How To Make MILLIONS 2021 [During The Pandemic] - Interview With Robert Kiyosaki

Robert Kiyosaki thanks so much for joining us oh it's it's an honor it's an honor you know my dad we grew up in Korea and he in the 1999 there was the recession happening in Korea to the point where he'd lost his job the stable job that he had made good enough money but after all the things that he thought was secure he lost at all right and it just as soon as you were talking about you know the difference between the poor data rich data comparison I it was something I completely resonated with so I'm really excited be talking to you here today so you you talk a lot in the book of course for people that the few people that don't know I mean you've got 31 million copies sold now of the Rich Dad Poor Dad well 31 million registered copy is 41 million but pirated copies how I would probably talk 100 million I should do some pirate it's insane I was this in China I was autographing books it was like one book that was my book and five or somebody else's but the Pirates that's how it is I guess now all right yeah so you the main thing that you talked about the thing that really resonated me with is this idea of the rich mindset versus the poor mindset correct and I love that you start there versus starting out with specific strategies you really focused on the psychology of really helping people unlearn what they've been taught through society through through you know in my case family members or culture talk to us a little bit about the difference about what rich person's mindset is versus a poor mind say based on your experience well that's a massive subject but the primary is that I became an entrepreneur and I had high-paying jobs mm-hmm you know I could have sailed for Standard Oil I was back then I was making about 48,000 a year was it 16 16 hours a lot of money yeah and then when I that I joined the US Marine Corps to fly in Vietnam so I could fly so most of my friends want to fly for United Airlines eastern and Northwest and they all lost their jobs and their pensions Wow so I had the high paying job that wasn't the issue I became an entrepreneur for the opportunity to learn I didn't have to go to nine-to-five at any one office if you don't I mean and I was free to go screw up all over the world which I did and so they make it Republic yeah I never got there but I met some interesting things in there I know Alex Rodriguez also he's a massive entrepreneur yes he is very committed to entrepreneurship training and all that so that that's the people I meet and the young women I met from the Dominican Republic attorney she is gorgeous you know all that so that's why I'm speaking with - memories of the DR never having been there feels like you've been there basically yeah yeah my dreams anyway gotcha I gotcha so that was kind of the the origin of how you started but yeah I mean what do you think for for people that pee perhaps a few people that have not read the book what what do you feel if you can kind of highlight the major differences based on what you think have impact the people the most what do you think those are well we started off on this is your family culture your family values you know and the Asian culture if you don't have at least a master's I don't have a master's yeah I have a Bachelor of Science which stands for BS but other than that you know I I only became an entrepreneur because it was the greatest challenge I could take on as far as my personal education personal development you know and it wasn't to make money you know and as I said my first business was a nylon and velcro surfer wallet business and the mistake I made I was successful hmm and we grew internationally so fast I just couldn't finance my success and so I started borrowing money and which was good I started to learn how to raise cap at all I learned I learned how to negotiating you know in threes I was in Korea fighting Taekwondo was that was out there negotiating anyway for production because we were manufacturing in Hawaii where the cost of manufacturing was too too high so I had to fly to Korea and Taiwan to negotiate manufacturing I tell you man you're not stupid until you negotiate against Koreans and Taiwanese man those guys had me coming and going up one side and down the other but that's what I did it for yeah you know I mean is to learn and to learn to finance learn how to factor you know how to how to ship and then factor my inventory and all this stuff I learned so much as I was going broke successfully going broke and so when I explained to young people that's why I did it for that they say that's how you get smarter but in this academic culture you know we're just talking about Jordan Peterson Howie yeah he rails up against academics on the academic culture the person who makes the most mistakes is a stupid person but an entrepreneur the person that makes the most mistakes and learns from them is the smarts is this pissed a rich person so I always said a young entrepreneurs it's not money will never make you rich mmm you know it's your experience you know how much you'll learn the mistakes you make the people you make and all those horrible experiences are all good experiences if you learn from them sure and that's the attitudinal difference of an entrepreneur most guys are small business guys are not entrepreneurs you know to open a pizza shop to make money and they get stuck in that pizza shop forever you know well that's not me and the subject of entrepreneur is a massive job subjects he got a drug dealer peddling drugs is also an entrepreneur as is Jeff Bezos running the biggest product pushing country and they'll company in the whole world they're both entrepreneurs but the gap between the drug dealer and basil's masks know when I speak to young people said what kind of entrepreneur do you want to be and if you're just here to make money since you can do that but it's not exciting right why what do you think they should be focusing on other than just making money well for me was always taxes isn't that technically more money though more money in the bank yeah but the problem is is when you shower our second book called the cash flow quadrant which is AE employee s small business with self-employed or a small entrepreneur B it says for big business five other employees or more and I stands for professional insight investor so if I'm buying stocks bonds and mutual funds I'm not an insider I'm an outsider hmm so my goal from my Rich Dad not my poor dad was to make it to the be quadratic or turn in Fester those guys on Shark Tank like Daymond John's and Cuban and those guys there they're bees and eyes yeah the average small guy is an e/m ness and there's a very big difference in taxes so I wanted to learn the tax law so I can and my friend Donald Trump and I wrote a book two books together I know he's hated I know he's hated but we're all two books together and we make millions and pay no taxes legally mm-hmm that was the objective and ideas you have a corporation where you can deduct a lot of expenses now you have to be very very smart amazed that you don't deduct expenses you have to be both a be big business yeah and then I an insight so I invested its I don't have stocks bonds mutual funds of 80s hmm so the reason I smile I left the Marine Corps I was flying out of Kaneohe Hawaii and um so what I was watching an infomercial TV I was still in the Marine Corps making back then about seven hundred a month as a Marine lieutenant you could make money in real estate so my Rich Dad says you better learn in real estate because that's the game so other than stocks the real estate is the only game we don't pay taxes sure and the average person doesn't understand that because our flippers if you flip a house you're paying taxes so I don't flip either so that was all part of the learning process of it was like going down the maze you know this tunnel and that tunnel in this tunnel sure so today when I make let's say a million dollars and my Rich Dad company I go to the bank and I'll borrow five minutes my five millions I got a five to one leverage and with these interest rates is fun fantastic crazy and because I'm leveraging up my real estate I pay no taxes because of depreciation amortization and appreciation hmm so that's the stuff I was learning for my rich debt whereas my port as a pitcher MBA and I lasted I think three months in the MBA program and then one day I woke up in the class and my notes were all blurred I was still flying for the Marine Corps I'm getting spit on by all the college students any baby killer and all this stuff and I wake up in the class of the it was the accounting class and my notes were all blurred because I drooled all over that was the last day of school for accounting working for rich as an apprentice just like Trump yeah we're apprentices so I knew real accounting versus the fake account any teach in business school yep yeah which is real accounting is how you make sure you make a lot of money and pay no taxes that's it that's okay yep yeah and that's well that was one of my valuable courses certainly in university but we were just talking off we're grew up with very conservative parents right went to McGill good University great school and just didn't resonate so I actually ended up dropping out and I know your first book was talking about people dropping out I need education system how flawed it was right oh it's it's criminal yes it's criminal that you know they're taking so much money from your generation that you know student loan debt is now bigger than the subprime mortgage