Pros and Cons of a Self-Directed IRA - Robert Kiyosaki, Kim Kiyosaki, @equitytrustcompany

this is the rich dad radio show the good news and bad news about money here's robert kiyosaki hello hello robert kiyosaki rich dad radio show the good news and bad news about money and uh we have a very very special show today yes all of our shows are but i said i was saying may 11 interesting times it can't get more interesting than this right now i mean i've never seen it so screwed up 25 years ago when kim and i published uh rich dad poor dad we knew it was going to get bad but i didn't think it was going to get this bad and we've done other other things along this whole line for those you know this is my other book here it's who stole my pension and it's written by um myself and edward siddell and um my concern as an old guy is that my generation the baby boom generation is the first i think it's the first but it is it's one of the few generations or the first generation with a defined contribution pension plan versus a defined benefit pension plan there's very big differences just being a c and a b whatever the thing is but what happened was in my father's generation um they had a a pension for life so if they let's say they work for ford motor company they got a pension for life but but when the baby boomers came along they said it was too expensive and we couldn't compete with china and japan and europe so they took away the defined benefit pension plan which is what our world war ii generation had and in 1974 they shifted it to 19 the defined contribution so suddenly is you most baby boomers have defined contribution like a 401k iras and things like this my concern is right the reason it says interesting times we're in a massive massive massive massive massive star market bubble real estate bubble bond market bubble everything is in a bubble and the average baby boy my generation has not an ethan clue what that means and that means the reason we wrote this book here with who stole my pension is that many of the people who think they're safe like the airline pilots and ups drivers and all these guys well wall street's been stealing their pensions and so that's why kim and i do not have a pension we just don't want one and we don't need one but that's what the rich dad company stands for yet as kim can we attest to our job is to educate not to not to pontificate so we we're going to be talking about what's called a self-directed ira just know this that we don't endorse it we don't have one but you need to know about them especially being in interesting times any comments there yeah well this this will be interesting because um self-directed iras is not something of our forte um but we want but it is a good vehicle for a lot of people so we want to bring that education to people who can can use it and can benefit from it and that's why we have uh john bowen's and jeff desert did i pronounce that correctly of equity trust and we also have tom wheelwright our tax expert because he can help uh translate for us what uh jeff and john are going to be talking about so welcome all to the show appreciate it thank you thank you for having us well let's start with tom tom what is the benefit of an ira or self-directed real quickly from attacks i mean tom is a cpa he wrote the book tax free wealth he's my gold he's my a student guy i go to so what is it what is it self-directed ira what does that mean to you as an accountant well so basically what it means is that it's an ira that instead of get turning your money over to somebody else you get to control the investments so you get to say i want to invest in this i want to invest in that you don't have a mutual funds company like fidelity for example saying here's what you have to invest in um so you have a lot more freedom with it also brings a lot more responsibility with it the the there are certain investments that make a lot of sense frankly in an ira because you want to postpone the tax um on them as long as you can and there are other investments like real estate that don't make nearly as much sense in an ira so it really depends on what you're putting into uh what type of investment you're doing as to whether an ira makes sense or not why doesn't real estate make sense in a self-directed ira because real estate's a tax shelter yeah and and you're putting a tax shelter inside another tax shelter and you actually create taxable income by putting real estate into an ira so we we don't normally ever we really like never see that and and so we typically look at things like if you're investing in the stock market if you're investing in bonds interest rate vehicles even gold and silver can be very good in a self-directed ira good again we're not endorsing anything here but the reason kim and i don't have pensions and we don't even have any stocks i don't i've taken very little well mining stocks i took three companies public and once i understood how they take companies public like they say if you saw they made sausage you wouldn't eat it and every time i saw how we took a company public i definitely don't want to stock so that's just our personal viewpoint and that's where the rich dead company is more will self-direct your own education because our schools will never teach us this so so jeff let's um talk to you your your dad started this company he did he did he started the the predecessor in 1974 and um really stumbled upon the kind of concept of a self-directed ira right around 1980 he was a typical plain vanilla uh stock broker in our small little town and decided to branch off into real estate and put together his first limited partnership where he um he brought in local investors and had the idea of using their iras to each put in their annual contributions for two years and and put