All language subtitles for [English (auto-generated)] DONALD TRUMP AND ROBERT KIYOSAKI_ FINANCIAL EDUCATION- FUNDAMENTALS RULES FOR INVESTORS [DownSub.com]

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These are the user uploaded subtitles that are being translated: 1 00:00:00,470 --> 00:00:02,530 you 2 00:00:09,889 --> 00:00:12,300 well in Rich Dad Poor Dad I came out in 3 00:00:12,300 --> 00:00:14,760 1997 I said your house is not an asset 4 00:00:14,760 --> 00:00:17,310 and it drove people nuts is this one 5 00:00:17,310 --> 00:00:18,990 crazy on me because that's a common 6 00:00:18,990 --> 00:00:22,050 belief but when when you can't make your 7 00:00:22,050 --> 00:00:23,970 house payments you find out is the 8 00:00:23,970 --> 00:00:25,740 biggest liability you've got and what 9 00:00:25,740 --> 00:00:27,240 may that's - you have to be very much 10 00:00:27,240 --> 00:00:29,220 more correct than you even thought right 11 00:00:29,220 --> 00:00:30,660 when you look at what's happened to home 12 00:00:30,660 --> 00:00:33,870 prices and Donald and I love real estate 13 00:00:33,870 --> 00:00:35,910 I love with us I think it's the best 14 00:00:35,910 --> 00:00:38,940 thing going better than sliced bread but 15 00:00:38,940 --> 00:00:41,250 if you're not smart with it it's like a 16 00:00:41,250 --> 00:00:43,230 loaded gun you know you can protect 17 00:00:43,230 --> 00:00:45,510 yourself we can kill yourself with it so 18 00:00:45,510 --> 00:00:48,390 real estate is to me the best vehicle 19 00:00:48,390 --> 00:00:49,920 but you've got to be smart with it 20 00:00:49,920 --> 00:00:54,480 because we're using debt and debt is a 21 00:00:54,480 --> 00:00:57,539 two-edged sword out there so you use 22 00:00:57,539 --> 00:01:00,350 debt I used it but the more debt you use 23 00:01:00,350 --> 00:01:02,879 actually you have to be smarter so you 24 00:01:02,879 --> 00:01:05,280 can use debt to get richer it can also 25 00:01:05,280 --> 00:01:07,880 use debt to wipe you out so that's why 26 00:01:07,880 --> 00:01:10,590 you know I continue on saying we need 27 00:01:10,590 --> 00:01:12,750 financial education to just say to 28 00:01:12,750 --> 00:01:15,840 somebody get out of debt well that's not 29 00:01:15,840 --> 00:01:17,009 accurate 30 00:01:17,009 --> 00:01:19,140 you use debt don't you that is a great 31 00:01:19,140 --> 00:01:21,840 thing and to be big and to be very 32 00:01:21,840 --> 00:01:25,530 successful debt is a very useful weapon 33 00:01:25,530 --> 00:01:28,050 way but you have to be very careful is 34 00:01:28,050 --> 00:01:31,349 correct so the other thing when people 35 00:01:31,349 --> 00:01:35,550 say live below your means you don't like 36 00:01:35,550 --> 00:01:37,830 to live below your means do you know and 37 00:01:37,830 --> 00:01:39,810 I think when you say to somebody live 38 00:01:39,810 --> 00:01:41,640 below your means you wipe the spirit out 39 00:01:41,640 --> 00:01:43,590 it's like saying somebody if you want to 40 00:01:43,590 --> 00:01:46,770 lose weight go on a starvation diet it 41 00:01:46,770 --> 00:01:48,599 doesn't make you healthier to starve 42 00:01:48,599 --> 00:01:50,700 yourself so I would rather get 43 00:01:50,700 --> 00:01:52,619 financially educated that's why I read 44 00:01:52,619 --> 00:01:54,810 read your books because I want to this 45 00:01:54,810 --> 00:01:56,580 is my greatest asset I want to feed my 46 00:01:56,580 --> 00:01:59,700 brain so that I can expand my means 47 00:01:59,700 --> 00:02:01,950 without getting into excessive debt or 48 00:02:01,950 --> 00:02:04,649 where I start to lose because debt this 49 00:02:04,649 --> 00:02:07,530 a is a to a sort but telling somebody to 50 00:02:07,530 --> 00:02:11,580 live below your means is almost inhumane 51 00:02:11,580 --> 00:02:14,069 I never felt good doing it I wanted to 52 00:02:14,069 --> 00:02:15,720 strive to 53 00:02:15,720 --> 00:02:17,430 you better every day I want to do better 54 00:02:17,430 --> 00:02:20,190 everyday I liked a good life like I tell 55 00:02:20,190 --> 00:02:25,410 the story of taxiing underneath your