DO THIS To Make MILLIONS In A Market Crash (Become A Millionaire)| Robert Kiyosaki & Lewis Howes

we're publicly I heard depression you know we're not gonna get really oh yeah and so the thing is is this good for you or bad for you I'm looking forward to it you know the last the last crash was 2008 and I made more money in 2008 in the whole life welcome everyone in the school greatness podcast we've got the legend Robert Kiyosaki in the house thank you so much for being here super excited about this well thank you people sound I'm a legend in my own mind and my reply is you may as well be a legend in your own mind because now legend to anybody else is mine hey you gotta believe in yourself if you want to create great things in the world at least you've got to believe it's almost 25 years now Rich Dad Poor Dad right are you sick and tired of talking about Rich Dad Poor Dad or is it still something you enjoy talking about that's kind of what we're talking about this is what I'm supposed to have done anyway so I got on my path yes what I was saying lot of guys who something tragic happens in their life but it was the best thing ever happened like I had a friend who was a Olympic snowboarder and he did all those goofy things those guys do and he shattered his body oh and nobody could heal him so he became an acupuncturist and the guy's greatest he found this real gift it's not snowboarding or whatever he was doing is he's a healer mm-hmm and he uses acupuncture you know and he heals people but it hadn't crashed he wouldn't be where he is today yeah what was the big tragedy in your life what was the big tragedies what was like the big aha moments where something bad had to happen for you to say oh let me wake up and take down this path there's a lot of a man I really was as an entrepreneur my biggest failure was Alice successful in my first venture mmm this is I was 25 years old and I started a nylon and Bronco Surfer Moloch business everybody said well why why are you doing that as well I don't know what else to do bein all right I used to make nylon well I went to school in New York military school sailing school so I used to sew these nylon wallets out of sails so and we're looking for an idea for a product and the product sucks doesn't really count I just needed to start a business so I was working at Xerox at the time in Holland little and I gave my I showed this little wallet to my two partners two criminals but anyway so we we came up with these nylon was we had a manufacturing in Korea nobody would buy them so I have a hundred thousand wallets New York I'm in Hawaii and my friend and I are going door to door trying to sell these do no way and everybody kept saying you [ __ ] me what are you guys doing it was because we feel that the wallet business I was sitting in our offices in Harlem or that somebody says hey the jogging had just started baby boomers would get first getting into hell and they started jogging yeah the Nike waffle and all this other good [ __ ] and so this guy in Golden Gate Park goes for a jog he didn't do it his keys he put his key on top of his car tire he went for a run and guess what he came back as parks come Wow and so the headline says San Francisco Times racist what does a jogger do with their key you know oh my god so since I kind of a quasi engineering background yeah I design with a hook and tear method and built the shoe pocket that went on a runner's shoe so I had this nylon wall that's not how to run her chute I'm a shoe pocket so I go around the world again so I'm going broke so fast nobody's get borrowing money raising capital well it was all good because I was learning how to raise capital yeah so finally we're desperately full those days it took four months for an ad to come out so we have to shoot this stupid shoot pocket on New Balance 320 shoe and we get it into Runner's World magazine 16 thousand bucks a lot of money and then we waited for the phone to race with the way to like January February March it on the phone didn't ring so we want a quick we're out of money can't pay the rent really pull up my heart and it was it was getting so bad so my let's get one more shot just one more shot so we we go to New York City at the Sporting Goods short the collar steel and I'm sitting at my booth in the basement because that's all I could afford and this guy goes walking past he goes my company must call rippers so I'm putting my big sign up rippers yeah and he goes rappers rappers where have you been and I terrorized it I'm here no no no no he says where have you been no what do you mean he says I saw your ad I said good my store is filled with people coming in looking for the shoe pocket Wow I said call me what did you call me he says you idiot you don't have your address or phone number on the ad oh my goodness Wow and then what happened is playboy put a pic you know they featured this young thing with nothing on but a shoe pocket and our salesman I look like a genius but then I went broke we couldn't keep up with demand the yacht's wallets took off shoe pockets took off we were borrowing and borrowing and borrowing just to finance inventory we were shipping all over the world and we went broke because I kept raising money and one day but we were already like 850,000 in debt which was a lot of money back then a lot of money right now yeah well it's relative I go back to my partner Stanley the accountant the CPA the CFO and I said how much more do I have to raise he says I think a hundred thousand will do I said good so I go raise another hundred thousand right so I hand the check to stand it because he couldn't you know conscious cuts yet so I give him a hundred thousand dollars will this take care of the problem as Stanley said yes he took care of his problem he paid off his he paid off his investors oh so we're just we're still broke with money Stanley hits the road and that's not what went down stealing Stanley I love that guy he did me the biggest favor of all you know I mean I learned so much Oh lesson you learned from that big success / failure well just because they're smart doesn't mean they're not dishonest and I've run into more crooks yeah I think I hired them onto intention until you learn your lesson right every entrepreneur I've talked to I've had subway still mm-hmm you know I go to my doctor and this little cutie working for him this beautiful young woman you know are sweeter than everybody and so one day I went say well where is she it was yeah where is she well