together a real estate vehicle and from that first deal that he did one of our one of the investors asked if if he could buy property himself um in an ira and that kind of started the process of of of providing that service and today we don't offer any investments or anything like that but we have hundreds of thousands of customers uh across the country we're nearing 40 billion dollars in assets and um you know i would i would politely disagree with tom real estate is one of our largest categories in a given year our customers will buy and sell 14 000 pieces of property and um yes with real estate when you're purchasing it outside of an ira you get this great thing called depreciation but depreciation is if you think about it really an artificial benefit i mean if you're in an environment where there are no taxes then depreciation really doesn't matter and what we really like to to really frame up the account because i like to think as an investor versus a an academic and i look at these accounts really as a vehicle to be able to make investments in a tax deferred or tax free environment so when i'm buying real estate when i'm buying um precious metals when i'm buying notes all of that income comes back into my my account without the hindrance of tax and then when i take that money out down the road i'm going to be able to take that money out tax-free and um yeah and that's why we have tom on board here because [Music] we don't have any of that stuff and tom is our guide on this whole thing so kim and i i would say we're pretty sophisticated investors i mean to take three companies public we got to know something certainly and so i stay away from anything you know unless tom blesses it for us so tom what what is your counterpoint on what he just said about yeah so so first of all in order for it not to be taxed at all presumably you're talking about a roth ira you're not talking about a regular ira okay in a regular ira you are actually taking what i consider a tax-free asset real estate and putting into a vehicle that makes it taxable yes down the road but you're still making it taxable which it would never the way we do tax planning you would never pay tax on that on that money um on the cash flow board game there's a rat race and there's the fast track we're fast track people right but that's right we have to invest in our own financial education and that's why you know kim and i and we have a rich dad advisor team so if i would i mean you know john i uh it's john right yes you got it yeah i highly recommend people talk to you but also talk to people like tom and that's that's this that's the business where we're an education company we're not a recommendation company so so tom you were talking about a roth ira what is it yeah so so a roth ira is different because you don't get a tax deduction going in and you don't pay tax coming out so if you were going to do real estate in an ira you would want to do it in a roth ira by definition if you if you want to maximize your leverage or your debt on your real estate then that is a challenge in an ira because it cannot be recourse debt in other words you can't be personally liable on that debt else that's called a prohibited transaction and your ira's done so uh what we what you have to do is you you you just have to recognize the limitations that there are and and that you do not get the depreciation okay so it's it's really those two things it's leverage and depreciation that you lose in the roth ira yeah the whole point here is ladies and gentlemen i'm glad you guys are listening to this program i'm glad to have jeff and john on because this is what we are an education company but to me the big thing is are you going to be an active investor or passive if you're passive and you really don't want to do all the study we do then jeff and john are probably pretty good right tom no i i agree so for example where i see people um investing in a roth ira for example self-directed is say a doctor who doesn't have any time doesn't want to get any education and but wants in to invest say in this syndication right a syndicated um a syndicated deal then they might do that within an ira because they don't for whatever reason their accountant hasn't figured out how that they could get the depreciation and so they've decided well that's not important to them um if the tax benefits are important then uh that's a challenge within an ira because you you you lose that that benefit if the taxes are not important to you if the tax benefits of depreciation not important to you then uh then yeah you can you do it in an ira you absolutely can't i i don't but that doesn't mean you can't do it one more thing about being professional investors is a thing called management and most people suck at management that's why their employees are self-employed so you've really got to be proactive in this whole thing i was just down in bisbee arizona managing our property it takes a lot of time right it does it does and so everyone's going to pronounce con so that's really i'm going to establish that up front that's why i asked tom to be on here and that's exactly what i wanted to go to john with so john in your because you you you do educate people about roth iras self-directed iras all of that what are the what do you see as the biggest pros and cons and certainly i i appreciate the healthy debate here between owning real estate inside of an ira and outside of an inside of an ira and one of the things that you'll learn as as an educator john as the head of education here i'm also an active real estate investor and my wife and i own real estate inside and outside of a self-directed ira so every time we approach a real estate opportunity it could be an actual property it could be a real estate partnership it could be