Young and Profiting with Hala Taha - Robert Kiyosaki: Rich Dad Poor Dad, These Common Beliefs Keep Hard-Working People Poor | Finance E269

Episode Date: January 22, 2024

Robert Kiyosaki is a legend in the personal finance space. After growing up in humble origins in Hawaii and fighting in the Vietnam War, Robert went on to become a multi-millionaire entrepreneur who gained global recognition with his book Rich Dad Poor Dad. He has now written over two dozen books and dedicated his life to helping others learn how to make money work for them. In this episode, he shares some insightful ways to manage your money, make it as an entrepreneur, and so much more.   Robert Kiyosaki is an entrepreneur, educator, speaker and investor who has challenged and changed the way tens of millions of people around the world think about money. Best known as the author of Rich Dad Poor Dad, a personal finance classic, Robert is the author of more than two dozen books. He is also the host of the Rich Dad Radio Show podcast.   In this episode, Hala and Robert will discuss: - Why one of the keys to becoming rich is who your friends are - Why you learn from falling down - The biggest question on planet earth - Why he prefers entrepreneurship to the stock market - How he flunked out of school - How entrepreneurship has changed in the last 25 years - How the rich get money to work for them - Why to stockpile good assets - Why it’s important for entrepreneurs to step up - What makes a good entrepreneur - Why a good brand beats a good business - Why you should buy gold and silver - And other topics…           Robert Kiyosaki is an entrepreneur, educator, speaker and investor who has challenged and changed the way tens of millions of people around the world think about money. Best known as the author of Rich Dad Poor Dad, a personal finance classic, Robert is the author of more than two dozen books. He is also the host of the Rich Dad Radio Show podcast. Sponsored By: RobinHood - Visit robinhood.com/PROFITING to claim an unlimited 1% bonus on your assets. Shopify - Sign up for a one-dollar-per-month trial period at youngandprofiting.co/shopify Indeed - Get a $75 job credit at indeed.com/profiting Nom Nom - Go to youngandprofiting.co/trynomnom for 50% off your two-week trial  Coda.io - Head over to coda.io/profiting to try Coda for free HelloFresh - Go to HelloFresh.com/profitingfree and use code profitingfree for FREE breakfast for life   More About Young and Profiting Download Transcripts - youngandprofiting.com  Get Sponsorship Deals - youngandprofiting.com/sponsorships Leave a Review -  ratethispodcast.com/yap Watch Videos - youtube.com/c/YoungandProfiting   Follow Hala Taha LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ TikTok - tiktok.com/@yapwithhala Twitter - twitter.com/yapwithhala Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health, Growth mindset, Career, Success, Productivity, Careers, Startup, Entrepreneurs, Business Ideas, Growth Hacks, Career Development, Money Management, Opportunities, Professionals, Workplace, Career podcast   Learn more about YAP Media Agency Services - yapmedia.io/

This is garbage. Dollar bill. It's built on debt. We're coming down. We're probably going into a depression. I hope I'm wrong. One of the best-selling authors of all time. The author of the Rich Dad Poor Dad series.

Sold 41 million copies. Financial legend. One guy says live debt-free. I'm going, are you crazy? I'm a billion dollars in debt. I don't live debt free. I don't use my own money. I don't need money.

But it took me a long time to change my brain to think. that way. This is how the financial system was set up to rip us off. Most people go to school to get a job, they're working for earned income. But guess who pays the highest taxes? They don't get ahead that way. That's why you want to get outside the system. You've also said that we need new entrepreneurs to save us from the economy failing. Well, because when you look at the economy right now, it's guys like my poor dad are running the show. And you talk to most entrepreneurs, they don't know what they're doing. They're working for fake money. And I hate to tell you this. It comes to an end.

What's going on, young improfitors? Welcome back to the show. My guest today is a titan in the area of personal finance. Robert Kiyosaki is an American investor, businessman, motivational speaker, financial commentator, and the founder of Rich Global and the Rich Dad Company. He's the author of numerous books, including the global bestseller, Rich Dad, Poor Dad, and he's the host of the Rich Dad Radio Show podcast. Today we're going to be talking about super smart ways to manage your money, make it as a

an entrepreneur and so much more. Robert, welcome to Young and Profiting Podcast. Well, thank you. I'm so pumped for this conversation, Robert. I've been such a big fan of your work for a long time. Rich Dad, Poor Dad was one of the first business books that I ever read. And so my goal for today's conversation is to cover the big evergreen ideas that you have in this classic finance book, Rich Dad, Poor Dad. I also want to hear your thoughts that you have around new issues going on in the world. And lastly, capture as many life lessons that we can, that you've learned on your journey along the way. So today, you're a hugely successful entrepreneur, businessman, and author, and you've overcome a lot

in your journey. It's taken many different turns. And I thought a good place to start was your early career as a sales rep at Xerox. What did you learn from this experience and how did that job shape who you became later on in life? Well, my first career was this. I flew these for the U.S. Marine Corps. Oh, he's carrying a plane for those of you listening on a plane. audio. I flew for six years in Marine Corps. And when I was coming out of the Marine Corps,

I was born in 1947, so I was coming out of the Marine Corps in 73, 74. And my poor dad, of course, said, you know, why don't you fly for the airlines? I was a gunship pilot. I went down three times in Vietnam. All my crew came back. That was my most important job as a Marine lieutenant, is bringing my men home alive. So my poor dad says, I'll go fly for the airlines, go back to school, get your Ph.D. And I said, I'll wind up like him, you know, an employee working for money. But in the meantime, I studied with my rich dad since I was 10. The rich dad was my best friend's father. And so the story of rich dad, poor dad is what two fathers tell their sons, my best friend's father, about money. And we don't teach money at school. And they're completely opposite.

My poor dad always says, you know, work hard for money. And my rich dad says, you don't work for money. So the reason I got a job at Xerox, it's not because I like Xerox, and I wasn't looking for a career. I need sales skills. When I find an entrepreneur doesn't have any money, the main reason is they can't sell. And it's because sales equals income. This here's a financial statement. This is the cash flow board game. These guys here have always want income.

