Wholesaling Real Estate | Robert Kiyosaki Interview

I can't believe in business it's so incredible and if I can do this every single one of you can do this every single one of you we're listening to another episode on wholesale anique my name is Cody Hoffman I'll be hosting today's episode and today we have the man the myth the legend who has changed so many lives Robert Kiyosaki I'm super excited to be here this guy has been someone that's changed my my life in real estate and has mold me and shaped me into who I'm becoming real estate and without fail his book is mentioned by more of our guests than any other book whenever we end our episode saying what was the book that changed your life or that's been a game-changer without fail most of our audience says Rich Dad Poor Dad and so we have Mr Rich Dad Poor Dad Robert Kiyosaki here with us today and I'm super excited so get your pen get your paper and get ready to write down a ton of gold nuggets a ton of value that's gonna change your life and let's get going right into it so Robert what an honor to be here and I want to thank you for allowing me to come to your place here in Scottsdale and it's it's a beautiful place I'm excited for this interview me too so thank you very much okay my man let's get right into it talking about real estate in general do you still believe real estate is still the best way to grow your wealth no it's what I love to do okay if you don't love real estate don't do it it's really quite simple yeah there's a lot of people like stocks and bonds and ETFs and all that if you love it do that but if you don't love something don't do it you see people say do what you love well I should also invest in what you love yeah so I'm an entrepreneur I love businesses so I start businesses because the business is your best asset yeah but the purpose of a business is to buy real estate that's the McDonald's formula if you read Rich Dad Poor Dad they ask Ray Kroc I said what business are you in everybody said hamburgers and Ray Kroc is known McDonald's is a real estate company so the purpose of a business is to buy real estate so I own this business I may own this business I also own the building but they're two separate companies yeah so if you understand that then you'll understand why the rich get richer but main reason I love real estate r22 answers debt and taxes debt and taxes you see most people are afraid of debt and they should be afraid of debt you know those guys like Rams a Dave Randy's they live debt-free and the average guy should live debt-free because they really don't know about money they went to school they got a job and they have best in the stock market and they should lift debt-free because I really know nothing about money money is debt you know money was became debt in 1971 when Nixon took the dollar off the gold standard so money's dead so the people that are losing are the people who are saving money they're the biggest losers because why would you save money when the federal government's printing money it makes no sense and if you look at interest rates since the 2008 crash you know interest rates went sub-zero in many parts of the world yeah and idiots are still saving money look at that Japanese I'm Japanese they save money Japanese have this highest saving per capita of any country in their world and their governments ripping them off printing money I mean come on guys you know I'm fourth generation Japanese I don't think like them yeah why would you save money when the government's printing and interest rates are down and they keep lowering interest rates and they still save money yeah so what one day lower interest rates is saying hey please borrow money because after 1971 the only way money was created this if you borrowed money yeah that was it so the people that know how to handle debt are getting richer and richer and richer and richer and richer and the savers are the losers losers losers the losers so like real estate I paid the more debt I use the less tax I pay yeah your two largest expenses debt and taxes so you better learn how to use it so that's why I like real estate don't invest in real estate because you want to not pay your debt and taxes because you get your butt handed to you yeah some of the things that I learn from you that I think is interesting I'm still trying to master this still by the way is you pay very little if no taxes you know how to do zero taxes this is the key thing so not just very little to none literally no taxes legally yeah talk a little bit about that what are some of the tips on that to help people realize hey I do that you better study it yeah I am a student of money yeah if you just want to tip go talk to your financial planner and get screwed because that's a good point you know because the financial planner is a salesperson sure they're not a rich person and the average person is taking financial advice from poor people who need money like the schoolteacher and their parents yeah they may be very good people but you don't come to me to learn how to you know for a dental work because I don't have thing about dental work but that's what people are doing they're talking to poor people about money and the only thing they can tell them as well give your money to me so the most stupid question I hear I hear data day out I have $10,000 what should I do with it I said the first step is to shut your mouth because if you say you have ten thousand dollars you don't want to do with it that's twelve gajillion people or they will tell you what to do with it give it to them yeah so that's how stupid people are I mean the word is stupid if you have money don't tell anybody step one and then figure out what you want to do with your money yeah if you love business learn entrepreneurship you like real estate learn real estate if you like stocks and bonds most guys who like stocks and bonds are corporate employee types you know I'm not I'm not corporate I'm not an employee I don't like stocks and bonds because he you know I've taken three companies public it's the most corrupt thing you can do is take a