a private loan secured by real estate so one of the things that my wife and i do quite a bit of is we find borrowers we find real estate flippers that need financing and they don't want to go to the hard money loan folks they don't want to pay the higher interest rates so they come to private money lenders like us and when we see those types of opportunities those are great opportunities for our self-directed traditional iras and our self-directed roth iras because see here's the deal when you make a loan with your non-ira money all of the interest income is tax exempt in that retirement plan if i make a loan without my self-directed ira then i'm going to pay ordinary income taxes on that profit but if i use my self-directed traditional even better my self-directed roth ira all of that profit is tax-free so my philosophy and the way that i coach and educate investors is don't be thinking about doing every single deal inside of your self-directed ira you want to be thinking about how you can do deals inside and outside of your self-directed ira the key here is for folks that have iras and 401ks and other retirement plans and they're tired of the limited options where they can only invest in the traditional financial markets and the timing couldn't be better for this podcast because when we look at the s p 500 at the time of recording we're down about 17 so there are hundreds of investors that are reaching out to us on a daily basis that are looking for an escape hatch they're looking for a way to invest in main street instead of wall street and there are plenty of options across real estate whether it's private loans or it's actually owning physical real estate specific to owning physical real estate with a self-directed ira there's a right way to do it and there's a wrong way to do it and that's one of the things that we do here at equity trust is we educate folks on the things that you can do with a self-directed ira and how to do them effectively and the things that you want to make sure you stay away from and that's exactly what what tom was speaking to so but so so jeff um i want to go to jeff's um because it's getting all about real estate and it's a good healthy debate i like that um but there's also other things like gold and silver are those does that make sense to put that into an ira i'd like to hear from jeff and from tom sure i i would just echo what what john um just said you know the real power of these accounts is the flexibility and robert you made a really good point if you're going to be uh an active investor you certainly or manager you need to be involved and if you're going to take a passive route um you can go that way as well with one of these accounts so precious metals gold and platinum silver is something that's very very popular we open up tens of thousands of accounts a year and hold billions and billions and billions of dollars in precious metals where people are are using that avenue with their with their self-directed ira yeah the storage facility yeah excuse me are you also a storage facility well i actually store it in my basement but don't tell me okay uh places where you can store the metals and the client can choose where where uh among our options they want to be right once again this is robert kiyosaki the rich dad radio show where there's my rich set off and said there's a million ways to go to financial heaven and a billion ways to go to financial hell and that's why we're having this rich dad radio show today i'm glad you guys are on board and it really depends upon you as the investor who do you listen to who do you talk to so that's why we're happy you're listening into this one because there's so many different people offering different services and if you don't know the difference they all look the same so we come back we'll be continuing on with this whole program tom might have to leave something tom's got some words to counter counterpoint go ahead tom tom so so two things first of all um to john's point um when when i talk about not putting real estate to an ira i'm talking about the actual investment real estate not alone so i agree with you john that alone if you're lending money inside an ira that's a great place to to hold those loans if that's part of your investment track that totally makes sense from a tax standpoint so i totally agree with you john um on gold and silver uh precious metals the big concern right now is you actually if you store it in your basement you've got up under a recent court case you have a problem okay so you cannot store it in your basement anymore which i think might been why robert's asking where are you storing it um i probably wouldn't announce it i probably wouldn't announce that to the irs you can't have control over it so you can't store it at your home you can't store it under your mattress you can't you can't put it there that was the recent uh court ruling uh they were very clear on it and it caused a big problem for this ira investor and so you have to have an outside basically manager storage facility some place where you don't have ready access to it that's a great that's a great point and and i should mention that as a self-directed ira custodian we have 3.51 billion dollars in precious metals under custody and no it's not in jeff's basement these are held at licensed and bonded warehouses facilities uh you'll see some big brand names out there and so equity trust what we've done is we've built the entire ecosystem for folks that want to use their iras to invest in precious metals so from identifying a dealer they can purchase from to actually storing the physical metals we do not allow customers to utilize what's called a checkbook llc ira which is exactly what tom was talking about that's the mcnulty case november of 2021 really glad