you know I’ll always kind of dump on we
called it fast-food industry
if I had to do it again I go more for
McDonald’s most phd’s 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 know and I think when
you say to somebody live below your
means you wipe the spirit out look I
have an unfair advantage you know I went
to war and at war I’m aligned 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 ways of
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 Kiyosaki and here’s my take
on his top ten rows of success volume to
rule number four is my personal favorite
and I’d love to know which one you guys
like that also as you’re watching the
clips 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 it’s
much more likely to stick with you to
enjoy
[Music]
you wake up tomorrow morning and you’re
on the street and you have nothing you
don’t have a single contact and 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 needed I’m watching you
go do it you know I’ll always kind of
dump one what he called 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 in over the hood
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 college-educated people
and build 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 it Donald 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 most of my time with
entrepreneurs I don’t spend my time with
people who complain about the economy
you know so nothing we’re going to
change I just go back to being an
entrepreneur entrepreneurs have one
thing in common they keep going they’ll
change the rules they’ll reinvent the
rooms you know they don’t just take one
answer so a real entrepreneurial it
makes no difference which country you’re
in
that’s my beliefs I not
that you know I mean it is a mindset
it’s fu you mess with me I’ll find a way
around it you know I have a friend is
multi Multi multi family rich guy from
France and that you know Frances was
communist because it gets 75 percent
online for million dollar earners yeah
but that’s when he lives here so he he
started buying vineyards in Napa and
Sonoma so he went back to the French
government he 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 what French government said you can’t
yeah and here’s the guy is I think his
five generations
you know French wine guy this guy’s this
guy is an entrepreneur entrepreneur he
says okay I can’t ship in and barrel the
guy goes yeah Isis okay all shipping
bottles baby bottles all of this stuff
it costs up more money well he’s still
figuring out how to do it to do know I
mean it now he has his wine with his
California wine and all this and so he
went back to the French government here
try this see if 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 skill
set and rules and depending upon whether
your employee or small business the
rules are different the mind sets the
different skill sets in terrific I am
very shy very very shy and I came back
from Vietnam and I could kill people but
I couldn’t talk to people
and one day I said to my wife decided to
follow my rich John’s footsteps it just
stood there I want to be an entrepreneur
he says you got one problem this is
what’s that so if you’re shy so what’s
wrong with being shy so you got to sell
you got to handle rejection number-one
skill
can you handle rejection answers no I
couldn’t handle it so I stole the water
hose itself so no this was the 1973 of
25 years old am i rich debts and how’s
your love life
so it sucks she’s getting a lathe I said
no this is because you can’t sell guys
got it so when I talk about what skill
do you need when this hits the fan
you better start selling so I went to
work with Xerox in 1970 fourth like I
learn how to sell took me four years and
I was number one okay and today I’m a
best-selling author
you know most phd’s 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 here you and the state you
know just because you have a product
doesn’t mean jack
but the important thing is you start you
know I don’t care what product you start
with but you start and I started off
with nylon wallet success wiped me out
you know couldn’t sell could itself also
it took off then I couldn’t finance it
for the finance couldn’t finance as a
sales tip going through the roof now
so the Liz I kept borrowing and it
couldn’t sustain the sales necklace but
that’s how we learn okay if I’m one of
those kids who doesn’t like school you
know school is good for people who like
school but here is my poor dead ahead of
Education PhD on the governor’s Board of
Hawaii and all this stuff and his kid me
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
hey so what I did instead was that’s
when I met my rich dad was my best
friend’s father and it is these things
called a game the games are the best
teaching tools so when I’m playing this
game this is how the rich taught their
kids battle strategies call chess my
rich dad taught me to be a rich man
playing Monopoly we played Monopoly our
hour after hour you know the formula for
great wealth of Monopoly is for green
houses one red hotel so today in Arizona
I am 8,000 green hotel in greenhouses
and several red hotels I just played
Monopoly for real so that’s the power of
a game because a game engages me
mentally physically because I access the
moving emotionally because when somebody
knocks me out I better wake up you know
I mean a mistake and spiritually because
it’s spirit that wins now he’s a salt
golden state played play today also ball
you know everybody’s I love LeBron James
I love Cleveland you know but one guy
cannot take on a team
and I think LeBron or 60% of all the
points in assists in all that what a
better team beetle 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 after great leaders
know the trouble with most entrepreneurs
are self-employed so they quit their job
and you know in America they the SBA the
Small Business Administration says 28
million small business owners 28 million
24 million are classified as non
employers merge their one-man team it
was a bit like this guy say ok 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 s-type but the school cooperation at
