FINANCIAL LITERACY 101: A GLIMPSE INTO THE LIFE OF KIM AND ROBERT KIYOSAKI

okay Robert Kim here's your first question what do you do for personal development apart from business personal development and what do you recommend new entrepreneurs to do for personal development I would say the number one reason the number one reason to be an entrepreneur is not about money the number one reasons to be an entrepreneur is personal development you know to develop yourself to be as the army says to be all you can be what's a zester well yeah I mean every as an entrepreneur every day we're facing the unknown we're facing problems that come up we're facing new challenges that come up and it's always like right in our face and so in order to solve those problems we've got to dig deeper we've got to be stronger we got to get better all the time so for some about I think entrepreneurship is the best trick to personal development and if you're not developing personally you're not going to make it as an entrepreneur let me put it to you in dollar and cents you know as a lot of people who can't make a thousand bucks and the reason they can't make a thousand bucks is because mentally emotionally spiritually and physically they're not capable of making a thousand bucks whatever the case is so Kim and I today are in the multi millions of dollars in making money but we wouldn't have gotten there because one time we were coming trouble at a thousand bucks so every time we had a problem we had to get bigger than the problem for many people out there with a thousand dollar problem they're not going to solve the problem until they personally develop themselves mentally emotionally spiritually physically to be bigger than a thousand dollar problem right and I would say you know I we've been doing person development forever I mean I remember my very first book when I was 18 years old I was doing silver mind control and I was reading psycho-cybernetics by Wayne Dyer when I was in college so we've always been doing that studying when when we have a it we have an upset between us we have a rule that upset lasts more than 45 minutes we go seek counseling we have soil professional people that work with us individually because a lot of times when there's an issue that comes up we can't solve it it's something else that's going on with us personally and so we want to overcome those blocks whatever is holding us back whatever those blocks are emotionally physically mentally we want to move on from those so that's where our strength comes from and also I see a lot of times couples you know they have upset after upset after upset and it just builds up in the relations and resentment build maybe comments like they become their own psychoanalyst that's what that's the worst thing yeah that's your fault it's your fault you spend too much money to make enough money I mean why would you do that so Kim and I as Kim consents we have a professional person if I'm upset with chemicals with maven water 45 minutes speed-dial session we call because prosol about mental emotional and spiritual physical development is more important than money okay Robert Kim are there any particular courses you can recommend that you have taken that you would recommend for new entrepreneurs to take Kim Betton a book a while ago it was called mind center some yes the book called mindset it was written by an author Carol Dweck and what she talked about is basically we each have there's two two primary mindsets and we tend to have one primary of the two and one is the fixed mindset so a person with a fixed mindset basically says I was born with this listen this much intelligence I'm going to stay with this much intelligence I know as much as I know and that's it but I'm smart but I'm smart and the fixed mindset has a hard time learning they have a hard time growing because they already think they know all the answers something else a fixed mindset does they want to make sure that you don't grow because they want to make sure that you don't get past right they they have to always pretend to be smarter better richer you know more in control their life than you but the fixed mindset actually screws themselves because they cannot grow right and you'll recognize a fixed mindset so let's say you're having a conversation I'm talking to somebody say oh I just read this new book oh yeah I know all about that okay oh I'm studying this new marketing concept oh I've already done that how about the guy we talked to yesterday yeah he said I like your advice but I think I already know the answers of like why are you asking so the fixed mindset really they don't take on new challenges but the other mindset is called the growth mindset and that's what we're all about and that's what you need to be an entrepreneur so a growth mindset they always think they can get better they always think they can grow they love new challenges they love new idea ideas and problem solving and I'll give you one quick example there was a study that was done and it was with kids and these kids were given a puzzle and so the puzzle you have you know so much time to do the puzzle so they did the puzzle then they had a second option you can either do the same puzzle again or you can do a new harder puzzle well immediately you saw the difference between the fixed mindset and the growth mindset because the fixed mindset goes oh I want to be right I want to get the right answer so I'm going to do the same puzzle again the growth mindset goes why in the world would you do the same puzzle again give me a harder one I want to learn I want to grow so that's a very quick example of the difference as an entrepreneur you really have got to have that growth mindset and the other part is that in the world of the world everywhere there's four types of mindsets one mindset is I must win another - it is I must be right another mindset is I must be liked and the other mindset as I must be comfortable so the people who must be alight and the people who must be comfortable we'll probably never make it as entrepreneurs simply because you know we hear it all the time oh I don't really want to be rich I just want to be comfortable you know I want to do all my friends and them like me well they should not be entrepreneurs they should be employees what about - and I probably I must plant right I think we're both I must win we were pretty competitive the I must be right there are zurka there's somewhat two of a fixed mindset