you brought that up tom we are absolutely on the same page in terms of not allowing investors to take advantage of potential loopholes because you saw exactly what happened in the case of mcnulty they tried to use a loophole and they ended up creating a prohibited transaction and that goes back to you know our philosophy here at equity trust and providing good education and information to investors so that they can make informed decisions whether it's real estate precious metals private lending investments in private placements digital currency there's all types of alternative investments that folks can participate in it goes beyond just the traditional financial markets and that's really what we're all about is helping investors to jeff's point take more control of their retirement savings and be able to invest in asset classes that they know like and trust good so so tom tom music delays i want to get tomlin as much as possible again we're not pumping equity trust and all that i'm glad you guys are here i'm glad you're here to educate our primary job at rich does make people aware you have options out there any other comments tom what's going on yeah just uh finally i i i'm glad that equity i'm glad you guys don't use checkbook iras i really don't like checkbook iras the problem with that is that it's too easy to make a mistake and so you want to have you do want to make sure that your custodian would uh is you know has all their eyes done and their t's crossed because with a checkbook ira i think you can make a lot of mistakes and it's really easy to basically blow up your ira i think there are sometimes very clearly when um an ira using ira for a certain type of investment makes sense i think the key is understand when you should be what type of investments work well in an ira and what type of investments don't work well sorry what's what is a checkbook ira because i have a checkbook ira basically is yeah you actually have basically you'd have a limited liability company that you're the manager of that limited liability company that is owned by your ira so the owner of your llc is the ira but you get to write checks on that llc's bank account well that means that you have basically you end up with too much control it's not that they're illegal it's that it's really easy to make a mistake thank you so tom as peop as people are looking at iras and and working with different companies what are give me one or two questions that are important for people to ask oh i would ask him how do you feel about checkbook iras i think that's a very important one thank goodness we're one of the few firms that have really uh stood strong on this for 15 years that that that is important because there are a lot that promote it and and i don't like that i i think the other one is you know help me understand you know what type of investments work what type don't and i would also make sure that you're talking to your tax advisor so don't don't do you know don't be talking to one person without the other always make sure your tax advisor is involved because they are working for you they're only working for you and and they're the ones that you really need to rely on and then they can talk to equity trust as well so just like you have me to be interpret things for you that's what that's what every person should do is use their tax advisor as that person to interpret okay what are they saying thank you so again one of the problems is as you guys know there's sixty percent of americans don't have a thousand dollars to their name and they don't have a tax advisory user either so that's that's why i have the rich dad radio show so tom you know thank you very much and then we'll come back we'll be completing with um jeff and john and we'll find out more what they do and why you should do what to do so anyway thank you tom thank you tom we'll be right back [Music] what would you do if someone handed you 100 000 right now trick question nobody knows that's why people are sitting on more cash now than in the past 20 years according to bank of america and with every major index headed to bear territory and the crypto market losing one trillion dollars the wall street journal says the options are shrinking but that doesn't mean that they're not out there because get this bloomberg recently asked some financial experts the same question and they overwhelmingly recommended this particular safe haven asset it's outpaced as s p 500 for the last 25 years by a whopping 164 percent and has the lowest correlation to public equities of nearly any asset class the market for this asset remains strong even during the inflationary period of the 70s the 2008 crash and kovitz shutdowns and for the first time it's available to retail investors thanks to masterworks although the demand is through the roof so there is a wait list but our listeners get a skip ahead at masterworks.art rich dad that's masterworks dot art rich dad see important regulation aids disclosures at masterworks dot io slash c d [Music] welcome back robert kiyosaki the rich generators show the good news and bad news about money again this is the second part of the show and thank tom real right for his contribution if you missed tom's part please go back and listen to it all of our programs are archived at richdadradio.com we archive them because we're we believe in repetition you listen to this program a second and third time you'll learn even more but more importantly if you have friends family members or idiots in your in your group have them watch this show and then they might learn something because this these are very very interesting times i mean kim will testify for this 25 years ago we started the rich dad company because we knew it was going to get strange but we never thought it would get this