Financial Literacy Video with Robert Kiyosaki - Live

so you're basically saying there won't be a middle class and if there isn't going to be one you may as well be on the rich end that's true of society that's correct absolutely and what most what most financial books say to you is live below your means you know don't have a cappuccino if you have that opportunity one of the ones of the lessons in the book is go back to school yes but also I learned finance on the streets where he learned that at Wharton right so it's still possible to learn is it always about being rich or or doing something in this world that not only that doesn't just bring us it doesn't just reduce money but doing something to give back or making an impact somehow whether it's a building project or a corporation or something of that sort but that's that's why we wrote this book together we don't really need the money but we are concerned about the economics of our country of exploring for us Robert how there is no middle class anymore what do you mean by that and what quantifies and qualifies somebody is being in the middle class well there's many reasons for that but the middle class is not getting ahead of the rich is the rich are increasing but the tax laws are written against the middle class so ease has got together we say we can't change the tax laws right now but we can change people so we'd rather teach you how we got rich so that other people can move up rather than move down mr. Donald Trump and Robert Kiyosaki I am honored that you with me so somebody just starting out this whole craze about using your own realtor going to Staples and finding these kits online and somehow saving yourself some money you could lose money in the end well you could but if you did that I would still recommend you get a real estate attorney to check over the transaction you could probably save a few dollars that way but it is a legal transaction and you got to be very careful because if it's your primary residence you don't want to be evicted in the middle of the night we're back Donald Trump and Robert Kiyosaki define rich look rich is a state of mind more than anything else if you feel you're rich and if you're happy and it would have a wonderful family you're rich and this doesn't just have to do with money define it financially Forbes defines it as a million dollars a year in passive income whether you work or not that's a specific definition of it sometimes it's daunting to say I have a credit card with fill-in-the-blank $10,000 on it and it has a 30% rate so that's going to be the first one I tackle when I have one with $800 on it at a 5% rate maybe I just pay that first so I can feel that sense of achievement and progress I agree with David you know you should interest rates are important but the way my wife and I did it was we had like 15 line items we had to go through we took the first one we could pay off the fastest we hung it on a refrigerator and when we paved that thing off we drew a line through it and we kept drawing lines through its side and go after the interest rate which is good to do I went after which one can I attack first I do mean okay Robert where is all of this going it seems that it is high political season to sort of target the rich make them look bad you're saying that we should be pursuing becoming rich ourselves and not bashing those already are do I have that right that's my example if you think the government's here to help you I'm I think you're badly mistaken and I think there's no difference between a Democrat or Republican they both come from the same bowls of cloth they look at John Kerry and George Bush they went to the same school belong to the same societies and they as you and I know it's a political action committees that determine which way the votes go so I really feel for the poor in the middle class simply because they have no representation in Congress in the world of business it's nothing my Rich Dad pointed out to me in the world of business there are four types of people and E stands for employee S stands for small business or specialist B stands for big business like Bill Gates and I stands for investor our school systems do a pretty good job of educating us for here so if my poor dad always said to me son go to school so you can get a job so that's an employee's mentality good benefits you know 401k retirement plan blah blah blah my mother on the other hand and I start with my dad I don't really want a job and my mother would say you know don't argue with your dad yes I don't want a job I want to be independent she says why so the mom I want to be a rich my mother was a registered nurse so she said to me his son the richest people I know what doctors yeah so you should go to medical school and become a doctor a specialist you know s test for smart people all this stuff I said the mom is only one problem she says what's that doctors are smart just says you have a good point there you should do that I was horrible at school I'm Robert Kiyosaki author of Rich Dad Poor Dad I'm sitting here with my youngest protege the future this guy is going to be bigger than Bill Gates or the guys at Google and all this and this is young John Paul or in Texas how old are you John Paul I'm 11 years old 11 years old and how old were you when you read Rich Dad Poor Dad I was about 7 years old 7 years old and have you read almost everything so far yeah have you played have you played my cash flow games yes I have okay now tell the people at home what you've learned so far that's different than what they teach you at school well I learnt just about I learnt business skills that I need that you need a real life to succeed and to do well in business and investing and I learned all the things that I know about morning that is my one source source I'm the only source ID oh no that's a good answer but there's other people well there's a lot of people who want to help so call the poor the trouble is they don't know the port and there's no relationship you know then I live in Arizona Phoenix and people come from Scottsdale and they're three million dollar mansions and they're trying to relate to a kid who can't get dental work done or they don't have any food on the table well my idea of working with the Boys and Girls Club is that let those people solve their own problems oh no he does not solve our problems in fact he jokes with me that he I'm not here to solve your problems Trina you solve your own problems he came up with a game called cash flow that teaches real life lessons to kids how to manage a budget how to invest it seems to resonate with the younger set 1890 I'm actually when we met I didn't have any money and without her I would never have completed a lot of my work because she was the you know she has the strength behind me and I fell back on her many times I know she didn't marry me for my money but she has really earned the right she has her own corporation she has her own accounts she's she doesn't need me to take care of her I think that's really the freedom of the whole thing here I think that's what a message is it's so true because when I first when I really understood investing and understood how to make my money work for me one of the greatest gifts is I no longer needed Robert and he didn't want me to need him I desperately wanted him ah but I didn't need him and so that what happened is the relationship got so much stronger because we got to choose to be together just because we wanted to be together not because there was any kind of dependency thank you you

Channel: The Rich Dad Channel

Views: 506,258

Rating: 4.8624115 out of 5

Keywords: financial education, financial literacy, financial freedom, rich dad, kiyosaki, Robert Kiyosaki, Donald Trump, Rich Dad Scam, Rich Dad Scams, Rich Dad Education Scam, Rich Dad Education Scams, TheRichDadChannel

Id: -w1p06OGlZE

Length: 8min 23sec (503 seconds)

Published: Tue Oct 07 2008