what she did because she's text-heavy speaker raped the invoice another computer so you know 20 you know like 90% went to the doctor in ten percent went to her Wow and so she - I said that little sweetheart he goes mark and then so he he called the police and that this is the interesting part her father was are a rich guy mm-hmm and he comes in is this I'll pay you anything just don't senator jail Wow so then that was the next thing you learn is it better senator jail or take take the money Wow she's in jail you can't teach that stuff yeah you gotta experience it you got to go here it's right in front of you all the time man what was the what's the lesson you've learned in the last two to three years that you thought you had already learned that you keep learning that comes the hard way is there anything that you still learn or have you seen at all no it's as you know Rich Dad Poor Dad a story of my rich dad who had no education but he grew up in the business for real took over the family does it's at 13 so he kind of grew up in the real world of money when my rich dad was a PhD born almost desperate went to stand for it and they're both Western you're a smart guy and all this but as you know teachers don't know [ __ ] nothing about right well some of them were forced when they're forced to teach that right some of them try to educate in other ways and inspire you know what happens when I go in the most trouble is when I criticize going to school hmm because too many people history only hope and salvation yeah so if I say well I don't think school teaches here much I'm able to piss on the Pope I think so all right now if you don't go to school and then I tell you how Steve Jobs dropped out he did pretty good yeah it's dropped out down top Zuckerberg Zuckerberg dropped out Henry Ford Walt Disney did it you know they did hurt No so anyway religion is made education is religion to most people yeah so that's why I step on toes all day what a Mark Twain quotes they're like don't let schooling getting the way of the education and the one of the reasons why I started the school greatness I was telling you before we started recording is that I was in the special needs classes literally every day for as long as I can remember since kindergarten until seventh year in college I had a tutor I was in the special needs classes with a few kids who had learning disabilities and it was the most challenging thing for me because I wish they would have taught me things that I'm learning now and the reason I created the school of greatness cuz I was like one of the things I wish they would have taught me in school to help me get ahead in my finances to help me get ahead in my health my mind said my you know how to deal with a breakup in a relationship a tragic time like the the emotional side of things the the education that I wish they would have taught us I was like I'm gonna go create it I'm gonna find people like Robert and teach us two ways so you know you're doing that through your your work and I'm trying to do that but I think there's people trying to do good by educating outside of the traditional school system where they're I think they're more limited and that's why I created the cash flow board game it's because I learned about I learned about money playing one hop yeah I learned more about life than I did four years of college yeah I went to a really good school you know the best schools in the world u.s. much great Academy that came out a rich man but it didn't teach me much about I was the only a high-paid employee yeah so then I joined the Marine Corps then I have two professions I can fly for United Airlines or I could sail for Standard Oil how do you want to either because wasn't challenging anymore mm-hmm I think if there's a lesson is that I'm looking for the challenge and some people looking for security they're extremely different people yeah and you talk about you know I you know rich favors the bold those that are willing to take risks and willing to put themselves out there do you think you can get rich without taking risk and being bold and taking you know these big chances or can you keep this this security mindset and really gain true wealth well many people have you look at Cuomo and all those guys were born rich kids my father right no Trump could have taken that path - he was he was born a rich kid so it's not it's pot I think he's either an entrepreneur or not right that's you know interesting I never thought I was an entrepreneur until I had a big wake-up call a tragic experience and it was kind of like a perfect storm I didn't know how to make a dollar I was not like selling baseball cards I didn't do the lemonade stand I didn't try to hustle all this stuff as a kid I literally maybe made a little bit of money in the summers just because my dad put me to work and I would had this dream of playing professional football and then I made 250 bucks a week my dad got in a tragic car accident he was in a coma for three months I didn't have a college degree it was 2008 the economy went down I was living on my sister's couch she was feeding me I was making no money I was living off three credit cards with student loans and I didn't have my dad as that kind of financial safety net anymore because he wasn't able to help me and bail me out so it was more like what do I do no one was hiring people with degrees at that time even master's degrees I didn't even get a bachelor's degree yet and I was just like how do I survive so was I don't think if the worst thing in my life would have happened I want to be here learning how to be hungry how did I say I need to go survive right now and take chances but I think I think that perfect storm and tau D made me into this survivor creative mindset willing to risk it all whereas if I had my father to kind of protect me financially or say because he was like you're gonna take over the business you're gonna come work for me and that was my mindset when he kind of left emotionally and mentally he's still alive today but not the same from the brain trauma it made me step up as a human being he's a 24 year old and say I gotta learn some stuff and that's but that's why I say to young people today look at this pandemic this corona virus pandemic you know it's really tragic because it attacks the old guys mmm but this but even worse is the baby boomers head at the easiest of all generations but now that their pensions are gone their 401ks are gone yep Social Security's broke Medicare's