test time is called cheating in the real
world the guys have the biggest team
when so all I focus on is putting the
best team together meanwhile a lot of
time to a students in school that the
doctors and lawyers just stay there all
by themselves they’re sitting ducks but
they’re entrepreneurs then it means this
in mindset tactic 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 ok I’m going
to be an entrepreneur in this case is
massacre because they went to school
they’ll learn 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
I think like this and the doctor stick
like this and like yeah I got you man
yes but some reason I get the sense I’m
going to win
so the other thing with when people say
live below your means you don’t like to
live below your means do you know and I
think when you say to somebody live
below your means you wipe the spirit out
it’s like saying somebody’s going 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 death is a
is a to a sort but telling somebody to
live below your means is almost inhumane
I never felt good doing it
I wanted to Shrive to do better every
day I want to do better every day I like
the good life I tell the story of
[Music]
taxiing underneath your jet in us I was
in my jet but it was a little Learjet I
look up and there’s a 727 a night tax
the other does it holy Mac you know it’s
it’s big boys and their toys but
nonetheless it inspired me I said okay
I’m in a Learjet 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
that in your life what would you be
doing today it’s hard to say if it
doesn’t have my Rich Dad because as a
young kid starting at probably about the
age of five six seven eight nine I
really wanted to be rich so I think
number one is desire you know and then
you naturally seek your role models and
teachers and in my lifetime I’ve had
multiple rich debts you know my rich dad
was my best friend’s father son 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 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 again in
1973 I came back from Vietnam and I was
a pilot up there and I took a real
estate course it was $385 three 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 the instructor the
end of the program said to me he said
what’s up the whole class full of 30 of
us he says your education begins now
that you leave the class even get
educated Wilder class so his assignment
was that everybody over 30 of us with
the Parapan team different teams two or
three to the team and we have to look at
100 properties in 90 days and it says
don’t buy anything just look at 100
properties doing evaluation of each
property right up right a short blurb
about it why it’s good why it’s bad and
it’s at the end of 90 days and a hundred
properties then you make up your mind if
you’re going to buy something he says if
you haven’t found one property in a
hundred a hundred deals you start again
you know you start to get another
hundred 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 hundred deals to find one
deal and this sometimes in 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 dirt 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 women before you do
my last paycheck I still remembered
clearly he was one of the worst and the
best days of my life and I was in Puerto
Rico I wasn’t working for Xerox and my
boss gave me my last it wasn’t a
paycheck was a bonus check I think was
about 30,000 bucks
taxable only problem that look at this
check and I went holy mackerel yeah I
mean so I was excited but I was also
disturbed and so this other guy comes up
to me they was John and John says to me
says you’re going to be back I said why
he says because you’re going to fail I
looked at the missus look few experts of
words because that’s what he did he left
Xerox field and came back I said look
duh you failed and you come came back
but I’m going to fail and I’m never
coming back
and that’s the attitude do I mean yeah
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
use the test of your character we become
a crook we become dishonest will you
cheat and steal or will you become a
better human being
so really it does the benefit of
becoming an entrepreneur 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 and military leadership and the
military I want the Military Academy and
all that I’ll you know from day one you
learn the leadership you know day one at
the academy I have to stand in front 20
18 year old kids ago section ten-hut and
naturally they’re not legacy for true
you you know so that’s when you learn to
be a leader now as you said to me we
first met patrol with the military go
will rough I had a hard time when I came
back from Vietnam and went to work for
Xerox and you know people don’t like I
did call him an asshole and a fuckhead
you know stuff like that the other word
is a curse word any money yeah a magic
hey fuckhead
you’re not doing this you know but they
don’t appraoch all the HR person
I better make some changes here you know
I’m talking about of course you can’t
talk straight in corporate America
solitaire you can if you have to yeah
yeah and I love it yeah and I’m going to
give promotions if you well what when I
got called names assal the guy likes me
so that’s why I follow you guys are
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 kill still get the job
done it is the best training of the
world you know the saddest thing about
being in the military was leaving the
guys behind her there was some of the
best in the world and there were you
know there weren’t all college graduates
there was just my Gunners my mechanics
you know all this stuff camaraderie oh
Jesus Price embroideries nicely it’s all
I did when I when I started the rich dad
company was to have that same sense of
teamwork inside rich too
that’s why there’s no ranks and all this
stuff in this company everybody get 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 – such
as five things got the most remember
number one is the phone was a strength
of character you feel stand up don’t lie
don’t cheat go to stand up on it keep
going on strength this is focus you know
the index market this is where I’m going
