Daily Motivations - RICH VS POOR MINDSET

Episode Date: November 10, 2021

“You don't have to be like most people around you, because most people never become truly rich and wealthy.” LISTEN AND CHANGE YOUR MINDSET TODAY Credit: Motiversity Speaker: Robert Kiyosaki social links Instagram - @daily_motivationsorg Facebook- @daily_motivationsorg Interested in sponsoring this show? Reach out to us at [e-mail] You can also support this show by clicking the link below        Kindly Support Us Below to sustain future episodes. Support the Show.

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The most obsolete idea is go to school, get a job, work hard, save money, get out of debt, and invest for the long term in the stock market. See, why would you save money when they're printing trillions of dollars? The gap between the 1% and 99% is massive. You see, it's not just money. You have to step back and look at the bigger picture. So what do you do? In every one of us is a poor person.

There's still a poor person inside me. There's also a middle class person, and the middle class person wants security. They want that steady paycheck. And there's a rich person. And they're all inside of us except that it's not taught. You're taught to go to school, get a job, and get a paycheck. Not taught to how, get a job, and get a paycheck. I'm not taught how to get rich. If you read Rich Dad, Poor Dad,

my rich dad refused to pay me. He said the paycheck was one of the most damaging things you could take in your life. He says the moment you take a paycheck, you're an employee, and that's the mindset. So my rich dad never paid me. He drove my poor dad, a government employee, nuts. You've got to pay people.. You got to pay people.

You got to pay people. And rich dad was not saying that the paycheck was bad. He says he didn't want to be a slave to money. So as an entrepreneur, if rich dad folded, I'd just start another company. I don't need a paycheck. I don't need anybody to take care of me. If my government doesn't like me, I move to another country because they need a paycheck. I don't need anybody to take care of me. If my government doesn't like me, I move to another country because they need entrepreneurs. So the entrepreneur is not so

much the business. The entrepreneur is really the mindset and the skill sets and the different set of rules. You see, I don't operate, small business does not operate in the same roles as big business. Entrepreneur is a mindset first, a skill set, and roles. And depending upon whether you're an employee or a small business, the roles are different. The mindsets are different. The skill sets are different. You could say one thing to somebody who has never been an entrepreneur and they're thinking about making the leap of faith into becoming an entrepreneur, what could you tell them? Well, I'll just tell them the same thing

that happened to me. You know, my last paycheck, I still remember it clearly. It was one of the worst and the best days of my life. And I was in Puerto Rico. I was working for Xerox. And my boss gave me my last, it wasn't a paycheck, it was a bonus check. I think it was about $30,000 taxable.

That's the only problem with that. So I get this check, and I went, holy mackerel. You know what I mean? So I was excited, but I was also disturbed. And so this other guy comes up to me. His name was John. And John says to me, he says, you're going to be back. I said, why? He says,, you're going to be back.

I said, why? He says, because you're going to fail. I looked at him and said, look, few expletive words, because that's what he did. He left Xerox, failed, and he came back. I said, look, you failed and you came back, but I'm going to fail and I'm never coming back. And that's the attitude. Do you know what I mean? If you say, well, if I fail, I'll go back to mommy and daddy,

then that's what you'll do. So if you fail, that's when I became an entrepreneur because I had no money. I had no money for years. I didn't have a paycheck, but that's what my rich dad encouraged me to do is when you don't have this paycheck, you get hungrier, smarter, and it's a test of your character. Will you become a crook? Will you become dishonest? Will you cheat and steal? Or will you become a better human being? So really, that's the benefit of becoming an entrepreneur. You really find out who you are when you don't have anything.

You always have to look at the big picture. Too many people look at, well, what's going to happen to me? When you look at the big picture, you're also going to know that when something bad happens, something good is going to happen. But you've got to prepare for whatever is coming. If you think next 20 years will be like the last 20 years, you're going to get creamed.

When you and I go to the supermarket and we buy a carton of milk, we always check for the expiration date. But most people do not check for the expiration date on their brains. Instead of get out of debt, I get into debt. You know, I just refinanced $300 million in debt. I went from 5% to 2.5% interest. I made a fortune.

Every month, more money comes in because my cost of money has gone down. So while some financial experts are saying get out of debt, I'm saying learn how to use debt. See, when I came back from Vietnam in January of 73, the first thing my rich dad said to me was go to school to learn how to invest in real estate. It wasn't real estate, it was how to use debt and taxes. Debt and taxes make the rich richer. Debt and taxes make the poor and middle class poor. So all the rich guys who are doctors and lawyers or, you know, those

guys, they're getting creamed and they don't know why. Doctors are getting creamed. Oh yeah, they make it more money, but the take home is less. Sure. You know, my doctor just yelled at me, he was happy, he says, Oh, guess what, I finally made a million dollars! And I said, yeah, this was just three weeks ago. And so I said, yeah, well, how much do you pay in tax? He says, $750,000 in taxes.