They want salaries. But entrepreneur needs cash flow coming in. So I meet so many people who have no cash flow coming in. And they say, stupid, stupid things to me. I mean, I can't believe how stupid they are to say, I'm a millionaire. I say, oh, how are you a millionaire? Well, my net worth is a millionaire. Well, net worth is not a millionaire.

You know, I make a million dollars a month. That's a millionaire. So when you can make a million dollars a month without working, you're a millionaire. That's what Elon Musk does. That's what Donald Trump does. And so that's a whole different. an educational mindset. And that's what I said out to teach when I wrote Rich Dad Porta 25 years ago. What actual lessons in sales did you learn? You said you wanted to learn sales experience.

I totally agree that when it comes to entrepreneurship, sales is by far the number one skill that you can have. What did you learn at that job? Got to sell, how to handle rejection. There was a big sign on our wall. This is in Honolulu. Salesmanship begins when the customer says no. So years later, when I met my wife, I mean, she turned me down for six months. So if I had quit, when most people quit, I'd never gotten married. So the main reason people are poor is because they don't have the balls to keep going. And my best friend, and I met at Xerox, I think that's one of the keys to becoming rich is who your friends are.

And my best friend and I, we pushed each other and all this. So we became millionaires together and we became billionaires together. So that's the power of friendship. If you have wimpy friends, you're screwed. I couldn't agree more. I have a business now. I've got a company that has 50 employees. We make several million dollars a year.

And I'd run it with my two closest friends who originally, I met them through work. But they're my close friends. And to your point, if you've got really smart people pushing you, you can go really far. But if you're hanging out with losers, you're going to end up being more like a loser. Right. Well, congratulations on your success.

Thank you. Okay. So you had a business in your early 20s that I think you were just kind of alluding to that you started with your friend. Can you talk to us about the first business that you had, real business that started making real money? I've had so many. Which one are you talking about? I mean, I think I'm talking about the wallet. Oh, the wallet one was the start. It was a nylon wallet business. We went broke. We came back up. And it became the number one product and sporting goods. So failures, this is the biggest thing I hated about school, because I flunked that at school. I hated school. They didn't like my school teachers. I wouldn't have them as business partners, that's for sure. But they want job security.

You know, job security is a different person. But when we went down, it was the best thing that happened to me because we just came back up, we fought back up, we redesigned our product lines and all this. And we became the number one product in sporting goods. The lesson is, before you can walk, you've got to fall down. couple of times. So baby learned to walk by falling down. And our schools teach us that if you fall down, you're stupid. And I meet so many unsuccessful people. They're so afraid of falling down. They never become successful. Yeah, you've got this awesome quote about failure. You say,

in school, we learn that mistakes are bad and we're punished for making them. Yet if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. if we never fall down, we would never walk. Congratulations. You read my book. Very good. Of course I read your book. We've got to prepare.

You see this aircraft here? Yes, he's carrying his helicopter. The reason I flew this aircraft in Vietnam, our life expectancy was 30 days. And this is the lesson when I have the time I talk to people about, is the more dangerous, the mission, the more skillful you've got to become. So when I meet a person and they're so afraid of making mistakes, they're not going to make it.

They'll make it. They'll become a doctor or a lawyer or an accountant or something. But the more dangerous the mission, the more skillful you've got to become. I say that because when I graduated from school in New York, King's Point in Long Island, I had a high-paying job with Standard Oil of California. I was starting pay back then was $120,000 a year, which wasn't much money, but $120,000 in 1969,000 was a lot of money. And I gave it up to go fly for the Marine Corps.

And the thing I loved about the Marine Corps and flying was we had to crash every single day. Every single day we had to practice crashing. And the reason I did that is that the odds of us being shot down were so high because our life expectancy was only 30 days. And that's where I learned that lesson. So the more dangerous the job, the more skillful you've got to become. And when I meet people who are unsuccessful, number one is they can't sell. But number two, they're so afraid of making mistakes.

They don't ever have any skill sets. You're so right. We learn so much from our mistakes. And even when we try new things and it doesn't work out necessarily, you learn new skills along the way that you can make a lot of money on later on if you hit the right idea and you're able to execute. the right idea at the right time? Well, there's different kinds of money.

So making money is no big deal. Like I said, oh, I'm a millionaire. I said, well, what? When you make a million dollars a month tax free, give me a call. That's the difference. And so it was how you define money. The problem with schools, they don't tell you there's three types of money. There's earned income, portfolio income, and passive income.

Most people, since they go to school to get a job, they're working for earned income, highest taxed. They don't get ahead that way. I think my audience will appreciate that because we're mostly entrepreneurs or want to be entrepreneurs at least. Right. So it's a matter of your goals and your friendships. So my friend and I are still great friends. We became billionaires together.

We just pushed each other along. We're hard on each other. We're tough. We lost several times. We just keep fighting back. And then that determined who our friends were. And speaking of friends and the importance of relationships in business, you're in business with your wife.

and actually you started this whole journey creating a board game, Cashflow, which you have, if you guys are watching on YouTube right now or on IG Reels, you'll see he's got the game board behind him as his background. So you put that out in the late 1990s with your wife. So a couple questions around that. Why did you decide to go into business with your wife? And why did you start out with the cash flow game? Well, the reason we created the cash flow board game was I met her when she was 27 and I was 30

to 10 years apart. And 10 years later, we were retired. We didn't have to work anymore. And people kept asking us, how did you do it? How'd you do it? How'd you do it? Because everybody, they're in the stock market. And okay, you can make a lot of money in the stock market.

You know, Warren Buffett made a lot of money in stock market. But I'm an entrepreneur. I don't like stocks. I don't like bonds. I don't like mutual funds. I don't like ETFs. So we couldn't explain how we did it. We couldn't explain how we retired in 10 years.

So at the end of 10 years, she and I created the board game to teach people about it. And this is the financial statement here. And this is your report card when you leave school. But most people think the report card is a great point average. That's why A students work for C students, you know, because I'm a C student. Exactly. But this here is your financial statement.

