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you know I I people always kind of dump on uh what do you call it fast food industry if I had to do it again I can work for McDonald’s most phds tell me I can’t write yes I said I can’t write but I can’t sell you don’t like to live below your means do you no no and I think when you say to somebody live below your means you wipe their Spirit out look I have a I have an unfair Advantage you know I went to war and at War I’m alive because other guys died for me he’s the author of one of the best selling business books of all time Rich Dad Poor Dad he has challenged and changed the way that millions of people around the world think about real estate and money he’s also an investor who’s put his money into several business ventures he’s Robert kosaki and here’s my take on his top 10 rules for Success volume two rule number four is my personal favorite and I’d love to know which one you guys like best also as you’re watching the clipse if you hear something that really resonates with you please leave it down the comments below and put quotes around it so other people can be inspired as well when you write something down is much more likely to stick with you too enjoy you you wake up tomorrow morning and you’re on the street and you have nothing you don’t have have a single contact in your network all you have is the knowledge and experience that you’ve had throughout your career how do you build up from there well I’ve been there many times so it’s no big deal you just figure out what’s needed and wanted and you go do it you know I I people always kind of dump on uh what do you call it fast food industry if I had to do it again I go work for McDonald’s and the reason I go work for McDonald’s you know whether it’s seven bucks an hour or 15 I don’t really care I don’t really like McDonald’s food but they have the best Business Systems in the world you know how else can a company take virtually non- colge educated people and build a fast food industry across the world and they have the best system so right inside little McDonald’s you can learn everything you need to learn about business except for the management side of it so I just go work at McDonald so I can learn even more so I look at life as learning I’m constantly learning you know I’m reading constantly studying constantly I spend my most of my time with entrepreneurs I don’t spend my time with people who complain about the economy you know so nothing will really change I just go back to being an entrepreneur entrepreneurs have one thing in common they keep keep going they’ll change the rules they’ll reinvent the rules you know they don’t just take one answer so a real entrepreneur it really makes no difference which country you’re in that’s my beliefs you know I I love that you know what I mean it’s it’s just a mindset you know it’s F you you mess with me I’ll find a way around it you know I have a friend he multi multi multi family rich guy from France and you know France is as communistic as a get 75% top line for million doll earners yeah but that’s why he lives here so he he started buying vineyards in Napa and Sonoma so he went back to the French government and says it’s his wine he says I want to ship my wine in bulk to California and the government says you can’t do that so the French government saying you can’t sh yeah and here’s the guy he’s I think he’s five generations you know French Wine Guy this guy is this guy is an entrepreneur entrepreneur he says okay I can’t ship them in barrels the guy goes yeah he says okay I’ll ship them in bottles so he bottled all of his stuff it cost him more money but he still figured out how to do it do you know what I mean and now he has his wine with his California wine and all this and so he went back to the French governence here TR this see if it’s not better and so now they’re all confused because he didn’t break any rules so I’ll say it again entrepreneur is a mindset first a skill set and rules and depending upon whether you’re employee or small business the roles are different the mindsets are different the skill sets are different I am very shy very very shy you know I came back from Vietnam and I could kill people but I couldn’t talk to people and one day I said to my when I decided to follow my rich dad’s footsteps I just said to him I want to be an entrepreneur he says you got one problem I said what’s that I said you’re shy I said what’s wrong with being shy he says you got to sell you got to handle rejection number one skill can you handle rejection answer is no I couldn’t handle it so I stole I want to learn how to sell so that this is in 1973 I was 25 years old and my Rich Dad said How’s your love life said it sucks he said getting late I said no he says cuz you can’t sell guys got it so when I talk about what skill do you need when the sh hits the fan you better start selling so I went to work for Xerox in 1974 so I got learn how to sell took me four years then I was number one okay and today I’m a best selling author you know most phds tell me I can’t write yes I said I can’t write but I can’t sell if you can’t sell you don’t make money period end the statement you know just because you have a product doesn’t mean Jack but the important thing is you start you I don’t care what product you start with but you start you know I started off with nylon wallets success wiped me out you know we couldn’t sell couldn’t sell all a it took off then I couldn’t Finance I couldn’t Finance couldn’t Finance cuz the sales kept going through the roof now trouble is I kept borrowing and I couldn’t sustain the sales next lesson but that’s we learn okay is I’m one of those kids that didn’t like school you know school is good for people who like school but here was my poor dad head of Education PhD on the governor’s Board of Hawaii and all this stuff and his kid me and I’m flunking out of school because I can’t read I can’t write I said I couldn’t read I couldn’t write I was bored out of my mind you know I was just hey so what I did instead was that’s when I met my rich dad was my best friend’s father and he used these things called a game see games are the best teaching tools see when I’m playing this game this is how the rich taught their kids battle