and I talked about how I went to flight
school you know preparing to fly in
Vietnam and people are shooting at you
still going to stay focused on your
target even if you children across this
what everybody knows this is what you
stand for you know
so Donnell stands for the absolute
wealth and what I stand for is very
simple financial education keep it
simple you know teach people to manage
your money I stand for that and then
don’t ever get off that track the ring
fingers for relationships if you if
somebody is struggling finance get a
company a country or marriage it’s
because of a bad relationship and the
thing that Donald I always say
you can’t do a good deal with a bad
partner and God knows that has bad
partners and they just in constant but
they want to tender smarter and then the
little ones a little finger
every entrepreneur must do something
that nobody else does
for example the United States Walmart
their whole system of businesses
designed to give you the lowest price
possible everything whereas a little
mom-and-pop store though they would put
things on sale that’s not the same thing
it acts as overnight that was a whole
thing it was the whole company around
that little promise of Domino’s peace in
America was pizza in less than 30
minutes so the entire business was built
around one simple little puns and those
are the things that make entrepreneurs
extremely rich for extremely poor they
don’t have most fun is their time to
bail out on a project though I mean when
I don’t that’s not in my vocabulary yeah
look I have a I have an unfair advantage
you know I went to war and a war I’m
alive because other guys died for me
when you see stuff like that you know
how can I quit most guys I just wimps
pussies 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 mg
McGill thank you so much for picking up
a copy of my book here 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 you
continue to believe in yourself and
whatever your one word is much love I’ll
see you soon
very important diagram
Chad showed me when I was a little boy
or the diagram known as the cashflow
quadrant and the quadrant 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 E and E stands for
employees an employee says you can
always tell who they are by their core
values and what the employee whether the
president or the janitor of the company
well I would say the same words the
words are I’m looking for a stage to
care a job with benefits that’s what
makes them an employee because their
core values is security
the other other one of the four is the S
with a 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
if means they’re also solo but generally
one person actor they operate by
themselves on the right side of the
quadrant are the bees and when Rich Dad
said the Beast is for was big business
or like Bill Gates Forbes defines big
businesses 500 employees or more and
their words a different base I’m looking
for a good system a good network and the
smartest people I know to help run my
business they’re unlike the S they don’t
want to run the company by themselves
they want smart people to run the
companies for them and then the fourth
of a quadrant is the I and I stands for
investor these are people who have money
work hard for them these people and
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 a program for the e and the
outside for examples my poor dad who
always said to me son go to school so
you can get a nice safe to caret job and
so my poor dad wanted me to be an
employee as this what time was the kid
get a safe secure job steady paycheck
and benefits okay I didn’t want to be an
employee and as a llama and mom and dad
I want to be a rich man and I fight with
my dad so my mother finally said son if
you want to be rich my mother was
registered nurse she says you want to be
rich the richest people I know it
doctors so my mom wanted me to come over
here yes
our small business person as there’s
only one problem with that mom doctors
are really smart and she’s got a good
point they’re 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
and flew for the Marine Corps but that
I’ve never used any of that education
because I wanted to become a business
owner
it was my rich dad who basically said to
me you know become a business owner and
learned to be a professional investor so
one of the big differences here between
these people is that is called taxes in
1943 the US the federal government
passed a law that said employees have to
pay tax before they got paid so when
you’re going to get your paycheck from
your employer you open it up and voila
the government’s always taken a sizeable
chunk 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 a hit because the more
you work more money you make the great
they pay in taxes now that the doctors
and lawyers and attorneys accountants
we’re all athletes out of these guys
they get you know their game paying a
lot of taxes so naturally the federal
government changed the laws again in
1986 to the u.s. a thing called 86 Tax
Reform Act and it basically 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 fund 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 are 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 pains
opposite taxes legally and so it was my
rich dad who said to me 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 own and something you’d
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 get fired from right away again that
was the difference in values so my
wrists and suggested I learned 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 they
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
one of the beauties of business of the
21st century is allows people to make
the transition the e & S site to the B
site especially and so you can become
big business owner and the difference
between s and a B small business and big
business 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 is allows
these people to make the transition to
the B side so that you don’t have to
keep working hard for money any 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 richer
