(upbeat music)
- Hello, hello, hello. Robert Kiyosaki, The Rich Dad Radio Show. (coughs) Excuse me. The Good News And Bad News About Money. And man, is this economy screwed up? Is this economy screwed up? So after about four years of just pumping money into the system, it's running out of the system right now, it's called a three times crash. The first crash is gonna
be stocks and bonds, and that's the 401k and IRAs
for many of the boomers. Number two is real estate. Home prices are dropping, 'cause interest rates are up. And number three is cash. When they print money, cash, the value of cash goes down. (coughs) And my concern is, there might be a run in the banks and people just wanna get their cash out, and, or the banks may freeze your money. So these are very precarious times and they're not normal. Definitely not normal. So our guest today is longtime friend and a Rich Dad advisor. He's the author of this book here, "Tax-Free Wealth How
to Build Massive Wealth by Permanently Lowering Your
Taxes" without cheating. You put legally here. (laughs) You know, 'cause a lot
of times we talk about how can you do it illegally, but it's best to do it legally, 'cause you don't wanna go to... I definitely don't wanna go to jail and become, you know,
somebody's hula dancer. But anyway, all right, we're going to Tom, and then, Tom Wheelwright. But we'll also be talking
about our upcoming event, April 6th, 7th, 8th in Phoenix as live. You know, we don't do these very often, especially in Phoenix, 'cause I travel all over the world, but we don't do it in Phoenix
or in the States very often. And one of the reasons,
of course was COVID, 'cause we stopped meeting. So this was April 6th, 7th, 8th, here in Scottsdale, Arizona. You can go to the Rich Dad website to find out more information on it, but, Tom, is gonna be one
of the speakers there. So what I'm having is most of the speakers will be doing radio programs with me to encourage you to sign up early, and come to The Rich Dad
event in Scottsdale, Arizona, April 6th, 7th, 8th. The special room prices and
all that is a great resort. But this is not a time
to be stupid. (laughs) That's definitely not the time, because the biggest bubble in the world, I believe is about to bust. So our guest today is Tom Wheelwright. He'll be there, he's one
of the stars of the show. He'll be there for all three days. And I think one of the biggest reasons you wanna go there and
be there and talk to Tom, you have access to him and all this, (coughs) but you can learn more personally how to reduce your taxes, also per asset class. So like a person like me who
has lots of gold and silver, you know, how do I
minimize my taxes legally? But the other thing, too, is as I said, you know, the Fed Bernanke, who got a Nobel Prize. Can you imagine that? And that those other characters just blew the whole economy into the, the world economy, into this bubble. You know, when... And just not that long ago, people were screaming,
bidding up real estate prices, then they raise interest rates and real estate prices are crashing. So if you're one of these
persons caught upside down, I mean, you know, you bought
the house for let's say, a million, but it's only
worth 500,000 today. You have some personal problems right now. And so, that's why I would
suggest April 6th, 7th, 8th, you come to The Rich Dad
event in Scottsdale, Arizona. Find the information on our website, but we can talk to guys like Tom. So, Tom, gimme an overview of what you think of
the world economy today. I was just gonna keep, you know, as real estate always the best investment. (laughs) - Well, hard assets definitely are. Definitely the hard assets historically, always have been the best investment. Real estate, precious
metals, other hard asset, but-
- Foil, foil. You know, we're in such a time where people just don't know, right? The markets don't know what they wanna do, people don't know what they wanna do. People are spending still, like, there's no, like, there's no tomorrow, literally spending like
there's no tomorrow, and they're running up credit card debts. And, and you just wonder, you know, "How long can this go on?" They've had so much money given to them by the federal government. And now, you know, that's
starting to run out. So what happens when
it completely runs out? It's really-
- Yeah. - It's really a tough time, I think. - I was at one of the
high-end restaurants here in Scottsdale, and my neighbor, Scott Schumer
and I was sitting there looking at the prices. And he and I have a lots of money and we were in shock. We said, "I thought about
going to either McDonald's or something," you know what I mean? You know, price of a bottle
of wine was now $200. You know, one order of plate was $60. And when the place was packed, and Scott and I are rich. I said,
(Tom chuckles) "I wanted to run, but these guys are just partying away like there's no tomorrow." So that's on credit some, I'm sure some of 'em are credit card, some people are very rich here, but I tell you, these
are not ordinary times. So, what would you talk about, you know, what can they
get by coming personally to The Rich Dad Event April 6th, 7th, 8th? - Well, first of all, this
is so unusual, Robert. And for you to hold a three-day
event where you're there, the advisors are there and there's magic. You know, we've taught together all over, but to get the advisors there and, 'cause we teach together.