broke so I say to younger people this pandemic that's crisis it's the best thing that ever happened to you you know you think about that iPhone you have more power in that iPhone that I had with my Sperry UNIVAC mainframe computer and then so when I meet people as all the economy's bad I said this the only economy's between this here and that here mmm no there's a economy out here but this is the best time for your generation because your tech savvy I'm not tech savvy no you got this was made for you guys the old guys like me are being cleaned out by the pandemic bring you a cash way is clear guys forgot they're dead you know so it's a great time but exactly as you're talking about the bad times are they laying to the best types that's it you can see it but some unfortunately as you know there's a lot of your generation are younger they'll never recover yeah there's the worst of time right now and they're gonna they're gonna reflect back to this in five years and 10 years and say that's the thing that screwed me up or hurt me and and be a victim to it as opposed to saying okay this is happening and how can I make the most of it and what's it gonna take for me to learn a new skill or get more creative or be hungrier and this time are more important with your teachers hmm who we listening to well you know that's why I keep saying to the Millennials you know I meet Millennials who are just horrifyingly weak snowflakes they go to college and norm adds they thought trigger events you know I don't know what they say to that but they've got to have special rooms where there's no whatever I'm going home welcome to the real world Millennials who are as tough as nails I mean this is the biggest opportunity they've ever had huge so it just depends upon what's between this here this year what's in your heart yeah for the what do you think is the the number the next step the first step or the number one step for the average person with you know the kind of a normal job that they might be losing they have some dead they got some credit card what's the next step for them to not only survive but thrive in this market in this time oh I always say quit your job but that's not I don't have a job I never had one job and I never wanted a job after that because I had to be hungry nothing to say you know but it were all different we're humans weren't different beings sure this diagram here you know it's why I created my cash flow board game mm-hmm we have four different intelligences we have mental intelligence collagen you probably have very good physical to make and all that yeah emotional intelligence but spiritual intelligence so I went to military school in New York the first thing is spiritual you know I become a Marine it's spiritual yeah because you're putting your life on the line yeah you know so Nassim Taleb you know I wrote the book the Black Swan you also wrote anti fragile II this is three kinds of people in the world there's fragile and that's why school systems are putting out fragile and be snowflakes and that's your choice you want to be that way have a good life mm-hmm second type is that sauce a fragile like a champagne flute yep hit the shatters then the second one is called robust and a robust person is like the rod you know you can pound on a dumpling oh yeah they take it but that's all they do they taken and that anti fragile there's somebody like you where they pound the crap out of you and you get smarter and better because mm-hmm so I love nauseum Talib you know a lot of people call him dr. doom but the way I look at this whole thing this economist publicly I heard depression you know we're not gonna get out of this really oh yeah and so the thing is is this good for you or bad for you I'm looking forward to it you know the last the last crash was 2008 yeah and I made more money in 2008 than in the whole life so this one here mm you know what is a 2020 I'm gonna be richer but I'm gonna get poor and if they're baby boomers are gonna blame it on this coronavirus all my health you know that hey hit the road put on some running shoes change your diet get some sunlight hmm get healthy don't go don't be a wimp but oh I'm so afraid of dying you're already dead you don't even know it yet you know the Marine Corps you know in the Marine Corps music all corpse people all right you corpse not core ya know a corpsman of course miss a person was dead but doesn't know it Wow the saw friend of dying they're already dead yeah it's about taking action taking control your life taking control your health your finances everything I did an interview with Dave Ramsey last week and he said you know the last three or four recessions or down economy's whatever you want to call it crashes he said I made more money during those times than I do in good times so I'm hearing him say that I'm here you say that how did you make more money then and how are you planning to turn this into an opportunity to make more money now for you what are the things that the actual like action steps is it investing more in the stock market is it real estate isn't buying other assets what does that look like for you well the lesson is you got choose your teachers wisely when the market crash in 2008 gets so much money I borrowed a lot 300 million no way from Bester's the banker how's that how does that work because interest rates were dropping and real estate prices were going to the toilet and when I walk into my banker at the split Rich Dad Poor Dad about this airport has about a financial statement ankle statement balance sheet statement of cash no it's a book on accounting people don't even know it's a book on accounting so I walked into my bank with my partner that all this property I was floating to the surface and I say I'll take them off your hands I just give it give me the money to buy the property Wow that's cojones 300 million give me the money and I'll buy your properties for that's crazy so it depends and this is my whole thing I am now 700 million almost a billion in debt free me you know why because I don't pay any taxes the more Jenna I have the less tax okay and the average guy goes how do you do that because you have bad teachers and so it's this whole thing that you got choose your teachers wisely that's what I wrote the book fake fake money fake teachers fake assets I don't touch that garbage of Wall Street puts out I don't have a 401k I don't have stocks bonds mutual funds ETFs doesn't mean you shouldn't but I don't need them okay