This is what your banker wants to see. So we created the cash flow board game after we had retired. And the thing I don't trust about YouTube is a lot of those guys are liars. I mean, I listen to a lot of these people on their, I won't mention names because I get into a lot of trouble. But they say things that make absolutely no sense. One guy, he's a real estate guy, he says, buy a $25 million property to start with no money. I'm going, are you crazy? He might have done it, but I wouldn't recommend it.

I don't recommend investments, by the way. I build my own assets. The other guy is Dave Ramsey and I. He says live debt free, and Dave's a good friend of mine. I don't live debt free. I'm a billion dollars in debt. So there's millions of ways you can get rich, but you've got to find the right teacher,

the right partners, the right education. And let me say it again, is the more dangerous the mission, the better you've got to be. I'm not saying take huge risk, but I'm saying, better know thyself, you know. So I know myself fairly well, and I thank the U.S. Marine Corps,

because like I said, every single day I'm flying these things in Vietnam, went down three times. And if I had in practice crashing every single day in flight school, I'd be dead. To your point, you don't build the character because you didn't go through hard experiences. So you don't know how to feel. Amen, Allah. Amen.

God bless you. Yeah. When you have rejection and failure, you kind of just approach things because I've had so much rejection in my life. I was a failed entrepreneur several times. I started being an entrepreneur straight out of college. I also failed out of school. Congratulations.

You know? And so then it's just like, I have. had nothing to lose. I was just willing to take risk and try things and learn and work for free and do whatever I could to gain the skills that I needed to now be the podcast princess and dominate my industry, right? So I'm with you in terms of you've got to really fail and be brave, I guess. Now, what, what I find refreshing is you're not afraid to saying you failed. Yeah. I've met so many people who don't talk about their failures. And I was also court-martialed twice as a Marine. I was stationed on aircraft carrier in Vietnam. And you know, the saddest days

of our lives is when your friends don't come back. All the planes return and your friend's aircraft doesn't return and the crew dies out there. So you get to be very close to your guys who survive. So I got court martial twice. I got kicked out as a Marine Lieutenant. And my best friend went out as Marine Lieutenant General, three stars. And he and I would laugh all the time because we take the same whereas we do the same stupid things. And I said, Jack, I said, how come you're a general and I'm a lieutenant? And he says, because you get caught and I don't. And we're still the best of friends.

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Hello, Yap, gang. I know my young and profiting listeners want bigger businesses and a better life, and the New Year is the perfect moment to reset and commit to your growth. But let's be real. You can't build an empire if your finances are all over the place. That's why getting into it QuickBooks is one of the best first moves you can make this year. They've got powerful money management tools built right into their platform, and they have them for every stage of your business, whether you're a solopreneur or a small business. And I love that QuickBooks helps you you get paid faster, pay bill smarter, and even gives you access to funding when opportunity pops up. So QuickBooks can help you with bookkeeping, can help you with getting paid, can even

help you with projections and understanding where your business is at financially. Plus, QuickBooks Money Solutions reduces manual work by half and keeps your money and your books perfectly synced. That means less time staring at spreadsheets and more time actually building the vision that you started with. That's the upgrade that every profiting entrepreneur needs. Start the New Year's strong, take control of your cash flow with QuickBooks Money Tools. Learn more at quickbooks.com slash money. Again, that's quickbooks.com slash money. Terms apply. Money movement services are provided by Intuit Payments Incorporated, licensed as a money transmitter by the New York State Department of Financial Services. One of the things that I learned about you that I didn't know before I started

researching you for this show is that you don't have any kits. So why did you decide not to have kids, even with you being so successful, what was the logic behind that? Well, let me tell you the story about Kim again. I was a rugby player. You know, rugby players are dronks and we have a good time. We're not soccer players. Soccer players are different than rugby players. Rugby players always make friends of soccer players and all that stuff. Anyway, I was playing in Hawaii. I was had my little business. I was on now on. I was also on rock and roll. I don't know if you know that. I worked with Duran Duran, the police, Van Halen, Boy George. I didn't know, no. Entrepreneur have a lot of professions, should we say.

And so I saw Kim one day. And I was hot after her. And all my rugby friends said, she'll never go out with you. You're ugly. You're fat. You're not rich. She only goes out of rich, good-looking guys.

So I kept asking her out. So that's why I say it. Salesmanship begins with a customer that says no. She said, no, for six months. You know, just no. And I kept asking and all this stuff. And so we finally said, yes. And then what turned her on,

was that I didn't want job security. It was interesting. I found that very interesting about her. She goes, I said, well, it's kind of an adventure I'm on. I want to find out how far I can go with nothing. And one day I said, I'm leaving Hawaii. I'm going to leave to California, San Diego, specifically. And I'm going to teach.

I'm going to teach entrepreneurship. And Kim says, I'll go with you. I went, holy mackerel. That's when we fell in love. After six months, she just wanted some guy with some testicles. I mean, she was so sick and tired of having these rich guys hit on her and, you know, let's fly to Maui and let's go for dinner and all this stuff. That was a big lesson for her. She says, and then as we got more and more serious, and we were homeless and all that stuff.

She loved it. She was a real entrepreneur. Kim's a real entrepreneur, real tough woman. And we fell in love and all this. And one of the things was, well, we're going to have kids. And I said, do you want children? She goes, no. And she had sisters and all this stuff, and they all had kids.

I said, I don't want kids either. So those are the terms and conditions of the partnership. Every time the question of kids came up, we'd borrow my sister's kids. And that lasted about a day. And then you realized we could just send these back. We didn't just make, you know, what I'm saying is you have to find out who you are. So everybody listening to this thing, the biggest question on the planet Earth is who are you? Who are you as a human being?