- Right. - And to get us together like that, that's a pretty unusual situation. And there's some magic that happens when we're teaching together. There's no question about that. Plus, you know, from my standpoint, I get to spend personal
time anybody who's there. I'm not going anywhere during the breaks. I'm not going (chuckles) going anywhere during lunch. I'm gonna be there. And so, we can have
personal conversations. And having some personal conversations, whether it's me or whether it's, you know, Kenny or whether it's John. I mean, whoever that personal
conversation is with. I mean, I think those
are invaluable moments, frankly.
- Yeah. And if you have one of
these losers with a 401k, I definitely come. Because, boy, you need help right now. 'Cause again, the stock market
was blown into a bubble. This is a three times crash, stocks and bonds, real estate, and then cash is gonna go down, because they keep printing more money. So the savers will be losers also. So right now is not a
time to pretend you're, you know, Warren Buffett
or something. (laughs) I mean, even Warren Buffett
just sent out a warning. You know, saying that the CEOs
and CFOs are lying. (laughs) I mean, you can't say much more than that. So, these are not ordinary times. You think, "Well, I'm
just gonna buy the dip and the prices will keep going up." My concern is, we might
slide into a depression and then you'll be upside down. So, Tom, let's say I bought a
house for a million dollars, but now it's only worth 500,000, is there anything they should be thinking about now before they exit
stage right, you know? - Well, well, first thing is, you know, if your house
is still high in value, not to be thinking about getting a line of credit on that house. So that when it does drop, they still have that available to them, because that's the problem when... You know, a lot of people, their primary wealth is
tied up in their home. And if your wealth is tied up in that home and that home goes down in value, you can no longer say, "Well, you know, I've
got this extra bank here that I can go to. I don't have this real estate. I can refinance, I can pull money out of." And so, really there are some things that they can do in preparation. From a tax standpoint, you know what, you don't
get to deduct losses on a personal residence. So, what you might
wanna be considering is, do you wanna have rental properties where you get tax benefits
instead of personal property where you don't? - But also, a little finer details that the average person doesn't know or our schools will definitely not teach. And like I said, these
are not ordinary times. I have never seen, you know, when the price, when real estate prices. You know, just a few, a year or so ago, they were bidding the prices up every day. And I said, "This is not gonna last." But that's when all the suckers jump in. And, you know, and lately, I've been talking about
people buying silver. One guy goes, "Oh, well,
the premium's too high. I'm going, yeah, but
the price is still low." You know what I mean? I was buying silver at 50 an ounce, and today it's about 32,
$33 a coin with premiums. And, "Oh no, no, no, I'm
gonna wait for it to go. You know, I'm gonna wait
for my house to go up." I think one of the most
silly things people were doing was that, you know, the house would appreciate, which it wasn't really, 'cause there's a pump and
more money into the system. So they would go out
in their credit cards, they'd pull out a home equity loan, and pay off their credit card. I mean, I think those days are
kinda over right now, right? - Well, I think so. I always have thought that
the worst thing you can do is turn short-term debt