jet 56 00:02:25,410 --> 00:02:28,290 and I thought I was in my jet but it was 57 00:02:28,290 --> 00:02:31,680 a little Learjet I look up and there's a 58 00:02:31,680 --> 00:02:35,910 727 a night taxi under it as a holy man 59 00:02:35,910 --> 00:02:39,450 you know it's it's big boys and their 60 00:02:39,450 --> 00:02:41,520 toys but nonetheless it inspired me I 61 00:02:41,520 --> 00:02:43,890 said okay I'm in a Learjet now it's time 62 00:02:43,890 --> 00:02:46,500 to step up and it doesn't mean the jet 63 00:02:46,500 --> 00:02:48,570 will make me happier what makes me 64 00:02:48,570 --> 00:02:51,150 happier is the wanting to get better to 65 00:02:51,150 --> 00:02:54,390 get smarter to do better well I have a 66 00:02:54,390 --> 00:02:58,230 friend who was not successful at all but 67 00:02:58,230 --> 00:03:01,230 was really up-and-coming and he had a 68 00:03:01,230 --> 00:03:04,380 thing he would only fly first class I'm 69 00:03:04,380 --> 00:03:06,570 not saying do this because for somebody 70 00:03:06,570 --> 00:03:08,010 who won't work but he needed that 71 00:03:08,010 --> 00:03:10,590 mentally right he wanted to fly first 72 00:03:10,590 --> 00:03:13,080 class because mentally he wanted to 73 00:03:13,080 --> 00:03:15,350 think he was the best and that's it and 74 00:03:15,350 --> 00:03:17,430 even though he didn't have much money at 75 00:03:17,430 --> 00:03:19,170 the time this is years ago he would 76 00:03:19,170 --> 00:03:21,870 always fly used to criticize him but it 77 00:03:21,870 --> 00:03:23,190 put him in a good state of mind and he 78 00:03:23,190 --> 00:03:25,290 became a very very successful guy very 79 00:03:25,290 --> 00:03:28,200 very successful and I oh I've always 80 00:03:28,200 --> 00:03:30,030 remembered that he would never fly coach 81 00:03:30,030 --> 00:03:32,190 he would always like first last even 82 00:03:32,190 --> 00:03:33,830 though I didn't have the means to fly so 83 00:03:33,830 --> 00:03:37,410 look it's complicated but whatever it 84 00:03:37,410 --> 00:03:39,900 takes to train that whatever it makes 85 00:03:39,900 --> 00:03:42,330 you feel better about yourself stronger 86 00:03:42,330 --> 00:03:45,900 more confident to want to do better and 87 00:03:45,900 --> 00:03:48,090 I think really that's the issue and then 88 00:03:48,090 --> 00:03:49,410 we're at the stage of our lives right 89 00:03:49,410 --> 00:03:51,630 now we you know to ask for more is not 90 00:03:51,630 --> 00:03:54,330 really it but to do better to feel 91 00:03:54,330 --> 00:03:56,070 better about ourselves is still 92 00:03:56,070 --> 00:03:58,830 important it is very important so that's 93 00:03:58,830 --> 00:04:00,510 why I don't like saying live below your 94 00:04:00,510 --> 00:04:02,489 means and scrimp and all that because 95 00:04:02,489 --> 00:04:05,750 you know shopping is fun 96 00:04:05,750 --> 00:04:08,360 nice nice houses are fun at the same 97 00:04:08,360 --> 00:04:10,220 time you have to be very careful yes but 98 00:04:10,220 --> 00:04:12,620 ethically responsible correct like you 99 00:04:12,620 --> 00:04:14,800 know when when you invited us up to your 100 00:04:14,800 --> 00:04:17,450 your little con your little duplex up 101 00:04:17,450 --> 00:04:19,700 whatever he call it we walked up there 102 00:04:19,700 --> 00:04:23,390 I've never seen a two-story two entire 103 00:04:23,390 --> 00:04:27,560 floor home in New York City and my wife 104 00:04:27,560 --> 00:04:30,140 Kim's as you know this I never thought I 105 00:04:30,140 --> 00:04:31,850 never really not live in a condo but 106 00:04:31,850 --> 00:04:35,360 just as mr. Trump's house will do and it 107 00:04:35,360 --> 00:04:39,200 is spectacular you don't I mean it's and 108 00:04:39,200 --> 00:04:41,090 I don't need that right yes I don't I 109 00:04:41,090 --> 00:04:42,800 don't need that if I had one nice 110 00:04:42,800 --> 00:04:45,050 bedroom with a good television set in a 111 00:04:45,050 --> 00:04:47,590 nice bed and you don't really need that 112 00:04:47,590 --> 00:04:50,510 but it was in a building I built right 113 00:04:50,510 --> 