strategy is called chess my rich dad taught me to be a rich man playing Monopoly we played Monopoly hour after hour after hour you know the formula for great wealth of Monopoly is four green houses one red Hotel so today in Arizona I own 8,000 green Hotel I mean green houses and several red hotels I just play Monopoly for real so that’s the power of a game because a game engages me mentally physically cuz I actually have to move thing emotionally cuz when somebody knocks me out I better wake up you know I made a mistake and spiritually because it’s spirit that wins now if you just saw golden take play the play the oh you know everybody’s I I love LeBron James I love Cleveland you know but one guy cannot take on a team and I think LeBron scored 60% of all the points in assist and all that but a better team beat them so when you look at business business is the same thing but this is a team sport I have to have good accountants Good attorneys good marketing guys good Tech Guys great staff I have to have great leaders you know the trouble with most entrepreneurs are self-employed so they quit their job and you know in America today the SBA the small business administration says there’s 28 million small business owners 28 million 24 million are are classified as non- employers their oneman team you know they be like this guy say okay I’m going to take you on are you crazy but that’s what most entrepreneurs are trying to do because that’s what they’re taught to do in school to be the rugged individual you know in school I was very successful as long as I could cooperate at test time but in school cooperation at test time is called cheating in the real world the guys have the biggest team win so all I focus on is putting the best team together meanwhile a lot of the time the a students in school that the doctors and lawyers they’re sitting there all by themselves they’re sitting ducks but they’re entrepreneurs you know I mean just a mindset tactics strategy I went to military school I’m a former Marine so I think like a military operation which I love chess so most most entrepreneurs you know they have this job and okay I’m going to be an entrepreneur and this guy’s just Massacre him that’s very good because they went to school they learned to get a job and they take tests on their own they have to be the smartest that’s like the LeBron James I don’t want to be the smartest guy in my team but I want to have the best team and that’s why I win most of my games it’s great I I think like this and the doctors think like this I’m going yeah I got you man for some reason I get the sense I’m going to win that’s right so the other thing with when people say live below your means you don’t like to live below your means do you no no and I think when you say to somebody live below you means you wipe their Spirit out it’s like saying somebody if you want to lose weight go on a starvation diet it doesn’t make you healthier to starve yourself so I would rather get financially educated that’s why I read read your books because I want to this is my greatest asset I want to feed my brain so that I can expand my means without getting into excessive debt or where I start to lose because debt could say is a 28 sword but telling somebody body to live below your means is almost inhumane I never felt good doing it I wanted to strive to do better every day I want to do better every day I like a good life like I tell the story of uh taxiing underneath your jet you know I wasn’t my jet but it was a little lar Jet and I look up and there is a 727 and I taxi under it I said holy man you know it’s it’s big boys and their toys but nonetheless it inspired me I said okay I’m in a Lear jet now it’s time to step up and it doesn’t mean the jet will make me happier what makes me happier is the wanting to get better to get smarter to do better if you did not have the rich dad in your life what would you be doing today that’s hard to say if I didn’t have my rich dad because um as a young kid starting probably about the age of five six seven 8 nine I really wanted to be rich so I think number one is desire you know and then you naturally seek you’re a role models and teachers and in my lifetime I’ve had multiple Rich dads you know my rich dad was my best friend’s father start the age of nine and then today I still seek mentors and wise men and Wise Women because that’s how you get wiser is by hanging out with smart people Everyone say says finding good real estate is hard when you’re getting started what’s the value of good Network and good Partnerships well I’ll say it again in 1973 I came back from Vietnam and I was a pilot out there and I took a real estate course it was $385 3 days long and that was a lot of money back then I was only making $500 a month so 385 was all I had and um the instructor at the end of the program said to me he said what the the whole class of about 30 of us he says your education begins now that you leave the class you didn’t get educated while the class so his assignment was that everybody or 30 of us we have to pair up in team get up in teams two two or three in the team and we have to look at 100 properties in 90 days and he says don’t buy anything just look at 100 properties do your evaluation of each property write write a short blur about it why it’s good why it’s bad and it’s at the end of 90 days and 100 properties then you make up your mind if you’re going to buy something he says if you haven’t found a one property in 100 100 deals you start again you know you start again with another 100 and that’s what most that’s why most people are not rich is they’re not willing to go through that process of looking at a 100 deals to find one deal and there sometimes and you and I know you look at a lot of frogs to find one princess you know but when you find that one princess everybody goes oh well how do you get so lucky well I looked at a lot of dir dirt dogs out there you know and that’s like anything in life you don’t marry the first man or woman you meet hopefully you kiss a couple of them you know before you do my last paycheck I still remember it clearly it was one of the worst and the best days of my life and I was in Puerto Rico I was in I was working for Xerox and my boss gave me my last it was