into long-term debt. (Robert laughing)
(Tom laughing) I think that's just turning
a short-term problem into a long-term problem. So I've never thought
that was a good idea. I do think having a line
of credit is a good idea, but just have it there, just have it available to you. I think whatever you can do
to protect yourself when... I mean, it feels a little like, to me, I don't know about you, it feels a little like 2007, where like-
- Oh, God, yeah. "Okay, it's coming down, it's coming down. When's it gonna hit?" And, you know, all the
prices are softening in the real estate market. You know, people that are
selling real estate still think, "Oh, you know what, this is gonna come back up, so I'm gonna hold my price steady. And then there's no buyers. And that's what's going on, like, even in multi-family, that's what's going on, is that they're just
having a tough time getting the price right between buyer and seller. - Yeah, and also, I catch, I mean, like, there's kind of a rule
that we talk about here. Every one of the advisors
is over 40. (laughs) And the reason why that's important, well, the people that'll be in teaching at the April 6th, 7th, 8th, is I meet some of these
guys that are, like, 26 and they don't remember 2008. You know, how long ago was that? There were kids, and they're giving financial advice, because there's talk brokerage
told them to say this, or the financial planner said this, or the real estate, the real estate broker
told 'em to say this, and they give out this bad advice. I think I'm trying to warn people, this could be the biggest
crash in world history. Is that possible, Tom? - Oh, it's absolutely possible. Well, it's the biggest
bubble in world history. So it's the biggest bubble, the question is how, you know, how much can
they keep pumping air? The bigger the bubble, the more air you have to pump
in to keep it inflated, right? So I think that's the, the big challenge is you
lose some of these tools, especially where the Fed has decided, "We're not gonna pump up this bubble. Right now, we're gonna
deflate the bubble." And (chuckles) so, when
you have deflation going and then at the economy, then all of a sudden slows, then you're in big trouble, because you can't adjust that fast. - Yep, and also, you know, when people getting
unemployed and all this stuff, their tax base is dropping. So the government is
gonna lose their income, which pays for our debt, which is at all time highs of... You know, some people say
it's about 32 trillion, but when you can't unfunded
off balance sheet liabilities, it's like 250 trillion. And then, so if the Fed, I mean, if the government of the treasury doesn't start collecting, IRS doesn't collecting more taxes, they can't pay the debt. And so, that's why Biden, one of his first moves was to announce 87,000 new people working for the tax department in America. They're coming after you, George. (laughs) Would you say that's true? - Oh, there's no question. And I think most people that I know have never even seen an audit. You know, if you're under 40, take that under 40. If you're under 40, you've never seen an IRS
audit in your lifetime. But you're going to, because you're gonna have
five times as many audits, you're gonna have new technology
that's gonna track you, and be able to track you, so that they can catch you making your, making mistakes, or even challenging things
that are rightfully in the law, but that they simply don't like. They do that now. So it's gonna be, I think two, three years from now, your chances of being
audited is gonna go way up. - Well, with 87,000 new employees, that's a significant jump. You know what I mean?
