7 Rich Dad Lessons for Getting Rich – Robert Kiyosaki

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[Music] who wants to live below their means I want to live the best life I can possibly live so I talk about this often I use liability if I want to buy a new Ferrari I first buy an asset and the asset pays for the Ferrari I wanted to rolls-royce why because I never had a rolls-royce I’ve had Bentley’s so I built an asset and the asset then bought my rolls-royce now I’m kind of bored with cars so I don’t have us guilty thing is that I have financial education which is what the Rich Dad Company teaches and you can have the same thing too you just have to stop listening to those schoolteachers who are poor you know most school school teachers like my poor dad very good good people but they’re so terrified of making mistakes they want they want a steady paycheck and they want a guaranteed pension I don’t think you can get rich from that point of view look at this chart here is called a cashflow quadrant E&S employee and self-employed that was my poor debt you know thank these guys work for money these guys are not capitalist they work for money and they invest their own money on the B and the I side is my Rich Dad site that’s the capitalist site capitalist use other people’s labor and other people’s money to get rich which side do you want to be on I’d rather be on the capital of site so that’s the only difference it’s a whole shift of mindset and education but everybody can do it if you want to do it it was really hard because I didn’t like I’m actually a very shy person so learning how to sell with a heart attack to do but if I hadn’t spent four years learning how to sell I never made it here I never made it here so the entire time that you were here you were preparing to jump to the other correct so every job is not so much for the high paying job with job security for not everybody and most people should have job security because they’re not designed to be entrepreneurs but if you’re going to be an entrepreneur then you better take this job and say well which way am I gonna go yeah okay so I knew my job at Xerox was to go here and here and here not stay here and I actually make so much money over here that I don’t need job security yeah so really that’s a lesson when you look at a job you look at what can I learn more than how much can I make mm-hmm and I think that’s the biggest challenge and if you look for a job where you can learn a lot the heart of the job the better it is do you know what makes something an asset a liability is the tomb are the two most important words in business cash flow which way is a cash flowing so an asset if the money is flowing into your income statement it’s an asset so my rich that would save money is flowing into your pocket it’s an asset if money is flowing out of your pocket it’s a liability so the average person they go out there buy a house they say oh it’s an asset but every month its flowing straight to the bank so your money flows straight to the bank not that intelligent you know I want the money to flow from the bank to me so it flows to the bank or what they’ll do is they’ll buy a stock or a bond to a mutual fund and it’s an asset and it flies straight to Wall Street not your asset it’s Wall Street’s asset and the third line when you look under expense first line is tax so the average employee like my poor dad with a high paying job the money comes in go straight out the taxes and to the government it makes sense so you when you when you get a job first line taxes second mortgage to the bank third your 401k or IRA straight to Wall Street but you think they’re assets it’s not their assets but they’re not your asset so that’s one of the big things my rich dad taught me is you got to control your cash flow you want the money flowing into your pocket not out of your pocket so the one last thing I’ll show you here is this is this is the asset column this is what Rich Dad worked for he worked for assets you didn’t want a job and this is my poor jet here you wanted a high paying job different mindsets so today you know I don’t I still go home to Hawaii I see my relatives and they keep they call me Bobby Bobby Bobby have you got a job yet and I go no aunt I don’t have a job she goes Oh too bad you’re unemployed said yep so their mindset is they’ve been programmed to be employees to work for the rich and that’s what my rich dad taught me so it’s all here in the financial statement the rich worked for assets the poor middle class worked for money very different mindset so I don’t want a job I just want the asset that produces income called cash flow not taxable not taxable that’s why they’re educating register let’s start with this one first keep it small is here you have you go to school get a job you become an employee but you learn nothing about taxes then you become a little entrepreneur you stretch a little falafel shop business or whatever you start right so the self-employed small business and then you have big business 500 employees or more or I for an investor so Tom how much tax do employees pay well typically if they’re making a good salary and this is by the way the same rates around the world typically it’s going to be about 40% 40% and after the attack the Trump tax cut did that changed much not much it didn’t so if you’re a you know oh I’m gonna start my own little business I’m gonna you know start my little pizza shop or a my coffee shop how much of these guys pay well now it goes up because you’re paying both your share of the taxes plus the employer share the taxes because you’ve got both sides so now goes up as high as 60% so when you hear a young person an old guy like me say I’m gonna start my own business they don’t anything about taxes do they no and in fact this is the place where people get in trouble because over here this the money being taken out of your paycheck but here you’re responsible for your taxes and so what happens is is that you you go let’s say you’re successful with your pizza shop right all of a sudden tax time comes around oh no I’ve spent all my money and I don’t have money to pay the taxes and people go out of business real fast here well it is surprising because a lot of the Millennials do want to start up their own small little business right and what they don’t they’re not aware of is that they’re gonna be in a 60% tax bracket because taxes are you a single largest expense so if you guys start your own business you gotta be aware of taxes yeah now big business as 500 employees or more how much do they pay typically around the world about 20% now why is it that big business people pay less than small business well basically the government wants the government wants us do certain