strange and so that's why you need more professional advice not least so our guests today are kim yesterday are jeff bowens um retail sales manager and national educator of equity trust and jeff desert who is executive vice president and we're talking about self-directed and roth iras and the good the bad the ugly um so let's talk about and become very highly recommended from our friends at their capital yes they do so i don't get paid by layer capital i just tell them i just sing the song about precious metals gold and silver and the reason i do that is i've never trusted x stocks and because i've taken three companies public i will never touch those things don't touch them i have mining shares and a lot of this talks of stocks i've created but i really don't trust the stock market so that's why we're we're an educational company we don't endorse so i'm going to ask the gentleman from equity trust to give us the stupid mistakes that people make yeah i'll jump in first and then jeff you can follow up on some of your observations over the 20-plus years the first mistake that i see investors make is where they entrust a third party someone that they're investing in and that could be through a private loan it could be through an equity interest in that individual's privately held company because as we know a self-directed ira you can invest in privately held companies you can do promissory notes mortgage notes trust deeds so call it debt instruments and so it's an individual not doing their due diligence and so a custodian isn't going to do that that due diligence it's up to the investor to make decisions and make sure that they're investing with a reputable party and the underlying asset that that loan or that investment is secured by is is safe and sound and is an asset that they feel comfortable with so that that would be the first mistake the second let me ask this question here when a person has a self-directed ira or whatever they are they're kind of acting like their own personal warren buffett that's what you're saying that's correct um you could also say that they become their own financial advisor right they're not they're not the mercy of a third party they're making all the decisions calling all the shots that's a very good point very very good point it is a good point because are you saying so do some ira companies actually give advice and give like due diligence or yeah so there are you know your traditional brokerage houses wire houses your advisory firms are absolutely going to give advice with respect to where to invest the ira and 401k and other retirement plan funds now in most cases in those circumstances as a fiduciary to that individual they're only going to recommend traditional stock market-based assets so that's why our customers come to a directed custodian is because they acknowledge that the directed custodian isn't going to give them financial advice but because they're not giving them financial advice that opens up the opportunity to be able to self-direct into all of these non-stock market-based alternative investment opportunities right so they play warren buffett that that's correct okay i'd like to keep things simple here at rich dad you know because i'm a simple guy yep absolutely the second uh mistake that i see folks make is they attempt to make investments that are what are consult what are considered prohibited transactions so for example if i personally own a property i can't take my ira money and and buy that property if i have a mortgage on my primary residence i can't use my ira money to bail myself out of that that mortgage uh so those are that's an example one example of a few that are called prohibited transactions the idea is is you want to be using your ira funds for their intended purposes like i always like to say iras and retirement plans have have highly powerful tax advantages and i like to say compounding interest in the absence of taxation so if you're if you're utilizing these self-directed iras properly there's there's a tremendous amount of benefit in the long term because of the compounding interest without taxation but with that you have to make sure you select investments and you're self-directing your retirement funds into assets that you're not personally a part of that that's the best way to think of it you want your iras and your retirement plan investments to be totally separate from your non-ira investments thank you very good point and the next point anything else jeff anything you have in terms of mistakes that people make with iras sure i think one of the um one that we see and we see less of now because more clients are utilizing the roth ira but looking at making investments in a traditional ira where you you you have the tax deferral and you'll pay tax later later in life if you have the opportunity to take advantage of the roth it'll put you in that position where you won't have taxes as soon as you make your your qualified distributions going forward and and robert i know you talk a lot about inflation we talk a lot about you know the government printing money all over the place and someone has to pay it back at some point so i'm going to go on a limb and and you know assume that as we go forward taxes are only going to go up and being in an environment where you're over taxed and it's eating into your profits and into your your retire or your your savings being able to eliminate taxes from the equation or at least reduce them dramatically is is a major catalyst to to finding financial freedom um and that's what we're talking about here okay but you're getting into a promotion it's one of the mistakes that people make i mean any idiot knows you don't want to pay tax and and inflation is a tax so what mistakes do people who have no idea they're clueless in