Exactly. And there's no right or wrong, right? You don't have to have kids to be happy or successful. And I know Alex and Leila Hermosey were just on the show pretty recently, and they also have chosen not to have kids. So even if you're extremely rich and successful, there's other ways to help the world aside from having your own children, right? Well, I tell you, one of the saddest things I see is that a lot of men are not doing their job, should I say? They knock women up and they leave them and all this. I made so many single moms. And these guys are just have sex and have kids and desert the women. And I feel for the, if they're boys, I feel for them because they grow up without a father. I had rich dad, poor dad. My dad, the men figures in my life were crucial to me. And then I go to military school and it was all a male school. And the Marine Corps is definitely male energy.

But I see so many young boys today. You know that guy Sam Backman-Fried? He was the crypto guy, the biggest Ponzi scheme ever. He has his mushroom haircut. I see so many guys with their mushroom haircuts today, young boys. They're all Sam Backman-Fried fanatics, and they're all TikTok dancers. I'm going, what's happening to the men, you know? Yeah, Scott Galloway came on the show, and he has a lot of opinions on how young men are just, like, really struggling now.

They're not getting into college. They're not getting good jobs. And girls are having trouble finding spouses because they're more successful and girls want to marry up and guys kind of want to marry down, right? And it's becoming a mismatch. I love you, man. You're wiser beyond your years. Oh, thank you. Tell the men that women don't marry down.

Women marry up. And it's really hard for us to want to marry down. So you guys got to get educated and got to get rich. There's not so many single, like we don't have a population problem. Okay, so let's get to rich dad, poor dad, because there's so much material and it's evergreen and your book is so popular. It's one of the most popular books of all time, 32 million copies sold around the world. The book is about your real father, aka your poor dad and the father of your best friend, which is your rich dad, and the ways that these men shaped your thoughts about money and investing. And so it's been 26 years since you released this book.

It's still recognized as a top financial book, even had a resurgence in popularity thanks to book talk on TikTok. talk. And so my first question related to your book is, why do you think in 1997 when you put it out that it created such a big buzz? It goes back to school. I flunked out of school because I can't write. And it's not that I can't write is that teachers didn't like what I was writing, that that makes sense to you. So I flunked my sophomore year and I flunked my senior year of high school because I can't write. And then I also flunked my junior year. And my poor dad, who was a head of education. My poor dad was a PhD from Stanford, University of Chicago and Northwestern. And he was head of education. So when my second instructor flunked me, my poor dad fired him.

And that sent reverberations through the school. The school was 2,400 kids. It's pretty big for Hawaii school. So by the time I got to my senior year, the teacher was going to flunk me again. It's not that I can't write. They don't like what I was writing. And so, Hala, when Rich Dad, Poor Dad came out, same thing happened. editors and the big book publishers out of New York, they turned rich dad purported at Downcing. You don't know anything about money. And I said, well, maybe you don't. Does it make sense?

Do you, they don't? So Rich Dad Porte that got turned down, so I had to self-publish it. I put it in my friend's car wash in Austin, Texas, and the book sat there for a long time. And my friend was an orthopedic. He's my friend. Now he's an orthopedic surgeon. He was in Amway, and he picked up the book. and he read it and he went, oh my God.

And he said it to his upline in Dallas in Amway, who was a diamond. And it says, this is exactly what Amway's looking for. You're teaching entrepreneurship. I said, yes, I am. And Amway, Hala, took it all over the world. So next thing you know, Oprah called, Trump called, but we're reaching entrepreneurs

and our schools are teaching people to be employees. That's been the struggle, as you probably know. And I feel like you were one of the first people, I guess, to really put that out there in the world to talk about how entrepreneurship is the way to go. And even to say your father to other people at that time, people probably thought that was a successful person, you know, Stanford PhD principal of a school. And you're saying, that's my poor dad. So I feel like that's probably a shocking thing to say at that time. Now everybody's an entrepreneur.

Back then, it was a little bit mysterious to be an entrepreneur, wouldn't you say? Well, it's also times have changed. Okay, so I understand that my generation, I'm a baby boomer. Trump and I are the same age. We wrote two books together. This is Trump's book and myself. The baby boom generation's in trouble. And the reason for that, we had it too easy.

We came in after World War II, 1944, the U.S. dollar became the reserve currency of the world. And it was really easy for Americans, American boomers. and then in 1971 Nixon took the dollar off the gold standard, so this here is real gold, this is real money, and this here is toilet paper. He's carrying a dollar bill and a gold coin. Yeah, and people are taught to work for fake money. And what's happening today, as you may or may not know,

America's bankrupt today. Because after Nixon came to office, they printed trillions of these fake dollars. We can't pay it off anymore. America is bankrupt. So your generation kind of knows that. That's why you guys created Bitcoin and all that. Because you know our money is bad.

Not only is education bad, is I call them the three stooges. You know, the three stooges, one stooge is in the White House. His name is Biden. The second stooge is the treasurer's secretary. Name is Yellen. And the third stooge is Powell. He's head of the Federal Reserve Bank. And these three stooges are driving us bankrupt.

But there was a stooge before that, a guy named Bernacki, who was from your part of the world. New Jersey, Princeton and all that, he got a Nobel Prize for bankrupting America. And that's what happens when he had professors like my poor dad running the economy. That's the problem. So that's why in 65 I had to read this book here. It's called The Communist Manifesto. I went to military school in New York.

So my economics teacher had us read the Communist Manifesto. And what most people don't realize the school teachers are Marxists. They're not bad people. They just have different values, if you know what I mean. So like my poor dad believed in taxing, they're rich. So this is what Marx said. A heavy or progressive income tax is necessary for the spread of communism. So guys like Trump have made, we don't pay tax.

But the Marxists want us to pay tax. The other thing that Marxists believe in are labor unions. My poor dad was head of the NEA National Education Association. Forge magazine calls the NNAID National Extortion Association. So most school teachers are Marxists. They just don't know it. Not bad people. There's different values.

Let's talk about the fact that you started off not as a good writer. You just alluded to that, that you were kind of like flanking out of school. People said that you weren't a good writer. And I think this is a really huge lesson from my young improfitors. So you look at Robert, one of the most famous authors in the world. But this is his peak, right? It's not his starting point. he had multiple failures, multiple businesses.

