you wake up tomorrow morning and you’re
on the street and you have nothing you
don’t 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 I’m
wanted to go do it you know I’ll always
kind of dump one we call the fast food
industry if I had to do it again I got
one from McDonald’s the reason I go work
for McDonald’s you know whether 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 or
how else can a company take virtually
non-college educated people and build
fast to an 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 plan
so I just go work it Donald so I can
learn even more if I look at life as
learning I’m constantly learning 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 would really change
I just go back to being an entrepreneur
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 done and
his kidney 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 hate so what I did instead
was that’s when I met my rich dad was my
best friend’s father and he’d used these
things called a game with games or the
best teaching tools so when I’m playing
this game this is how the rich taught
their kids battle strategies called
chess my rich dad taught me to be a rich
man playing Monopoly we played Monopoly
our you know the formula for great
wealth of Monopoly is for green houses
one red hotel so today in Arizona I own
8,000 reading hotel in greenhouses and
several rental deals 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
so when you look at business business is
the same thing this is a team sport I
have to have good accountants going to
turn these good marketing guys because
tech guys got great staff after great
leaders 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 is 28 million small
business owner 28 million 24 million are
classified as non employers mirth or
one-man team it’ll be like this guy say
ok I’m going to take you on be 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 testing but in school cooperation at
test time is called cheating in the real
world the guys have the biggest team 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 instead of they’re all by
themselves they’re sitting ducks but
they’re entrepreneurs and that 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 as jobs
ok I’m going to be an entrepreneur in
this case of massacre
because they went to school they’ll
learn to get a job and it takes us
longer out they have to be the smartest
that’s like the LeBron James
I don’t want being a smartest guy in my
team but I want to have the best and
that’s why I win estimate the last thing
I want to talk about debts when the best
investments that I made because I
started off with no money like most
people my first investment was a little
$18,000 condo in Hawaii and I made a
whopping 25 dollars a month I didn’t
make much money on that deal but every
time I did an investment to be in real
estate or business I got smarter because
experience makes you smarter so I
started with just a little eighteen
thousand dollar unit I broke out my
credit card I paid the $2,000 down
payment with my credit cards was 100%
financed now most experts will tell you
that’s doofus you don’t do that but on
but if you know what you’re doing you
can do it a number of years ago I bought
a 7 million dollar commercial building I
paid for it with zero down and every
month after everything is paid for it
puts about $30,000 a month income in my
pocket or 360 thousand dollars a year
for no money down so that is the price
of having a good education or a bad
education a good education is knowing
the good debt versus bad debt and how
debtors can win if you know what you’re
doing I don’t know what the heck would
people think about money but that’s what
I get a lot of as kind of as well you
know money is not a spiritual I’m just
saying it’s your attitudes you know a
person’s attitude towards money I make a
lot of money but I give a lot you know
what I mean exactly it goes to biblical
principle the more you give the more you
receive
so when I meet somebody who’s not
doesn’t have any money this means
they’re not giving something you know so
a lot of times there’s people who would
like more
but they’re not giving it even so
they’re like my poor dad you know he
belonged to the labor unions and he
wanted to work less and get paid more
well that’s anti-religious to me if you
want to get paid more work more give
more that’s how I said but the common
wisdom the old intelligence idea is to
diversify and what I believe in this is
something else was increase your
financial IQ you financial like
intelligence and instead focus and what
focus stands for is this focuses follow
one course until you’re successful and
so that’s what I did in 1973 I signed up
for my first real estate investment
course and I just did it and did it and
did it you know I bought this one little
$18,000 place and I did it again and I
did it again and I did it again until
the point where I understood it and then
I went into becoming an entrepreneur and
I did it and I did it and did it I’m
still learning and I’m still learning
about real estate and the reason in 1966
I got into oil when I went to work for
the Standard Oil Company today I’m still
focusing I invest in oil and oil and oil
and I don’t diversify you know doesn’t
mean they don’t lose sometimes I’m lose
sometimes they make mistakes and all
this but I just don’t buy good as with
all the bad if you’re going to be
successful as an investor you know the
versification is good to the average
investor that’s what you want to be have
a good life but what I’d rather do is be
able to know the good ones from the bad
ones the good investments from the bad
investments good advisers from the bad
advisers and what’s good for me and
what’s not good for you because what I
do is not necessarily what’s going to
work for you and vice versa so that’s
why I really think it’s been a
diversification or diversifying the new
rules of money they follow one course