things and they’ll give us incentives if we do them and what they’ve won out of a big business is they want employment so I want to create employment because that creates stability in the country jobs jobs right and so the more jobs you create actually the more tax benefit you get well look at Amazon right now they’re looking at moving their company how many tax benefits they are getting Oh My heavens they pay very very little tax Amazon does and they pay you need to talk about all those different kinds of taxes not only they pay very little income tax but they’re also paying very little sales tax and employment taxes and all those others because they’re getting benefits from multiple types of government the federal government state government the city government is that how is that how a lan must started his battery factory in Nevada well yeah I mean Elon Musk he has huge research and development tax benefits which by the way that’s a tax benefit that is true that is available in most countries more than the US right so if you’re going to stay small and is a good place to start but you gotta really want to come over here eventually and then the professional investor see these guys are passive these guys invest in stocks bonds mutual funds they save money they’re passive guys they pay the highest taxes but how much does a professional investment it’s like Shark Tank how much of these guys pay so they can pay as little as zero percent right they can actually completely eliminate their tax and this is called a financial statement what makes the cash flow game different from monopoly which might help my rich dad taught me via monopoly is my Richard also taught me about financial statements so a cash flow is the only game with a financial statement so really simply may look at a financial statement there’s income expense assets liabilities there’s one more thing in the cash flow game on the financial statement you’ll see it’s the most important statement of all is called the statement of cash flows off to the side here so if you’re gonna be an entrepreneur or a capitalist you have to have one of these kind of a rich you have to have one of these but 99% of all high school students live in school and college have no idea what this is you have FICO scores you know but you don’t know what this is so when a banker asked you for your financial statement they want to see how smart you are here so let me tell you why school makes students poor so really simply that’s this let’s say I have a master’s in hearts I don’t master of arts degree right yeah or a Bachelor of Arts degree yeah do I learn anything about income no what about Greek mythology there you go I learn about income and we wonder why kids are leaving a school or young generation looking for that high paying job but let me ask you this if you have a a degree in technology do you learn anything about assets never so you could be a techie and you know nothing about you you could be a techie and know nothing about this you see when a banker looks at your financial statement they’re looking at the mirror of you this is a reflection of you and if you got Jack here and Jack here then you’re not that smart financially so the reason the cash flow game is such an important game it teaches you what is important to your banker or from a capitalist or for an entrepreneur is it entrepreneurs got to know how to increase their income and an entrepreneurs gotta know how to create assets if you don’t know those two things you should not be an entrepreneur you should be an employee and this is another lesson my rich dad would give me Rockhopper this is a cashflow quadrant you know you have a stands for an employee s sense will self-employed or small business or specials like a doctor or a lawyer B stands for big business five hundred employees or more and I stands for insider investor see these guys are passive investors they’re out setters these guys invest from the inside so the eyes are like shark tank guys like Mark Cuban and know that they’re they’re entrepreneurs who now acquire other companies so when I was probably in my twenties or when I was growing up should I say my my my dad wanted me be an employee so I when I got out of the Marine Corps I could fly so they want me to fly for the airline’s as a pilot said I won’t do that and my mom she wanted she was a nurse and she wanted me to be a specialist like a medical doctor I said to my mom is this one problems that medical doctors are smart that’s what S stands for she goes you’re right you’ll never be a doctor so I only had one hope was to go to the B side and the eyesight so today you know I own many many businesses and I invest from the inside now some people say well insider trading that’s the illegal it’s not illegal there are certain parts of it of insider trading illegal but the biggest deal is always inside so while my rich dad taught me says if you’re not on the inside here on the outside and the reason most people don’t make much money is on the outside you know I just now uber and lyft floated on this on the stock exchanges the insiders already made their money now the outsiders come in that’s the game so I’ve taken in my lifetime I’ve taken three companies public you know on the Toronto Stock Exchange a goal company a silver company and an oil company I did it because I wanted to find out what it’s like to be on this side on the B and the I side and they’re completely different worlds different mindsets different human beings so if you want to go to school this is where people wind up ENS and Rich Dad stands where people want to be on this side here it’s a very different mindset skillsets education processes so let me ask you this question when you are in school were you an A student or a C student you know where you’re the star of the class or the flunky of the class and if you weren’t the a student then did that mean you couldn’t be successful is that is that what it means to you if you didn’t go to a great school you’re never gonna be successful what if you drop out you know what if you drop out like Steve Jobs and no Bill Gates that means you’ve had it Jack Ma who was the found who is a founder of a little company called Alibaba he just recently said if you’re 35 and you’re not rich and successful you’ll never be successful of course Jack Ma is a school teacher former school teacher who struck it rich but naturally they have this idea that if you’re not successful in school you’ll never be successful in life and my contention has always been it almost damages you in school you know school damaged my brain and my father was a head of education for the state of Hawaii PhD and I hated school I mean I said they’re getting pounded all the time for being stupid [Music]