wasn’t a paycheck it was a bonus check I think it was about 30,000 bucks taxable it’s the only problem with that so I got this check and I went holy Ma you know what I mean so I was excited but I was also Disturbed and so this other guy comes up to me his name was John and John says to me he says you’re going to be back I said why he says cuz you’re going to fail I looked at him and said look few expletive words because that’s what he did he left Xerox failed and he came back and I said look D you failed and you come came back but I’m GNA fail and I’m never coming back and that’s the attitude do you know what I mean if if you say well if I fail I’ll go back to Mommy and Daddy then that’s what you’ll do so if you fail that’s when I became an entrepreneur because I had no money I had no money for years you know I didn’t have a paycheck but that’s what my Rich Dad encouraged me to do is is when you’re when you don’t have this paycheck you get hungrier smarter and it’s a test of your character will you become a crook will you become dishonest will you cheat and steal or will you become a better human being so really that’s the benefit of becoming an entrepreneur is you really find out who you are when you don’t have anything if you’re an entrepreneur and you’re going to be a big entrepreneur leadership skills and communication skills are more important than a law degree so now I have another book that just came out it’s called the eight lessons of military leadership in the military I went to Military Academy and all that I you know from day one you’re learning leadership you know day one at the Academy I have to stand in front of 20 18 year old kids and go Section 10 Hut and naturally they’re they’re going to say true you you know so that’s when you learn to be a leader now as you said to me when we first met the drill with the military you got a little rough so I had a hard time when I came back from Vietnam and I went to work for zerox and you know people don’t like the idea of call him an [ __ ] and a [ __ ] you know stuff like that every other word is a curse word in a military it’s just an adjective hey [ __ ] you’re not do this you know but they don’t I’m going to call my HR person I make some changes here you know what I’m talking about of course I you can’t talk straight in Corporate America you got in the military you can it’s it’s you have to yeah you have they love it yeah you actually give promotions if you do in the military well well when I got called names oh the guy likes me so that’s why for all you guys who military veterans you know you have probably the number one skill to be an entrepreneur which is leadership the ability to listen to not take it personally and he’ll still get the job done it is the best training in the world you know the saddest thing about leaving the military was leaving the guys behind there they were some of the best in the world and and there were you know they weren’t all college graduates there were just my Gunners my mechanics you know all this stuff camaraderie is pricess oh Jesus Priceless camaraderie is priceless and so all I did when I when I started the Rich Dad company was to have that same sense of teamwork inside Rich dead that’s why there’s no ranks and all this stuff in this company everybody gets to say what they want to say people are free to do what they want I stay out of their way and we get the job done so the minus touch is five things you got you must remember number one is the thumb which is strength of character you fail stand up don’t like don’t cheat don’t just stand up on it keep going on strength this is focus you know the index finger this is where I’m going and I talk about how I went to flight school you know preparing to fly in Vietnam you know people are shooting at you you still got to stay focused on your target even if you get killed in the process this one everybody knows this is what you stand for you know so Donald stands for the the absolute wealth and what I stand for is very simple Financial education keep it simple you know teach people to manage their money so I stand for that and I don’t ever get off that track the ring fingers for relationships if you if somebody is struggling financially be at a company a country or marriage it’s because you have a bad relationship and the thing that Donald and I always say is that you can’t do a good deal with a bad partner and God knows I’ve had some bad partners and they’re just incompetent but they want to pretend they’re smart and then the little one is a l little finger every entrepreneur must do something that nobody else does for example in the United States Walmart their whole system of business is designed to give you the lowest price possible everything whereas a little mom and pop store they say well we put things on sale that’s not the same thing FedEx says overnight that was their whole thing they built the whole company around that little promise uh Domino’s Pizza in America was pizza in less than 30 minutes so the entire business was built around one simple little promise and those are the things that make entrepreneurs extremely rich or extremely poor if they don’t have those five is there a time to bail out on a project though I mean when I don’t I that’s not in my vocabulary yeah look I have a I have an unfair Advantage you know I went to war and at War I’m alive because other guys died for me when you see stuff like that you know how can I quit most guys are just wimps [ __ ] cowards they don’t have it so they should they should get a job thank you guys so much for watching I hope you enjoyed and if you haven’t checked out volume one I think you’ll enjoy that as well I’d love to know what did you learn from Robert today in this video that’s going to have the biggest impact on you on your life or your business what immediate change are you going to make after watching this video I’d love to hear from you please leave it down in the comments below I also want to give a quick shout out to MD McGill thank you so much for picking up a copy of my book your one word and taking that picture and posting it on Twitter I really appreciate the support and I hope you enjoyed the read by the pool so thank you guys again for watching I believe in you I hope we continue to