debt and to put young people in debt like that they should take every college professor out there and shoot him at dawn I'm a marine you know that's what we do to criminals I'm like kidding but it's a criminal what they're doing you realize Harvard what their endowments could could hand out free education for 150 years and not charge a thing but instead they take the best and the brightest a lot of them but debt if their families can't pay for it then there's this Groot on top of that they learn nothing about money yeah is that book tailspin by of craziness but anyway he's a yellow yellow graduate plus he yell yell law yeah and he writes about how our yell is teaching young minds to create derivatives they're not teaching them finance and you know derivatives of what Buffett calls financial weapons of mass destruction and we're still producing one point you know today with 1.4 trillion trillion no quadrillion in derivatives on top of that the young people are deeply in debt right and there's still no financial education our schools and online corporations when when a student defaults or they go into bankruptcy they still owe the school's money right it's the worst type of debt you can possibly get into because there's no escape see what if I I got crucified for this but I have one bankruptcy on my record but it was a corporate bankruptcy I have 27 companies so one out of 27 going bankrupt I thought was pretty good but of course a journalist that's all they focus on you know you have a bankruptcy and I said let me tell you something numberings there's a personal bankruptcy and there's business bankruptcies now but you have a bankruptcy you know that's all they care about right but they don't know any difference yeah you know if you have stupid journalist you have stupid people that's why I love Jordan Peterson because he's attacking the actors look at the headlines right now with corona and her business academic systems are out of touch with the real world that's my complaint yeah and next to one of my best projects a student loan provider is building this project that makes my place look small I mean they're building this massive mass all built on collecting and servicing student loans it's massive yeah and their sob is to work with I mean they're my neighbors but they think because of all this money coming in from students they can bully me around mmm I'm a real estate guy yeah we just fight back you know they encroach to my easements and my boundaries as well you know we got more money think we can fight you all day less it fight me but this their student loan guys which makes me hate them even more yeah yeah this isn't Phoenix I won't mention the name because it's told my neighbors the trouble with real estate you can't choose your neighbors can all that I guess but yeah I mean this this is the major problem with with the education system it's it's so outdated that I mean I've heard that the current American education system was actually modeled after the 18th century with imp Russia yes all right and I think it had something also influenced like I mean the whole idea is that the American system is currently nicknamed the factory model of Education correct and that we're just manufacturing employees employees and people they're out there almost discouraging people to think in a creative way in a world that will thrive with creativity because everything's gonna be automated away it's just insane it is insane several things that I find that one more 10 second book cashflow quadrant es on the right side is B and I and that's again that's where guys like Mark Cuban and Daymond John's come from you know they're they're professional investors you acquire companies even finance companies they have what's called family offices not not home businesses or family home offices their family offices so I have a family office so when I when I was a young man my rich dad said to me someday you want a family office so what does that mean I got an office he goes no no no no it's we have a whole team of people moving your money for you because you got so much money coming in say too much money is a problem also cuz you got to keep moving it so I have a family office and that was part of the whole process of becoming a rich was I could learn to have a family office and the average guy has a 401k mmm why am i kicking his butt I don't care if he went to Harvard I'll kick his butt up one side and down the other making millions not paying taxes but keep moving my money yeah yeah so that's education that's what I learned do you recommend because there are schools obviously that are not as expensive in America if you look at Europe there are there are schools that are relatively cheap Canada is still very expensive but it's certainly not to that level of the u.s. so from like a cost perspective if it is a lower cost do you reckon and are there specific types of people that should still go to school and benefit from that if it is a little cost or should they just have word it all together no no no that's a very good question because the question is what do you want to become you want to be an employee go to school go to McGill go to Harvard go to Stanford yeah yeah you want to be an entrepreneur I don't know where you go so the way I learned that was when I graduated from a u.s. Merchant Marine Academy right here on Long Island where the highest paid graduates in the world back then there was still ships at sea now that all the ships are gone because of our our wages are too high right so back in 1969 when I graduate I was making 47 thousand a year back then it was using a lot yeah and then my other classes making hundred twenty a year because they were driving bomb carriers into Vietnam and so they're in the zone for I think eighteen months almost all tax-free so you're a 22 year old kid making a hundred twenty Kay a year tax-free you did two or three trips you were finished you know two or three years you're out but I went to Standard Oil and then I went to fly for the Marine Corps because the war was still I saw a Vietnam and I said Jesus I want to participate in this one you know I was draft exempt because I was selling foot oil company oil is draft exempt so I joined the US Marine Corps I went to flight school and that's when I realized the value of education see if you're gonna be a pilot go to flight school you gotta be a doctor go to medical school you can be a dentist called a dental school where do you go to and be an entrepreneur you know because and the other thing too is when I was in flight school you could already tell the good instructors because the good instructors had just come back from Vietnam they were up-to-date yeah they were saying that a damn viet car they changed this they changed that and so there and so the US Marine Corps Navy syllabus was sending down you should fly this way this guy said don't you fly that way you'll be dead tomorrow because if yet cotton was changing we had to change so doing one example we said I was a gunship pilot we'd come in at 15-under a roll in and then that Russians gave Viet Cong was income an sa-7 you know it's called a color Strela and Vietnam and but the Taliban used it against the Russians and down in Afghanistan yeah so if he came in at 1500 with this new technology called the sa-7 or the Strela you were dead meat you're coming in too high big saw of Viet Cong with absolutely no training at all just point pull the trigger this this heat sink it would not write up YouTube blue you are the sky so we're in we're in flight school learning how to fire guns and rolling in from high and these instructors coming back you do that you're gonna be dead and that's why I learned the value of technology and education and the best teachers so some of the teachers were telling us to come in at 1,500 feet on a gun and rocket run we're saying you're gonna be dead and so they were trained to come with what's called F elite wait to fly below tree level hmm so everything was changing so fast and that's when I really understood education better than anything else is education supposed to prepare you for the real world and what's the real world an academic it's all theory yep and they don't have the skills for the real world mmm they want tenure yeah yeah and that's the difference yeah I think I think there are some initiatives that are slowly started to pop up it's it's still very in its infancy say it's like feel fellowship the billionaire Peter Thiel he's got this program where he provides students $100,000 that are entrepreneurs to start their own business I went through something similar in Canada where they provide money investors co-founders to start your own company and good and that's why I dropped out but it's still so I followed your advice Rob you know put it into practice but you know it's it's um it's still so far behind it's still so far but that's the thing I'm saying is that ENS an employee and small business self-employed or a doctor or a lawyer specialist yeah the mindsets are different BNI completely and mine cents so on the B and the I side you have to have a team so it's so on the B and the I side I must have a bookkeeper because the most accurate the most important thing I have a current records Rich Dad Poor Dad is a book on accounting that's all it is it's a book on accounting with no number it's just pictures now that's why I made so much money on 31 million copies later that's the trick in my book anyway so on the beyond the I side you have to have the best teams so I go on to the field you know I have a friend who is an attorney very smart