now who are sitting at home,
457
00:20:51,339 --> 00:20:52,619
who are struggling financially,
458
00:20:52,800 --> 00:20:55,220
or worried about money, or unhappy,
459
00:20:55,359 --> 00:20:56,680
they may be making a lot of money,
460
00:20:56,720 --> 00:20:58,540
but unhappy with what they're doing,
461
00:20:59,740 --> 00:21:01,119
it was probably taught to you.
462
00:21:01,859 --> 00:21:03,460
Your super ego was taught,
463
00:21:03,960 --> 00:21:06,920
get a job,
work hard, or you'll never be rich,
464
00:21:07,020 --> 00:21:09,000
or the rich are evil, or whatever.
465
00:21:09,400 --> 00:21:11,740
The school
system will never teach you about money.
466
00:21:12,119 --> 00:21:14,160
The school system was designed to teach you
467
00:21:14,160 --> 00:21:16,940
to be an employee, which is important,
468
00:21:17,420 --> 00:21:20,020
or a doctor, or a lawyer, a specialist.
469
00:21:20,720 --> 00:21:22,140
But never about money.
470
00:21:23,200 --> 00:21:26,900
And what most
people lack is real business knowledge.
471
00:21:27,619 --> 00:21:31,180
Like accounting,
you know, like debt, like taxes.
472
00:21:31,820 --> 00:21:33,060
You got to know that stuff,
473
00:21:33,220 --> 00:21:35,000
but
they don't teach it in school to anybody.
474
00:21:36,760 --> 00:21:38,560
So, and then when people ask me,
475
00:21:38,640 --> 00:21:41,460
how did your rich dad learn this,
476
00:21:41,839 --> 00:21:43,980
when your poor dad, a PhD, did it?
477
00:21:44,160 --> 00:21:45,700
And the answer is very simply,
478
00:21:45,880 --> 00:21:47,980
my rich dad, and my best friend's father,
479
00:21:48,420 --> 00:21:50,320
his father died when he was 13.
480
00:21:51,280 --> 00:21:55,160
So his rich dad
had this family business at 13 to run.
481
00:21:55,900 --> 00:21:57,640
So he had to drop out of school,
482
00:21:57,840 --> 00:22:01,180
which was his blessing,
you know, those blessings.
483
00:22:02,300 --> 00:22:03,460
And, you know, sometimes the blessing
484
00:22:03,460 --> 00:22:04,580
doesn't look like a blessing,
485
00:22:04,600 --> 00:22:06,040
but it turned out to be a blessing.
486
00:22:06,780 --> 00:22:09,640
And then his teachers became his bookkeeper,
487
00:22:09,820 --> 00:22:12,360
his accountant, his attorney, his banker,
488
00:22:12,360 --> 00:22:13,900
his real estate agents.
489
00:22:14,360 --> 00:22:17,060
So he has what I call real teachers,
490
00:22:17,560 --> 00:22:19,340
not these fake teachers in school.
491
00:22:20,240 --> 00:22:21,860
You see, most teachers in school,
492
00:22:22,320 --> 00:22:23,460
they're out of ethics.
493
00:22:23,740 --> 00:22:25,700
They teach subjects they don't,
494
00:22:25,720 --> 00:22:27,260
they themselves don't practice.
495
00:22:28,280 --> 00:22:29,680
I asked the teacher, I said, you know,
496
00:22:29,760 --> 00:22:31,600
I'm in my third year of calculus now.
497
00:22:31,700 --> 00:22:34,380
It was called,
it was called strength of materials.
498
00:22:36,040 --> 00:22:38,080
I said, am I ever going to use this stuff?
499
00:22:38,100 --> 00:22:39,920
He goes, no.
500
00:22:41,300 --> 00:22:44,320
You know, said, why do you teach it?
501
00:22:45,140 --> 00:22:46,040
I was like, I get paid.
502
00:22:46,720 --> 00:22:47,680
He said, do you ever use it?
503
00:22:47,680 --> 00:22:48,660
He goes, no.
504
00:22:50,480 --> 00:22:53,700
And that's why,
you know, you have to, in life,
505
00:22:54,340 --> 00:22:56,360
one of the things I suggested people,
506
00:22:56,440 --> 00:22:59,140
you got to find
a real teacher versus a fake teacher.