until you’re successful
keep doing it because once you find that
way of being successful you can do it
again and again and again just to
reiterate was in nineteen próxima 1975
I came up with this product and we were
extremely successful but we kept running
out of money the more successful we got
the more we ran out of money so that’s
when I went to my rich debt I tried to
borrow $100,000 and he chewed me out he
says why would I invest in a dumb
product when you have a bad business and
so that’s what that’s when he began
teach me the next level of my
entrepreneurial education it’s not about
the product it’s about how to design a
business that doesn’t need me to keep
raising the capital in other words how
do you design a business that keeps
raising money automatically and today
the Rich Dad company is cash rich cash
keeps pouring in because the ability to
raise money constantly with designed
into the business and once again this is
the diagram this is the BI triangle
these are the eight pieces that make up
a business when a business is hurting
oftentimes is because one of these eight
pieces is missing for example many times
people to have a great product but their
legal is really bad or this
communication systems are bad or their
audit another internal order processing
is about a manufacturer is bad with a
marketing stat and they want to have bad
cash flow management
another part of your financial IQ is to
know there’s three types of income so if
you’re going to say work hard most
people are working hard for earned
income and that’s what these guys are
working for the children would earn
income in America your tax rates
approximately 50 percent or as Warren
Buffett says it’s a shame that is
secretary pays a higher percentage in
taxes and he did although he makes
billions of dollars so when you see
their child go to school and get a safe
secure job you tell them work for earned
income the worst type of income the
second type of income is portfolio
income and today as I speak and they’re
trying to change this it’s about 20% and
portfolio income is generally known as
capital gains if I buy a stock for $10
and I sell it for $50 the $40 gain is
tacked at 20 percent or if I buy a house
for a hundred thousand and sell it for
200,000 that’s a capital gain such as
Bentley pay a lot of tax for that and
the third type of income which is the
which is the best type of income excuse
me can’t spill again is passive income
and this is income that just comes in in
a regular basis one of the reasons I am
wealthy and able to retire at a young
age is because I worked hard for passive
income not earned income
don’t flip real estate generally not
portfolio income I don’t flip stocks I
want passive income so today the new
rules of money it’s important to
understand what are you going to school
to become es entrepreneur or investor
and what kind of income you’re working
hard for earned portfolio or passive and
if you know what you’re doing you can
pay zero pratense descent taxes legally
and this can be done all over the world
they’ll say we can’t do it in my country
well these people can’t do it in any
country but in most parts of the world
governments need these people so they’re
always giving tax incentives for for
investors and business owners
or passive and so those are some of the
new rules of money you’re really going
to know what you’re working hard at and
what kind of work are you performing
what’s going to income when you’re
working hard for
Oh
well most successful entrepreneurs have
gone bust well you know Henry Ford an
old-time entrepreneur he went bust five
times okay look at Steve Jobs yet his
own board fired him yeah you know Bill
Gates was taken before the Supreme Court
for monopolistic practices right even my
friend Donald Trump went down a billion
dollars yeah I only went down a million
the average person is so afraid of those
losses they never get ahead because at
school they teach you if you make a
mistake or if you fail you’re a failure
but that’s not real life
a baby learns to walk by standing up and
falling down standing up and falling
down and our school system punishes you
for making mistakes that’s why my poor
debt an academic was so unsuccessful he
was terrified of making mistakes but key
to raising money this is Ken McElroy’s
company is called MC companies Ken
McIlroy’s business is in the business of
acquiring assets
that’s why his company gets richer and
richer and richer every year he adds
probably a thousand new apartment units
to his inventory so Ken’s company gets
richer and richer because MC core
company is designed to increase assets
poorly designed businesses never have
any assets they have huge liabilities I
trust that makes sense to you so Ken not
always business gets stronger and
stronger and stronger because every year
she’s increasing more assets rich data
company gets stronger and stronger and
stronger because every year we add more
assets this year we’re adding
franchising to a mix we’re also you know
rich brother with sister the book has
come out we come out of the real book of
real estate except for except
and every one of those products every
year continues to send money into our
product so that’s an idea of a
well-designed business if you have a
well-designed business I don’t care for
real estate or making no cash flow for
games if it’s well designed investors
will put give money to you because this
is a well-designed business
[Music]
look I have a I have an unfair advantage
you know I went to war 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 I just wasn’t cowards I
don’t have so they should I should get a
job
[Music]
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
there was $385 three days long and
that’s a lot of money back then I was
only making $500 a month so 385 was all
I had
and he instructed the end of the program
said to me he said what did the whole
class full of 30 of us who says your
education begins now that you leave the