right and the other part is look for young guys the best teachers are not in colleges the best teacher are on YouTube the best teachers are on YouTube wake up yeah this guy George gammon he's fantastic Patrick met David fantastic you know he's great records the fake teachers are in colleges is that telling to get a job right the corporate ladder you know Patrick David said it the best and I love that guy he says there's two kinds of leaders wartime and peacetime and a peacetime leader is a garlic my poor death he goes through all the right schools here's all the pedigrees or credentials he does all the right things he climbs the corporate on the government ladder and all that well wartime leader goes goes to war so jobs Steve Jobs the wartime leader I'm a wartime differences I went to war I went to war twice on the frontlines yeah and I check it what happened so I joined the Marine Corps I got a flight pool and Pensacola I learned to fly but a Camp Pendleton I strap on my weapons I go to advanced weapons and Camp Pendleton I go to Okinawa and then they sent me into the Vietnam and I came out of Vietnam about four months later back to back to restage in Okinawa and I thought everybody had changed I looked at the fellow Marines I thought through and it wasn't that they were I had been to war mmm you got tougher when someone's trying to kill you every single mission I went down three times no way yeah and I came back stronger and tougher so I come back to Okinawa I get like a week off and they're gonna ship me back into Vietnam again I said what happened to these guys and it wasn't that they change I changed so what happens to entrepreneurs who go out and they get their ass handed to them and they survive if you survive you see the world through mass and that's what happened to you when you get injured at all this yeah you see a different world whereas some peacetime who's climbing the corporate ladder right now they just lost their job they're sucking their thumb yeah this is the worst time for yet for a wartime leader that's we're excited they're excited about it yeah an employee to you what is yeah an entrepreneur can create their own success yeah what invited I'm sorry go ahead is a job mm-hmm they're peacetime work remember see what's Patrick David oh he's great later peacetime later which one are you I mean that's what it comes down yeah that's true best of times for the wartime guys horrible right and for the people that are the wartime people what is the the best advice you would give them now for the next year or two years to capitalize on how do they make more money how do they make their millions during this time what would you can't make money now you should hang this iPhone if you can't make money with that hang it up you know like we used to say hang out the jockstrap you know you can't make money with an iPhone through social media through marketing you have the world at your fingertips and you can't make money the problem is between this ear and this year's out here in here that's why you've got to choose your teachers wisely yeah you know so let me just say it again the best teachers are on YouTube so what's the best portal take up your mind make a good night what you want listen to you don't know nice so yeah I'm just being real hey man I hear you what's what's the best investment people can make then to to operate capitalize on this opportunity is the investment in education left look if you're poor right now it was called look in the mirror if you're looking in the mirror right now you see a loser that's what you are change you know hindsight is 20/20 yes yes almost if you're looking at me you don't have any money you don't have a job your boyfriend or girlfriend has left you and goes well how did I get here how did I get here there's a great book called you know Gulag Archipelago by Solzhenitsyn so he gets thrown in this in a concentration camp or a gulag in Siberia and he says how did I get here you know how you got there because he was a peacetime later mmm-hmm didn't fight back so people are being slowly both go to school get a job pay taxes save money get out of debt buy a house the house is an asset and invest for the long-term in a well-defined portfolio of stocks bonds mutual funds and ETS and I do none of that and why do you recommend the opposite I don't have to do that that's that's cool eight go to school go to school look they teach about money nothing get a job you paying the highest taxes pay your taxes I don't pay taxes get out of debt well debt money is dead after 1971 if you know you history buddy your house is not an asset house is a liability why about an investor long-term the stock market when I can make my own assets I don't need the stock market unless saying you shouldn't mm-hmm I create my own assets I create my own cash flow every day I can be through you mean through your business through your your right your creativity yeah most people are employees they're looking for jobs I'm just looking for select right now should entrepreneurs invest in in the stock market you think of your entrepreneurial you look fine a stupid teacher so I'll tell you what to do I'm asking your opinion I'm curious as a teacher I don't give advice you know I wouldn't follow Moore and buff it either hmm you know why because he invests the money so what's the worth the investment you make the most in look please see what I'm saying yes I made a fortune in 2008 mm-hmm 2020 I'm making more money and paying less taxes it doesn't mean don't have problems but I'm prepared for this my biggest problem right now because everybody's taking a vacation I can't get enough product mmm selling out yeah my cash flow game is sold out it's selling out constantly all over the world all over the world I got royalties from my book sales my book sales are going through the roof right now so I'm making more information yeah there's two kinds of discipline this internal or self discipline and then there's external discipline so right now if the world is kicking your butt that's external system mm-hmm and if you're self disciplined the world's kissing your butt right now it's up to you so that's why I love the Marine Corps that's why I love going to military school and not a university because I got my ass kicked every single freaking day mmm first word I had to learn at the marine at the Academy mission mission is spiritual hmm that's your mission and my mission has always been to serve people most people all that give a [ __ ] is making money and then growing people that's called the Federal Reserve Bank Walsh we know that I want nothing to do with them I just don't play their game but you have to get smarter not to play their game so that's why YouTube has the best best teachers this guy George gammon man he's a great teacher Patrick McDavid fantastic teacher yes Cardone fantastic teachers so choose your teachers wisely that's all that's when I say because I have to choose between my rich dad and my poor debt mmm poor dad PhD poor helpless and desperate and that's what he wanted me to do when I came back from Vietnam was get my masters or being at my PhD and fly for the airlines if I had done that you know my friends who flew for United they're broke you know why they're broke because Wall Street's filled our pensions mm-hmm you know it's called a nice on employee stock option plan the biggest crisis coming up right now after this pandemic his pensions are gonna crash that's right you got it yeah thanks why are they gonna crash cuz they auntie them my god wake up wake up you know there's a better book than that is called the creature from Jekyll Island bye-bye G Edward Griffin it's a big book in it an audiobook and listen to it you know a couple a couple of 10 minutes a night or something the Federal Reserve is only one prompt won't let one purpose is to keep the rich rich that's the only job so every time the market crashes as you notice money pumps into pump the mark that they pump the prices up the rich exit and the poor and middle class who listen to Dave Ramsey at Suze Orman and their advice is good for the middle class doing me wrong they're told to invest for the long-term okay so what's happening to the poor in middle class with our 401 K and I are right now we're set that's like saying okay put the handcuffs on on the Titanic it's going down meanwhile the rich I've got their g5 flying in to pick them up and get off the boat they're out because the problem isn't in the stock market the property you know the problems in the repo market credit market the consumer commercial paper market they don't tell you that they don't teach you that in school so suddenly wallah you know in September the court shall oh banking which is corporate credit and the commercial paper and the I mean corporate credit and commercial paper market started to go bad in September Oh suddenly pandemic oh that's interesting funny how that up here hmm so I'm not saying the pandemic isn't real I'm saying the real crisis it's a smokescreen for the real crisis going on right now hmm they're stealing your wealth through your pensions or 401k or IRA through social security or taxes or Medicare that's why we have socialism kicking in right now get Bernie Sanders and ALC and Elizabeth Warren hardcore socialists but if you can see you'd be under stiff you will have a financial education we're going from capitalist which I am and nothing wrong with a socialist you know there's there are some people 20% of the people need to be given money those are that the unable what require is not able to so we should give some people money but not everybody mm-hmm so we're going from the capitalism to Bernie Sanders socialism and Hillary and all those guys and they were actually going to communism and you can see it right now because Boeing is asking for a bailout and all these guys asking for bailouts but this time the feds going to take a percentage ownership breathe yes that's communism central control of the economy unless it's right or wrong but it's coming but that's what they should teach us in school and our school teachers most of them are socialists most are some are communists they want the government to tell us what to do they're really fascist you know they're really fascist a fascist wants to tell you what to do so you look at this look at this stuff what's it called social distancing mmm you know that's you tickler made the first amendment mmm a right to assemble PC political correctness is freedom of speech okay that's what's going on and then they're printing money under all this scheme hmm so if you study real world peace eNOS we've lost our trade in a speech that Stalin took away and the social distancing is the right to assembly which is why there was a revolutionary war back in 1776 you know the the Americans were had to go hide in a church because the British would kill them if they were caught assembling in peace I'm not saying it's right or wrong but in the most people are taught this yeah that's why I love going to military school brushless University they teach you a lot of history probably we're taller Terry history mm-hmm yes [ __ ] you know to the victor goes history you know so the person that writes his winds of war writes history to justify their position today that's called his story you know the loser doesn't get to tell their story 40 so anyway that's what we're at and yeah I just leave it to your generation you guys are in the best position ever because he's still young your tech savvy which and the baby boomers aren't so they're all a lot of them are feeble and they're gone you know you guys had the world ahead of you and use this time to be creative and yes I shouldn't be bold and I think I saw something about in 2008 to 2010 some of the greatest companies or the biggest companies up today were started then Airbnb uber right you know all these other companies Bitcoin Bitcoin 2009 feel uh what's your thoughts on cryptocurrency why do you love Bitcoin listen Bitcoin is open source the Fed can't touch it mmm you might defend that creature from Jekyll Island the Fed it's not a bad it's a cartel we're the richest guys are ok because this is wake up you know so anyway the Fed is a cartel so when I saw Bitcoin come out it's open source it's people's money gold and silver are God's money so I my whole objective is I go through my system of business but I'm buying gold and silver I store it in other countries legally because you can't just move that stuff you got the movement legally and declare it I move my money illegally I'm gonna get out of this country so I'll keep my mouth outside this country not because of my government it's because there's so many people you're gonna see a lawsuits are gonna go up because people are desperate they don't have any money so when the economy gets bad that's maybe an you know have you been in an accident have you been hurt let me I'll come out soon for you so if you don't have the right corporate corporate Angela