He had a wife, all these relationships that he talked about, all these skills that he's acquired over the years. Talk to us about how or why you think you were able to transform writing, which you weren't necessarily great as a student, to then becoming one of the most famous authors in the world. Why do you think you were able to bridge that gap? Well, it's called what the market wanted. In other words, look, this here is this here, nothing I'll learn from my rich dad, okay?

ESBI. My books don't sell to employees. It's a wrong market. My books don't sell to doctors and lawyers, S's, wrong market. So the market will tell you what they want. So if you don't give the market what it wants, the market doesn't buy it. So my job as an entrepreneur is not to find the market. So a lot of people talk about the Fed, Chairman Powell,

Yellen, the Treasury, and Biden. But really, nothing to do what the Fed does is what's the market doing. So right now, the market's going to crash probably March of next year, 2024, because the market's going to churn up the world. The market determines everything, not some academics sitting at the Fed. And so as an entrepreneur, I'm always saying, what does this market want? So when I wrote Rich Dad Poor Dad, I knew it was going to have trouble because most college professors are E's employees, they want job security. They hate my books. And the doctors and lawyers, you know, the A students, they hate my books.

But my books over here is why A students work for C students. They love my books. You've got to know who your customer is, who's your target market. And so that's why I tell the story. Rich Dad Poor Dad is sitting in a car wash in Austin, Texas. And this orthopedic surgeon, really smart guy Tom Burns, Tom Burns was over here, doctor, smart guy.

He says, I want to come over here. So when he found my book, Rich Dad Poor Daddy, he says, that's what I'm looking for. And then he sent it to his upline in Amway, a diamond, Bill Galvin, and the book took off because I started reaching these guys here. So that was 20-something years ago,

and only now is it seeping across to here. So only now our E's and S is kind of waking up saying, oh, my God, the economy is in bad shape. But I knew the economy was going to be in bad shape because I was doing so Dr. R. Buckman-Sler-Fuller, guy created a geodesic dome and all that. And he basically said, what we all know today, our banks are ripping us off. It's interesting that you say that and the fact that when you first put out the book, it was really entrepreneurs who gravitated towards it.

And now, like I was mentioning before, everybody's side hustling and getting into entrepreneurship. So it's no wonder that it's having a resurgence. And this is why you're on our show. It's your generation. Yeah. You guys know you're in trouble. Well, I'm not in trouble, but some folks are. Trust me.

When the economy goes down, as I say, when it goes down, you go find out how good your money is. Let's dig into that. What do you mean, how good your money is? Do you have this stuff? This is toilet paper. He's holding a dollar bill, yeah. I have this stuff. Okay.

And I have... He's holding up gold. Gold and silver. Yeah. And I have Bitcoin. Mm. And we're going to get into all these lessons, like why rich people invest in commodities and things like that.

Not rich people, smart people. Smart people. The average American, my generation, they're in the stock market. My generation was taught 60-40. 60% equities, 40% bonds. Why did Silvergate Bank? Why did Silicon Valley Bank? Why did Credit Suisse, the biggest bank on the world go down?

You know why? Why? Bonds. China's going down because the bonds are bad. You see, and that's what I caution people like you just because you're making money today. What kind of money you're making? Where am I putting that money to keep it, I guess? No.

If you're holding toilet paper, you're in serious trouble. So ever since 1964, I was saving this. This is a 1964 Kennedy half dollar. I was 17 years old. I have tons of silver. and tons of gold, and I have lots of Bitcoin. I don't have dollars. And since I was 17, I knew our dollar was bad. Just because you're making money today, and you could be making a lot of money, but our currency is bad. Our money is bad. And that happened in 1971 and 64. So those are the lessons.

Well, you definitely have my wheels turning and me thinking about most of my money's in stocks and things like that. So I definitely have to look at gold, and I want to talk to you about that later on. S&P is going to go down big time. S&P is at all-time high. That's like a big fat balloon sitting in the sky right now. And the bond market brought down Silicon Valley Bank. I don't know if you know this stuff, but that's money. It's not how much money you make. It's not being an entrepreneur. What kind of money you're buying into. You're talking about a big lesson that you talk about in your book. And I know you have many lessons from rich dad, poor dad. So I thought that I thought that I could basically rattle off some of your key ideas from the book or quotes and go over them

with you quickfire style. So I'll read a quote or a big idea and then I'd love for you to expand on it. And these are all ideas from rich dad, poor dad. Okay. The poor and the middle class work for money. The rich have money work for them. That's pretty good. Okay. That's this here. This was book number two of the cash flow quadrant. So after all rich dad, poor dad, you go to school, go to school and get a job and you work for money. And they want a pension and all this stuff. And the S is a smart person, like a doctoral lawyer. And these people work the hardest, but guess who pay is the highest taxes. These people who make like under a million a year. So what happens is when I talk to people, like a lot of podcasts now, they go, oh, I started my side hustle. You went from here.

here to here. Taxes, this is worldwide, taxes over here are 40%. Taxes over here are 60%. So the average person becoming an entrepreneur walks into a higher tax bracket. So they work harder for their money. This here is 500 employees or more big business, but it also stands for brand. So I started a brand. Apple is a brand. Tesla is a brand. Warren Buffett, owned. Warren Buffett, owned. only invests in brands. And I stands for Insight investor. So I only invests in the inside. That's why I have no stocks, bonds, or mutual funds. I have no bonds. And what happened was when they raised the interest rates, the bonds inside the banks collapsed. You have to understand bond market. So not just about making money, but you have to understand the monetary system.

So when the bonds started to collapse, Silicon Valley Bank collapsed, Silvergate Bank collapsed. Credit Suisse, the biggest bank in Switzerland collapsed. And UBS, United Bank of Switzerland, had to gobble up Credit Suisse. And UBS is going bust now. So what I'm saying to you is this, the world banking market is going bust. So I wouldn't be holding cash. I would be outside the system. That's gold, silver, Bitcoin.