believe in yourself and whatever your one word is much love I’ll see you soon very important diagram my rich dad showed me when I was a little boy was a diagram known as a cash flow quadrant and the quad is made up of the four different people who make up the world of business so my Rich Dad said in the world of business there’s ease and E stand for employees an employee he says you can always tell who they are by their core values and what they employee whether the president or the janitor of a company will always say the same words the words are I’m looking for a safe secure job with benefits that’s what makes them an employee CU their core values is are security the other other one of the four is the s or the small business owner or the self-employed and again their core values will cause them to use the same words which are if you want it done right do it by yourself s means they’re also solo they generally one person act or they operate by themselves on the right side of the quadrant are the bees and what Rich Dad said the bees stood for was big business or like Bill Gates Forbes defines big business as 500 employees or more and their words are different they ass looking for a good system a good Network and the smartest people I know to help run my business so they’re unlike the S they don’t want to run the company by themselves they want smart people to run their companies for them and then the fourth of the quadrant is the I and I stands for investor these are people who have money work hard for them these people are people have people work hard for them and these are the people that work hard for the rich here and the thing of note here is that most people who go to school I program for the E and the site for example was my poor dad who always said to me son go to school so you can get a nice safe security job and So my poor dad wanted me to be an employee and since the time I was a kid get a safe secure job steady paycheck and benefits okay I didn’t want to be an employee and I said Mama and Mom and Dad I want to be a rich man and my I fight with my dad so my mother finally said son if you want to be rich my mother was registered nurse and she said you want to be rich the richest people I know are doctors so my mom wanted me to come over here be a specialist or small business person I said there’s only one problem with that Mom doctors are really smart and she says you got a good point there not going to be a doctor so I you know so I went to school I have a Bachelor of Science degree I can drive ships and I can fly planes I flew for the Marine Corps but that I’ve never used any of that education because I wanted to become a business owner so it was my Rich Dad who basically said to me you know become a business owner and learn to be a professional investor so one of the big differences here between these people is that it’s called Texas in 1943 in the US the federal government passed a law that said employees had to pay tax before they got paid so when you go to when you get your paycheck from your employer you open it up and voila the government’s always taken a sizable job of it and the harder you work and the more money you make the more money they take from you so that’s why it’s not that good to be an employee because you can never get ahead because the more you work more money you make the greater they pay in taxes now the the doctors and lawyers and attorneys you know accountants were all laughing say these guys they get you know they’re getting paying a lot of taxes so naturally the federal government changed the laws again so in 1986 in the US a thing called the 86 tax reform act and it BAS basically took a lot of the benefits away from people who are self-employed small business doctors and lawyers so today in America unfortunately these guys pay the highest percentage in taxes it is tragic and a lot of people think they’re investors but what they’re really doing is they’re just giving their money to people like mutual funds companies and all that so they’re not they’re investing but they’re not really investors see the big tax breaks are on this side you know the laws pretty tight here but this area is very very great so by being a business owner on the right hand side of the quadrant you can make a lot more money and pay a smaller percentage of taxes legally and the key word is legally in the investor quadrant it is possible to make millions of dollars and pay 0% taxes legally and so it was my rich dad who said to me he says you know Robert if you really want to be rich learn to build businesses it made more sense to him to work hard to build a business something you owned and something You’ pass on for Generation to generation to your kids whereas My Poor Dad said work hard but my Rich Dad said why would you work hard for something you’ll never own and you get fired from right away again that was the difference in values so my Rich Dad suggested I learn how to be a business owner and learn how to be an investor and that’s one of the big differences on this side of the quadrant these people here work for security work for money also on this side over here their key value that they want is they want freedom they don’t want to have to work at a job anymore they don’t want to have to work for the rest of their lives so one of the beauties of business for the 21st century it allows people to make the transition from the e and the S side to the B side especially and so you can become a big business owner and the difference between S and A B small business and big business is most of these guys can’t quit working most small business owners if they stop working for more than a month the business collapses you know they don’t really have a business most of these people own a job so the beauty of business for the 21st century it allows these people to make the transition to the B side so that you don’t have to keep working hard for money and the money can actually come in passively then once you have your business up and running then I always recommend you then begin investing with your excess cash paying less and less in taxes and that’s the reason the rich are getting richerWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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