because they've got it they've got to be right no I don't care if I'm right as long as I win don't break the law I want to win so going back to you know what we might recommend for personal growth a the number one is we're always learning we're always studying we do book studies together we read personal development books we're always looking for ways to improve ourselves and now we have a just recently Robert was introduced to a new book and we both read it and we have a books yeah so weird while I read one I'm reading the other one but how much win you must be right that's what the reason I read and study because I like to win you know anything gives me a chance to win an advantage I'm not I don't have much I have a huge ego but I have a worse Eagle if I'm not winning a lot of people have huge egos but they can't admit well I have some flaws and I need to learn something new right yeah absolutely so the two books that I think the Hulk came across these two books is for the last year and a half or so in ongoing what else is there for me to do I have everything I want it I go into depressions really surprised I say I have a perfect life great marriage we have plenty of money we love our work we have great friends great advisors we love what we do I have two Ferraris I have all the cars I want and everything we want we have and I want moment and I was depressed I don't look oppression but I was like what is there the life now because I don't want anything more except the next challenge the next challenge and then in one week I was once in Lake Tahoe and this guy Hal Elrod gave me his book is called miracle morning and Amelia what am I supposed to business you know fix minds and then I flew to Georgetown University another friend of mine had to meet this book called the happiness advantage so I get two books at the same time it was like God saying hey read these books point you know so it took me a while but I read miracle morning and then I was as I'm reading miracle morning I'm reading to happiness advantage and you put it you're reading Eckhart Tolle the book I've been studying for for quite a few months is Eckhart Tolle wrote the power of now and his other book is called a new earth so I've been reading the new earth slowly because I really want to integrate it I want to practice it so I've been reading that book and then Robert introduced me to these two books so every morning we're doing miracle morning and what miracle morning is it's it's this gentleman Hal Elrod he came up with what he felt were the best five personal best six personal development practices so they are meditation affirmations those visualization a little a little bit of reading journaling and exercise a little bit exercise but this is the key as soon as you get out you do your miracle morning before you start work and where I was running into the ground was I would get up and go to work but I wouldn't do anything for myself so for the last 60 days I've been doing because it savers silence affirmation visualization exercise reading and scribing or journaling so now it's a habit every morning I look forward I get up you know whether it takes me sometimes takes me 10 minutes on a half an hour to an hour but I do it every morning before I go to work I just change my life and for me the hard part is getting you you have to get up earlier that's voice has been much struggle but really if you read the book this is what he talks about the whole time is you need to get that morning side set aside so for me as I was starting to do this I started noticing I started kind of going later in the day and later in the day and the effects actually were not as great but when I do it in the morning every morning and I've been doing it now for three weeks in magic happens it really does it's amazing what happens from from this process so that's one thing new that we've discovered and it's actually old practices that we've done over many many years but now doing it every single day together is it's pretty tough it's very powerful and I was to the two books are probably less than 40 bucks and you can change your life so if you're going to be an entrepreneur you're entering the world of the battlefield from my point of view because you don't have a steady paycheck and all that so that's why I recommend miracle morning and happiness advantage there's two basic books so you keep a great mindset as you're going into the future it's what you do in the morning before you go to work will determine the rest of your life it's like brushing your teeth you brush your teeth before you go to work you do a miracle morning before you're going to work so for less than 40 bucks you can change your life you can change the world the great thing a great thing about it too is we do as a couple yeah yeah that's why are the professions and we talk about what happened today oh this what i journaled about today that did that so it really opens up the discussions yes it's been our marriage even happier and better magic is happening ideas happening so it's great stuff okay great great thanks Reverend Kip okay the next question this is a little bit long so listen carefully I really wanted to open an LLC for my online business but it seems that the cost is piling up just in the registration process it seems there's a fee in every action you take which scared me out from a plane do you have any suggestions how to handle this can I start a business without an LLC the question is your DNA I'll say look if you're worried about the cost of an LLC I wouldn't be an entrepreneur - cheap but you've got to pay the price to be an entrepreneur so an LLC of the cause of thousands of two thousand bucks whatever it is if you can't afford that don't be an entrepreneur because you've got to have legal protection today it's a must it's not it's not an option yeah an LLC stands for limited liability company and just as Robert said you have got it you have to be protected you also have to if you're if you're not and I'm not an attorney so I'm not giving advice here but I do know that if you are not protected and something goes wrong they could come after you they could come after you all your personal property they could come after your house your your cars whatever so for protection purposes it's crucial just saying it can't afford it you don't know all that I don't I don't think you got it my friend I hate to be blunt to you you haven't got it you better get over it pretty quick if you