DONALD TRUMP AND ROBERT KIYOSAKI: FINANCIAL EDUCATION- FUNDAMENTALS RULES FOR INVESTORS

you well in Rich Dad Poor Dad I came out in 1997 I said your house is not an asset and it drove people nuts is this one crazy on me because that's a common belief but when when you can't make your house payments you find out is the biggest liability you've got and what may that's - you have to be very much more correct than you even thought right when you look at what's happened to home prices and Donald and I love real estate I love with us I think it's the best thing going better than sliced bread but if you're not smart with it it's like a loaded gun you know you can protect yourself we can kill yourself with it so real estate is to me the best vehicle but you've got to be smart with it because we're using debt and debt is a two-edged sword out there so you use debt I used it but the more debt you use actually you have to be smarter so you can use debt to get richer it can also use debt to wipe you out so that's why you know I continue on saying we need financial education to just say to somebody get out of debt well that's not accurate you use debt don't you that is a great thing and to be big and to be very successful debt is a very useful weapon way but you have to be very careful is correct so the other thing when people say live below your means you don't like to live below your means do you know and I think when you say to somebody live below your means you wipe the spirit out it's like saying somebody if you want to lose weight go on a starvation diet it doesn't make you healthier to starve yourself so I would rather get financially educated that's why I read read your books because I want to this is my greatest asset I want to feed my brain so that I can expand my means without getting into excessive debt or where I start to lose because debt this a is a to a sort but telling somebody to live below your means is almost inhumane I never felt good doing it I wanted to strive to you better every day I want to do better everyday I liked a good life like I tell the story of taxiing underneath your jet and I thought I was in my jet but it was a little Learjet I look up and there's a 727 a night taxi under it as a holy man you know it's it's big boys and their toys but nonetheless it inspired me I said okay I'm in a Learjet now it's time to step up and it doesn't mean the jet will make me happier what makes me happier is the wanting to get better to get smarter to do better well I have a friend who was not successful at all but was really up-and-coming and he had a thing he would only fly first class I'm not saying do this because for somebody who won't work but he needed that mentally right he wanted to fly first class because mentally he wanted to think he was the best and that's it and even though he didn't have much money at the time this is years ago he would always fly used to criticize him but it put him in a good state of mind and he became a very very successful guy very very successful and I oh I've always remembered that he would never fly coach he would always like first last even though I didn't have the means to fly so look it's complicated but whatever it takes to train that whatever it makes you feel better about yourself stronger more confident to want to do better and I think really that's the issue and then we're at the stage of our lives right now we you know to ask for more is not really it but to do better to feel better about ourselves is still important it is very important so that's why I don't like saying live below your means and scrimp and all that because you know shopping is fun nice nice houses are fun at the same time you have to be very careful yes but ethically responsible correct like you know when when you invited us up to your your little con your little duplex up whatever he call it we walked up there I've never seen a two-story two entire floor home in New York City and my wife Kim's as you know this I never thought I never really not live in a condo but just as mr. Trump's house will do and it is spectacular you don't I mean it's and I don't need that right yes I don't I don't need that if I had one nice bedroom with a good television set in a nice bed and you don't really need that but it was in a building I built right and it was there for the taking so I figured I might as well do it and what have I done instead of selling the equivalent of 12 or 13 units I kept them and by keeping them I have them I didn't sell them and that's okay and it's become you know a very valuable place so I didn't need that I don't need it now but there's something nice about it right and that's my message is achieve it and then you can take it or leave it but if you don't achieve it then it's always something away from you so again that's why be redundant about this living below your means I don't think that makes your spirit happy it kills your spirit also if you don't have the financial education when somebody says your house is an asset or these mutual funds are good or the stock will go up and you don't know the dirty and good investment and a bad investment because real estate can be a bad investment stocks can be a bad investment if you don't know a good investment advice from bad investment advice then you're going to take it this world is not kind should we say the hardest thing that I've witnessed over the last year is seeing people that were very hardworking and very conservative that invested in the stocks and I'm not talking about high-flying stocks I'm talking about very solid companies and their net worth is 50% of what it was a year ago and I haven't done anything wrong right now they put their money in stock so I guess you could say that's wrong but it's really not wrong though because historically that's been okay so they went into conservative stocks and a year later they're worth 50% and all they've done is worked and that's the hardest thing I've seen as tragedy the thing that I want to say is this you can invest in gold and lose money you can invest in real estate and lose money you can lose the stocks and lose money you can invest in oil and lose money you can also make a lot of money all those things so really the reason we get together is because your financial intelligence your financial IQ makes something valuable or not value like I said you have to know a good investment from a bad investment good advice from bad advice

Channel: The Rich Dad Channel

Views: 1,737,277

Keywords: TheRichDadChannel, Robert Kiyosaki, Donald Trump, Midas Touch, Trump, Kiyosaki, Rich Dad Poor Dad, Millennials, Benghazi, donald trump news, why we want you to be rich, financial educaiton, financial freedom, rich dad, debt, how to get out of debt, bankruptcy, inspirational, motivational, how to get rich, how to get smarter, success, trump interview, kiyosaki interview, discipline, state of mind, successful entrepreneurs, real estate investing, investing, financial literacy

Id: dXhceWYePsc

Length: 6min 56sec (416 seconds)

Published: Mon Mar 23 2009

Reddit Comments

[u/Interested_Aussie]

As an Australian, this is a side of President Trump we never got to see: Respectful, smart, down to earth, and brutally honest.

Very, very interesting clip, thanks for sharing.

[u/rocky33az]

That other guy seems pretty wise also.