attorney he cannot figure out why I make like 50 times more money than he does I don't work but he's a hard-working attorney I got up on you attacked you in the wrong tax bracket and number two here lone wolf I'll kick your ass all day long mmm that's like going on to the football field and taking on the Patriots you know yeah can you could you laugh a little bit more on the on the tax bracket for people that may not be aware of what you're talking about yeah if if you're an employee across the world it's the average tax bracket is 40 percent so you make a hundred thousand dollars that means 40k is going to the government if you're a small business or escuadrón sixty percent goes so those guys have become small entrepreneurs they wind up in 60% brackets so you're going there a 60 percent bracket so my objective was to get to the I and the B and the I on the B side when you're when you have five hundred employees or more you pay twenty percent in taxes so that's why you know we're here in New York City when Amazon was looking to move to New York they were gonna give all the tax breaks possible now your your you know Joe Schmo the computer program and they're not give any tax break at all you know you pay the high tax Lauren and then the I quadrant is a professional investor the insider the inside guy and the number one ass is real estate that's the game is debt and taxes so everytime I make money in the B quadrant as a business owner I miss a 20% bracket I then move my money into real estate and I pay no taxes yeah and that's the game so I get the whole tax system of capitalism is designed to make your richer what our schools will never teach you that which is the battle today between you academics who are even S is for most sakes and then you had the bees and the eyes their skill sets or mindsets their beings their spirits are different so like you know when when they kicked basil's out of here no problem he just moved yeah so for an entrepreneur that wants to one day start the business and they understand now because you hear that the school system that they're currently in is not going to provide them that or they're let's say a parent is watching and they know that you know they're their student is gonna be part of the STEM fields let's say what should they do should they go out there and drop out like I did and try to start their business and take that risk what are the waste transition off of that well that's the reason I wrote Rich Dad Poor Dad and then the quadrant so it gave guys like you kind of a roadmap I mean there's so many different ways you can make get there and there the third books which dad's guide to investing the I quadrant I quadrant the key and as a professional investor I use the I quadrant to analyze businesses mmm look I just invested an education company and are you a traitor what's wrong with you why investing education company that's a who funds education companies I don't know the government so that's why these charter schools and all that they're pretty good investments mmm because your source of income is the government because you know the whole Constitution says every child must have an education so they might be teaching them garbage but I like the source of funds entrepreneur has no skills and say you know I've got a PhD but I can't sell I can't negotiate I don't have any professional skills and all this I don't care have a pity I'm not going to invest but if you say to me the federal government's gonna give you a million dollars a month to teach kids suddenly I like you a lot cuz this the federal government you're here I'm not that mercenary now pretty close pretty close to that and then I'm just going to invest that money in real estate yeah yeah yeah let's talk about money so we talked about this idea of the rich mindset we understand how broken the educational model is because it's it's a lot of it as we mentioned modeled backs to 18th century of Prussia and in the factory system it was - what you're talking about it had two purposes one to train employees and second to train soldiers people would just do as they're told without thinking right was that because they were fighting Russia and they realize how efficient the soldiers were in the war and they wanted to model after that well they were taking farmers you see the whole thing went agrarian Industrial today technology so back then they were trying to get these farmers were pretty independent little guys and they work for themselves so they're trying to try them from farmer knows s quadrant self-employed to employees mmm-hmm or soldiers right people who would do us are told and the education system hasn't been updated since that time it's actually gone backwards in my opinion in what way well there are misinforming and miss educating look the biggest thing for an entrepreneur is you've got to learn how to make mistakes and they turn a school punishes you're making mistakes second you have to operate in a team you know everybody talks about team except in school if you take tests as a team you call it cheaters so just those two Minds constructs mmm the average guy goes out they're afraid of making a mistake and starts a business in the neck mistake obviously then they don't have a team gotcha gotcha and the odds are stacked against them yeah so I started my wife and I started with a bookkeeper why a bookkeeper because the number one thing an entrepreneur must have is accurate records I meet so many guys show up and they said we're your records they want me to fund their company that records have no numbers I thought how do I know if you're good or bad oh so good concept we're doing a lot to change the world yes is like a revolutionary concept we're good people yeah you know I have I have a master's in art yeah we're from the same city you know I know yeah yeah we grew up together yeah yeah oh I had this one guy all I was painfull my classmate Hawaiian guy you know Hawaiians have a different culture than the Japanese culture and when he wanted two million dollars it says for what because all of my kids got employed no I wasn't the real reason was it he says they've all lost their jobs he wanted just a loan money no I was supposed to give him the money cuz of our family that's all no no but I'm not trying to pick on the Hawaiians yeah they what are they call the the people from Oh Egypt what do they call these guys where I don't forget their culture is if you have something it's mine gypsies my friend is a gypsy and he says in the Gypsy culture that if you have two one of theirs what but then I started think about my friends you know my classmates who were hardcore Hawai is a great people they can sing and dance and all this but family is everything and so his family's hurting and I have extra it's up to me because we're all part of the same family to help each other these are like an expectation yeah its cultural and that's what really hurts most entrepreneurs is like we started a whole conversation what's your family culture well we have families belief systems what were their values you know and they all play a factor inside your success in so called the real world outside of the family mm-hm and I'm not blaming my friend was Hawaiian because you know that I'm just saying as this culture was different than mine yeah same as my fam my culture is different my own family yeah my brothers and sisters all have master's degrees and all that I'm going and they send their kids to college I'm going oh have a good time you know but they still bullet Japanese still believe in college and saving money and job security yeah well becoming a government employee sure I'd rather shoot myself yeah I mean Japanese and because we had Steve Aoki if you lose Steve Aoki at all no he's like a big DJ guy younger guy but in his 40s now but also Japanese that's really young my age you look 40 up but he also resonate the same thing Koreans are the same way right we're probably one of the most conservative societies when it comes to that because we grew up in the you know in Korea they called the chabot I think Japan what they call it anyways a conglomerate days right where a couple of companies own the entire correct economy there and they're just so used to they're just so used to living in that world well the Japanese had a thing called ku me I come me I was that we feel lived in the same neighborhood in Hawaii and you live in you're a Japanese all the Japanese stuck together mmm and my father who was six foot four for Japanese is pretty big the KU me I would come and talk to our family about the Japanese taking together my father throw him out and he's a other ja he says look we're Americans get that in your head right now you know so I had I had this conflicting cultural values sure sure so again the fog every entrepreneur first thing you must inspect is what was your cultural heritage nothing that's right or wrong mmm values you just struggle with that when you were growing up oh okay I see when I roll at Rich Dad Poor Dad I was I must went to the devil for that one you know good Japanese you don't ever criticize your father same was China I mean Korean and Chinese right father is the king yeah it's very patriarchal yeah so when I was asked well how do you feel about writing a book about your father said well he's dead I had I had to wait for him to die before I wrote the book because he would have killed me my family was ready to kill me yeah how did you how did you overcome that because that didn't go over well either oh my god we close to them though when you're growing up yeah I had great father my both my