Okay, the next one. Rich people acquire assets, the poor and middle class acquire liabilities that they think are assets. This is a financial statement. This is what your banker wants to see. This is from the cash flow board game. So this here are E's and assets. They work here. E's stands for what? And S stands for what? Employee, self-employed small business. Got it. And then you have big business. And then the last one is investments? Insiders. Insiders. Okay. It's like the last week I bought two new businesses. I don't work the businesses. I hire the CEOs for them.

I only invest in the inside. Got it. Okay. I don't want the stock and I don't want the bond. I have stocks and bonds, but they're my companies. I took a company public last July. It's a gold mine in Utah, biggest gold mine in America. So I took it public, and that's why I have stock for that, but I still own the mine.

But I practiced a long time to do it. Anyway, so these are capitalists over here. These are the working class here. What my poor dad taught me was to work here, go to school, get a job, pay taxes. I don't pay taxes. I have assets. Okay. Just to kind of piggyback on that question, make sure my listeners understand, what are the liabilities

that the poor and middle class acquired that they think are assets? What are the mistakes that they make? Are you just saying bonds and stocks stay away? Is that the lesson right there? Yes. The biggest liability, the biggest you guys have is student loan debt. So today, the biggest asset of America are student loan debts. We took the your generation and put them in debt so America could stay afloat.

So your generation is in serious trouble because of student loan debt. And your college degree is not an asset. It's a liability. One more quote here. Most people use their budget as a plan to become poor or middle. class rather than to become rich. My budget is a plan to become rich. You have to make a surplus and expense. Well, it's a lot of it, but the biggest asset you have is your time. And we basically have the same, we're equal, 24 hours a day. And the question is, what do you do with your time?

So that's what I was saying to you when I came out of Marine Corps. I was a very good pilot. I could have flown for the airlines, but I'd be here. I didn't want to be there. So how did I it over here. So my time was spent making the transition. Like I said, most of the people on your screen have already checked out. I'd rather just be a small business guy, a little side hustle. But you pay 60% in tax. Well, let me ask you this, because I actually think this is a really important question. I didn't study about the quadrant, so I don't know much about it. That's why I keep asking follow questions about it. So you've got this S quadrant and the B quadrant. S is like doctors, lawyers, small business owners. Right now, you're an S.

Right now, yeah, I'm an S. I do think I built a brand, but I am an S. How do I then make the transition to be big business? Like, what are the steps that I would take to go from small business owner to that next level, which is a big business with a brand? What did Elon Musk do? What did Steve Jobs do? What did Thomas Edison do? I studied those guys.

Musk is one of the smartest guys I've ever seen, man. And Jobs is my generation. Those guys are bees and eyes. on the eye side is, you know, people talk about Buffett a lot, he's over here. So it's a matter of studying the people you respect and figure out how they did it. So that's the third book.

I hate to keep selling books on you. But the third book is Rich Desk Guide to Investing. And the third book is what it takes to come over here. So it's constant study. And I hate to say this, but most people are already checked out. Yeah. I don't know about my listeners, though. probably all of us are in this S bucket looking to try to figure out how to become a B and I, right?

So don't feel shy about giving us any direction because I think we'll take your advice. Paula, the reason I tell you guys have checked out, because it'll piss you off and you'll check back in. It's called reverse psychology. If I call most of you are whims and you won't make it, it pisses enough people off that they'll come firing back on me. Yeah, I'm going to prove Robert wrong. Yeah, but a real wimp will say, yeah, he, She's right. I am a wimp. I should have got my mushroom hair. It's got to be a TikTok to answer, you know.

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Go to Shopify.com slash profiting. That's Shopify.com slash profiting. Yap fam, hear your first. This new year with Shopify by your side. What's up, young and profitors. I remember when I first started Yap, I used to dread missing important calls. I remember I lost a huge potential partnership because the follow-up thread got completely lost in my messy communication system. Well, this year, I'm focused on not missing any opportunities, and that starts with your business communications. A missed call is money and growth out the door. That's why today's episode is brought to you by Quo, spelled QUO, the smarter way to run your business communications. Quo is the number one rated business phone system on G2, and it works right from an app on your

phone or computer. The way Quo works is magic for team alignment. Your whole team can handle calls and text from one shared number, and everyone sees the full conversation. It's like having access to a shared email inbox, but on a phone. And also, Quo's AI can even qualify leads or respond after hours, ensuring your business stays responsive, even when you finally logged off. It makes doing business so much easier. Make this the year where no opportunity and no customer slips away. Try Quo for free, plus get 20% off your first six months when you go to Quo.com slash profiting. That's QUO.com slash profiting. Quo. No missed calls, no missed customers. So you just mentioned that you think the economy is going to crash next year.

I think you said March. It's crashing right now. You've also said that we need new entrepreneurs to save us from the economy failing. Why do you believe that? Why do you think it's important that we've got some new entrepreneurs stepping up in the world? When you look at the economy right now, guys like my poor dad are running the show, PhDs. PhDs, hence, we're poor, helpless, desperate. Do you mean, like, they're just academics?

They have no idea, like, how to run a business. or make money. Is that your, okay, got it. And also, they're rich people, they got me wrong, but it's how'd you make your money. Yeah. If you ran the Fed, you'd run it differently than Powell would because you've had to work on your own. So you'd actually be a better Fed chairman than him because you come from experience. And speaking about being a successful entrepreneur, you also talk about how money emerges from good ideas that are executed well. Tell us about that. Like, what makes you?

What makes a good entrepreneur in your opinion? What makes a good business? What makes a good entrepreneur? What do you need? That's the third book. It's over here. These are entrepreneurs. He's pointing to B&I, big business brands, and insider.

I build brands, starting another brand. I'm constantly starting businesses and invests. Like last week, I invested in two big businesses. I'm an insider. I don't use my own money. I don't need money. So I know some people, oh, I've got to have money, but I don't need money.