LLC is C corporations as corporations offshore accounts you got money is gonna be stolen hmm it's the real game okay your pensions watched and if you use it ah he did tell us our pensions are gone you know what's gonna happen they're gonna bail them out again hmm cuz if you read this book here a creature it says bail out there's an amp in the game mmm back in the 80s there was a guy named Neil Bush let's see the Bush family George George Silverado savings when when when Neil Bush got in trouble George and George bailed them out yeah what's I mean you say there's two different types of pensions what's the difference between normal pension that someone would get and defined benefit plan pension what's and why should people be aware of these things well defined benefit is industrially challenged my portes you know so what happens I got a job with Ford Motor Company I get defined benefit which men define benefit may get a paycheck for your life but they promise you $1,000 a month to get that for the rest of your life guaranteed well the problem was as you know right around the 70s that's when China and Japan and all my in Japan and Germany came on so they had to get rid of pensions because pensions are dragged on on the business mmm so they came up with a thing called the rest so much today is known as a 401k so a 401k type is a defined contribution so you have to find benefit which is conduct related to find corporation as the 401k contribution so defined contribution means you only get what you put in if it's not enough there Aloha so I mean all these Millennials ah I have a 401 K and I said you like bending over and picking up the soap know the difference yeah because your 401 K means fees fees fees fees mutual funds fees fees fees fees your money is stolen right out of your pension mm-hmm defined benefit defined contribution so defined contribution 401 K is information age pension they came out in 1974 just as I just as the baby boomers entering the workforce so today the average baby boomers 401k has $65,000 in it the guy with the fork with a defined benefit their their annual you know they have some like a million in it Wow the trouble is they're empty mmm who stole my pensions about like co-authors and they have intense Adele he was an SEC attorney and he became a whistleblower because he saw how much walls people suck in the cash Wow pensions so that's who must tell my pension so he then he made I think thirty nine million last year blowing the whistle and all these on this Wall Street firms Bullivant Sachs those guys what can people be doing when they have this 401k or this pension already that's gonna do nothing for them what should they be doing well what they should be doing is choosing the teachers lastly I can tell you know I don't need money like I write a book right and I get royalties from fifty different book companies throughout the world so let's say I write a book I make they pay me $10,000 right to publish my book I have zero expenses but I collect royalties for the rest of my life I'm still collecting huge royalties on a Rich Dad Poor Dad so I created my own assets I don't need any yeah I can make a cash flow board game which unfortunately sold out right now but every time somebody buys one I got a royalty what do I work or not yeah and then I I borrow money I buy real estate and then I use the accounting laws appreciation depreciation amortization and pay no taxes Trump doesn't pay taxes either as me emotional as financials Wow so you don't pay any taxes right now is it because of debt is that the main reason or because taxes are incentives taxes are government wants you to do certain things for example if I donate it when I donate money to let's say PBS public broadcasting I donate money the church got a tax break that's what taxes are so they tell you if you do this we'll give you a tax break so if I have five hundred employees I get a tax break if I have real estate assigning housing I got a tax break so I used it to buy real estate and the more real estate I buy less tax today so that's why Dave Ramsey you know I must advise is good for that person but I need debt to buy the real estate so I don't have to pay any taxes mm-hmm real estate is going down right now but that's why I have LLC's and C corporations because then I keep that they can't get me because I'm protected by a corporate entity mm-hmm besides if you read this book here the creature you get the creature they're gonna they're gonna bail me out so they already built me out they just they just said how many employees do we have so we calculate it up so they're gonna give me eight weeks of hey to pay my employees really free money so they'll bail you out Wow I love this country you say don't be a go ahead but you can't do that as an employee mmm go to school get a job your mindset is different that our employees that's Rich Dad Poor Dad yeah or dad employee Rich Dad entrepreneur mmm that was a choice I had to make what if someone's not like you said someone's not entrepreneurial minded or they they don't have those skills can someone become an entrepreneur or is it something you're born with all kinds of entrepreneurs you know what I mean yeah of course there's drug dealers are entrepreneurs [ __ ] are entrepreneurs there's a young girl who works her neighborhood she's a babysitter she's an entrepreneur mhm so everybody can be an entrepreneur hopefully be a legal one yeah the trouble is as hard to make enough money if you're not a good entrepreneur hmm so anyway it's just up here find the teachers find the right teachers you say don't be a saver be an investor should people be investing even during these times if they're not comfortable doing that or this is the greatest time to invest is what I'm hearing you say because why would you say fear now that was that worked before 1971 you know they printed four point five trillion after 2008 the estimate they're gonna print another six to eight trillion maybe ten trillion Wow after 2020 at the same time they're gonna Kaiser zero interest rate policy so you're saving money while the feds printing money and they gonna pay it no interest on it why would you save hmm so that's that's all I say and so that's why when Susie talks about saving Dave I wouldn't do that but for the average person they should do that so that's why I choose your teachers wisely right you just have to know money that's all yeah and what's your prediction with real estate over the next few years you think it's