rich dad my poor that were great men but they both respect their two opposite guys you know one guy really believed in school but he didn't know what he didn't know and my rich dad never went to school and you know he didn't know what he didn't know but the to make kind of a whole education so one was a capitalist one was a socialist yeah and so that we have Bernie Sanders versus Donald Trump and all this other stuff cause it's kind of hysterical it's tough when you step back you look at from values you know I mean you got to in the race now right Joe Biden and Bernie Sanders well do you realize that if I ran for office I'd be younger than all of them it's crazy it's great crazy no wonder Biden can't remember things I can't remember can I get in a taxi anymore Jesus Christ we also had Andrew hang on he's doing good he's he just announced something that he's starting called new humanity Ford a lot of people thought he was running for mayor Ashley for New York which he still might I'm not sure I don't think he's announced that but he's starting a non-profit basically I know the game chuckling laughs all the time well I could introduce you to Andrew if you want I don't understand how they can pay you know I fought for capitalism you know I realized it's 80/20 no that's called prey dolls long trails long yeah 80/20 rule right something like that so 20% of the people need socialism they need to be taken care of but 80 percent can make money on their own so why would I give somebody with the capability to be the 80 percent get my money sure doesn't make sense to me what did you think about the ubi I'm assuming you say well I think unfortunately it's coming just because our school systems teach people to be victims you know I don't know if you saw me on Patrick ben-david you know that guy's guy's a genius ma'am I love working with him he's smart yeah yeah oh is he smart nice guys I used to work with Tony Robbins and he has that quickness of brain yeah I'm a little Hawaiian a little smaller anyway cuz he goes I told him said you know during the agrarian age the church was the center so every small town had a church so it's very spiritual and that was the culture I wish if today in Dutch relation that weaponry came up so we could now kill you know they went from swords to guns machine guns to rockets to drones you know so during the industrial age they started building statues to war heroes so that was a you know as a Marine to have the Marines raising the flag on Iwo Jima and the robert e lee and grant and so everybody respected war heroes and stuff like that now they're tearing down robert e lee and grant and all these guys because America is now worshipping the victim through brutality the victim mentality and that's what I said on Patrick met David and a couple of my friends called me said you're an and I said well you're entitled to your opinion but I've been called better you know stuff like this but I said we're raising victims our schools are pumping out victims and the reason I like this guy Jordan Peterson yes he says it's not what a person stands for you see that he did this great thing it's one of the against he says a lot of times they'll stand up there's a well I stand for socialism but they're really against the rich and so that's why I wouldn't talk about Andrew yang a peat footage and all this stuff I wonder what they're really stand for what are they really fighting for so i'ma front with you I'm fighting for capitalism yeah you know I fight for education that we should have better education I'm not saying anything else inside that I don't have a hidden agenda sure sure know when these guys are talking about we're gonna fix the hole I said and what does that mean and so what Jordan Peterson says there this is there against a rich mmm they're not for the homeless against the rich and that's where most of the people in the left arm I don't know that because I'm not political not Republican or Democrat you don't have any religious agenda you know you won't believe in God find the Bible even got fine but it's I want to know what you really stand for not what you pretend to be standing for yeah so Andrew yang says it's gonna start a non-profit there's a capitalist I already know he can't raise capital because look I am I'm doing the same thing but I can raise capital you know I'm I'm a hardcore teacher yeah what do you think is the difference between you and Andrew yang in that case I can't raise capital not an entrepreneur so what's the skillsets that missing I don't know how about pretty quickly look I understand something I don't have stocks bonds mutual funds you know why why I could make up my own assets mm-hmm I wrote this book called Rich Dad Poor Dad 31 million copies to make five dollars a book you do the math on that one I create my cash flow game I think I make six six six or seven dollars a game in 50 languages I know how to sell yeah but don't you have to invest that money once you make it so that it's less risky as a glad I don't even need money that's the worst part the next book I'm coming out with is called the infinite return is that when you have the mindset of capitalist you don't need money okay rule number one in Rich Dad Poor Dad the rich don't work for money most people miss that one well that goes back to 1971 when Nixon took this off the gold standard yeah and money became fake money yeah so anyway my rich I was preparing me to think about how can I make money without making without money and the way I do was I created an asset like a book I'm not saying write books cuz that's tough industry but I write a book today I sell 50 licenses to 50 different languages and I can I collect royalties for years a long tail yeah so my money just keeps coming in from with that I so let's say I make ten dollars in a book I'll borrow fifty dollars to invest in real estate I step up my basis for the appreciation of hybridization and appreciation that's financial education yeah that garbage they teach you about invest for the long-term of the stock market why would I do that when I can make up my own assets yeah you know that's what entrepreneurs do every entrepreneur should be making up their own assets the sting out of the stock market that's my point of view but can everybody do it now of course not sure okay I've screwed up enough times to prove I can do it and my accountant will back me up yeah the guy is an idiot but he does create assets yeah you have this great core competency which is the ability to communicate something that's very complicated or what has been made complicated because why would people go to school and pay for that money if it sounds simple so you made it really compal using pictures and everything and you've been able to find leverage it's said that you can find leverage through people capital or especially now it's media and software yeah and you've been able to do all three of those yeah that's right you know rich there's a brand yeah yeah no it's impressive what you've done it's amazing but I can sell that's why my first job when I left the Marine Corps was to join Xerox so I can learn how to sell because of being Japanese right I was really shy yeah yeah I could kill people from the sky as a Marine decorated hero and all this crap but I couldn't pick up a girl in the bar and when I said that to my rich that is does your sex life sucks doesn't it I said oh it's terrible Isis because you can't sell you can't sell and so he says if you don't sell you never you're gonna be lonely and horny all your life so I kind of inspired me to learn yeah yeah so I joined sea rocks you know I mean but you have to do what it takes very smart guy you can't sell he doesn't know how to create an asset so something to give him the money I think that's a how to invest that money as he pays no tax on it that's why yes yes ago the tax exempt all that what do you call that I don't even think I don't think in their words well he has been able to raise insane amounts of money as tax deferred you know I mean for tax yeah advantage you're saying yeah he's just in the wrong system I mean good for himself yes but as an entrepreneur I'm I'm kind of in the same you thought about ubi right yeah universal basic income run the opposite size of the camp but I understand why he does it yeah if you're an entrepreneur you don't need a ubi you don't even need a job think about that see that's where you're going right now you will eventually never need a job and you'll never need money if you keep pushing the boundaries of your mental abilities that's called the infinite return yeah when I write a book I have no money in the deal and I collect money for the rest of my life the royalties yeah yeah now Realty I mean that's what Richard Branson did basically revitalizer shaumbra house all says her tribe does as well that's what it is all stars also how does basis do that well here's a company that he has all his millions of people working for him the money flowed so he floated on the stock market which is all free money he would have become a billionaire if he was selling just Amazon he took he floated on Wall Street yeah that's that's what that's the game it's on the B and the I side so let's get into we're talking about Jeff Beezus we're talking about from let's let's get into the average middle-class person that is perhaps starting this little learning your concepts they're getting benefit from it but they're not making hundreds of million dollars yet right someone that's 25 probably has two hundred thousand dollars in savings for someone that has that amount of money how do you think