wonderland wandering around the woods of financial planners and advice and youtube and all this other stuff what mistakes do they make and that's a really good point because if it's self-directed i'm assuming they have to have some level of education and some degree of sophistication when it comes to what they're investing in is that correct i'm assuming that's what i said i'm assuming robert i think to your point about taking three companies public that's complex wall street's so what mistakes do people make yeah some other uh mistakes that you know i'll say we we commonly see here and some we can prevent in some we can't is there's a there's a retirement account vehicle known as a solo 401k and think of it like a 401k that you would have for a company you work for but it's it's for you as a self-employed individual so if you're a self-employed individual you can take advantage of higher contribution limits to a retirement plan that go beyond just an ira contribution limit more and more tax more tax reduction that's correct yes absolutely potential potentially my language please jesus right and and the challenge with that is not everybody qualifies for a self-directed solo 401k and the irs guidance is very specific that if you don't have active earned income you can't contribute you can't even have a self-directed solo 401k and so a lot of investors that are looking at self-directed iras and 401ks they'll mistakenly open up a self-directed solo 401k when they actually don't qualify i'm seeing that more now than i ever have yeah that's a good point so why would somebody go there oh i got a solo self-directed ira what's the temptation you know lead us not into temptation yeah so you know i've found a lot of investors will attend different seminars and conferences and there might be a company there that's promoting a self-directed solo 401 k and that's the only type of account that they can offer so they kind of get sucked into a sales pitch that is a little bit misleading but the issue is is they will have retirement money like an ira or 401k and they'll think oh i can just move this over to a self-directed solo 401k so that i can have check writing authority going back to that checkbook conversation that tom was mentioning before i think that was an important point for him to bring up and then also people will look at the self-directed solo 401k as a good vehicle to go out and buy debt leverage real estate which tom also alluded to earlier the difference between owning real estate with debt and owning real estate without debt in a retirement plan so there are some some bells and whistles if you will to a solo 401k that can make it really attractive to a real estate investor but you have to make sure you're going about it the right way and you're structuring yourself properly and i think we hit the nail on the head all of us agree that we should have a tax advisor or cpa on the sidelines working with us in concert with us to make sure we plan appropriately and that's what it comes down to self-directed ira versus self-directed solo 401k you just have to look at the pros and cons of both and there are a number of organizations along with your cpa or tax advisor that can help you with that along with our firm and then you can make and evaluate and ensure that you're making a good decision going forward so what happens if somebody opens a checkbook ira what are some of the horror stories because otherwise it's a sales pitch there yeah you know so my team here myself i take phone calls every day and and work through you know the good the bad and the ugly as you said with self-directed solo 401ks and self-directed iras and i recently talked to not a client but it was a prospective client and they were interested in unwinding their their checkbook llc ira uh they had been advised that uh there's great concern with this type of program and they wanted to remove their assets and put it into a self-directed retirement account environment without the llc and uh ultimately what happened is they they ended up finding themselves in an audit and so their cpa advised them to hold put they should not unwind the account because they're the irs is going to audit that checkbook llc ira um i haven't heard back from this individual in terms of what the outcome was but it's city in jail tonight let me ask another question because there's a lot of people selling iras and things what are some some of the scams or some of the lines some of the sales pitches people will use that people need to be beware of sure i think it's a great question you know what we tend to see is the accounts themselves as a vehicle it's it's a government account right you can't do you can't hurt yourself with it but the investments you make within it certainly as robert said there's an active role here right you have to do your diligence with the investments that you're you know that you're going to put in if it's something like gold or or silver you know there's certainly a lower level of that to john's point if somebody's offering an investment in uh you know i don't know some startup company in las vegas right you're gonna wanna if you're if you were interested in doing something like that certainly have to have that skill level to be able to do you know the the the research and make sure that's the right investment for you so we have that that that i think the biggest mistakes that we see or where there is um risk certainly is the investments that you choose to put inside the accounts correct and the reason i said well may you live in interesting times you know i'm pitched on nft dogecoin stable coins krypto i'm going holy moly jesus i mean on top of that you have how many 10 000 books of tax codes and then you're going to sit there and say i'm an expert on 10 000 pages