- That's double. So they're doubling the
number of people at the IRS. And some of those people
are in customer service, but unfortunately, most of
them will be new auditors and they're gonna be targeting... You know, they say, "So this is a..." The way they play the words
is just so ridiculous, Robert. You know, Janet Yellen says, "Well, we're not gonna have more audits for people under 400,000, right? That's, if you're making a 400,000, you're not supposed to get, have more chance to be in audit." But what she really said was, "Your percentage chance, the proportion of audits between, under 400,000, over 400,000
is not gonna go up." Well, 90% of audits are under 400,000 now. (Robert laughs)
So, 90% of those 87,000 people are gonna be after the under 400,000. - Yeah, have you ever been audited? It's like going to the doctor or the, you know, proctologist, they go up, you know what, with a light looking for everything. And by the way, if you're listening to this
from outside of America, just understand this. The tax laws are fairly
similar, right, Tom? In every country we've ever traveled to, you've checked it all out. The very, very summer and all the countries
throughout the world. - No, absolutely. The governments
incentivize the same things in every country. Tax rates are the same in every country. How you earn your income when you look at the cashflow quadrant, we'll talk about that on
April 6th, 7th, and 8th. But how you earn your income has the same impact in every country. So, professional investors
always pay the least amount of tax, for example. And employees and self-employed
always pay the most. And that's true in every country. So, yeah, they're very similar. - Yeah, and lemme ask this question. Is it possible for some
people with the travel to come to this seminar? Is it possible they get
a tax break for that? - Oh, absolutely. (Robert laughs)
Yeah, I think they should. Absolutely. You gotta make sure you
do the documentation, you dot the i's and cross the t's. We can talk about that when you come, but you can absolutely make this travel, the travel, the stay, you can make the cost of the event, all of it deductible. - So, the government's gonna
help you learn how not only... You know, when you come
to the Rich Dad event, April 6th, 7th, 8th, you'll learn how to make more money, and Tom's gonna make sure you
pay less taxes on that money. And the government will say, "Bless you, child, you're
doing what we want you to do." Because you also, you often told me that tax
breaks are incentives, right? I mean, they're not
loopholes or incentives for you to do what the government
wants to have done, right? - Right, right. So take the example of
coming to this seminar. If you have a business, and this is additional
education for your business, then the government gives you a tax break, because they want you to
improve your business. If you came as an individual
and you had no business, no investments, we
can't make a deductible. So, the employee who stays as an employee, loses tax benefits for the same expenses as the business owner and the investor get every single time. - And what Tom is saying here, when you say to somebody, "Go
to the school and get a job," they don't get those tax breaks, do they? - No, that's right. Employees do not get the same tax breaks. - Yeah, and so, that's the tough part. So even if you are an
employee or not today, but you wanna learn, you know, we don't, this is the only one
we're gonna do this year. We're not gonna Zoom it, we're not gonna, what do you call it?
- Stream it. - Stream it. And you're gonna come in person, you're gonna hang out. The special incentives, you gotta pay a little bit of more money to have dinner with Tom and all this. So you get to learn even more. So if you're really dedicated
to your financial education, your financial future, making more money and paying less taxes, you know, April 6th, 7th, 8th, you can hang out with Tom, our oil guy will be there, Mauceli. And, you know, we don't... You don't find me buying Exxon or BP, do you, Tom? - No, no, no, no. You buy the oil direct. You're drilling for oil. - And the reason that's important is because, Biden, his very first act was
to take the price of oil. I mean, the cutoff, the
Keystone XL pipeline that ran from Canada to America. And I'm selling oil at
that time outta Louisiana, North Dakota, and Texas, for $30 a barrel. That move by Biden, you know, he says it is a
inflation reduction at... I mean, that guy raised
the price of oil in one day from $30 to $130. And I thought, "Oh my God,
I should have voted for him, because I'm..." (chuckles) You know, I'm getting a richer, and, you know, Trump's my good friend. I'm getting a richer and
richer because of Biden, you know, from $30 to $130. But then I was in South Carolina watching this woman pump gas into her gas guzzling
Lincoln, SUV, you know? And I saw her watching that price go up and up and up and up and up and up. And I suspect she was thinking about, "How am I gonna put food on the table," you know what I mean? So these are not ordinary times. It's April 6th, 7th, 8th. When we come back, we'll be hearing more
about what you will learn, what you can get, but more importantly,
find out how to get there. We'll be right back. (upbeat music) - [Announcer] If you're