507
00:22:59,740 --> 00:23:02,600
And a fake teacher is
somebody who doesn't do what they teach.
508
00:23:04,100 --> 00:23:06,940
And a real teacher
is doing what they teach every day.
509
00:23:07,060 --> 00:23:09,600
So my accountants, my attorneys,
510
00:23:09,600 --> 00:23:11,320
they're in it every single day.
511
00:23:11,520 --> 00:23:12,900
That's how I learned because every day
512
00:23:12,900 --> 00:23:14,560
I'm solving problems in my business.
513
00:23:15,460 --> 00:23:18,220
So I have
accountants and attorneys and bankers
514
00:23:18,220 --> 00:23:19,860
and all these people on speed dial
515
00:23:19,860 --> 00:23:23,580
because I'm solving problems with my team.
516
00:23:25,100 --> 00:23:26,860
I see you giving this knowledge out.
517
00:23:27,080 --> 00:23:30,200
Do the rich people cringe and say,
don't tell them that, Roger?
518
00:23:30,200 --> 00:23:31,100
Yes, yes, yes.
519
00:23:31,100 --> 00:23:32,940
Don't tell people what you know.
520
00:23:33,040 --> 00:23:33,740
Keep them poor.
521
00:23:34,540 --> 00:23:36,480
But, you know, unfortunately, the poor,
522
00:23:37,200 --> 00:23:38,800
as was in the Bible, I'm not real religious.
523
00:23:38,960 --> 00:23:42,180
The poor will always
be amongst us because it starts up here.
524
00:23:42,380 --> 00:23:42,480
Right.
525
00:23:42,480 --> 00:23:43,880
It's that fear mentality.
526
00:23:44,900 --> 00:23:48,060
It's in their words,
you know, and the words become flesh.
527
00:23:48,240 --> 00:23:49,240
God, I'm not really religious.
528
00:23:49,320 --> 00:23:50,980
I flunked out of Sunday school also.
529
00:23:51,980 --> 00:23:54,800
But when they
say I can't afford it or I can't do that,
530
00:23:55,340 --> 00:23:55,980
they go down.
531
00:23:56,580 --> 00:23:57,980
They become what they say.
532
00:23:58,880 --> 00:24:00,620
My PhD dad, he says, what do you think?
533
00:24:00,800 --> 00:24:01,700
I am made of money.
534
00:24:01,920 --> 00:24:03,200
I can't afford that.
535
00:24:04,140 --> 00:24:07,020
And my rich dad would say,
that's why he's poor.
536
00:24:07,800 --> 00:24:09,640
Poor people say I can't afford it.
537
00:24:09,640 --> 00:24:10,420
I can't do that.
538
00:24:10,420 --> 00:24:13,120
I don't have time because this is an escape.
539
00:24:14,360 --> 00:24:15,140
It's an escape.
540
00:24:15,340 --> 00:24:15,740
You know what I mean?
541
00:24:15,760 --> 00:24:17,260
It's easy to say I can't afford it.
542
00:24:17,320 --> 00:24:20,540
And your rich dad used
to say what instead of I can't afford it?
543
00:24:20,980 --> 00:24:22,480
How can I afford it?
544
00:24:22,840 --> 00:24:24,140
How can I do that?
545
00:24:24,480 --> 00:24:27,220
You know, what
would it take or why should I do that?
546
00:24:27,860 --> 00:24:30,180
He says that a question opens a mind.
547
00:24:30,320 --> 00:24:31,700
A statement closes the mind.
548
00:24:31,760 --> 00:24:34,880
So when you say I can't afford it,
your mind shuts down.
549
00:24:34,920 --> 00:24:36,540
And you become what you say.
550
00:24:38,500 --> 00:24:39,980
Rugby is a team sport.
551
00:24:40,140 --> 00:24:41,020
But so is soccer.
552
00:24:41,180 --> 00:24:42,080
The rules are different.
553
00:24:42,520 --> 00:24:44,000
And other people are golfers.
554
00:24:44,000 --> 00:24:45,120
They play by themselves.
555
00:24:45,920 --> 00:24:47,220
And so everybody's different.
556
00:24:47,980 --> 00:24:51,220
So my game financially is business,
number one.
557
00:24:51,460 --> 00:24:52,580
Second is real estate.
558
00:24:53,380 --> 00:24:56,360
So what I say
to young people is you find your game.42552
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