company public it's not nothing's real in their shape stocks bonds mutual funds ETFs they're all manipulated yeah okay so I don't touch them I'm not a corporate guy I'm an entrepreneur so I like real estate because I don't have to play the stock market of it but if you don't know real estate play the stock market yeah good points good points so growing up you had an incredible mentor you have what you call your rich dad that was able to give you insight teach you these different things that maybe poor dad wouldn't wasn't able to do what is your value still today looking at men this is something you still look for guidance from mentors you still still seek people out that are maybe in a higher destination or what does that look like for you when it comes to mentors in general well I covered it in this book it's my latest book just called fake fake money in 1971 the US dollar became fake why would you save it and why would you work for it it makes no sense and the more you work for the higher tax you pay that is really stupid that is stupid stupid stupid yeah so that's why I enriched that poor that lesson number ones don't work for money but everybody calls the school to work for money I wouldn't work for money because you pay tax yeah second I was fake teachers what do teachers know about money nothing I was an accounting class I knew more about accounting that my teacher did an MBA program that's when I dropped out as a why am I here I'm listening to an idiot do you know and then fake assets Wall Street pumps out fake assets yeah oh they wouldn't do that well there was a thing called derivatives by MPs is credit default swaps this crap they're handing out is toxic yeah you know so I mean I like Wall Street but I don't buy their assets yeah the average person buy stocks bonds mutual funds ETF credit default swap MBS and all that they just read people off I just don't touch it the same as when I go into a bank I don't keep my money in a bank why because they're printing it so I go to my bank I love my banker cuz I borrow money from my bank sure I go to Wall Street to borrow money from Wall Street I love debt but if you can't handle debt don't borrow it yeah so that's why it's fake money fake teachers fake assets and you've got another dose between all of them why would you listen to a person who's poor yeah I don't know why people do that so my poor dad's great guy PhD took for poor helpless and desperate I didn't listen to him about money good man taught me to be honest taught me a few other things but not money he didn't know jack about money yeah and I would say 98% of all school teachers fifty percent are good people yeah 100 percent know jack about money yeah and why would L listen to them that's what I'm saying okay what about even do you do groups where you meet with individuals now I mean I'm assuming people know do they even if they fly why would I talk to him yeah you could I created this cash flow board game yeah how did my Rich Dad teach me about money what's monopoly for green houses one red hotel for green houses one red hotel today I have six thousand houses I have hotels I have businesses I've oil wells I play Monopoly every single day of my life it's how I went yeah I only play to win you want to lose save money get by ETFs that's how you lose yeah I don't like losing got it so what makes this different than monopoly is this year and this is what most people leave school they have no idea what it is this separates monopoly from cat from rich debt in cash flow yeah this is a financial statement when you go to your bank or your banker asks for one thing show me your financial statement 99% of all high school kids leaving high school have no idea what a financial statement is and then you wonder why they're going broke this is an income statement this is a balance sheet this is called a statement of cash flow and it's something I played at once what you're an idiot you don't play the game of golf once and then to go to the Masters that's how stupid people are they go to school they think they player to get the answers and they can do it once I just can't believe you know I got tired of talking to people so I created this game with my wife Kim so you can teach other people can teach people and you play it and you do it in real life don't talk to me until you got stuff in this column here is called an asset assets cash flow money into your pocket liabilities cash flow money out of your pocket 99% of the people have liabilities have a house a car and a college loan those are liabilities they call assets that is how bad our education is so that's why I created the cashflow game I played it once I've had people actually tell me I have a degree in economics well this is not economics this is called accounting yeah they don't know there's no accounting and economics yeah that's how stupid people it's a I I can balance a checkbook a checkbook is balance inside here it's under your saving side yeah they don't have to been pictured so my wife and I created cash flow so you could teach each other and you play it over and over and over again why do I play it over and over again because you can make mistakes you know it's like the game of golf the person who makes the most mistakes wins yeah look at baseball I think Babe Ruth the biggest home run hitter he was also the bigger strikeout King yeah yeah 200 average to 2 point average yeah in our school systems while you're not hitting a home run every every single time you're an idiot well it's a school system that's idiots you know they punish kids the parents punish kids there's new evidence saying that when a kid is forced to study hard the brain is damaged today so that they'd never learned this in school so that's why the couch that's why rich that this was started in 1996 and I brought Rich Dad Poor Dad which is now all over the world in 97 and that's the difference if you want to be an employee a high paying job you work here but you look here first light on an expense tax I don't pay tax because my income comes from here yeah Trump doesn't pay tax either that's why they're