want to get it if you want to really understand LLC is there is my friend Garrett Sutton it's a bridge debt advisor it's called run your own corporation own your own corner corporation Garrett Sutton you've got to read that book because I'm being adamant about that it wasn't for Garrett we will lost everything so I don't know what Garrett charges is not that much money but without Garrett every time we do a new property and you business up like that Garrett is the first guy we call and I don't care what it costs whatever it cause it's priceless but I'm really concerned about your mindset because the first part of this video was your mindset and I see so many people are not successful because they're cheap cheap cheap you can't be rich if you're cheap and I would and I would go back to Rich Dad Poor Dad because Robert talks about it in Rich Dad Poor Dad people that say I can't afford it instead of saying I can't afford it ask how can I afford it because then that opens up your mind but you're already saying I can't afford it which is going to shut down your mind and instant you're not going to come up with any answer if you can't afford that man you ain't seeing money problems and like I said I started this whole thing if you have a thousand dollar mindset which it sounds like you have you can't get over a thousand dollars you're not gonna get to a million that's another problem and Kim and I have been there here was 10 bucks wasn't mine so what about patenting our game we didn't have the money to patent our game but we knew it was very very important to do it so we did it money that's really the logical actually goes back to the first question what is personal development get off of it get on with it figure out here's your brain the plot with most people that went to school and they think in school public school is only one right answer as an entrepreneur there's a thousand right answers anybody to find the right answer that works for you but the reason most school teachers aren't rich is because in school they find their answer to the back of the teachers manual and in real life gazhams poor no teachers value so you better be creative think hard and be ambitious open up your mind that's a personal development is and again I'm going to put one more plug for Garrett Sutton our rich data advisor because there's a lot of advice out there about what entities to use and where to put them and where to incorporate get his book on your own corporation what is on alcohol he's a wealth of information and he's the one that protects us if you mentioned Rich Dad you get a discount what Garrett's advises Iceland yeah and Kim and I know right now because we'd be flat broke without parents advice thank you Robert kid this next question is little long so I'm going to condense it but basically we have a gentleman who helped a friend start start a business he taught her how to send emails coasters through creating the deals really got helped her get her business up and started and then she refused to share the profits with him so he ends this question with we are friends and my next business deal I will have a contract to start up front but for this particular friend should I go into business with her well there's two thing one is the agreement they have no no agreement well first of all it's always two sides to a story so I've heard that side of the story and I'm sure another person has their side story someone like we're only hearing one side that's a big problem here so in anything in life you need to listen to look at both sides the other thing too is if you go into business with this person knowing what you know hey you know you're probably just as big an idiot as she is so you know I really can't help you there now for Kim and I we've had a lot of bad partners but the rule of thumb is you can never do a good deal with a bad partner I'll give another tip you don't know if you have a good partner until 14 months into the transaction our CEO Mike Sullivan did a lot he was a attorney did a lot of family family problems like divorces and all that he says a husband or wife can live for 14 months you say yes yes I love you let's get married in all this he got married but they can only live for 14 months at all most of these family court guys had the same thing at 14 months the true nature of your partner husband or wife shows up and I would say that's true in business too with our with the Rich Dad Company I only took a month before the true nature of our partners showed up right so I would say to this person also number one there obviously was no agreement upfront so that that's lesson number one and sounds like maybe you learned that number two there's a thing in business called exchange and right now you seem to be out of exchange you're saying she's done this this person's done this much good all the work much I did all the work and you get all the money so there's out exchange so your relationship already is strained I don't know why you would want to go into business with somebody that you're already resentful of and having issues with that's your problem not her not a problem yeah it is your problem it's your problem and you need that's a good goes back to the whole personal development thing but the last piece I want to say is Robert I have had good partners and we've had horrible partners and one of the keys for us and what I've learned is if you and your partner do not are not aligned on the same values and the same mission forget it great thanks for every Kim this next question is can you can you share stories of when you need it to be creative to make ends meet hearing your stories really helps me to learn about your attitude and how you think thank you so much well the story is about how you you know as Kim and I will tell you we've hit the wall so many times and rule number one is you can't say I can't afford it never say that never because only poor people say that and losers say that and we don't want you to be a poor personal loser that's why the order to comes law this is too hard so I think I'll quit oh oh you know people I want people to like me if you're fully understood what entrepreneurs do you know this and I just read this article about Elon Musk you know Tesla and SpaceX he was going broke he put all of his money from PayPal into Tesla and Spacek and almost lost at all but he never stopped his friend said he was crazy but he never stopped so one thing can do is read stories of great