concerned about High Inflation, Looming Recession, a
Stock Market Correction, or Out-Of-Control Spending in Washington, this is an important message to hear. Because the fact is, during every major crisis in U.S. history, many of those who failed to
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Conservative Commentator Mike Huckabee says Gold Alliance is the only gold provider he recommends to his friends and family. Find out why and visit
freegoldguide.com/robert, or call now at 1-800-473-4585. (upbeat music) - [Announcer] Don't miss your only chance to attend a Robert Kiyosaki event in 2023. This is the first official
Rich Dad event hosted in 13 years. Learn exactly what to invest in, to grow your wealth, and protect it from our
socialist government. Learn Robert's top five investments that he is doing right now, which are safe from the government's plan to rapidly kill our money. Learn from Robert's actual partners who are real investors, capitalists and entrepreneurs. Robert will disclose everything
he's doing to prepare you for these uncertain times. Reserve your space for the
only Live Rich Dad seminar in 2023. (air whooshing)
- And the event is called "Rich Entrepreneur
Poor Entrepreneur." (air whooshing) See you April 6th, 7th, and 8th, in Scottsdale, Arizona. (dramatic music ends) (upbeat music) - Welcome back. Robert Kiyosaki, The Rich Dad Radio Show. The Good News and Bad News About Money. Once again, I'm unabashedly promoting my April 6th, 7th, 8th event
here in Scottsdale, Arizona. One of the, all my advisors will be there. The people that actually make me rich, because business is a team sport. And I'm very much into cooperation, but in school, cooperation
is called cheating. So one of our guests
today is Tom Wheelwright, and he's talking about one
of the most painful subjects on planet earth. Taxes. And so, you'll be coming to the event, you'll be listening to, like, my oil guy and my
gold guy and all this. You'll find out how to make money in it, and Tom's gonna be there to assist you in not paying as much tax, if anything. And, Kenny McElroy will be there for all you real estate guys. And I was strongly advised, "Listen to him, 'cause this
is a three times crash." The first crash is stocks and bonds, second is real estate, third is the dollar's gonna crash, because they're gonna
keep printing more money. So once again, April 6th, 7th, 8th, here in Scottsdale, Arizona. So Tom, how was the middle class? You know, we had discussion
on our Zoom events. How is the middle class
being crushed and the, while the rich got richer? (laughs) - Well, you know,
Robert, it's interesting, but when the U.S. tax law, and most tax laws were first enacted, the middle class wasn't taxed at all. This was a tax solely on the rich. And it wasn't even until 1944 that employees were taxed
on their wages at all. And it's been very recent
in the last 50, 60 years, that the middle class has paid more and more of the taxes. And so, what happens is, of course, the rich, who
have the highest tax rate, they have the biggest incentive and they have the most money to go out and find ways to avoid taxes. Now, you know, hopefully,
they're doing it legally, but there are a lot of loopholes and there are a lot of rich people, we were talking about this yesterday. They can go offshore, you know, they can do certain
things with their businesses. The average person can't do that. - No.
- And so, what's happening is, particularly the employed middle class, particularly the employed and
self-employed middle class, they're getting hammered with
taxes and they're wondering, "Well, how come the rich
don't pay taxes than I do?" And I'm going, "Well, because you don't
understand the tax law. If you understood the tax law, you wouldn't be paying taxes either." - And do the poor paid much in taxes? - A poor pay nothing in tax. - See, that's why the middle
class is being hammered. That's what we're discussing yesterday. One of the things on this
little video we were watching, you know, like Sara was
watching and all this. They hire the best attorney, the rich hire them, the corporations like Apple and all that, they hire the best
attorneys they can find, and they're going up against
average government employees. I mean, attorneys. (Tom chuckles) - No, that's true, Robert, that they... (chuckles) That even those good
attorneys and accountants who go into government
for a little bit of time, they come out and then
they make a lot of money fighting against the government, and that's how the world turns. And so, you know, they'll learn a little
bit about the inside and then they'll come out for
the rest of their careers, and they'll promote the outside. But, yeah, I think the government is at a disadvantage for sure, vis-à-vis the rich
attorneys and accountants. - Yeah, so our young tax attorney goes and works for internal, the tax department gets all the experience on how the system works. And then they come out and they go for the highest bidders. And the highest bidders
like companies like Apple and all those people that were
talking about in the video, you know, and it's shocking
how smart these guys are. Do you know what I mean there? And they were talking about, "Well, is what you're doing
moral and ethical and legal?" He says, "Well, we're legal." (laughs) - Yeah.