00:04:52,610 and it was there for the taking so I 114 00:04:52,610 --> 00:04:54,110 figured I might as well do it and what 115 00:04:54,110 --> 00:04:55,820 have I done instead of selling the 116 00:04:55,820 --> 00:04:59,240 equivalent of 12 or 13 units I kept them 117 00:04:59,240 --> 00:05:02,450 and by keeping them I have them I didn't 118 00:05:02,450 --> 00:05:03,950 sell them and that's okay and it's 119 00:05:03,950 --> 00:05:06,320 become you know a very valuable place so 120 00:05:06,320 --> 00:05:09,410 I didn't need that I don't need it now 121 00:05:09,410 --> 00:05:11,630 but there's something nice about it 122 00:05:11,630 --> 00:05:14,000 right and that's my message is achieve 123 00:05:14,000 --> 00:05:16,400 it and then you can take it or leave it 124 00:05:16,400 --> 00:05:18,710 but if you don't achieve it then it's 125 00:05:18,710 --> 00:05:21,200 always something away from you so again 126 00:05:21,200 --> 00:05:22,850 that's why be redundant about this 127 00:05:22,850 --> 00:05:24,950 living below your means I don't think 128 00:05:24,950 --> 00:05:26,990 that makes your spirit happy it kills 129 00:05:26,990 --> 00:05:29,180 your spirit also if you don't have the 130 00:05:29,180 --> 00:05:30,919 financial education when somebody says 131 00:05:30,919 --> 00:05:32,660 your house is an asset or these mutual 132 00:05:32,660 --> 00:05:34,720 funds are good or the stock will go up 133 00:05:34,720 --> 00:05:37,460 and you don't know the dirty and good 134 00:05:37,460 --> 00:05:39,169 investment and a bad investment because 135 00:05:39,169 --> 00:05:40,310 real estate can be a bad investment 136 00:05:40,310 --> 00:05:42,470 stocks can be a bad investment if you 137 00:05:42,470 --> 00:05:44,210 don't know a good investment advice from 138 00:05:44,210 --> 00:05:46,190 bad investment advice then you're going 139 00:05:46,190 --> 00:05:49,460 to take it this world is not kind should 140 00:05:49,460 --> 00:05:51,290 we say the hardest thing that I've 141 00:05:51,290 --> 00:05:53,900 witnessed over the last year is seeing 142 00:05:53,900 --> 00:05:55,760 people that were very hardworking and 143 00:05:55,760 --> 00:05:57,770 very conservative that invested in the 144 00:05:57,770 --> 00:05:59,390 stocks and I'm not talking about 145 00:05:59,390 --> 00:06:00,800 high-flying stocks I'm talking about 146 00:06:00,800 --> 00:06:04,280 very solid companies and their net worth 147 00:06:04,280 --> 00:06:06,890 is 50% of what it was a year ago and I 148 00:06:06,890 --> 00:06:07,730 haven't done anything wrong 149 00:06:07,730 --> 00:06:10,010 right now they put their money in stock 150 00:06:10,010 --> 00:06:11,120 so I guess you could say that's wrong 151 00:06:11,120 --> 00:06:12,770 but it's really not wrong though because 152 00:06:12,770 --> 00:06:15,500 historically that's been okay so they 153 00:06:15,500 --> 00:06:17,650 went into conservative stocks 154 00:06:17,650 --> 00:06:20,350 and a year later they're worth 50% and 155 00:06:20,350 --> 00:06:22,270 all they've done is worked and that's 156 00:06:22,270 --> 00:06:24,790 the hardest thing I've seen as tragedy 157 00:06:24,790 --> 00:06:27,130 the thing that I want to say is this you 158 00:06:27,130 --> 00:06:29,289 can invest in gold and lose money you 159 00:06:29,289 --> 00:06:30,820 can invest in real estate and lose money 160 00:06:30,820 --> 00:06:32,500 you can lose the stocks and lose money 161 00:06:32,500 --> 00:06:34,720 you can invest in oil and lose money you 162 00:06:34,720 --> 00:06:35,979 can also make a lot of money all those 163 00:06:35,979 --> 00:06:38,110 things so really the reason we get 164 00:06:38,110 --> 00:06:39,610 together is because your financial 165 00:06:39,610 --> 00:06:42,490 intelligence your financial IQ makes 166 00:06:42,490 --> 00:06:44,800 something valuable or not value like I 167 00:06:44,800 --> 00:06:45,850 said you have to know a good investment 168 00:06:45,850 --> 00:06:47,590 from a bad investment 169 00:06:47,590 --> 00:06:50,970 good advice from bad advice 12199

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