called it fast-food industry
if I had to do it again I go more for
McDonald’s most phd’s 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 know and I think when
you say to somebody live below your
means you wipe the spirit out look I
have an unfair advantage you know I went
to war and at war I’m aligned 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 ways of
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 Kiyosaki and here’s my take
on his top ten rows of success volume to
rule number four is my personal favorite
and I’d love to know which one you guys
like that also as you’re watching the
clips 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 it’s
much more likely to stick with you to
enjoy
[Music]
you wake up tomorrow morning and you’re
on the street and you have nothing you
don’t have a single contact and 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 needed I’m watching you
go do it you know I’ll always kind of
dump one what he called 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 in over the hood
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 college-educated people
and build 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 it Donald 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 most of my time with
entrepreneurs I don’t spend my time with
people who complain about the economy
you know so nothing we’re going to
change I just go back to being an
entrepreneur entrepreneurs have one
thing in common they keep going they’ll
change the rules they’ll reinvent the
rooms you know they don’t just take one
answer so a real entrepreneurial it
makes no difference which country you’re
in
that’s my beliefs I not
that you know I mean it is a mindset
it’s fu you mess with me I’ll find a way
around it you know I have a friend is
multi Multi multi family rich guy from
France and that you know Frances was
communist because it gets 75 percent
online for million dollar earners yeah
but that’s when he lives here so he he
started buying vineyards in Napa and
Sonoma so he went back to the French
government he 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 what French government said you can’t
yeah and here’s the guy is I think his
five generations
you know French wine guy this guy’s this
guy is an entrepreneur entrepreneur he
says okay I can’t ship in and barrel the
guy goes yeah Isis okay all shipping
bottles baby bottles all of this stuff
it costs up more money well he’s still
figuring out how to do it to do know I
mean it now he has his wine with his
California wine and all this and so he
went back to the French government here
try this see if 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 skill
set and rules and depending upon whether
your employee or small business the
rules are different the mind sets the
different skill sets in terrific I am
very shy very very shy and I came back
from Vietnam and I could kill people but
I couldn’t talk to people
and one day I said to my wife decided to
follow my rich John’s footsteps it just
stood there I want to be an entrepreneur
he says you got one problem this is
what’s that so if you’re shy so what’s
wrong with being shy so you got to sell
you got to handle rejection number-one
skill
can you handle rejection answers no I
couldn’t handle it so I stole the water
hose itself so no this was the 1973 of
25 years old am i rich debts and how’s
your love life
so it sucks she’s getting a lathe I said
no this is because you can’t sell guys
got it so when I talk about what skill
do you need when this hits the fan
you better start selling so I went to
work with Xerox in 1970 fourth like I
learn how to sell took me four years and
I was number one okay and today I’m a
best-selling author
you know most phd’s 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 here you and the state you
know just because you have a product
doesn’t mean jack
but the important thing is you start you
know I don’t care what product you start
with but you start and I started off
with nylon wallet success wiped me out
you know couldn’t sell could itself also
it took off then I couldn’t finance it
for the finance couldn’t finance as a
sales tip going through the roof now
so the Liz I kept borrowing and it
couldn’t sustain the sales necklace but
that’s how we learn okay if I’m one of
those kids who doesn’t like school you
know school is good for people who like
school but here is my poor dead ahead of
Education PhD on the governor’s Board of
Hawaii and all this stuff and his kid me
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
hey so what I did instead was that’s
when I met my rich dad was my best
friend’s father and it is these things
called a game the games are the best
teaching tools so when I’m playing this
game this is how the rich taught their
kids battle strategies call chess my
rich dad taught me to be a rich man
playing Monopoly we played Monopoly our
hour after hour you know the formula for
great wealth of Monopoly is for green
houses one red hotel so today in Arizona
I am 8,000 green hotel in greenhouses
and several red hotels I just played
Monopoly for real so that’s the power of
a game because a game engages me
mentally physically because I access the
moving emotionally because when somebody
knocks me out I better wake up you know
I mean a mistake and spiritually because
it’s spirit that wins now he’s a salt
golden state played play today also ball
you know everybody’s I love LeBron James
I love Cleveland you know but one guy
cannot take on a team
and I think LeBron or 60% of all the
points in assists in all that what a
better team beetle 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 after great leaders
know the trouble with most entrepreneurs
are self-employed so they quit their job
and you know in America they the SBA the
Small Business Administration says 28
million small business owners 28 million
24 million are classified as non
employers merge their one-man team it
was a bit like this guy say ok 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 s-type but the school cooperation at
test time is called cheating in the real
world the guys have the biggest team