So his net was about $400,000. That's not bad. But when I make a million bucks, I keep a million bucks. And the reason is because I don't make it by working for money. See, if you work for money, you're taxed. So that's why lesson number one in Rich Dad Poor Dad is the rich don't work for money. What we do instead is we create businesses as entrepreneurs. We acquire real estate. I don't invest in the stock market okay so the reason is because as entrepreneurs i have more control over my income how much i make and how much i pay in taxes and because i'm an entrepreneur as well as an investor in real estate i pay zero tax so every

time i make let's say a million dollars as an entrepreneur, I immediately invest it in real estate. I have a four to one step up. So I put a million dollars in real estate, I get four million from the bank. That's why I love banks. But the banks are screwing everybody else. Terrible. But it's good for me.

That's why you say when you print, it's good for you. But when you print, it's bad for people that work for money. Because when you print, savers get creamed and people who work for money get creamed. When they print, debtors get rich. You see, debt and taxes make the rich richer, and debt and taxes make the poor middle class poorer. When we have obsolete ideas, we get obsolete results. So what's happening for most people, the idea of going to school,

getting a job, working hard, saving money, getting out of debt, buying your house because it's an asset, investing for the long term, is obsolete. The world has changed. The world changed in 1971 when President Nixon took us off the gold standard and money became debt. What if we get rid of school? Then what would happen? Would it be better if we had no educational system at all? No, I'm saying education is more important before. It's just obsolete.

You know, there's Moore's Law that... Moore's Law states information doubles every 18 months. In other words, everything's obsolete 18 months. And this is just a recent phenomenon so when you come out of school you're already obsolete and that's why i'm the old guy you know i meet my friends who went to harvard see i went to harvard i said yeah that was how long 50 years ago today the banks are charging you interest to save money in other words banks don't want your money because they printed too much of it. And that's why there's these bubbles in stocks and bubbles in real estate and all this.

People are dumping the cash. Because as I said in here, savers are losers and cash is trash. And yet people, well, I want a high-paying job. Well, that's an obsolete idea. Get out of debt is an obsolete idea. You should learn how to get into debt, how to use debt to get rich. And they'll never teach you about taxes. The reason the 1% is way up here and the 99% are going this way is because when you print money,

two things happen, inflation and taxes. It's crushing them. And any entrepreneur thinks, I'm just going to make money and start a business and make a lot of money because of what we talk about. They really have got to smell the roses, man. You know, that's not what the real entrepreneurs are doing. Most entrepreneurs, there's 28 million small business owners in America. 24 million are one person entrepreneurs. They're called non-employee entrepreneurs. So, and that's what happens is when people don't really understand

what an entrepreneur does. So most people are self-employed, but they're not really entrepreneurs. The self-employed pay the highest taxes of all. And nobody tells them that. It's also called the entrepreneurial spirit. But what we were actually talking

about was there's no such thing as a bad economy. You know, there's externally, you and I, we all have an external economy. But we also have an internal economy. And the willpower is to change our internal economy. So for me, I can see the good and I can see the bad. I don't really give a damn because I'm going to be rich anyway. But a poor person with a poor personal economy, all they're going to see is a bad economy because they don't know how to make money in any economy. And a middle class person, they have a middle class economy, you know, but they want us

a nice house and a steady paycheck and a job and a car. And so when you take their job away to them, that's disaster. Well, since an entrepreneur doesn't have a job anyway, it's no big deal. So all I'm saying to people is what Bucky Fuller taught me. It's always two sides, you know what I mean? You know, to use plural, at minimum two. So if you think the economy is bad, it's because your economy is bad. If you think that steady employment is important,

then you'll see an economy without jobs. Your economy versus the external economy. What you control versus what you can't control. I can control. It's called an internal focus versus an external focus. So the real entrepreneur has an internal focus that if they fall down, they say, oh, this is good because I'm gonna go up higher.

You know, the average person will fall down and say, oh, I'm gonna take some Prozac. Or somebody has a mistake, all the mistakes don't matter. Well, mistakes matter. It means you didn't know something. But a real entrepreneur, whether they fall down, they go, they always can go up. They can stand back up and go higher.

But no matter what happens to them, they get stronger and better and smarter and happier. But person with a weak internal mindset is that they're so afraid of what happens. It generally happens. Like, you know, people are afraid of losing their jobs. They generally lose their jobs. You know what I mean? Yeah. So everything comes I mean? Yeah. So everything comes through you.

Yeah. So the entrepreneur's first job is to control inside here, not outside there. The moment you take that paycheck, you're an employee. You've got to be stronger than that. It's about inside control. thanks for listening kindly support the movement of this podcast by supporting us or subscribing to our premium content for more exclusive stuff when you do so you also get a shout out in our next episode thank you