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Comments (50)

  • @rich_mind_secrets June 17, 2024 Reply

    Great advice overall. But right stocks are an asset. Not liability. You have to start from something initially. Cant directly invest from inside.

  • @yisodop673 June 17, 2024 Reply

    Robert is my rich dad father

  • @abdirahmanhussein3040 June 17, 2024 Reply

    He eats a lot of food back and forth

  • @ranwittlinguitar June 17, 2024 Reply

  • @jameshendrickson4845 June 17, 2024 Reply

    Its unclear to me how stocks and bonds are "wall street" assets.

  • @usmanzfr274 June 17, 2024 Reply

    I can see the struggle behind his SMILE

  • @LuisCastillo-do5mz June 17, 2024 Reply

    Master, I need your continous lessons every day

  • @bilal8971 June 17, 2024 Reply

    Thanks allot Robert kiyosaki sir.May Allah give you a healthy life ,and lots of happiness. The gift an orphan child can give you is dua and to advice you to read QURAN and sunnah BY translation hope it will benefit you allot.

  • @Historyteacheraz June 17, 2024 Reply

    The best way to get rich is to start investing at a young age. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a great book for new investors.

  • @user-zf8hx9cf7p June 17, 2024 Reply

    Am always proud with you sir 🙏

  • @ArturoDuarte-il6vn June 17, 2024 Reply

    Im going into sales to be more financially free, why do people who don't have money and barely getting by hate on me, and tell me to stay in a 9 to 5. Are they scared to fail or just want a mediocre life.

  • @englandfoden1316 June 17, 2024 Reply

    Love this guy❤

  • @berktopaloglu9891 June 17, 2024 Reply

    Don't try to drink the fountain; drink the flowing water from the fountain

  • @ArtWithPatty June 17, 2024 Reply

    A very interesting learning curve👍🏻
    I may miss a thing or two here tho… he said he wants money flying out the bank and not the other way round right?
    I must have missed the part where he said that those money flying out of a bank, soon or later, they have to make their way straight into that same bank…plus interest…plus taxes to be paid on whatever the cash flow generated…isn't it?🤔
    I must have also missed the part where he surely talks about financial risks involved in generating this cash flow using debts🙄
    One more thing I don't get or to better say I don't believe to be true is "cash flow is not taxable"…so, I own a property in the US which I rent out all year round right? I don't have to pay taxes on the cash flow this property generate?
    How???
    And last but not least…How much do 1.9mil view on a YT video generates in passive income???