gonna keep going down now or do you think it's like in LA I feel like it hasn't gone down at all it's like the places continues to grow but eventually it's got to right I wouldn't invest in LA for one reason taxes mm-hmm that's your choice people there's a nice case of that but it is well I don't like paying taxes mm-hmm I'll move there plus you have you have what's called they try to pull it I fake the name it but you can't raise the rent some people I don't like rank rank actual great place to live great lifestyle but it's gonna we're gonna have the biggest crash we're going to depression right now we're going right past recession into a depression really yeah Wow you can't have every business closing and the stock market's going up but like I said the real problems and the repo the shadow banking market that's what they're trying to save because it's broke they're quite bankrupt in there so the dollars going to be strong because everybody 80% of debt is measured in US dollars so everybody needs dollars to pay off their debt okay but in the main tent the guys for a week their houses are going to come up for sale the Lamborghini you know the real estate I wouldn't touch I wouldn't touch commercial real estate I mean uh office buildings office buildings you know knowing because no one can go work any more than people working in home for a while or yeah whatever now now you know I go to South Africa in South Africa the office bill as we can low income house the future see all those people Century City here they come ya know I gotta get I gotta get out of here now yeah that was jobs yeah I got a few final questions for you I really she ate you sharing and giving us this tough love which which I think a lot of people need right now correct hey you tell me we all need different teachers and I appreciate your perspective this is a question I ask everyone towards the end of their conversations I call it the three truths it's a hypothetical question but I'd like for you to imagine for a moment that many years from now it's your last day on this earth and you've accomplished everything you've accomplished all the things you want in your personal life your dreams it's all happened but for whatever reason hypothetically you got to take all of your your work with you your books your content your board games all the teachings you've ever given to the world it goes with you and you got to leave only three lessons behind for the rest of us to learn from what would you say would be your three lessons or what I like to call three truths well I think the most important lessons sit all the time my Richard always said you know knowledge is finite stupidity stay stupid that's a great Ruth because that's how you get knowledge mmm he's always say that to me because my dad always hid behind his diploma PhD he didn't know anything most Keith school teachers don't know much you know when people ask me about the fit what is the fit I said have you ever watched The Wizard of Oz and they go yeah Dorothy and the Tin Man and the lion and the straw man they went down the yellow brick road you're hoping to find the wizard and the wizard was going to give a lion a heart you know Dorothy whatever she wanted and all this stuff and when they get to the wizard or the fed it was a [ __ ] behind of it there was nothing behind it that's the Fed that's the PhD they're hiding behind this thing called diploma mm-hmm it's obsolete and so that's the second lesson I'd be careful what your teachers are make sure your teacher actually practices what they teach so my tax guy is Tom we all right his book is taxed free well you really want to stop paying taxes get that book it's 20 bucks it'll probably save a couple of million dollars over your lifetime but if you don't change you know this left ear and right here that gap between there yes yeah and then you have my other friend mother wiser Andy tenner he brought the books to stock market cash flow instead of investing for the long term he makes money at markets going up or down I'd rather do that then by prey and hold and this is the Suze Orman and Dave Ramsey but it's your choice yeah other guys Kenny McElroy he wastes all my real estate books he's my real estate partner we've made fortunes together you know this is just fortunes tax-free why would you go to school just buy some books started them get their YouTube it make some it make some mistakes on your own right oh you don't have to just get stupid but no yeah blessed are the meek for they shall inherit meek means Eagle loss I'm gonna learn so I know what goes on in the stock market that's why I stay out of it but if you don't know might be the best place for you so if you wants to end the stock market that's Andy tanner stock market cashflow and 401k us they tell you what's really going on because they're real they're in the market every day you know Jim Rogers what the investment biker and all that doesn't Singapore he basically says the problem with the Fed is they don't know what they're talking about they're idiots and we listen to them they're The Wizard of Oz everybody thinks they know something cuz they've got this piece of paper poor dad called a PhD rich dad poor dad at a financial statement you cannot lie in your finances to me because that's fraud phd's diploma rich people financial statements hmm the other thing is this I don't have a financial planner I have a family office the rich have family offices so we have money to lend constantly we make so much money hmm so there was a difference in that mindset intelligence of what you learn so I think the most important thing that you're teaching people in the school of greatness mm-hmm it's basically choose your teachers what you have you want to go down you know when you're a football career ended it was the best thing that happened to you yeah it started finding mentors yeah and that's what you're doing and so you're a great role model for your generation thank you my generation there's still baby boomers what's that hello boomer what do they say April emerge it is they still fit most boomers are still cutting uh social security in the stock market I hear yeah I did I don't know if you said the third one you said knowledge is finite stupidity is infinite so stay stupid number one which I love that because I've always felt like I'm the [ __ ] what's that be humble to make mistakes I learned exactly exactly be careful who your teachers are and the third one was don't hide behind diploma hmm you know