of tax codes do what i mean and so that's why the richtek company will make no recommendations no endorsements we invite people like you because you came very highly uh endorsed by their capital and their gold and silver company kim and i own tons of gold and silver but i'll tell you something ain't in my basement it's not a rare mattress and if you come to my house you'll meet my gun my dog my gun because i mean these are the strangest times in world history i mean would you guys agree with that yes unprecedented unprecedented we have never had such global debt in the history of the world and this i mean i mean global debt not only are you and i in debt you know but the world's in debt and it that when it goes all the way back to 71 when nixon took the dollar off the gold standard and screwed the whole world then the fed and the treasury helped it all out so guys like you go to equity trust are more important to go at least go talk to you guys that's really all i'm saying i mean you know how do you guys meet with your clients uh yeah i can jump in here so we have a team of we call them ira counselors and we spend time with each individual prospective client before they make a decision to open up a self-directed ira that that's one of the things that and i learned from jeff 15 years ago when i came into the business is we have to meet with each individual and it's in our mission statement that our our mission is to help people make tax-free profits through education innovation and the commitment to understanding their individual needs and you know jeff's father you know he pounded that into me from day one is understanding their individual needs so we would meet with an individual one-on-one over the telephone we do business in all 50 states and we would talk through their individual situation what types of iras and 401ks do they have now how can they move those into the right type of account ira versus 401k and then allow them to make an informed decision uh so you know to your point robert rather than promoting a specific concept kind of putting all the cards out in the table and then allowing them to make the decision because we can't give advice or recommendations so we give them the information then they can make the decision and we do have training in education as a matter of fact we did put together a specific course just for rich dad listeners and there's four modules in that course i'll just mention briefly the first two modules the first one is calling is called diversifying beyond the stock market and so it's a video course that's recorded here in the virtual library that talks all about the various client investment examples and how investors are identifying alternative investments how they're executing on those transactions and how they're making them a tax-free or tax deferred investment and then the second module that that we're giving to folks is what i call becoming the bank and so i mentioned before my experiences and my wife's experiences with private lending so these are loans secured by real estate we just made a loan as a matter of fact two weeks ago a hundred thousand dollar loan to a real estate flipper at six and a half percent interest 13 per annum and so whether the stock market's going up or going down we have confidence that this asset is going to produce and so i talk all about how i find borrowers how i vet the transactions the sample documents we're putting that all in that module for listeners for those that are interested i'm sure we'll have it in the show notes or they can go to go equitytrust.com forward slash rich dad and they could pick up uh this course it's free of charge by the way so this isn't something uh kim and robert certainly out of respect for you guys and the rich dad viewers this is something that we put together uh for your listeners only and uh they can they can pick this up free of charge thank you and again we don't endorse it but we do support education even bad education because you know i've gone to those seminars and i've stood on stage and with a whole bunch of other speakers and the first thing i did after i got off the stage was take a shower [Laughter] i mean robert you know what i i i you know couldn't agree with you more and you know coming up in two more years we'll hit 50 years of that equity trust and and our uh our predecessors you know and and to be in business that long you have to do right by your customers and i think you're you know you're saying exactly what would what listeners need to do educate themselves yeah be aware because i don't think you can educate yourself you just have to know who you can talk to most importantly right now and be aware there's many pitfalls out there again as my rich ted said there's a million ways to financial health and and billions of way to financial hell and i'm afraid billions are going to go to financial hell in a few more years and so that's why i thank you guys for what you do again rich said only only an educational company would make no recommendations so gentlemen how do they get in touch with equity trust one more time uh yeah so folks can go to go equity trust dot com forward slash rich dad again that's go go equity trust dot com forward slash rich dad i'm sure it'll be in the show notes as well and they can call us directly uh and they can pick up the free education training that we're offering okay well thank you for offering that service you guys and good luck to you and may we live in an interesting time thank you john thank you jeff appreciate it keep educating people and we're rich i'll be right back thanks you guys thank you very much [Music] hello robert kiyosaki and i want to thank those guys at equity trust it was a fantastic program and it was a very good idea to have our real advisor for the last 30 