they should invest it well I mean everybody's different this was in the first the first inspection that's why the one that guys like is Eckhart Tolle toal le and all in Paris anger it's all these new guys that they're the new spiritualist coming out they're like the new Jesus or Buddha or Muhammad's you know and I think you have to have a spirituality to you it's I'm not saying if religion does it's where you find you know but it never worked for me I flunked out of Sunday School also but anyway there's a point where you have to have some faith in your abilities right and guidance and so I know if I do what I consider the right thing well what would you do if you worst went e5 today and you have $50,000 in the bank would you invest it back into yourself with the Reg ocation because that amount of money is not going to do that much like damage in the market or real estate or or is it an insight is it different if you have $500,000 no no yeah it's you know that's why you know most guys was it every most major league athletes are broke within six years with something they'll lose everything sure or a lottery winner yeah because money never makes you rich and so the things they invest in your life experiences your mentors and so the story of Rich Dad Poor Dad is it choosing between two different teachers mmm you know if I followed my poor dad I'd probably be a government employee in Hawaii you know or a tenured teacher yeah so it's it's a hard choice yeah you got choose your teachers wisely and your life experiences like we're talking about I took you know three companies public through Toronto I mean through first through VC Vancouver Stock Exchange and that I migrated to the Toronto Stock Exchange why did I do that to learn learn to how how to raise capital on public markets now the average ought to put are never does that you know they keep opens a pizza shop and they open two piece of shops that's about it because there is it just for that money I wanted to learn something so I I took my first first was an oil company in Portugal I took that public and IRA told me there's no oil in Portugal and I found out the hard way there right a company crashed and burned like a airplane coming out of the sky you know and then the next thing I started a sulphur company in Argentina and we struck silver and we did very well yeah and then I started a gold company in China and the Chinese took it so it was a priceless experience you know yeah aren't you better I go yeah but that's what I did it for you understand that I did it for that mm-hmm so you're saying people that have let's say 50,000 100,000 they should just go out there look for a teacher and look for experienced education take risks no life is stakes don't worry about like making 10% in the stock market you're saying that's a waste of time I mean it depends on you I don't sure stock market to make money I got that to raise capital but not to make money mm-hmm so there's oh there's so much to learn that's that's the biggest problem it's like I said you know the guy pushing drugs on this rate he's no different than Jeff Bezos with Amazon just the scale no no those guys bigger than Bezos and drugs must be yeah I've run into do you oh yeah sighs you travel yeah my father ran for a political office ran for lieutenant got at the poor dead the first person yet the cast kissed a ring on is the crime criminals a wet in Hawaii yeah well that's you know the Governor of Hawaii is a guy named Burns John Burns his partner was I think something but there were partners yeah both police officers one was on the side of the government when was the site of the crime that's that's the game sure I think people better wake up that the Mafia and those guys have real characters I mean they really are in business all over the world yeah you know and if you think they're not then you're living in dreamland so my father had to kiss the ring of this kind a people avow who was the head of one one Hawaiian syndicate in Hawaii and you gotta play the game politics of the dirty dirty game sure there's a book called sunny sky shady characters and it's about the Krupnick wrote the crime syndicates of Hawaii you know my father the reason I recommend to all my friends in Hawaii cuz that's my father was talking about you know in Hawaii the Supreme Court justices they got caught to the Supreme Court justices of Hawaii these highly esteemed men got caught up in all this crime through Kamehameha Schools yeah criminal operations all of crazy yeah so I'm not saying I'm a pessimist I'm saying just be aware you know that's like saying oh why can't we all hold hands and sing Kumbaya we'll get rid of the police we get rid of the military all live together yeah yeah sure yeah you know that I think that's what the left the shredders you know I'm not Republican or Democrat people live in dreamland you know wake up this is a real world and there's people are gonna steal no the book I'm gonna write is hiring thieves it's Jesus I can't believe how many times I've had employees steal from me I'm going thank God I couldn't do it not that I must say not that I'm going on the shortlist were Saints but several times I've lost a lot of money because I hired the people that steal from me have you improved how you read people it's almost impossible but you have to I mean it's my fault I mean I I take full responsibility because you know I didn't you know as Reagan said trust but verify yeah the trouble is that people verify with the guys I didn't start in the wrong foot basically the first guy that stole all my money was my accountant in my nylon wallet business Stanley my CPA and he was so afraid that we're gonna go down and we did go down but he went to get his money out first so I raised a hundred thousand extra I brought it in this is years and years ago as a kid and Stanley says I said Stanley Stanley well this help does this solve the problem he goes yeah I forgot that to find whose problem it's solved Stanley's problem and he ran off with it now again yeah it was the best thing that happened to me because I woke up mmm and I think for young people I think that's really the thing keep waking up keep learning on the good side you meet some of the best people on earth like my team of advisors right now we all came about because of bad partnerships like Kenny Mack Roy who we've made millions together in real estate I met him through a bad partner and he and I started talking something just how good would be so stupid because we're so stupid with the same partner if and I mean sure well we met each other I said well let's not do that to each other we made millions it's amazing yes there's always a silver lining but you've got to look for it and be aware there's people who do not really subscribe to your philosophies sure they come from different backgrounds yeah I mean after after University I went straight to Argentina I no idea this is happening it's getting worse now but they're locals telling me that they woke up one day and money money in the bank ice appeared I said you know my kid brother you lose on Hawaii the greatest guy you know I took him to our Jen Tina because he wouldn't wake up so we're out there in Argentina I should induce my friend friend was an engineer you know about probably about younger than my brother and I and he says I was a millionaire in Argentina with US dollars and one day I woke up and the money was gone and so the bank said oh don't worry we'll give you a million back in pesos so my brother sat there and he says is this why you brought me here is it yeah wake up because you're Japanese Japanese save money and jump Japan is the most screwed up country financially because they're all highly educated savers when you're gonna wake up you know Japan's debt to GDP I think is like two hundred and forty percent right now it's the worst in the whole world they'll save money if the Japanese didn't save money you know Japan would be gone my friends inside Japan say the bank's now lend debtors money so the debtor can pay the bank back hmm so what happens the debtor gets deeper in debt but the bank looks like everybody's paying their bills and I said Japanese are the word for baka Tati which is an idiot okay and the Japanese like very good people you know how hard-working diligent and all this they have no financial education they believe in saving money the Yakuza is their mafia it runs rampant through that place yeah and they still pretend yeah well saving money this day image I mean I think Warren Buffett's got 130 billion dollars in cash right now waiting because there is probably going to be some sort of a recession people's it's a correction right now because of the corona but it's a rough time what are your thoughts in all this well I love crashes you know like um the best time to get registered in a crash the problem is this time I think this crash might last a long time the 1929 crash last 25 years that's how long it lasted I think this one this one might be at least 20 years this next depression because the the number the numbers are so astronomical look I said if Japan is 260 percent debt to GD 242 and 60% America is 115 percent debt to GDP that's much and increasing a trillion dollars a year mm-hmm how we gonna pay it back and then in my book here who stole my pension the pensions are bankrupt it defined benefit pensions for school teachers firefighters and police officers estimate between 9 to 14 trillion dollars underfunded mm-hmm what's gonna have two miles down you know so that's why I set my watch and I got this one might be a long one and just today as we're