(Robert laughs) - And then the definition of ethical is, you know, is it the laws out, you know, your rules outside of you, like your religion and all that, and moral is your personal values. So we always say let your, obey the rules, but let your conscience be your guide when it comes to taxes. So once again, Tom, are
there things a person can do, like, you know, I have literally
tons of gold and silver. Are there things that people who are getting into
collecting gold and silver, and there'll be people there, Andy Schectman will be there talking about gold and silver. Are there things that people
can do for gold and silver? - Yeah, absolutely. And you know what's interesting is that, this video we were looking at yesterday, what these big companies do, is they actually play one
country against another. That's basically what they do. They take the tax havens
like Cayman Islands and they play them against the UK and France, and Canada, and the U.S. And... But what we can do, actually one of the
things we get to do here is we can play states against each other. So we get to play the same game. We're just playing it locally, because we have states
that don't charge any tax, and we have states that
charge a lot of tax. We have California that charges 13.3%, Arizona's charging two and a half, Texas charges nothing. So, you know, you've got that opportunity just to work with the states, but you have to understand the law. So once you understand the law, it doesn't matter whether you're
investing gold and silver. Frankly, you know, there are some things you
can do in the stock market, but you can certainly do a
lot in real estate business, and natural resources. - So I'm gonna ask you a question, 'cause I never got a
straight answer on this. Is a 401k really a tax advantaged? - It is, actually for most people. It is for most people. And the reason is, is because
most people retire poor. So when they're retiring-
- Oh, right. - Right, they're actually
in a lower tax bracket, and they get all of their
marginal tax brackets as well, but they're in a lower tax bracket than when they were working, because they're actually living on, I mean, the rule is about 60%, right? That's a... Like a pension plan will typically
pay you 60% of your wage. Well, that means you're in
a much lower tax bracket, 'cause you're making a lot less money. - Okay, so 401k is great
if you plan on being poor. - Exactly, it's really good
if your retirement plan is to retire poor. (Robert laughs) - Welcome to the real world here. (laughs) So anyway, Tom, it's gonna
be an exciting event. April 6th, 7th, 8th. And again, my guys will be there. Some of my guys like Kenny will be talking how you make money in real estate, Mauceli in oil, Schectman
in gold and silver. And you'll be telling 'em
how to minimize their taxes. April 6th, 7th, here, 8th, in Scottsdale. Any comments here, Sara? - [Sara] I just have a question for Tom. Tom's one of my favorite teachers, so I'm going to take
advantage of this while we're- - Oh sure.
- (laughs) You know? - Tom, real quick. Two, one thing you said
on the call yesterday, we were talking about the
difference between a corporation and a person and how a-
- Yeah. - And how corporations don't pay tax. Can you elaborate that? Because I think that's
where people get maybe angry or upset like, "Oh, Apple
didn't pay any taxes." Can you explain that a little bit? - Well, yeah, corporations
can move anywhere they want. So, Apple, for example, they have some headquarters
actually in Ireland. Well, in Ireland, they pay
a very low tax rate compared to other countries like the U.S. And so, they're able to move headquarters, they're able to move, you know, where they perform. Individuals, it's much
harder for us to move. I mean, we wanna live by our parents, we wanna live by our grandchildren. It's much more difficult
for individuals to do that, but corporations can do that. Plus, you know, corporations, any... Remember, corporations still in business. And so, business has the
biggest tax advantages. Entrepreneurs always have
the biggest tax advantages, and so, they're actually
able to use tax laws better than an individual would be able to use. - And if you have questions on that, our tax account, I mean, our corporation's attorney, Garrett Sutton, will be
there for three days also. And you want talk to him
about how we can keep the money moving through
different corporations legally. Please hear me, should I highly recommend
legal, ethical, moral? One more thing, I only
know Foxconn just announced they're pulling outta China. And they're gonna move, they're gonna move everything into India. Foxconn bills, Apple iPhones, and computers and all that. So the Indian people gain, but the Chinese people lose. That's what Tom was talking about. A corporation, a business can move, you know, the shareholder can, or the owner can sit here
back in anywhere they want. They can shelter their
money through the Caymans, through Ireland,
Switzerland, and all this. But the employees of China just took it, and the employees in India will be happy, but they still can't move also. And that's the problem of
go to school and get a job, you're kinda trapped. It's like, Sara, you own
real estate now, right? - [Sara] Correct. - And that's... There's a lot of tax
advantages for you on that. - [Sara] That was my primary purpose. - Right.