if somebody says to you show me your financials so like that's the story of family offers versus everybody has a home office that's different than a family office so a family office is like a hedge fund mmm but what rich guys have their own hedge funds or their own private equity firms it's not if it is yeah so that's where you want to get to so when you're there the difference is people ask me for money like like on Shark Tank the first thing I before it's not the diploma show me your financials hmm if they don't have financials I want to invest them because they deal they don't know what they're talking about just because you have a cool degree or fancy paper doesn't mean you can get results Oh God you see you can lie from behind diploma that's what the feds doing so that's all Rich Dad Poor Dad it's about it's about financial statements and the cash flow game is physically again like I said it physically yep this poor intelligence mental emotional physical spiritual aim makes you fill out your financials on these four intelligences yeah you have to move the tangent they pull out the numbers and all this stuff so it's max its max learning unfortunately again I solved that but anyway that's how I designed 26 years ago yeah they can go they can go order in and it'll be out hopefully in the next couple months they can get it on a waitlist you have you've you've impacted millions of people's lives around the world I remember actually playing the game with my mom 20 22 years ago I don't know I was a kid yeah major and I remember you know learning these principles and even though I didn't fully understand it and even though it seemed like much for me to understand as a teenager and overwhelming it planted a seed and so did the book Rich Dad Poor Dad which I learned about an early age so I want to acknowledge you for giving being a teacher in a world of teachers educate people on a specific way not the only way but a way that has worked for you and worked for millions of people around the world for constantly creating value boardgames being creative with your content to educate us in this way and I'm really just grateful that you continued to show up and serve and be yourself because you are unique human being and I appreciate you Robert for your own style and approach thank you but you know what you and I are great teachers why is that we didn't do well yeah we have to be curious and learn well we just like that Solomon [ __ ] we're dead didn't work for my rich dad yeah and you see that's what I mean choose your teachers wise yeah there's millions of ways you can come rich but you got to find your way your teacher your pattern mm-hmm and you've got this book out now who stole my pension make sure to check this out to really educate yourself on what's happening with pensions 401ks and what you can do with your money moving forward this is great let's get help a lot of people who are going to be trapped if they're not educated on this uh-huh you know most you guys will have your parents what to pay for them my mom is 68 69 I'm already having to figure out okay how do I support her toast yeah she's making a few thousand I think from her retirement and pension or a couple differences she adds from the company where she was like wow and then other guys a UPS driver a teamster he was making five thousand a month making nine hundred ups yeah those are major forms so you stole my pension and it gives you a glimpse more into the what's coming this the next crisis coming up as a baby boomer crisis just like the pentad because a baby boomer crisis they're picking on the old guys again makes you guys get this book also 25th anniversary of Rich Dad Poor Dad coming up next year you know get that book if you have already read it in the past read it again because we constantly need to be reminded and educated and we see what's that repetition is how we learn that's it we constantly got to learn even if we've learned it in the past yeah you might have forgot it you got to relearn and reapply what you learn yeah so get that book we try to stock ourselves and give them the way to people you saying you did a master it after the first time I'm poor that's why good teachers mm-hmm I love it I've got a one final question for you and I and people can follow you online they can get the book will link everything up here you've got some great stuff on social media on Instagram so I'd say go follow Robert on Instagram as well my final question for you Robert is what is your definition of greatness I said my plan was to die at 72 I almost like so many times I went down three times in Vietnam and my days were numbered from the start I have an open heart surgery I've had cancer I've had pneumonia I've had malaria and so you know when everybody talks about this Cove at 19 I said been there done that one you know but each one of it inspired me to get healthier mmm and so this crisis should inspire people to get wealthier or you can be on loser mm-hmm so I don't know what I'm going with that but it's just all everything bad is good and everything good will be bad or that's what nauseum talents is really fragile robust or anti fragile and the people following you or anti fragile well they're gonna be following yeah that's it Robert thank you so much for your wisdom for sharing today I can't wait to learn more as one of my teachers when I continue to learn from you so thanks for everything man thanks for all you guys who follow you as a teacher I appreciate it thank you thank you so much for watching this interview with Robert Kiyosaki if you want to learn how to go from being broke to a millionaire in any recession check this out right here with Dave Ramsey you know it's the greatest time and the worst time in your life I lost everything in my 20s I don't go back there but the lessons that I learned from that pain were so thorough pain is a thorough teacher

Channel: Lewis Howes

Views: 685,448

Keywords: robert kiyosaki interview, robert kiyosaki, lewis howes, lewis howes interview, school of greatness, how to make millions in the next market crash, How to make money, how to invest, how to survive a market crash, how to make money in a recession, cash flow, cash, how to build welath, wealth, investing 101, finance 101, personal finance, how to become a millionaire, dave ramsey, money, rich dad poor dad, self help, inspiration, motivation, self improvement, self development

Id: tv3ArzTITH8

Length: 61min 32sec (3692 seconds)

Published: Mon Apr 20 2020