after his tax records I covered here and fake I the New York Times interviewed Jared Kushner the Kushner's are Jewish are richer than the Trump's yeah and the questioners don't pay taxes either and this New York Times reporter what nuts Wow because they were reporters and a student that went to school in journalism yeah but they don't know all they know is a high paying job and to pay taxes that's why they're broke and why would you listen to him so that so I'm not saying one is right or wrong it's just what is most interesting to you yes you want a high paying job and pay more taxes and buy a big house and more student loans and a nice car and all that took a broke that's why most professional athletes there are bankrupt in five years because they got a high paying job they pay a taxes the first thing that was take care of our friends and family their mother though I buy my house big houses and then their contracts up and they can't they can't their go broke I think one of my greatest paradigm shifts from you was because of Rich Dad Poor Dad when you said your home is not an asset I think the whole world like flipped upside down they're like what are you telling me my home's not an asset absolutely it's an asset and you're like no it's not tell metell our audience a little bit about this that are thinking their home is an asset why isn't your home an asset what is the real definition of an asset these are the two most important words in business cash flow financial intelligent people can control their cash flow idiots cannot the - they've have financial diarrhea you know the money just flows out and loose as a goose as they say so this is called the statement of cash flow here so this is what happens to the average person to get a job because they went to school cash flows this way out into taxes that's why I don't work for money that's why I don't want a job so the first expense goes to the government yeah in taxes then they buy a house that money goes straight to the banks the mortgage companies shadow shadow the shadow stats banks it's up like this then they have a 401k and ETFs the money flows straight to Wall Street you let's say you graduate from college at age 20 yeah or 25 okay you retire at 65 right for 40 years your cash flows this buy straight to Wall Street yeah you know what if they lose the money which they do yeah you don't get it back that's correct that in my opinion that's stupid but that was my poor Tet go to school get a job pay your taxes live below your means buy a house cuz it's your biggest asset and invest for the long term in a well diversified stock portfolio bond stocks on which opens ets yeah the month the cash is flowing out it's called loose as a goose yeah you know yes you know do a goose take a dump it goes out fast that's called the goose that didn't lay the golden egg so I said they'll look at and I got tired of listening to these idiots so my wife and I in 96 created the cash flow game so people could teach people then you can make up your mind which asset do I want to what real estate or what business you know don't want oil gas gold silver yeah all that all different assets sure so that's why the cash flow game was created and most guys say well I don't have the time I don't have the money well then you'll be as loose as a goose well where are one thing I think you've been pretty spot-on in multiple of your books if you you've been able to see almost future what's gonna happen with the economy and you've called out pretty dang dead on each crash that has taken place what do you see the future economy doing and how should people start preparing well the question is how long can the government keep printing money yeah today the national debt passed twenty two trillion the off-balance sheet debt of the United States is 265 trillion we cannot pay it off our debt to GDP when it goes past sixty sixty percent debt to GDP it's a warning so that's like making a thousand dollars a month but six hundred dollars is going to debt right when it hits ninety percent your now you can't turn back yeah today the US government's debt to GDP is a hundred and fifteen percent it's not easy today it cannot turn back so the question is are we going to have a depression or a collapse a collapse happens every 1,500 years the last collapse was the Roman Empire fifteen hundred years ago so we're hoping happen sure but if you study well history does repeat it dance so that's why in fake I write about keeping real money which is gold and silver yeah and no ETFs do not take do not touch fake gold and silver which are golden summer ETFs yeah because they're still fake yeah so I keep gold and silver in a safe outside the banking system because if the banking system shuts down businesses will collapse yeah and we all have a collapse yeah I don't think it'll happen but I'm prepared in case it does so what I always suggest to people have enough money outside the banking system so you can survive for a year yeah so that's why I save gold and silver because so down here you know and then what happened with gold and silver in 1971 the business school started saying to people that gold and silver was a barbaric relic yeah and it is but it's real yeah is gold and silver have been here since before they're well during the earth was formed gold and silver will be here when we're gone so since 1972 which is this book is about here I've been saving gold and silver yeah so I am millions in gold and silver I never intend to spend it now what happened to gold and silver went to 800 and it dropped I bought more yeah dropped in the year 2000 gold was 260 dollars an ounce okay today it's 1400 an ounce you know but the guys who saved money took a hammering right that's right it's not an ROI I didn't lose money yeah so that's why savings all those guys who held gold and silver out the winners and still our business schools will tell you do not touch gold and silver why because they can't print it you see the whole system is to print money Wow which is why savers or losers right so that's why I like real estate is because I use debt to buy