when so all I focus on is putting the
best team together meanwhile a lot of
time to a students in school that the
doctors and lawyers just stay there all
by themselves they’re sitting ducks but
they’re entrepreneurs then it means this
in mindset tactic 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 ok I’m going
to be an entrepreneur in this case is
massacre because they went to school
they’ll learn 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
I think like this and the doctor stick
like this and like yeah I got you man
yes but some reason I get the sense I’m
going to win
so the other thing with when people say
live below your means you don’t like to
live below your means do you know and I
think when you say to somebody live
below your means you wipe the spirit out
it’s like saying somebody’s going 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 death is a
is a to a sort but telling somebody to
live below your means is almost inhumane
I never felt good doing it
I wanted to Shrive to do better every
day I want to do better every day I like
the good life I tell the story of
[Music]
taxiing underneath your jet in us I was
in my jet but it was a little Learjet I
look up and there’s a 727 a night tax
the other does it holy Mac you know it’s
it’s big boys and their toys but
nonetheless it inspired me I said okay
I’m in a Learjet 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
that in your life what would you be
doing today it’s hard to say if it
doesn’t have my Rich Dad because as a
young kid starting at probably about the
age of five six seven eight nine I
really wanted to be rich so I think
number one is desire you know and then
you naturally seek your role models and
teachers and in my lifetime I’ve had
multiple rich debts you know my rich dad
was my best friend’s father son 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 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 again in
1973 I came back from Vietnam and I was
a pilot up there and I took a real
estate course it was $385 three 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 the instructor the
end of the program said to me he said
what’s up the whole class full of 30 of
us he says your education begins now
that you leave the class even get
educated Wilder class so his assignment
was that everybody over 30 of us with
the Parapan team different teams two or
three to the team and we have to look at
100 properties in 90 days and it says
don’t buy anything just look at 100
properties doing evaluation of each
property right up right a short blurb
about it why it’s good why it’s bad and
it’s at the end of 90 days and a hundred
properties then you make up your mind if
you’re going to buy something he says if
you haven’t found one property in a
hundred a hundred deals you start again
you know you start to get another
hundred 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 hundred deals to find one
deal and this sometimes in 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 dirt 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 women before you do
my last paycheck I still remembered
clearly he was one of the worst and the
best days of my life and I was in Puerto
Rico I wasn’t working for Xerox and my
boss gave me my last it wasn’t a
paycheck was a bonus check I think was
about 30,000 bucks
taxable only problem that look at this
check and I went holy mackerel yeah I
mean so I was excited but I was also
disturbed and so this other guy comes up
to me they was John and John says to me
says you’re going to be back I said why
he says because you’re going to fail I
looked at the missus look few experts of
words because that’s what he did he left
Xerox field and came back I said look
duh you failed and you come came back
but I’m going to fail and I’m never
coming back
and that’s the attitude do I mean yeah
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
use the test of your character we become
a crook we become dishonest will you
cheat and steal or will you become a
better human being
so really it does the benefit of
becoming an entrepreneur 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 and military leadership and the
military I want the Military Academy and
all that I’ll you know from day one you
learn the leadership you know day one at
the academy I have to stand in front 20
18 year old kids ago section ten-hut and
naturally they’re not legacy for true
you you know so that’s when you learn to
be a leader now as you said to me we
first met patrol with the military go
will rough I had a hard time when I came
back from Vietnam and went to work for
Xerox and you know people don’t like I
did call him an asshole and a fuckhead
you know stuff like that the other word
is a curse word any money yeah a magic
hey fuckhead
you’re not doing this you know but they
don’t appraoch all the HR person
I better make some changes here you know
I’m talking about of course you can’t
talk straight in corporate America
solitaire you can if you have to yeah
yeah and I love it yeah and I’m going to
give promotions if you well what when I
got called names assal the guy likes me
so that’s why I follow you guys are
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 kill still get the job
done it is the best training of the
world you know the saddest thing about
being in the military was leaving the
guys behind her there was some of the
best in the world and there were you
know there weren’t all college graduates
there was just my Gunners my mechanics
you know all this stuff camaraderie oh
Jesus Price embroideries nicely it’s all
I did when I when I started the rich dad
company was to have that same sense of
teamwork inside rich too
that’s why there’s no ranks and all this
stuff in this company everybody get 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 – such
as five things got the most remember
number one is the phone was a strength
of character you feel stand up don’t lie
don’t cheat go to stand up on it keep
going on strength this is focus you know
the index market this is where I’m going
and I talked about how I went to flight