class even get educated Wilde the class
so his assignment was that everybody
over 30 of us made the Parapan team get
up in teams two or three of the team and
went to look at 100 properties in 90
days and he says don’t buy anything just
look at 100 properties doing evaluation
of each property right up right a short
blurb about of 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 one property
in 100 100 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 yeah 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 is that like anything
in life you don’t marry the first man or
woman you meet hopefully it gives a
couple of Okemah before you do
[Music]
my last paycheck I still remember
clearly it was one the worst and the
best days of my life I was in Puerto
Rico I wasn’t working for Xerox and my
boss gave me my last wasn’t a paycheck
was a bonus check I think was about
30,000 bucks taxable look at this check
and I went yeah I mean I was excited but
I was also disturbed and so this other
guy comes up to me they was John John
says to me is he gonna be back at supply
he says because you’re going to fail I
looked and looked
a few experts of words because that’s
what he did he left Xerox field and came
back I said look Dada
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
here 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 I
didn’t have a paycheck but that’s what
my Rich Dad encouraged me to do is is
when you’re don’t have this paycheck you
get hungrier smarter is a test of your
character we become a crook if you
become dishonest when you cheat and
steal or will you become a better human
being so really that’s 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 communication skills
are more important illogically
so now I have another book that just
came out it’s called the eight lessons
and military leadership in the military
I want the Military Academy know that I
let you know from day one you learn the
leadership you know day one at the
academy I have to stand in front of 20
18 year old kids ago section ten-hut
and that’s right they’re going to you so
that’s when you learn to be a leader now
as you said to me we first met patrol
with the military go we’ll Rock probably
the number one skill to be an
entrepreneur which is leadership the
ability to listen to not take it
personally I think you’ll still get the
job done as such is five things you must
remember number one is the fun was a
strength of character you fail stand up
don’t lie don’t cheat those two stand up
on it keep going on strength this is
focus the index finger this is where I’m
going and I talk about how I went to
flight school you know preparing to fly
at Vietnam and people are shooting at
you is still going to stay focused on
your target a particular children the
process this one everybody knows this is
what you stand for and what I stand for
is very simple financial education keep
it simple
you know teach people to manage your
money so I stand for it and then don’t
never get off that track the ring
fingers for relationships if you if
somebody is struggling financially get a
company a country or marriage it’s
because you have a bad relationship and
they’re just incompetent but they want
to pretend they’re smart and then the
little ones the little finger
every entrepreneur must do something
that nobody else does for example 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 those
able to put things on sale that’s not
the same thing
FedEx says overnight that was a whole
thing they’re both the whole compound
that little promise domino speeds in
America was pizza in less than 30
minutes so the entire business was built
around one simple little prongs and
those are the things that make
entrepreneurs extremely rich or
extremely poor they don’t have most line
[Music]
on the street and you have nothing you
don’t 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 I’m
wanted to go do it you know I’ll always
kind of dump one we call the fast food
industry if I had to do it again I got
one from McDonald’s the reason I go work
for McDonald’s you know whether 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 or
how else can a company take virtually
non-college educated people and build
fast to an 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 plan
so I just go work it Donald so I can
learn even more if I look at life as
learning I’m constantly learning 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 would really change
I just go back to being an entrepreneur
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 done and
his kidney 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 hate so what I did instead
was that’s when I met my rich dad was my
best friend’s father and he’d used these
things called a game with games or the
best teaching tools so when I’m playing
this game this is how the rich taught
their kids battle strategies called
chess my rich dad taught me to be a rich
man playing Monopoly we played Monopoly
our you know the formula for great
wealth of Monopoly is for green houses
one red hotel so today in Arizona I own
8,000 reading hotel in greenhouses and
several rental deals 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
so when you look at business business is
the same thing this is a team sport I
have to have good accountants going to
turn these good marketing guys because
tech guys got great staff after great
leaders 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 is 28 million small
business owner 28 million 24 million are
classified as non employers mirth or
one-man team it’ll be like this guy say
ok I’m going to take you on be 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 testing but in school cooperation at
test time is called cheating in the real
world the guys have the biggest team 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 instead of they’re all by
themselves they’re sitting ducks but