(Sara laughs) So, just because you're an employee doesn't mean you can't do anything. - [Sara] That was gonna be
my second question for Tom. You know, is there... Well, I already know the answer to this, but if you're an employee
moving to the S quadrant, and then moving on. You know, are there tax
advantages as you move quadrants as an incentive for an employee to maybe start a business
while they're an employee? - There can be. The challenge that most people have is that they move to the
S quadrant, for example, and they end up paying higher taxes, because they don't have
a good team around them. Like, Robert was saying earlier is this is a team sport.
- Yeah. - This is why we... April 6th, 7th, and 8th, we're teaching as a team. You know, we're actually demonstrating what it's like to work together as a team. And so, you know, that's, to me, that's the critical part. That's why you have to
start looking at is, "I need advisors, I need mentors, I need other people around me. I'm gonna need an attorney. I'm gonna need an accountant." Before you didn't need one, you could file your taxes
on TurboTax as an employer. You know, if you're in some other country, use the government's filing system. But, you know, once you move
to a different quadrant, Sara, your life gets more sophisticated, gets a little more complicated, and you need a little more help. But the good news is, is that every time you move
to a different quadrant, as you go around the quadrant, you end up with lower taxes if you have good people around you. - Right, and then for
those of you who are s's, you know, like s tens for a smart person, specialists or small entrepreneur. You know, the people say, "Oh, I'm gonna start my own business." You just move into a higher tax rate from E quadrant employee to
a self-employed quadrant. So the person-
- Yeah, you absolutely can. - So it's, I mean, it's
tragic what people do 'cause they don't know. So they, the person I'll be talking about that is my doctor, Srednicki Nicole, an A student. And the trouble with A
students is they're smart, and that's S quadrant. And she busts her ass, she works harder on all this, but she's paying higher
and higher in taxes as a self-employed doctor. And it's hard for her
to bust that mentality, because she's so used
to being the smartest. And, God knows, Tom and Sara, you know, I'm definitely not the
smartest guy on my team, because most of my life I've been the most stupid in my class. So it's pretty easy for me to shift from, you know, E and S to B and I. But, Dr. Srednicki, frickin' A student. You know, a valedictorian
and all that stuff. She has a tough time moving. So for all of you out there
who are the A students, this program on April 6th, 7th, 8th, is definitely for you. 'Cause maybe it'll inspire you
to get out of the S quadrant, which is the worst quadrant
for taxes, right, Tom? - Yeah, it is. I do think A students,
and I'm one of them. We actually have a disadvantage. (Robert laughs)
Because... (chuckles) Because we're used to, you know, being able to do
it ourself and it's fine. I mean, for me, yes, I should still be doing my taxes, but I shouldn't be doing, you know, I don't do... I rely on other people for real estate, I rely on other people for oil and gas, I rely on other people
for gold and silver, attorneys, I rely on. So I still have to have
that team around me. And it's one of the greatest
lessons I've learned from you, Robert, being with you
for the last 20 years, is that you really do
have to work as a team, because otherwise, you know, the thought
that you can know it all is just a ridiculous handicapped thought. - Yeah, and that's the
problem with like people, like professionals like my Poor Dad, they actually think they're smart, and that ego gets in their way. But they're poorest church mice. So once again, Tom, thank
you for all the years. Again, this is Tom's book
here, "Tax-Free Wealth." If you can't make it, get this book, it'll
give you a good start. So anyway, thank you, Tom, and we'll see you on