a real estate and pay no taxes yeah yeah so all the money flows into my income savings but the average person doesn't have a financial statement they don't know what's going on because they went to school that's right and they never learned this stuff that's right what does when you're talking gold and silver this even something I'm interested in what is what is the even beginning steps where's the trusted sites how do you even buy gold and silver how do you even begin to look into what is that gold you should be buying versus the gold you shouldn't be buying well like everything anything in here you should study yeah you know I study gold in the solver yeah that's all the trouble with most people who don't know anything about gold and silver they go in and they own this they don't make any money on gold and silver yeah they make money on selling idiots numismatic collectible coins yeah so you walk in there and you want you want a silver dollar let's say or a gold Krugerrand or a Gold Eagle yeah you say yes but if you buy a 19-12 it's worth five times more and then so you buy that you buy the collectible call it numismatic yeah and that's what the margins are that's how they make money okay they want you to buy the collectibles because there's no different than buying a stock and hoping us calling out yeah it's no different than buying a piece of real estate hope is gonna go up yeah so the average person's a sucker you know we all know that and the reason I started that rich dead company's us to educate those who don't want to be suckers anymore yeah yeah go to school get a job buy a house get out of debt pay your taxes and invest in the stock market that's for suckers and losers yeah nothing wrong with being a sucker a loser but I just don't like being one yeah knowing what you know now you you've had this life to study so much absorb so much in you've had probably wins and losses maybe but what would you tell yourself if you're looking back at 20-year old Robert Kiyosaki what would you tell 20-year old Robert Kiyosaki what you know today I wouldn't change a thing the biggest second biggest mistake people make they all know what was your biggest mistake yeah you know why the question is why you're afraid of making mistakes because you went to school or your mother said don't make mistakes or you went to church and you see make a mistake you're gonna go to hell you know the only way we learn is by making mistakes yeah and so when people are afraid of making mistakes they don't make mistakes and they say stupid and then if they make a mistake they'll lie about look at that guy President Clinton yeah you know he has sex in the White House there's nothing illegal about having sex in the White House okay but lying about it is it's called a felony yeah so because he lied Clinton became a felon of course couple other things too she's got anyway so most people when they dolt mistakes are afraid of admitting they made a mistake and they waste a good time operating to learn something yeah so I'm constantly making mistakes am I gonna make more absolutely you know why would I not make mistakes so a lot of people have this Christian idea and not against religion either yeah that if I get rich I'll become evil yeah a little rich aren't evil if you don't get rid of that thought you'll never be rich I remember my school teacher when I was fourth guy raised my hands hey when I learn about money she was church lady she goes the love of money is the root of all evil I said who told you that church I said well change churches yeah so you know and that's why you're Mormon right yeah I am yeah I think the Mormon religion is the most up to date there is you guys tithe right yes 10% 10% that's really smart you know because when you type God becomes your partner right that's right so you give 10 cents so I give 10% to what inspires me yeah I give 10% to things that I can't work on so my wife donates to animals and I I donate to educational events and public television and stuff like this but people who don't pay their partner who is God I love this on the Mormon Church God doesn't take care of them right if you don't pay God it's like painting not paying your partner that's right and so people who don't tithe they get crap happening to all the time so you know I I have subscribed tour not that I'm a Mormon rabbi subscribed to tithing and the reason for tithing you got to pay your partner that's right and you pay God first I'd say I'm not religious but I pay God first and that's the difference so good stuff happens brilliant I'm I'm absorbing all this in just listening to where you're at someone who I look up to and still say am I gonna make mistakes heck yes I am I hope not even and there you go and even a get on like come on like bring on the mistakes it's those mistakes that ultimately make us better individuals that make a sharper individual make us who were supposed to become and I just love this because this is what our audience needs to hear is it's okay fail your way forward make mistakes it's more than that but you have to learn from them and that takes humility that's right you know how do you make mistakes speaking egotistical yeah God knows I'm egotistical yes you see this yellow Ferrari there that's my sixth Ferrari I have an ego so big so when I make a mistake the eagle has got to be deflated a little bit so I can learn a little bit that's right and that's how I get rich but people who make mistakes and don't learn from them they just make them bigger mistake so anyway that's and humility is how we learn so I'm very I'm egotistical I have Rolls Royces Ferraris Bentleys I love money but I tithe I'm gonna make a mistake I say okay God what do I need to know yeah yeah that's it great words of advice right there Robert I appreciate that in closing we always ask two questions that we always love asking it's what's a good book that you're reading right now that's game-changing that you like what would you say if you had to name all the books including by the way this incredible wall here of amazing books different languages yeah this is