Escaping the Rat Race: What School Failed to Teach You About Money – With Robert and Kim Kiyosaki

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[Music] so i have a question for you what does school teach you about money so i’m nine years old i’m sitting in the fourth grade i asked my teacher i said hey when am i going to learn about money and my teacher smiled and she said we don’t teach the subject of money in school like i could almost hear her saying what my pastor would say the love of money is the root of all evil i said well may be evil to you but it’s not evil to me i want to learn how to make money so i’d go home to see my poor dad he’s the head of education and i said when do we learn about money at school and my dad says to me we don’t teach money at school i said why not he says well the government won’t let me i’m going why doesn’t the government teach us about money so the question kept haunting me why don’t we teach the subject of money at school and that’s where it started [Music] so the story of rich dad poor dad is a story of two cultures one academic one capitalist and they didn’t like each other here’s my poor dad was an academic elite and my rich dad who says you have to learn how to sell what separated my rich dad and my poor dad were two pieces of paper my poor dad thought his college diploma his phd was everything and my rich dad thought his financial statement was everything but really what makes you rich is your financial statement i wrote rich dad poor dad in 1997 it was published it had to be self-published because every publisher said you know what you’re talking about and today the book is of i think 100 languages or 50 languages whatever it is and it’s still selling when i wrote rich dad poor dad i put in their savers or losers and people got so angry because for many people saving money is a religion but why would you save money when the government and the fed are printing money the other lesson in rich dad porn is the rich don’t work for money what the rich know how to do is know how to use debt to buy assets so they get richer [Music] in 1967 i hitchhiked from new york where i was in school and i went to montreal canada for expo 67 the world’s fair in the future and the reason i went to expo 67 was because one of my father’s favorite teachers poor dad’s favorite teacher was r buckminster fuller and buckness of fuller had built the geodesic dome which was a u.s pavilion at expo 67. so in 1981 fuller put on a seminar in corkwood california near lake tahoe it was called the future of business and he asked our class what does god want done in 1994 robert and i were financially free and the beauty of that the real beauty behind all of that was that for the first time we actually had the luxury to ask ourselves what is it we really want to do with our lives so instead of us traveling all over the world telling people what we did we thought wouldn’t it be cool if we could create a tool an artifact something that could teach people exactly what we did to get out of the rat race of life and become financially free and we created the cash flow board game so we created a board game called cash flow it kind of tricks you a little bit because you you don’t even realize you’re learning but you’re playing this fun game and you’re learning about money and investing and basically what we found out is people all over the world in countries everywhere were getting together on a regular basis and playing the cash flow game and teaching each other financial literacy we found out we had over 3 500 cash flow clubs around the world and you help each other you know it’s called cooperation and you learn together so the rich dad cash flow club culture is the same culture of my rich dad [Music] i learn business skills that you need in real life to succeed and to do well in business and investing the cash flow clubs are very near and dear to me and to robert because it is people teaching people the lessons the philosophy of rich dad it’s an environment it’s a culture a capitalist culture a culture of learning a culture of respect that whether you’re rich or poor or smart or stupid or a phd or never finished school you’ve come to learn when robert and i realized that we had all these cash flow clubs all over the world we realized that these cash flow clubs were fulfilling the mission of the rich dad company [Music] so one way we fulfilled the mission of the rich dad company which is to elevate the financial well-being of humanity is number one we keep financial education simple we make it fun that’s why we have games and we use real teachers not fake teachers but also we have people teaching people people so we created the cash flow board game in 1996 we created the rich dad company in 1997 and then in the year 2000 oprah winfrey called and she says we would like to have robert on oprah and my heart was like beating so fast so suddenly i go from nobody knew who i was i walk on stage with oprah winfrey probably the most famous powerful woman on planet earth and she loved rich dad poor dad and then right after that donald trump called mr donald trump and robert kiyosaki define which forbes defines it as a million dollars a year in passive income whether you work or not explain for us robert how there is no middle class anymore well there’s many reasons for that but the middle class is not getting ahead the rich is the rich are increasing but the tax laws are written against the middle class so we just got together we said we can’t change the tax laws right now but we can change people when i was in sunday school i learned a very important lesson now what i learned is if you give people fish you feed them for a day and that’s what we’re doing all over the world today we’re giving people fish giving people fish only creates more poor people rather than give people fish why don’t we do what i was taught in sunday school which was teach people to fish the cash flow club culture is to teach you to fish but more importantly teach you to be an entrepreneur so you can create jobs you see if we have more entrepreneurs we have less unemployment and more prosperity it’s time we teach people about money [Music] when i was nine years old my rich dad taught me how to become rich by playing the game of monopoly and i didn’t understand why i was playing this game on monopoly and one day rich dad said to me says there’s many ways you can become rich one of the best ones i found this game monopoly because games are some of the best teachers in the world because all games engage four intelligences number one is your mind number two are your emotions you know fear and anger and sadness number three is physical i mean how can you learn to walk if you don’t fall down and number four is spiritual intelligence as maria montessori said what the hand does the mind remembers the difference between the cash flow game and monopoly is this here is called a financial statement and the financial statements my rich dad always said to me since my banker has never asked me for my report card yet so when you graduate from college or high school the banker wants to say one thing they want to see your financial statement most people don’t even know what a financial statement is let alone how to read one if you don’t know where you stand financially you don’t know where your cash is coming from or going it makes it very difficult to succeed in the real world when you look at a financial statement here we have it an income statement income expense and then you have the balance sheet asset and liabilities the poor and middle class work for a paycheck they work for money they want high income what the rich were for are assets so rich dad is one of the only companies that teaches you how a financial statement works so you can see whether you’re getting richer or poor even if you don’t have a college diploma artificial intelligence or technology is going to keep taking off what that’s going to do is create more unemployment think about this way today there’s about 3.5 million truck drivers in america in 10 years they won’t need truck drivers so this idea of go to school get a job for job security is obsolete idea many low end repetitive jobs that require you to do the same thing over and over again can always be automated ai is about automating current jobs that are not cost effective they have tons of human error so you can use technology to replace that in the last 10 years between 2010 and 2020 the number of millionaires in america went up by five times but also that same time between 2010 and 2020 10 million people lost their jobs so while the rich got richer so did the poor get poorer so when you look at the cash flow quadrant here who pays the most taxes what does school teach you about taxes because taxes for most people is their single largest expense so which would you rather be going to school getting a job working hard and paying a lot of taxes or you want to come over to the rich dad’s side and pay zero in taxes legally and so for all you millennials out there this here if you can’t get rich with this hang it up this is the most powerful entrepreneur’s tool i have ever ever seen but if you think like an employee like my poor dad this is no help to you my friends all went to college pursuing their safe and secure job and future and come to realize that when they graduate they can’t find that safe and secure job we were taught to think so small and not think bigger and if you do choose to be for example a dentist or if you’re if that’s your passion then why are we also taught that there’s different fields we can enter so you can own the dentist office right not just not just be an employee when it comes to money what worked for your parents and your grandparents does not work today the rules of money have changed dramatically and they keep changing at such a rapid pace the key is to get smarter with your money to get financially educated to increase your financial iq and that’s why the rich dad company was formed that’s why we created the cash flow board game that’s why robert wrote rich dad poor dad because it’s our passion and our mission to elevate the financial well-being of humanity so i ask you again what did school teach you about money and if it was like me which was nothing then maybe consider joining a cash flow club and dedicating some time to learn about what my rich dad taught me it’s a culture of capitalism it is a culture of generosity and the reason that’s important is because like it or not we all use money you

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