entrepreneurs Henry Ford went bankrupt five times you know and so y'all you guys out there is going to be comfortable Tesla had to mean Elon Musk's had to call all of his friends what's the same thing I had to do is when I lost nearly a million dollars I had to call all my friends and tell them I lost our money and I said you want your money back most of no but thank God we paid back the money I don't know how we did but we bout to do it a vow is a promise you make to God your spirit so there's you know we've had one of lowest days of my life after my wallet business collapse my Harley Davidson got repossessed now if they repeat they repossess my Harley and they repossess my Porsche when you get that low you can either you only got three ways you can go you can go down you can go sideways and say oh it does it make any difference or you can say this is a great experience and now I'm going to personally develop my spirit my resolve and my mindset and I'm going to make losing my Porsche and my harley-davidson the best thing that ever happened to me and then you go up but be able to lose or mentalities oh you know they did that you shouldn't be an because you have turned into a crook and a loser you know so anything bad that happens to us we make it a good thing right yeah and you're talking about resolve and this is kind of especially when we were starting out this was kind of a philosophy we had and when we were living in San Diego in La Jolla we were living in these people's homes and you know people would go away for trips and we move into their house and we're fine like I took the point we were like we need we need our own place we still had no income but we needed our own place so what do we do we go down to the village of La Jolla which is a beautiful little village on the ocean it's gorgeous beautiful restaurants shops all of this and we find this great little 1,200 square foot apartment now we have no money so we have no job right no income and so I still to this day do not know how they agreed to rent us this place but here was the point the point was we put ourselves in an emergency this is what we did a lot and we still do today we put ourselves in an emergency where we have to perform we have to make money because we had to pay our rent so we get this beautiful apartment nice ocean view and now we've got a scramble like hell and that's really what kick-started our business before this was we had to make the money so we got very very creative in creating products and putting on seminars and doing everything we had to we had to pay the rent so I'll say it again you know the will have three choices you can go down you can go sideways and sideways means oh that means nothing I didn't was just an accident then they're making a difference in all right ignore it or you can say this is going to be the best experience of my life and that's the way I've lived for most of my life is you know I eisah remember the day I got my last paycheck was in 1977 and when I got that last paycheck I left Xerox Corporation I never looked back and I've never taken a paint not never - I've never asked for a job or paycheck ever since but every day we were scrambling scrambling scrambling and that's called personal development Kim tells the story of when I left for a week and how long did you get the lives on $2 and we're again we're in in La Jolla and Robert was a way to doing some teaching and we've really had no money I had $2 to last me three days and there was a little taco stand called called was the name of that there I had there was a little taco stand and they had one little money test and they had cheese quesadillas for like 99 cents and that got me through my three days but there were it was tough goes tough goes and I think one of the biggest things that happens when those times come like for me it's the hit to my self-esteem is big and so to get to rebuild up my self-esteem takes the tremendous amount of personal development and but because of that that's what really makes makes us stronger makes you stronger makes me stronger makes anybody stronger once you can overcome those odds and get stronger and better that's what personal development is about thank you Robert yeah this one's a we touched it a little earlier but how do you determine if a person would be a good partner do you have a certain strategy or a checklist that you go through thank you you going to pick a good partner to be an entrepreneur make sure they don't need a paycheck you know because when money does come in they get desperate they start seeing all this money start to pile up and they want to take it they want to spend it so you've really got to check out the needs of this person be very very careful also their mindset but most employment are growths are they into growth and are they honorable people when I first met Donald Trump the first thing asked you know are you good people that's what he wants to know yes and I would also say this if you're saying you know how do you find a good partner well you also have to be a good partner so it may be are you stepping up to the quality of partner that you're looking for because sometimes for example gated quick a quick story is we have a neighbor very very successful in the world of investing and there he and his partner zone sports teams they've built sports arenas ten years ago he would never have talked to us so two years ago he came to us knocked on our door and knock knock knock and said we've got this deal we're working on two golf courses and a resort went through the whole pitch was very professional of course but the point I'm making is we did become his partner in this deal we wrote wait so we did become his partner in this deal years ago five ten year ten years ago he we would not have been at the quality of partner he was looking for so it took us being more successful in business it took us working on ourselves professionally working on ourselves personally to get to the point where we could be the partner that other people wanted to have amen thanks for the questions

Channel: The Rich Dad Channel

Views: 339,654

Keywords: TheRichDadChannel, kiyosaki, rich dad poor dad, motivational speakers, business ideas, make money, robert kiyosaki, cashflow quadrant, personal development, entrepreneurship, self made millionaires, robert kiyosaki books, entrepreneurial mindset, miracle morning, donald trump

Id: m-_gOL49vbw

Length: 25min 19sec (1519 seconds)

Published: Thu Jul 06 2017