  • @moneymakinmolars June 17, 2024 Reply

    I am a techie and I think your lessons are awesome, but I wanted to speak about techies like me who learn from people like you we know how to use other people's assets we are not only work orientated we know how to set up a website that makes use of another company's resources like using cloud storage and selling it at a higher price using open source software like nextcloud to hire sales assistants who will earn once off payment for bringing a customer and we earn the lifetime of the subscription without working at all since we don't even need start up for it as it6 is a pay as you go model so we just hire those who are good in sales. So, It's more like real estate in the tech world since our clients rent the storage which we just put a higher price on.

  • @FV-edits07 June 17, 2024 Reply

    5:02 just killed me 😂💀

  • @mike.p.1400 June 17, 2024 Reply

    Ok stop. At 6:14 in this video. Most people. Most. Don’t pay 40 percent in salary taxes.

  • @mike.p.1400 June 17, 2024 Reply

    I know I won’t get a response to my comment. But. Here it goes.
    I don’t understand why my house is a liability if I have equity in it ? If I owe a 100 and it’s worth 300 then I have a 200 thousand dollar asset. No ??????

  • @tokpo_15 June 17, 2024 Reply

    I’m still in my early 20s but I’m confident I am going to reach the B & I classes 🎉

  • @dollarbroke June 17, 2024 Reply

    Regarding #3 and crypto, not your keys not your coins.

  • @ioanbota9397 June 17, 2024 Reply

    Realy I like it

  • @adityathool4860 June 17, 2024 Reply

    So the moral of the story is don't fall in trap of becoming instant millionaire, billionaire .Learn the psychology of money ' How it works ? '. Rich dad's monopoly game must be very useful in learning the psychology of money . Learn about taxes, Assets, Liabilities, Income, Expenditure. And most importantly find out the sources of Assets and income…. Rest other things are secondary…. I am a teenager after listening to many many motivational speakers, business coach, I finally understand they are just temporary…. But the financial knowledge is permanent

  • @bible-james4277 June 17, 2024 Reply

    You have to find your market I listen to Robert K because myself love silver an do a e-commerce business ..with e commerce I can borrow 10 dollar , flip for 25 pay back the 10 keep the 15

  • @blairbennett June 17, 2024 Reply

    I AM FROM ENGLAND WHERE I WORK AS A JOURNALIST UNTIL I MET EXPERT MRS KAREN CHARLES, MRS KAREN CHARLES IS LEGIT AND HER METHOD WORKS LIKE MAGIC. I KEEP EARNING EVERY SINGLE WEEK WITH HER NEW STRATEGY

  • @eoinmcsweeney2632 June 17, 2024 Reply

    Jesus please help me life the best life i possibly can. Help my family please.

  • @amirakmel123 June 17, 2024 Reply

    I approved his word once I get 2k, I'm hearing his words on my full heart

  • @NatureandSpirit111 June 17, 2024 Reply

    Honestly cash flow happens whenever you make more (from business operations only, not equity from investors) than you spend. The formula is EBIT + Depreciation – Capital Expenditure (machinery for business) – Net Working Capital (Accounts receivable + inventory – Accounts payable).

  • @roseroland1998 June 17, 2024 Reply

    I love listening to everything these legends talk about!!! The volume of practical experience of decades they have one can't find in books or anywhere else!!! I already own shares of Tattooed Chefs and Kairos Minerals, and I'll buy some Corsair as well. Sure, I don't mind having these equities sit around for a few years, but I'd also like to appreciate short-term profitable investments that could, say, turn $100K into $500K.