talking to tenure went below 9% below 1% you can't keep printing money it's never worked in history at least as far as I know so that's what I watch on the other side of it it's a great time to be an entrepreneur because if you're smart you have a good spirit and you you learn quickly so the greatest the greatest thing about entrepreneurs how fast can you learn you know when you look at the seven deadly sins the biggest tragedy is ego said ego or Van Van glory is the road straight to hell and so you got a you know I tell you I've made mistakes I tell you I screwed up I'm definitely not a short list for Saint but you'd better be honest and people trust you and they better keep your word you know you're only as good as your word yeah so actions and words must be in integrity gotcha gotcha a lot of the best businesses have started when when there was a recession there was this idea of a Nassim Nicholas Taleb I'm sure you found he is my hero I'm fragile stronger living diamonds get stronger right as as an under-pressure so it's it's a it's a very interesting concept but people fear it people a lot of people fear it yeah but he's but his lesson is you go to the gym he get stronger Chris follow up they get stronger and people are coming out of school weaker today that's what disturbs me you know and then you know Patrick David man he's [Music] which is a whole new channel right is social media now the channel so if you're in traditional media you're in trouble mmm but if you're moving with the trends in good good shape right now sure sure that's a difference well the see Nicholas Taleb also talks about in Black Swan he talks about this idea of the barbell strategy all right where he kind of uses like the S&P as like an analogy aware most people think medium this idea of like putting yourself into medium risk is the safest option when in fact you're not really getting much of the upside but you're getting all of the downside as well so you're allocating risk in a way that is not actually helping you diversify and you're actually putting yourself in more risk and he advocates this idea of putting yourself into very riskiest in a small amount and the rest into let's say in this case cash bonds and that way even bonds are in trouble now bonds are I guess yes okay most likely cash works very liquid when I was your age the smart guys were in bonds nobody was in stocks mmm today her place in stocks and bonds I'm holding my across sure okay sure what are your thoughts into this idea of barbell strategy where there is a symmetric returns where let's say you put 10 percent into something that's super risky the maximum you can lose is that 10 percent so you still have that 90 percent still uphold oh is it post upon the person like I'm saying I encourage anybody listening to this or any entrepreneur get to the point where you don't need money it's called the infinite return and that's my next book coming out next year yeah when you get to the point where you don't need money you're home free you'll never need money you don't care you could always put a deal together you can always create an asset out of nothing you know it's like I don't know what else it's the power of God given power so like I said when I write a book I'm selling 50 copies 50 licenses day one hmm and let's say I got 10,000 a license how much is that fifty times ten thousand five hundred thousand fifty times ten thousand yeah yeah so I'm in I'm in the black immediately was it cost me maybe ten thousand to write a book do you know I'm in the black the same thing if I treat a stock I'll buy a stock a dollar it goes up to ten and I sell so I have all free trading stock I have no money and that's what Buffett's doing they're all infinite return guys sure you have no money into the deal you can do anything what are other examples that you would recommend stocks you mentioned both real estate it's my first my first deal was I bought a condo on the island of Maui for eighteen thousand bucks and I gave him a credit card to put the mm so $1,800 ten percent down payment I made 25 bucks for it mm-hmm so I made 25 bucks from no money at all a hundred percent debt I loved yet and the average guy's afraid of Ted so if you it's just mindset this is what you know how do you practice I have made a lot of mistakes I've never lost money in real estate mmm never because I invest a lot in my financial education in real estate why debt add taxes the more I can use all the debt I want and pay no taxes I love it I love it there's a god somewhere why would I buy stocks I don't understand that game you can make money quickly sure and stocks are good because they're illiquid I mean they're liquid you can get out of the stocks real quick and real estate it's dangerous because you can't get out of it that's why I've gotta study more so anyway I you know the biggest thing I can say to any entrepreneur just learn be an active learner low ego be you know it's tough when you're successful because we might now on a vertical sore from all the business went to the moon I was crashing down right after I thought I walked on water there was no water the only air below me so having the hard way you know well having learned that is is your flow now is it that you have you know talking about ESPI is your flow now you have these active businesses let's say you know books or businesses well you use the profits from that and you invest all of it into real estate is that come on oh no I only invest in a real list right now I'm out of the real estate mark I mean I still have my real estate Holness but I'm not aggressively buying because the prices are too high private equity and the hedge funds went into a real estate and now it makes no it's like the stock market's a disconnect between the price and the value so these guys as my my best friend just came a billionaire because he took all of his real estate holdings and soullow to a hedge fund mmm he's laughing all the way so it's gonna crash on him fake valuations good height it's based upon today's valuations maybe not tomorrow's interesting yeah so he's yeah you know I had a race who's gonna be first millionaire I beat him he beat me to a billionaire so his idea is that he sold to a hedge fund once the house tonight where King goes crashing down he's just gonna buy it all back I don't correct the fraction of the price correct because you know manual labor you're working with your mind your body your spirit and emotions you know I just sure timing things observing things you have to have good friends people you trust implicitly yeah and like I have a fantastic staff you know I trust him you know some of my people have been around me for 20 years my saw my best partners are 40 years mm-hmm yeah we know we trust each other so that takes time there's also been a lot of crooks along the way yeah so I'm like I found out I'm on mentioned names but some of my my CEO and my president was stealing money again recently mmm so they can't sell yeah my friend was my accountant Tom we alright you says you know he looks up returns all the time it's people who can't sell steel you're saying they're not actually stealing money but they're stealing time and valuable resources from you they're actually stealing wood yeah because they're not selling enough you're saying they don't know how to sell okay but they're not actually going in and stealing money from you just so many ways you can I serious sake but you're you're I get what you're saying but yeah okay one of the best experiences I had you know I was a young marine I was in Hawaii you know I still couldn't chase women cuz I was so shy yeah so I got a job working as a manager of a nightclub in Waikiki and so it was with the big back today is called Westin I don't know what it was back then sure so the the general manager comes up and talks to me says hey your PC is too high what species is your poor count somebody stealing alcohol somebody that's the only alcohol but they're not charging for drinks he says catch him for six months I could not figure it out I couldn't figure out how the bar tuners and the cocktail waitress were stealing money from me hmm so I told my rich dad that is I told you so what's that he says if your bartenders and waitresses are smarter than you don't get into the business and my other friend I was gonna buy a professional team and he said to me he says you were gonna buy professionals yeah which sport uh baseball baseball okay no just not because I like baseball but just because the baseball team was in trouble and I was gonna buy it and see that there was money to be made there but I do it I do it because I want to learn not because it interests a team so I ran the numbers around the process of film about the business that all that and finally this friend of mine came out to meet us he says and he's he's an NBA player for 18 years he says I'll give you a lesson number one in business what's that it's never invest in a business where the employees make more than you do interesting and that's why it didn't work yeah because the more successful the team got the more money the employees made you could never win he says until you flip it yeah yes I don't want to do that so anyway those you go please listen to all you entrepreneurs out there it's the biggest learning adventure you can go to go through even the bad lessons are good lessons if you have the humility to learn from them yeah I mean I like your mindset because your whole thing is you're going into these different projects and you you have this growth mindset we're talking about growth minds obviously but you're always