they’re entrepreneurs and that 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 as jobs
ok I’m going to be an entrepreneur in
this case of massacre
because they went to school they’ll
learn to get a job and it takes us
longer out they have to be the smartest
that’s like the LeBron James
I don’t want being a smartest guy in my
team but I want to have the best and
that’s why I win estimate the last thing
I want to talk about debts when the best
investments that I made because I
started off with no money like most
people my first investment was a little
$18,000 condo in Hawaii and I made a
whopping 25 dollars a month I didn’t
make much money on that deal but every
time I did an investment to be in real
estate or business I got smarter because
experience makes you smarter so I
started with just a little eighteen
thousand dollar unit I broke out my
credit card I paid the $2,000 down
payment with my credit cards was 100%
financed now most experts will tell you
that’s doofus you don’t do that but on
but if you know what you’re doing you
can do it a number of years ago I bought
a 7 million dollar commercial building I
paid for it with zero down and every
month after everything is paid for it
puts about $30,000 a month income in my
pocket or 360 thousand dollars a year
for no money down so that is the price
of having a good education or a bad
education a good education is knowing
the good debt versus bad debt and how
debtors can win if you know what you’re
doing I don’t know what the heck would
people think about money but that’s what
I get a lot of as kind of as well you
know money is not a spiritual I’m just
saying it’s your attitudes you know a
person’s attitude towards money I make a
lot of money but I give a lot you know
what I mean exactly it goes to biblical
principle the more you give the more you
receive
so when I meet somebody who’s not
doesn’t have any money this means
they’re not giving something you know so
a lot of times there’s people who would
like more
but they’re not giving it even so
they’re like my poor dad you know he
belonged to the labor unions and he
wanted to work less and get paid more
well that’s anti-religious to me if you
want to get paid more work more give
more that’s how I said but the common
wisdom the old intelligence idea is to
diversify and what I believe in this is
something else was increase your
financial IQ you financial like
intelligence and instead focus and what
focus stands for is this focuses follow
one course until you’re successful and
so that’s what I did in 1973 I signed up
for my first real estate investment
course and I just did it and did it and
did it you know I bought this one little
$18,000 place and I did it again and I
did it again and I did it again until
the point where I understood it and then
I went into becoming an entrepreneur and
I did it and I did it and did it I’m
still learning and I’m still learning
about real estate and the reason in 1966
I got into oil when I went to work for
the Standard Oil Company today I’m still
focusing I invest in oil and oil and oil
and I don’t diversify you know doesn’t
mean they don’t lose sometimes I’m lose
sometimes they make mistakes and all
this but I just don’t buy good as with
all the bad if you’re going to be
successful as an investor you know the
versification is good to the average
investor that’s what you want to be have
a good life but what I’d rather do is be
able to know the good ones from the bad
ones the good investments from the bad
investments good advisers from the bad
advisers and what’s good for me and
what’s not good for you because what I
do is not necessarily what’s going to
work for you and vice versa so that’s
why I really think it’s been a
diversification or diversifying the new
rules of money they follow one course
until you’re successful
keep doing it because once you find that
way of being successful you can do it
again and again and again just to
reiterate was in nineteen próxima 1975
I came up with this product and we were
extremely successful but we kept running
out of money the more successful we got
the more we ran out of money so that’s
when I went to my rich debt I tried to
borrow $100,000 and he chewed me out he
says why would I invest in a dumb
product when you have a bad business and
so that’s what that’s when he began
teach me the next level of my
entrepreneurial education it’s not about
the product it’s about how to design a
business that doesn’t need me to keep
raising the capital in other words how
do you design a business that keeps
raising money automatically and today
the Rich Dad company is cash rich cash
keeps pouring in because the ability to
raise money constantly with designed
into the business and once again this is
the diagram this is the BI triangle
these are the eight pieces that make up
a business when a business is hurting
oftentimes is because one of these eight
pieces is missing for example many times
people to have a great product but their
legal is really bad or this
communication systems are bad or their
audit another internal order processing
is about a manufacturer is bad with a
marketing stat and they want to have bad
cash flow management
another part of your financial IQ is to
know there’s three types of income so if
you’re going to say work hard most
people are working hard for earned
income and that’s what these guys are
working for the children would earn
income in America your tax rates
approximately 50 percent or as Warren
Buffett says it’s a shame that is
secretary pays a higher percentage in
taxes and he did although he makes
billions of dollars so when you see
their child go to school and get a safe
secure job you tell them work for earned
income the worst type of income the
second type of income is portfolio
income and today as I speak and they’re
trying to change this it’s about 20% and
portfolio income is generally known as
capital gains if I buy a stock for $10
and I sell it for $50 the $40 gain is
tacked at 20 percent or if I buy a house