000 years tom whalewright and if you've ever been to tom's office the cp office office it's bigger than the the national library on tax code and if anybody thinks they know taxes give me an effing break i mean that's all that tom studies but yeah and that's a that was a perfect example of how we do talk with tom about looking at different investment vehicles before we invest yeah so we would never invest with equity trust if we unless we had brought tom in and tom looked at the pros and cons of our portfolio and does what works what doesn't work and that's what you really need and tom is a whole series of books starting with tax-free wealth because i would read tom's book tax-free wealth before you hire your advisor because there's many tax advisors out there crooks con men and idiots and the other thing that's really dangerous about today is many of the people entering this whole financial services markets haven't been through a depression and i think we're heading for a depression so that's why you really don't want to sit there and everything is happy days are here again and the stock market is going to keep going up because i don't think it will and but if it does fine if it doesn't fine but you better be prepared for it sorry what was your point of view on this whole interview well one i give all the credit to kim for that genius invitation to invite tom on the show because i thought that was a perfect example of the importance of an advisor or having your having a team right because if you didn't have somebody like tom we would have no idea what they're talking don't even have a thousand dollars well you're right but i also wanted to thank you two for doing this show or you know like approving this guest because there are a lot of people who still have 401ks iras and i think this was an interesting perspective for us to offer we always talk about we're an education company um so i'm glad that we did this show i'm even more pleased that tom was able to join right and if you have 401k and ira don't do anything until you make and you figure things out for yourself yeah i think that's the biggest lesson is we're not here to endorse or say do this but this is opening the door for some education and the other thing that i heard today is i mean you look at any investment any type of vehicle there's pros and there's cons and you gotta look at the pros and the cons so if somebody's trying to sell you something and they're only telling you the good good good good good i would run because you know there's there's a downside yeah so i mean and i sit on the stage i mean i leave on thursday to stand on the stage with a whole bunch of other speakers and like oftentimes some of these characters stand up and they're famous they're famous and every time i shake hands with them i gotta count my fingers you know what i mean not any of the ones you're going to be with this weekend this weekend not this weekend so i just want to reiterate that it's an education company we don't make endorsements or recommendations or any of that we do recommend though that you have great advisors and with a rich dad advisory team like we want to learn about real estate we have kenny right taxes tom corporations garrett sutton and andy tanner for the stock market and john john mcgregor for retirement plans not retirement plans but how he doesn't like him how to protect your wealth so education is the best defense and i say i'll say this ladies and gentlemen this is the strangest time i've ever seen when kim and i we started this comp we knew was going to get strange but not this truth that's strange who could have ever predicted this and you know i was just down on the southern border of arizona and president biden and our border princess uh kamala harris the border is wide open these guys are just pouring through and i'm going why are they doing this why are they doing this and it's a big i post some pictures these high school kids they rent these vans eight passenger vans and they're charging a thousand dollars per immigrant to climb in the van so they can drive them north and the police can't and don't do anything why is this happening i don't know so anyway these are the strangest times the stock market is an all-time high that's why i wrote this book here who stole my pension because my my mom and dad always said oh get a job with a good pension well even that's gone today those are called define benefit pension plans and 401ks i define contribution pension plans and they all came about in 1974. so we're paying the price for it today so thank you for listening to the rich dad show please keep getting educated and no don't listen to an idiot so don't believe the word i say because you'd be much better off that way no the most important thing for me is you look at the the three sides of the coin the heads the tails and and the edge look at all sides of the coin on any investment on any investment vehicle yeah and be careful because you know like i don't make any recommendations because i don't want to be in a jail cell dancing to hula for some guy so i always have great accountants and great attorneys around me to make sure i just don't go to jail that's the biggest thing and lose all my money so thank you listen to rich dad radio show and have a good life [Music]

Channel: The Rich Dad Channel

Views: 107,586

Keywords: TheRichDadChannel, robert, kiyosaki, rich dad poor dad, motivational speakers, business ideas, make money, how to get rich, network marketing, how to make money, how to invest, passive income, cashflow game, equity trust, robert kiyosaki, kim kiyosaki, tom wheelwrite, roth ira explained, roth ira vs 401k, equity trust company, self directed ira, tax free wealth

Id: Z2bu3ay-GvE

Length: 48min 1sec (2881 seconds)

Published: Wed Jun 29 2022