school you know preparing to fly in
Vietnam and people are shooting at you
still going to stay focused on your
target even if you children across this
what everybody knows this is what you
stand for you know
so Donnell stands for the absolute
wealth and what I stand for is very
simple financial education keep it
simple you know teach people to manage
your money I stand for that and then
don’t ever get off that track the ring
fingers for relationships if you if
somebody is struggling finance get a
company a country or marriage it’s
because of a bad relationship and the
thing that Donald I always say
you can’t do a good deal with a bad
partner and God knows that has bad
partners and they just in constant but
they want to tender smarter and then the
little ones a little finger
every entrepreneur must do something
that nobody else does
for example the United States Walmart
their whole system of businesses
designed to give you the lowest price
possible everything whereas a little
mom-and-pop store though they would put
things on sale that’s not the same thing
it acts as overnight that was a whole
thing it was the whole company around
that little promise of Domino’s peace in
America was pizza in less than 30
minutes so the entire business was built
around one simple little puns and those
are the things that make entrepreneurs
extremely rich for extremely poor they
don’t have most fun is their time to
bail out on a project though I mean when
I don’t that’s not in my vocabulary yeah
look I have a I have an unfair advantage
you know I went to war and a war I’m
alive because other guys died for me
when you see stuff like that you know
how can I quit most guys I just wimps
pussies 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 mg
McGill thank you so much for picking up
a copy of my book here 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 you
continue to believe in yourself and
whatever your one word is much love I’ll
see you soon
very important diagram
Chad showed me when I was a little boy
or the diagram known as the cashflow
quadrant and the quadrant 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 E and E stands for
employees an employee says you can
always tell who they are by their core
values and what the employee whether the
president or the janitor of the company
well I would say the same words the
words are I’m looking for a stage to
care a job with benefits that’s what
makes them an employee because their
core values is security
the other other one of the four is the S
with a 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
if means they’re also solo but generally
one person actor they operate by
themselves on the right side of the
quadrant are the bees and when Rich Dad
said the Beast is for was big business
or like Bill Gates Forbes defines big
businesses 500 employees or more and
their words a different base I’m looking
for a good system a good network and the
smartest people I know to help run my
business they’re unlike the S they don’t
want to run the company by themselves
they want smart people to run the
companies for them and then the fourth
of a quadrant is the I and I stands for
investor these are people who have money
work hard for them these people and
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 a program for the e and the
outside for examples my poor dad who
always said to me son go to school so
you can get a nice safe to caret job and
so my poor dad wanted me to be an
employee as this what time was the kid
get a safe secure job steady paycheck
and benefits okay I didn’t want to be an
employee and as a llama and mom and dad
I want to be a rich man and I fight with
my dad so my mother finally said son if
you want to be rich my mother was
registered nurse she says you want to be
rich the richest people I know it
doctors so my mom wanted me to come over
here yes
our small business person as there’s
only one problem with that mom doctors
are really smart and she’s got a good
point they’re 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
and flew for the Marine Corps but that
I’ve never used any of that education
because I wanted to become a business
owner
it was my rich dad who basically said to
me you know become a business owner and
learned to be a professional investor so
one of the big differences here between
these people is that is called taxes in
1943 the US the federal government
passed a law that said employees have to
pay tax before they got paid so when
you’re going to get your paycheck from
your employer you open it up and voila
the government’s always taken a sizeable
chunk 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 a hit because the more
you work more money you make the great
they pay in taxes now that the doctors
and lawyers and attorneys accountants
we’re all athletes out of these guys
they get you know their game paying a
lot of taxes so naturally the federal
government changed the laws again in
1986 to the u.s. a thing called 86 Tax
Reform Act and it basically 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 fund 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 are 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 pains
opposite taxes legally and so it was my
rich dad who said to me 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 own and something you’d
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 get fired from right away again that
was the difference in values so my
wrists and suggested I learned 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 they
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
one of the beauties of business of the
21st century is allows people to make
the transition the e & S site to the B
site especially and so you can become
big business owner and the difference
between s and a B small business and big
business 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 is allows
these people to make the transition to
the B side so that you don’t have to
keep working hard for money any 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 richer
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