But it took me a long time to get there, the chain my gut, train your brain to think that way. Why don't we talk about the difference between a brand and a business? Because I feel like some people don't understand the difference. So when I started, I have a social agency and a podcast network. I run people's social channels on LinkedIn and Instagram and YouTube. And then I also monetize podcasts and I have one of the biggest podcast networks, right? When I first started, I had built this big brand around me being a social media influencer

and starting my company YAP Media, and I was able to charge like $10,000 a month for LinkedIn services where other people probably charge like $500 a month. And it's because I had a brand, which is one of the reasons why I was able to charge so high and obviously reputation and credibility

and social proof and whatever, right? What would you say is the difference between just a business and a brand? You can't go public. If you can't go public, you're not a brand. Hala, you make a lot of money as an S. My brand sells without me. I don't have to work. So I started another company last week. I'm developing it into a brand, but I don't have to be there. So if you can take yourself out of your

business, now you've created a brand. That's like Tesla or Google or Apple or General Electric. That was Edison. There's a book called Branding by Trouten Reese. I study constantly. So I knew I didn't want to be a high paid S because you'll, I guarantee you I don't pay any taxes and you pay a lot of taxes. I do. I pay way too many taxes right now. I know that for a fact. I need to move to a different state and I need to figure that out. But you're asking the right question because I think your mind is, I'm punching you in the head right now going brand, brand, brand. Right now you're an S, S, S. Only S is have clients. If you have clients, you're not a brand. I don't have clients. I don't have clients. I don't work. I have a company. It works for me. I have employees. I have all of these people

here all over the world. King's Point, the school I went to on Long Island, not too far from where you are, is supply chain. I build supply chains. So my products go all over the world. I don't go around the world. It's a different mindset. All of your people listening right now, they're going, I have a side hustle, I got this gig going, I got my podcast going, I'm a TikTok dancer. Even your title is young and profiting. That's not a brand. Okay. The position statement.

Catholic Church is a brand. And I'll say it again, Buffett invests in brands. Buffett won't invest in your company. Wall Street invests in brands. Wall Street won't invest in your business. So when you think about that, then the pieces start to figure come in. But I had to read the stories of Thomas Edison and Steve Jobs, but those guys create brands. And when you hit brands, and you will hit it.

But right now, you've got a couple of pieces missing. I still have clients, so like you're right with that. I still have some clients and things like that. But I will try to figure out how he can become more of a brand and more of an insider. It's book three. Okay, there's book two called the Cash Flow Quadrant, which is this year. And maybe we'll have you back on after I read that book so I can teach you. This here is B&I.

You have to get to this site. You're over here. Yeah. You can make a lot of money here, but it doesn't the same is making money here. Yeah. Let's talk about things that you've been talking about in recent years. You mentioned before gold and silver. Why are you such a big proponent of gold and silver?

Because this is toilet paper. He's carrying a dollar. This went fake. This is a Kennedy half dollar. 64. This went fake in 71. So it's an important question. See, what happened when they went to this in 71?

Then it went to Treasury bonds, T-bills, and T-bonds. Do you know what the IRA is? Inflation Reduction Act. That was Biden again. They're raising interest rates to kill America. And when the socialist take over will be communists. They want social programs and all this stuff. And they're bankrupting America right now.

So I'm a U.S. Marine. I went to military school. That's what we studied. That's why I said I read this book at the Academy here. Everybody should read this book. Our banking system's collapsing. I hope it doesn't. But if they keep doing what they're going to do,

there's going to be runs on the banks. You're holding on to this stuff. What happened during 2008 with this stuff? there are a thing called bail-ins, not bail-outs. They're going to take your dollars into bank, and they're going to turn it into bank shares. That's a bail-in. I'm giving you macroeconomics right now.

So that's why back in 64, this went fake, and in 71, this went fake. If this is how you feel, if you feel like America's becoming communist and people are Marxist and communist and don't even know it, basically, I think people have these opinions because they see such a disparity between the rich and the poor right now, right? The rich are getting richer.

They're not really taxed. They know how to make money and they're doing better than a majority of Americans, right? All the wealth is like with the top 0.01%. And then everybody else is sort of left in the dust. What's your perspective on that? Do you not believe in any sort of social programs or helping people who didn't have the same opportunities? No. You can teach a man to fish or you can give a man a fish. You're not the type of person that wants to be given fish, Hala. You teach a man to fish, you feed them for a lifetime or a woman. You give a person a fish, you feed them for a day. And 60% Americans believe in giving people fish. I'm not even getting into that, Hala. I'm just saying right now is this. If you have this and you're working for this and you have a lot, and you have a lot of, this in the bank, you're in trouble.

I hear you. I started this whole program because in 64, I was holding one of these Kennedy half dollars looking at it. It was copper. What they did in 64 is they pulled the silver out of the silver coins. And that what happened in 71, Nixon pulled the gold out of the dollar. Today, America is the biggest debtor nation in history. Hala, we're going bankrupt.

We are bankrupt right now. We have a few more months left. So the object is, I'm not trying to save anybody. If anybody's listening, I'd buy some of the silver coins right now. They're about 35 bucks. They used to be 50 bucks. So I would go to real money as fast as I can, either real gold, this is real silver, real gold, or Bitcoin.

Get out of this stuff here. Talk to us about that cryptocurrency. You mentioned Bitcoin. Why do you feel that's safer than dollars right now? I study like crazy. I'm not kidding you. I hang out with very smart guys. Like I said, you number one asked, are your friends?

Who are your friends? This is the question I ask people. Are your friends, Y's, S's, B's, or I's? That's where you start. How about your father? E, S, B, or I. Your sister, S, B, or I. Everyone is an S for me.

And it's going to affect the way you think. I hang out with people your generation who can explain Bitcoin to me. So I don't have an ego where I say, well, a person's, I'm older so I can't learn. I can learn from somebody who knows more than me. And so my friend who is a Bitcoin freaking genius, I mean, he used to work for me, but now he's a millionaire. He doesn't have to. But he understood Bitcoin.