April 6th, 7th, and 8th. - I'm looking forward to it. - Thank you, and we'll be right back. (upbeat music) (upbeat music) Welcome back. Robert Kiyosaki, The Rich Dad Radio Show. The Good News And Bad News About Money. The bad news is, I think we're
heading for a depression. The bad news is, I think
there might be runs on banks as people panic. And again, bad news is this, I think we're heading in
through a three time crash. The first crash of the three, stocks and bonds. So all you guys hanging onto your bonds, because you think bonds are safe, you're about to bend over and grab the soap on that one, man, because they're... No, it's because when
interest rates go up, the bonds go down. The second is, so that's the first one, stocks and bonds. When they raise interest rates, stocks go down. The second is gonna go
down is real estate. And to save everybody, the governments, of all the world, are gonna print more money. So your savings are
gone, your dollar's gone. So that's why in April 6th, 7th, 8th, if you're not here because you're busy or you don't have the money, I'm afraid you're missing one
of the most important events, 'cause we almost never do
these events, right, Sara? - [Sara] This is the first Rich
Dad only event in 13 years. - And all my advisors will be there. My oil guy, Kenny
McElroy, for real estate, my gold and silver guy, my corporation's attorney, Tom, our tax guy, Blair, on how to sell, because if you can't sell, you have no income, and all of these things. And, Kim, will be talking
about how to evaluate a good deal from a bad deal. And so, this is April 6th, 7th, 8th, the prices are reasonable. The special bond, the special incentive pricing, me, me, me pay more money for a special access at
dinnertime and all this. But it's three days of
immersion learning, right, Sara? - [Sara] Absolutely, and I'm
so glad that we touched on, like, Garrett being there, and Tom really encompassed
this learning style. You guys teach as a team, because the most important, you know, people in business
are your team members, so. So it's really, it's a cool atmosphere to learn in, because you get all of it at once. - Right.
- The big picture. - And if you're an S, small business or self-employed or a smart person like a
doctor or lawyer or accountant, this program is for you. Because being smart is a
handicap around Rich Dad. That's why I wrote the book, "Why "A" Students work for "C" Students." I was a C student, and I don't have any
ego about being stupid, but A students do. - [Sara] Yeah, and I think opening as a, I'm an S, you know, small business
owner or self-employed, and I think hearing at least
the potential opportunities. So I'm at... I pay the largest amount of taxes, so I have to think of ways or
find ways to offset that tax. And if that's all you get out of this, you're gonna save yourself so much money by just being exposed to that information that you won't get anywhere else. - Right, and if you're a
legitimate business owner, this is a tax break. - [Sara] Absolutely. - You know, and I don't care
where you're on the world. Tom and I have taught all over the world, I mean, all over the world. And he researches all the tax law, 'cause he is an A student, and the tax laws are basically the same. E's, S's, B's and and I's. E's pay 40%, S's pay 60%, B's pay 20%, and I's pay 0%. So what is that worth to you? So any final comments here Sara? - [Sara] Final comments is, I'll have the link to registration
in the description below. So check out the different events going on through those three days, and sign up as soon as possible, because we do have limited seating. We do have discounted hotel pricing. So if you're coming in from out of state or out of the country, you can stay at the hotel, hmm. - Even though I live here in Arizona, I'm gonna stay at the hotel also, because I don't wanna be
driving back and forth. - Right.
- And there'll be dinners and parties and things like this, where you can get to meet different people from all over the world. - [Sara] Right. - So this is probably
the most important event for Rich Dad this year. Again, April 6th, 7th,
8th, Scottsdale, Arizona. Please go to our website richdad.com. Thank you for listening to
The Rich Dad Radio Show. (upbeat music ends)