in it to learn something new anti fragile mmm so that's not even tell him he said the moment you go into the unknown you're getting destabilized but you're getting Stape you're getting stronger and the average person they want security and less risk they're getting stupider and less less fragile more fragile yeah so you become anti fragile when you take you go into the unknown sure I explained that to my company said and my company said I don't care if you make a mistake I do care if you don't tell me about it you know gotcha big difference speaking of unstable we're probably in a very fragile market right now and a lot of people are many ways freaking out what do you recommend people do in a market that is potentially heading into depression should they be saving cash and thinking about you know becoming more liquid like what are some of the things that they should do well it depends upon the cash if you if you're in argentine pesos yeah i wouldn't touch it I'd say have gold and silver see what's his name what's his hedge waters hedge with no bridge water sky Ray Dalio yeah he says it depends upon the currency you're in sure he says so like Zimbabwe their debt is financed with external money mmm Japan is internally financed so that's why the depression doesn't hurt them as Ben so you have to learn so much about that so I own millions and millions of millions and millions and millions and golds I started buying gold in 1973 when it was illegal of America's own gold and I like gold and silver because there's no counterparty risk there's no other party to it gold and silver are God's money mm-hmm so people said well it's not a good investment I said yeah but I sleep at night what's that worth yeah sure so I don't care whether the dollar the dollar is corrupt US dollars corrupt but it's the strongest currency in a horrible currency world yeah so if you're us save dollars you're in Argentina don't save save gold right say Bitcoin you think Bitcoin would be I mean bitcoins got got his problems - you're saying I would so when you say save money he gotta say what what currency yeah what currency sure yeah that's like the Swiss franc used to be the strongest currency of all but now they're back by the fang stocks and so I'm kind of backing off of the Swiss whatever they use I don't even know anymore I just you know it's almost instinctive is sure sure I mean the Argentine's what what I found interesting was the way we look at goal because I think you're completely dead on the way we look at gold and as a way of hedging the Argentine's look at Bitcoin and the way look they look at US dollars correct as a way to hedge that correct that's more stable I think you're spot on with that yeah for sure what's funny about Canada though all right how much gold you guys got I don't know a lot of no yeah just a silly oh say English but there's like so much land that but they have a lot of gold they sold off their gold I just think it's to who I don't know they just got another gold but they have gold in the ground because you know Kenna's resource-rich let's not get into that deeper robert we got a piston people I thought this point yes how many people we did so far how far we go in this your politicians you know like my guys gonna be canceled what about him I don't care you know yeah I'd be smarter than them you're not dependent on them yes because of a translator you know pretty your own assets and so what Bernie says is and Trump says that if Biden says this should I go okay good good good or yang says this I still got to be smarter than them with my money this is my money sure and if you hope if you're hoping that Trump about you know Trump's my friend I'm not counting him to save my money for me mm I'm not counting on him gotcha and yang wants ubi Universal basic income as mmt you know Marxist money theory I think it's I think it's a comedy show yeah I mean it's pretty it's a reality show for sure what's up in there I mean it's just it's a gone fest you got the Donald you know on one side reality show you still talk to him by the way no not the last time I talked to me he analyses me he was on my show my radio show says I'm gonna run for president I said good for you I burst and far away from you because all he's a target did you think it was a joke though nice good guy I mean you know if you said things he shouldn't say and Brian right I mean he could be a good guy but also there's no exactly as you see but I'm not into politics so yeah I listen to Bernie Sanders I give the guy a lot of credit you know I mean to admit to be a socialist in America as Mexicans friends would say big cojones and please and Pete Buddha just you know a gay guy you know know this I'm going yeah I've gotta give everybody but I am going thank you to catch it it's a catchy headline now watch all the stuff it's a TV show as far as I'm concerned but if you're counting on them you're a bigger idiot than they are you know and then Pocahontas I just love her you know she sounded like a real Republican right now I'm a cartoon you're just observing this this whole scenery yes I still have millions in gold and I still have my real estate I'm still offshore many things at all pay any taxes she's legally yeah so I can laugh if you're not there yet can't laugh but I wouldn't count on those guys to save my ass right that's all I'm saying if you're going to be an entrepreneur it's gonna be the biggest adventure of your life as long as you want to keep learning but if you just want to make a few bucks you'll be taxed to death yeah that's the S quadrant ESPI that's the problem and yes you know small business loans oh no they don't give me any money it's hard to raise capital as an S you sure crowdfunding and all that stuff but I'd rather go to Wall Street I'd rather raise my own capital yeah but those are skill sets so I say to every entrepreneur look at us the biggest education plan you'll ever go through you know I don't keep that college degree or not but you better you better learn really quickly fast have good people around you and keep studying yep yep well right let me let me end off cuz I know you came in because you wrote this book called who stole my pension talk to us a little bit about what people don't know about pensions that what the average person does not understand about how pensions work today well the pensions are bankrupt they're gone you know my father my poor dad worked for the government and he lost his pension in 1972 and he still told me to go and get a job and all that so my poor dad became a poor man when I lost his job his pay check on his pension how did he lose it like he just got ran against the governor see the governor was a crook and John Burns police officer if you read the book sunny sky shady characters you'll find out exactly this he's an investigative report for his name now but he said everything my father was saying to me they're all buddies this shady sky sunnier character starts with Don Ho nice Don Ho and they were all in cahoots Supreme Court justices were all in cahoots with Kamehameha Schools the most richest school system in America for Hawaiian kids yeah and all these estates just ripping people off so my father after he became the governor staff resigned and he says I cannot in good conscience ethically morally and legally I cannot be part of your staff so he made the mistake of running against him this is while I was in Vietnam stunts you know defending the country from I don't know who but anyway I come home my father's banker he's bankrupt no pension no paycheck no bet no no job he still telling me to go back to school get my PhD I said I gonna wind up like you we said go fly for the airlines he read who stole my pensions my guys my friends who flew for you that it they're all broke nobody knows this right but why is this happening to everyone that has all over the world it says back here on the back of our who stole my pension what's America's number-one export toxic assets derivatives it's still manufactured so is there stuff that cuz my mom's of nurses she's under a pension plan union members are for people that are aren't you are like are to relying on pensions or have family members or friends that aren't pensions what can they do well it's actually that's a book because not all pensions are bad but understand CalPERS which is the biggest state pension plan in America is California State Teachers they're one trillion underfunded the reason people are evacuating California right now is because they know California's about to go bankrupt because of pensions so if CalPERS goes down so the stock market goes down sort of those of circles a 401 K so this coronavirus is one thing but it's really a house of cards or a set of dominoes ready to start to fall and it all went back to 1971 the year took the dollar off the gold standard and we could print phony money and we're still printing funny money yeah so the rich are getting richer if you're playing that game of investing and the poor the middle-class are getting poor yeah the first thing that I realized where things start to look a little bit backwards when it comes to pension fund money is that because I mean I'm in the tech world so when someone that's in venture capital private equity they want to go raise their fund first thing they go to is pension so it's it's a little bit backwards because people are giving money into a pool that was a pension fund that's the book and you gotta they go gotta give money to other managers automatic to the product you got it so you got it but what do they do like what do people do like what does my