  • @wincrave June 17, 2024 Reply

    Nice tips <3

  • @susannnico June 17, 2024 Reply

    Investment in stocks is a great way to invest your money. The team is constantly checking the market for changes and make sure that you are always informed about the best time to invest. As a result, I have made more money than ever before, and I don't have to manage my portfolio on my own! Invest in stocks, it's worth it!

  • @NihatKoc31 June 17, 2024 Reply

    ✌️Giving all praise to this team of guru's for bringing my life back on track when I thought everything was gone, but with the help guidelines I was able to realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks (with the help of my Financial Advisor of course) and made about 246k, but guess what? I put it all back and traded with her again and now I'm rounding up close to a million.

  • @george9225 June 17, 2024 Reply

    And from what I know and have learned over time is the fact that everyone, absolutely everyone, came into the world naked with nothing, someone taught you to walk and talk, they explained to you what the sun is, what the snow is, what the animal is, but the sad truth is that many have forget that they had nothing and still want to leave with nothing, but they all put prices on things that they did not create, but only offered them a different visualization, a model and considered this to be a value

  • @george9225 June 17, 2024 Reply

    I understood a special thing, you use the debt to improve the quality of life of others through different services, but what you still can't explain is the fact that those borrowed money must be returned as far as I know and from here and my theory because of this people try to resist and they have 2 or even 3 jobs because the prices are increased maybe from month to month for nothing, I would stay in a nice house if I was stressed and worried all the time due to the fact that the prices increase for each service maybe even 2 times in one month

  • @gantzuka June 17, 2024 Reply

    Quick question. Why?

  • @Beadsjewellery June 17, 2024 Reply

    This is the pyramid economic system they want few jews family always be rich and rule on the world

  • @Ultrabhaiz June 17, 2024 Reply

    Only rules to earn money theorytically are:
    1: you pay tax on liabilities so you have to made your liabilities into assets
    2:Loan makes debt
    3:You need leaders support for being rich
    4:You have to become so evil 😈

  • @shellylofgren June 17, 2024 Reply

    To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?

  • @lechungus1832 June 17, 2024 Reply

    This guy is smart and all but he has no respect for the father who raised him and gave him a relatavely smooth childhood.

  • @anaalbuquerque8786 June 17, 2024 Reply

    Wow number 3 🙏🥹

  • @davidcater June 17, 2024 Reply

    For any crypto currency exchange contact me

  • @DavidMccallister65 June 17, 2024 Reply

    I understand how the rich can avoid paying taxes and I also understand that the rich pay almost all of the taxes but I don't understand how both of those statements can be true at the same time? 🤔

  • @11534alpha June 17, 2024 Reply

    Whatever one should not humiliate his father for being poor…you are destined to be his son and every father works hard to fed his family..it is just no acceptable to humiliate your father with a smug smile

  • @antwonp2459 June 17, 2024 Reply

    I wish you all life full of abundance !!

  • @laurab2304 June 17, 2024 Reply

    You are a life changing blessing to those willing to listen. Total mindset change here.

  • @XXDXX777 June 17, 2024 Reply

    I always feel so bad for the girl in the videos lulz

  • @jensfischer2065 June 17, 2024 Reply

    He explains how the system of exploitation in favor of the super rich works. Key is that schools and universities create poor subjects. (^School damages my brain^)

  • @ap_projects June 17, 2024 Reply

    I trust people like this even less the more they explain how they make money. I don't know, it must be the verbal gymnastics on some parts of the presentation where the answers were sounding a little classist.

  • @213hrojas June 17, 2024 Reply

    Put God first ….ECCLESIASTES 2:26… please search it up

  • @BenzinioB June 17, 2024 Reply

    OK… I want to be in the "I" but not really sure how that works and what that means.
    I was trying to chase that bond and share investments – now it is a bit of a shock it is still on the wrong side. Then which kind of investing is the right one?

  • @wisdomandwealth June 17, 2024 Reply

    Very interesting. Thank you! 💯

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