They don't want what we know out there
They'll never get those on CNBC
But our school system will never tell us it does their part of the posse fake money
fake future
Stay back
I
Know the game of the rich my rich dad taught me, you know, uh, cuz you're the banker the bankers and the rich play
Is different than what they teach you in school all over the world. What the school teach you about money
And the answer is nothing
And that's not a mistake
That's not an accident
I knew that most people know that the way to keep the poor and middle class working hard has never taught them
What do the rich know so if you read Rich Dad Poor Dad which came out in 1997?
It's what the rich teach our kids about money the poor middle class do not
Poverty
Hurts. I mean, I don't like it
And I don't like that our academic systems are so corrupt, you know, we know the banking system is corrupt
We know politics is corrupt but act but academics are just as corrupt
I mean one thing if it's the banking in the politics
but this is where we send our children and we trust them to do the right things for them and yet they're being
Not taught something so fundamental like you asked your dad when you were a kid dad. Oh, yeah
Stratego tell teach us about money and it was just never and they'll never will, you know something
What do you know?
Share it. What is financial education?
It's not got a job work hard save money and invest in a well-diversified portfolio
Stocks bonds mutual funds and ETFs the financial industry is two things debt
and taxes
1971 Nixon took the dollar off the gold standard and the US dollar became debt
And we still tell kids to go to school get a job
Work hard save money and get out of debt
Now, who tells them to do that. That's the most ridiculous thing
There is the book starts and it says line number one saving money will make you rich and ever
Well, you know that we all taught that as kids. Why would you save it?
And why would you work for it if they can print it?
Had faster than you can work for it. Why do you keep saving when they're printing it rich don't work for money?
Don't you touch that stuff? It's very subtle. Yeah, they don't say
I'm gonna train you to be a worker be the rest of your life
But they educate you in a way where that's what you come out, right?
What else was he? What was he trying to do those first few months? Were you working for him?
What was he trying to get across to you?
Because he taught you the hard way about money, and she said if you're gonna be a success in your lives
You've got to find the best teachers and a great teacher is somebody who comes from the inside, not the outside
But in school, you don't know if your instructor is for real or not
That's where the fake teacher comes from. I
Said I want you to teach me about money. So it was so why should I teach you?
He said but it if I teach you you work for me for free
And I said why for free my dad my poor debt whatnots. He says is if I pay you you think like an employee
Your brains will your brain will change if you learn never to work for money, you'll be a rich man
And this is powerful once you give someone a paycheck their brain turns off, right because it had been the promise of a pension
Right and job security which is kind of a paycheck in disguise
Correct
After you stopped giving the man a fish eats for the day teach him to fish eats for a lifetime and most poor people confuse
Assets and the liabilities they think their home is an asset. It's actually a liability right an asset
Is a noun like a house?
Cash flow is a verb, so to understand if it's an asset a liability. It takes a noun + verb
So if the cash is flying out of your pocket, it's a liability
If the cash is flowing into your pocket has it burn?
That's it. So I own 7,000 rental properties
also, assets every month the cash flows in
Whereas many people have the big house of the hill and the cash is flowing out right now. They're going broke, right?
It's like a frame of mind
the other thing the poor don't understand is the number one expense for most people as taxes and
Yet we don't even see it
Isn't that weird you walk around and you look at the paycheck and say oh that doesn't seem right and you don't realize that
The government's got a huge hand in your pocket and you are doing nothing to minimize that again
This is what was very different about the rich and the poor the rich don't work for money is the number one expensive tax
See, there are three kinds of income earned portfolio passes
So earned income is if I get a job that's earned income if I'm a doctor or a programmer. That's burning because I'm working for
if I buy US by pilots an apple for ten dollars I sent over 20, that's
Portfolio income capital gains. Yeah
But passive income which is cash flow
Is never taxed?
That's all of these guys are screaming right now in America tax, too
Rich as a good luck
Because most of the guys complaining they don't know the three kinds of income and the rich don't have jobs. Anyway, they have assets
And so the average small out there poor guy, you know sent the kid to school. They don't learn this
You see very few people will buy what I do
Make a million dollars and pay zero tax and my rich dad taught me that playing Monopoly
That's how it started, you know for greenhouses one red hotel
Or the McDonald's for me. I write about it McDonald's Ray Kroc. Yeah
McDonald's is in the real estate business. So they sell hamburgers, but they buy real estate. They pay no taxes
You know this guy Bezos, but he's sixteen billion dollars how much tax did append a 16 billion?
And that's all legal anyone can do it everybody could to put everyone most people lack the education
So once you learn how to use debt as money you can never say you can't afford it
Because the banks will give you so the banks after the crash of 2008
The banks gave me 300 million dollars tax-free when they asked the average guy that can you why don't you use debt?
They can't even get a loan
Because there are scores their FICO scores when only we have them here are so bad
The schoolteachers will never tell you about it because they don't know it, my poor dad. Never knew that
You don't know if something as an asset a liability
Until you can see which way the cash flows
So a house is that it hasn't a liability
Well, if it's taking money from your pocket, it's a liability. It's putting money in your pocket
It's an asset. The US government wants me to provide housing
Wants me to provide jobs wants me to borrow money because that's how money is created through debt. I get huge tax breaks
Everybody can do the same thing if they had the financial education to do it
If people understood the tax code we'd be more prosperous but can poverty be passed through genetic
Yes, because it's some type of way of thinking it's an attitude. It's very simple when I wanted people to ask you
How do I stop it? I just never say I can't afford it ask yourself
How can I the reason I have so much money is because I don't say I can't do it
I just got how can I do it?
And I guess one to it. I make a lot of mistakes
But that's how I learned, how can I and poor people like my poured that always that I can't afford it
Do you think I'm made of money? I'm a school teacher. I can't do that
And I picked that up and my rich dad never said those words
So when I make poor people that use the words I can't a lot
So the people that said I can't afford it. I can't do this. I can't get to college the rich. Are you able to them?
I choose not to participate in that and that's one thing people could change today
Right now is that dialog in their head to stop saying the word can't I can't right
So, how can I especially as in I can't afford it
How can I afford that because that opens them up to look at it as an investment to a greater future?
Right, you know when I borrowed three hundred million dollars, I couldn't do it when I told I went to ask
And I got turned down so many times as a hill and every time I showed the back of my financials they go
Sorry, I said look do me a favor. Why did you turn me down?
You tell me
Your business out. The numbers are out there. So I get these numbers fixed. Can I come to see you again?
Because sure so it's called rejection same as my wife rejected me for six months
It's just a matter of personal willpower was spiritual to signal if they can do it. I can do it
And how can I and I think it's you once said words become flesh. Yep. I was a Bible to
Intelligence increases through your mistakes through the ups and downs of what you've learned
Real Estate's real estate what I learned made me enriched, not the money. You don't need money to make money
you know, I think all of us every human being has a low point in our life and if they get the message a
new life begins
If you don't get the message they keep going down
The richer I got was because I didn't need any money I could use this to make money, but how did I get there?
So I made a lot of mistakes
People are afraid of making mistakes and all those for fear of failing
Nice so very nice. So many people trapped in the same device
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