mom do to make sure she's protected is there is she just completely helpless in this state what you could do is what you can do hate being flippant about what you can do what you can do sure if if you could sure if you're a stock trader you understood how short short the market and play the options market you're in hog heaven and when this baby starts coming down like right now a lot of guys are making more money as a crashes you make more money in a market crash but if you don't have that skill set you're in trouble so develop the skill set well educate yourself yeah what do you want to learn how to do I don't recommend it that's hard yeah so I saw this coming back in 72 when I came back from Vietnam I went oh my god you know and my poor dad's had to go back to let's go get my PhD I said poor helpless and desperate and I couldn't listen to him anymore and that's you know we started this whole thing about our fathers and our families and you know then the other thing I don't say is that we have my poor dad was Japanese I reached out with Chinese they're two different people I'm being a racist it's a broad generalization sure yeah but you know you know every race has its characteristic and we're not being erased us I'm just saying that's its culture culture yeah and I understand it because I'm Korean okay from Korea and I came from Korea you have from two you have two points of view the three Canadian US and well I live in Mexico City Arena side of the game that's that's really that's the best thing you can do right you know you're doing something I didn't do so it's good for you know what answer the question what can the person do you can do what you can do or you will learn to do sure yeah and it's different for different people that's why I'm not politically correct as you can tell I'm not Republican or Democrat I think Trump is kind of a clown too you know well I think that's why people like your book you got you go straight into the point and it's refreshing because of everything else that you read in the media is super fluffy super up in the clouds and it's positive very positive which is helpful for some people but it's not really gonna help them get it done and it seems like your book is focused on a very specific type of person that's willing to go through the difficulties of making mistakes taking that risk and obviously it's sold thirty-one to probably fifty million copies and because of the fact that it provides a lot of education but the people that are actually gonna take action are probably gonna be a fraction of the people so really the people listening the do you need to understand if you're the type of person that can apply the things that you've taught if you're listening to this podcast about entrepreneurship you have a better chance yeah and somebody in their MBA program McGill cause you're mindsets different or sure absolutely it's a mindset to start absolutely so if I can tell you one more thing about your race accordions yeah the reason I you know we're talking about Taekwondo and I fought for the US team in the Olympics nine one that was all fair you can talk to people about that you from Korea said I'll come sum it up it's because I'm alright thank you because I took up Taekwondo why did I take Taekwondo because I was standing in Vietnam as a 19 year old kid and these people call ROK Marines when driving by Roxas Republic of Korea and people were dodging running from these guys who are those guys you know I made us like it's like Butch Cassidy Sundance Kid who are those guys this is their Rock Marines and I said what's so good about him he says taking they can kill anybody with nothing and the legend that went ahead the PR that public law ahead of the ROK Marines there are stories of these guys the Vietcong would tie them up and they still kill him whether it tied up I said how they do that well then tie their feet up Taekwondo is all all forms legs you know kicking so I stuck that on my back on my head so I want to watch the rock Marines train when they these guys they have no feelings [Music] they make great entrepreneurs though so I came back to the states and I took up Taekwondo and I still stuck at it yeah well American black belt American black belt in Taekwondo black belt in Taekwondo you know so I got over there I fight for them for America that's what I got but let me explain to you I was a heavyweight which means I was fat in America in Korea they're tall and skinny like you yeah and Koreans and Taekwondo is about the legs really they could let's call it G or the hammer they could lift the leg straight over their heads and they stand there on one leg and they just watch you because I met who he looks like this leg in the air and I'm just a little fat guy trying to come up you know how do I find an opening you can barely get up here I get into the ring I said this is not fair but but he's a heavyweight but he's a skinny heavyweight right but his legs are like no no he's like six foot four his legs are probably eight feet high and they I don't know how high is up in the air I couldn't come in on him so it made the mistake I said well no guts no glory I jumped in on that late came across my head and I was out I didn't have a prayer we're talking about was just like Karate Kid there was one guy who was watching the tournament's Korean guy he didn't speak much English and I didn't think any Korean he says he got potential and he took me out into the country and for two weeks he trained me mmm and there was one of the best experience I've ever had and when I came back to the States I kicked ass hmm because I was trained in Korean Taekwondo not American Taekwondo yeah and I was trained by a real fighter not you know I was pretty good but he wasn't he was not a real fighter sure it's a different standard when you hang around with a certain type of people I feel the same way like I was when I was six or seven my dad would teach me division and multiplication and I've got to Canada when I was seven and they were doing subtraction and addition yeah it's just a different level yes this natural yes and it's the mindset and all that so it's a lot so I said this whole thing is she to be an entrepreneur well a lot has to do what your family said about it mm-hmm you know my poor dad I said they're rich were crooks entrepreneurs were crooks the rich were greedy school all you had to do was have a college degree you were set different cultures yeah I had to go against all this especially respecting the father it's already Rich Dad Poor Dad oh man that's what you have to die before I wrote that book he would have killed me well listener I commend you just because I understand culturally what you had to go through from your father from your mother I understand the family background so to have unlearned a lot of the things that you had to do particularly at an older age for you right it wasn't it wasn't like me when I was seven and and to see how you've been able to educate hundreds of millions of people at this point is it was really an honor to to come talk to you we leave the audience with one small but actionable step that they can do after they listen to this episode whether it's a specific book you could recommend whether it's an action step that they can take to get that one step further to start the business or you know in their investment or anything that they you think they can really help improve their lifestyle what do you think that would be I just talked to one of my best friends he is my real estate guy Ken McElroy he says he not gonna they're gonna stop doing talks at universities mmm-hmm right that's the wrong audience wrong message sure he says I just came by what mention University he says he was horrible and he's a good guy is very smart you know all this and what he said to the students he says your education begins when you leave school what you learn means nothing didn't I go at the University - yeah just don't know what he didn't say it that way but I've said it that way you know I took the cash flow game once Mike it was how we teach accounting fastest playing games goes in counties most boring subject plant possible I took it into a school system we had like ten tables we had five entrepreneurs at one table and five teachers at other table then we had high school kids at each table the tables were the teachers were there was no fun mmm the kids were sleeping they were bored they hated it and all this and the tables were the entrepreneurs were teaching there was kids were screaming and yelling having a good time and the people that hated my casual game the most was the economics teacher and the accounting teacher because they were most at risk as well they didn't understand it at all not at all the accounting teacher looked up in a dictionary she says well this is not the definition for an asset in my book and I said and that's why you're a schoolteacher life isn't found in a book I invited me back Rob will always have you back guys [Music]

Channel: Andreas Starlock

Views: 16,676

Keywords: robert kiyosaki, donald trump, sean kim, million dollars, money, investing, money investments, how to invest money, how to make millions, how to make millions during pandemic, interview, Nassim Nicolas Taleb, Patrick Bet David, Andrew Yang, Pete Buttigieg, Jordan Peterson, rich dad poor dad, how to make money during the pandemic, how to earn money, hot to make money during the recession, rich vs poor mindset, how to invest, million dollar mindset, business ideas, million, advice

Id: -wj691PLCwI

Length: 83min 16sec (4996 seconds)

Published: Mon Apr 27 2020