I don't understand it. So he explained it to me, is, okay, I got it. So you've got to find in anything in life here who are the people you're talking to. I don't like financial planners. You know, they're nice people, but they tell you that 6040, 6040 equities, 40 percent bonds. 6040 is going to bankrupt people this year, this year, not next year. This year is the book I wrote here, Who Stole My Pension? If I had gone and become an airline pilot like my friends did, they'd love.

lost their pensions. They flew for United Airlines. United Airlines stole their pensions. It's going to happen to every police officer, firefighter, schoolteacher, their pensions have been stolen. They don't know it yet, though. It's coming out in the wash. So I'm warning people now, oh, you know what you're talking about. So, okay. But my friends who went to fly for United Airlines, they lost their pensions already. Okay, I'm just warning people. I wish I could say, guess what? The Easter Bunny is coming to town. We're going to get around the place. We're going to hug and kiss, and I'll be happy. We touched on a lot of things. One thing you didn't really talk about is real estate.

How do you feel about real estate right now? It's going to crash. Okay. Because interest rates are going up. It depends upon what your interest rate was when you bought the thing. Now, the good news is when markets crash is when you get rich. So I say, well, it's going to crash. Everybody goes, oh, he's bad news.

That's good news. But right now, the biggest thing is consumer credit and then corporate credit. I'm doing my very best to tell you something. Okay. This is garbage. Dollar bills. It's built on debt. We're coming down.

We're probably going into a depression. I hope I'm wrong. You've got to get away from this stuff here. So, oh, I'm making millions today. I've saved millions of dollars. But throughout history, these things have disappeared like that. It's like we're just about to go over the falls right now. And you want to talk about more of this stuff here.

I'm warning you. I'm warning you. I'm warning you. At least get to some silver. It's only 35 bucks. This thing is $2,200. Let's say I need cash. I walked down to my gold dealer.

He gets made $2,200 for that at the same day. It's liquid. It's good as cash today. But when I bought this thing, it was only $50. Today it's worth $2,200. Think about that. Think about that. Well, let me ask you this. Why do you think gold and silver will keep its value? I know that it's actually valuable, right? It's a precious metal.

But why is it that it keeps its value more than dollars? That's a really good question because it's real. Gold is God's money. Silver is God's money. Bitcoin's people's money. Most of your listeners, if they're mail, are into Bitcoin. You want to get outside the system. Don't want to be inside the financial system. The whole financial system was set up to rip us off. Well, Robert, like I mentioned, it's been such a great conversation.

I end my show with two questions that I ask all my guests and then we do something fun with them at the end of the year. So the first question is, what is one actionable thing our young improfitors can do today to become more profitable tomorrow? I would find out where is your local gold and silver dealer? And a gold and silver dealer, they have to know what they're doing. A lot of crooks out there. I bought my first gold coin. It was 50 bucks. I still have it. It's not worth $2,200.

Did the gold coin get any more valuable or did the dollar get less valuable? I hate to tell you this, March 2024, it comes to an end. My generation is toast because all we have are 401Ks. Okay, last question. What is your secret to profiting in life? And this is a metaphor. So beyond financial on business, how do you suggest that we live our most successful profiting lives? Be generous. You're generous in sharing what you know. I'm generous in sharing what I know. But also, the biggest thing is be careful who you listen to. I flunked out of Sunday school also. I wasn't very good, you know. My mom and dad tried to get me to become a good Christian. I couldn't handle it. But I learned one big thing. I was at Sunday school. I was seven years old.

And the Sunday school teacher was a young woman. She says, why were the three wise men wise. And I raised my hand, and she says, why? I said, because they were rich. I'm like seven-year-old. And she goes, no, now, now, now. Why do you say they're rich? I said, by that gold, frankincense, and mer? They have to be rich. She goes, no, no, no. So what's the answer? She said, why are the three wise men wise? Her answer was because they sought the best teacher. So that was seven years old at that time. When I was 10 years old, I knew my old man, poor dad was poor. he was never going to make it. He wanted me to get a PhD and all the other stuff, you know.

So I went to seek the next teacher, and that was Rich Dad. And today, I still seek the wisest teachers. That's my lesson. Love that. What a great way to end the show and kind of just wrap everything up. Thank you so much for joining us on Young Improfiting Podcast. Where can everybody learn more about you and everything that you do? Atrichdad.com.

I would get the board game play it 10 times. It'll change your brain. Most people are wired to think like ease and asses. That'll change your thinking to bees and eyes. That's where it starts. Well, I know that I've got some more reading to do. I've got to read some of your more recent books that you've been talking about. Thank you so much, Robert, for joining us on the show.

Thank you. Keep up the good work. Very strong and tough. Very good. Thank you. So much has changed about being an entrepreneur since rich dad, poor dad was first published in the late 1990s, but so much has stayed the same too. For example, I love the way that Robert talked about not being afraid of failure.

As he has written, we learned to walk by falling down. If we never fell down, we would never walk. Sometimes you have to be willing to make mistakes and fall down so that you can get back up as a stronger and better person, an entrepreneur. Robert had to overcome flunking out of school, going off to fight in Vietnam, and having his first couple of businesses fail. But he dusted himself off and kept trying new things, building new businesses, and brands.

One of the keys to his success was finding the right friends to make mistakes with. He said he found a lot about becoming rich and successful depends on who your friends are. Will you be able to find the right people that will keep pushing you to do better? And who will accept it when you push them back? As Robert put it bluntly, if you're hanging out with losers, you're going to end up being a loser. I also found it fascinating how Robert described his breakout success with rich dad, poor dad. He didn't attribute it to being a work of genius or anything like that. He says he tapped into what the market wanted.

If you don't give the market what it wants, the market doesn't buy it. You've got to know who you're writing for and who your customers are. Thanks so much for listening to this episode of Young and Profiting Podcast. We know who our listeners and customers are and we want to keep being able to bring you great content that you enjoy. If you listen, learned, and profited, be sure to share this episode with your friends and family. And if you did enjoy this show and you learned something new, then please drop us a five-star review on Apple Podcast.

That is the number one way to thank us. You can find me on Instagram at Yap with Hala or LinkedIn by searching my name. It's Hala Taha. And before we wrap up, I did want to give a big shout out to my incredible YAP production team. You guys are absolutely amazing. I'm so thankful for you all. This is your host, Hala Taha, signing off.