this book is an asset that's right every month money comes in all over the world and as I say in there I'm not a best writing officer author because I flunked out of schools account right yeah I've got selling author so the reason I have my best of friends are Mormons yeah you know why because you guys can sell that's right you know that's right when a Mormon goes on a mission my esteem for them goes up you know why because I went to military school and so we have a mission also yeah we go to faraway places meet nice people and we shoot them yeah you guys have to save yeah you know I'd rather shoot him to save stuff my friends who are Mormons I go hot in the world that you do it you got to be nice to these people and try to save their soul easy work marine it's a lot of you so I don't do that anymore but the reason Marines are tight is we have a mission yes it's a code of honor that's right we're very very tight we're very spiritual organization yeah Marines do not desert fellow Marines in combat we stay behind we bring them back yeah no matter what I don't know what the you know when I was trying to choose which branch of service so I went to military school first what we learn is mission yeah so I go to this interview and they have because they need pilots so they had the Army Air Force Navy Coast Guard and Marines so I understand that look at which one am I gonna join and the Marine stands up first he says gentlemen be very one be clear on the mission of United States Marine Corps we kill people every marine carries a gun if you want to save people join the Coast Guard you want to play golf join the airforce you wanna drive boats trying to join the Navy you wanna drive trucks join the army but we killed people nobody went to talk to him but he was crystal clear so out of there was six hundred yeah holy men in those days were pious yeah so twelve stood in front of him I was one of them I was very clear on the mission if I'm gonna go to war I want to be clear on what I'm doing does that make sense yeah well I don't want in this standpoint that's brilliant knowledge right there yeah I don't want to be in combat with somebody was kind of thinking about joining the Coast Guard yeah you know and if you want to save people become a Mormon or joined the Coast Guard yeah yeah you know I might be clearing the mission yeah so that's why mission is spiritual so that's why I tremendous respect that's why some him they're not good Mormons but they're good mission my friends are Jack Mormons they they they went and they became missionaries and my one friend said Jesus sex ain't that bad he's having a good time you know but I have tremendous respect for their internal discipline that's right and that's right surface and they can sell I meet so many guys who can't sell they can't sell yeah they're afraid of rejection that's right you know so business is very much much like a religion ya better be clear on your mission what you're here to do who you're trying to save and do your job but too many people are only in business for money and that's why they don't they're not successful because money is fake fake money fake teachers fake assets hands the book fake guys the book and you've got to have this is what your banker wants to see your banker doesn't care if you had good grades the banker doesn't care what college you went to look at the richest guys on earth today they dropped out of school that's right that is true you know Steve Jobs he dropped out of school Gates dropped out of school the Zuckerberg dropped out of school Branson jump out of school Henry Ford dropped out of school Walt Disney dropped out of school didn't hurt him at all yeah so true Robert thank you so much this has been an awesome interview it's been an honour for me I again to have this opportunity I remember reading your book and it changed my life as a young kid and Here I am sitting in front of you so what an honor to be here I think and thank you for allowing this to happen well keep and keep teaching the world needs real teachers that's right not fake teachers that's right well thank you so much thank you I appreciate it thank you guys what an awesome episode comment down below with any comments you have but you you got to learn from the man that has just been out there doing good and teaching us how to grow with real estate business there's so many what older life that's that's key I love real estate yeah you know I love not paying taxes and I love one's gotta love that not paying taxes come on who wouldn't love this well there might explain one thing taxes are incentives you donate to the church get a tax break right you donate to charity you got a tax break that's right you invest in real estate you know a tax break invest in food you get a tax break you invest in stocks you get no tax break I should tell you something yeah you know like I if you invest on oil and gas it's right as an entrepreneur if I invest a million dollars in oil and gas I get four hundred thousand dollars cash flow that day if I invest an X on a Standard Oil a million dollars like at zero the next right that's why would I touch stocks makes no sense to me brilliant guys good stuff here thanks for joining in I'm so grateful that Robert was able to take some time today awesome stuff here put this on a download ari listen to this and keep John down those gold nuggets and you'll be well on your way to where you can be financially free and hopefully catch up to this guy right here who is just incredible at what he does with all of his investments thank you guys thanks [Music] [Music]

Channel: Wholesaling Inc

Views: 24,402

Rating: 4.8673739 out of 5

Keywords: Wholesaling real estate, Wholesaling real estate for beginners, Wholesaling real estate 2019, Wholesaling real estate cold calling, Wholesaling real estate podcast, Wholesaling houses for beginners, Wholesaling houses 101, Real estate investing, Real estate wholesaling, Real estate investing with no money, Real estate investing strategies, Wholesale Houses

Id: zK5zPjztqdM

Length: 33min 49sec (2029 seconds)

Published: Fri Aug 09 2019