for a hundred thousand and sell it for
200,000 that’s a capital gain such as
Bentley pay a lot of tax for that and
the third type of income which is the
which is the best type of income excuse
me can’t spill again is passive income
and this is income that just comes in in
a regular basis one of the reasons I am
wealthy and able to retire at a young
age is because I worked hard for passive
income not earned income
don’t flip real estate generally not
portfolio income I don’t flip stocks I
want passive income so today the new
rules of money it’s important to
understand what are you going to school
to become es entrepreneur or investor
and what kind of income you’re working
hard for earned portfolio or passive and
if you know what you’re doing you can
pay zero pratense descent taxes legally
and this can be done all over the world
they’ll say we can’t do it in my country
well these people can’t do it in any
country but in most parts of the world
governments need these people so they’re
always giving tax incentives for for
investors and business owners
or passive and so those are some of the
new rules of money you’re really going
to know what you’re working hard at and
what kind of work are you performing
what’s going to income when you’re
working hard for
Oh
well most successful entrepreneurs have
gone bust well you know Henry Ford an
old-time entrepreneur he went bust five
times okay look at Steve Jobs yet his
own board fired him yeah you know Bill
Gates was taken before the Supreme Court
for monopolistic practices right even my
friend Donald Trump went down a billion
dollars yeah I only went down a million
the average person is so afraid of those
losses they never get ahead because at
school they teach you if you make a
mistake or if you fail you’re a failure
but that’s not real life
a baby learns to walk by standing up and
falling down standing up and falling
down and our school system punishes you
for making mistakes that’s why my poor
debt an academic was so unsuccessful he
was terrified of making mistakes but key
to raising money this is Ken McElroy’s
company is called MC companies Ken
McIlroy’s business is in the business of
acquiring assets
that’s why his company gets richer and
richer and richer every year he adds
probably a thousand new apartment units
to his inventory so Ken’s company gets
richer and richer because MC core
company is designed to increase assets
poorly designed businesses never have
any assets they have huge liabilities I
trust that makes sense to you so Ken not
always business gets stronger and
stronger and stronger because every year
she’s increasing more assets rich data
company gets stronger and stronger and
stronger because every year we add more
assets this year we’re adding
franchising to a mix we’re also you know
rich brother with sister the book has
come out we come out of the real book of
real estate except for except
and every one of those products every
year continues to send money into our
product so that’s an idea of a
well-designed business if you have a
well-designed business I don’t care for
real estate or making no cash flow for
games if it’s well designed investors
will put give money to you because this
is a well-designed business
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look I have a I have an unfair advantage
you know I went to war 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 I just wasn’t cowards I
don’t have so they should I should get a
job
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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
there was $385 three days long and
that’s a lot of money back then I was
only making $500 a month so 385 was all
I had
and he instructed the end of the program
said to me he said what did the whole
class full of 30 of us who says your
education begins now that you leave the
class even get educated Wilde the class
so his assignment was that everybody
over 30 of us made the Parapan team get
up in teams two or three of the team and
went to look at 100 properties in 90
days and he says don’t buy anything just
look at 100 properties doing evaluation
of each property right up right a short
blurb about of 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 one property
in 100 100 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 yeah 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 is that like anything
in life you don’t marry the first man or
woman you meet hopefully it gives a
couple of Okemah before you do
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my last paycheck I still remember
clearly it was one the worst and the
best days of my life I was in Puerto
Rico I wasn’t working for Xerox and my
boss gave me my last wasn’t a paycheck
was a bonus check I think was about
30,000 bucks taxable look at this check
and I went yeah I mean I was excited but
I was also disturbed and so this other
guy comes up to me they was John John
says to me is he gonna be back at supply
he says because you’re going to fail I
looked and looked
a few experts of words because that’s
what he did he left Xerox field and came
back I said look Dada
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
here 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 I
didn’t have a paycheck but that’s what
my Rich Dad encouraged me to do is is
when you’re don’t have this paycheck you
get hungrier smarter is a test of your
character we become a crook if you
become dishonest when you cheat and
steal or will you become a better human
being so really that’s 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 communication skills
are more important illogically
so now I have another book that just
came out it’s called the eight lessons
and military leadership in the military
I want the Military Academy know that I
let you know from day one you learn the
leadership you know day one at the
academy I have to stand in front of 20
18 year old kids ago section ten-hut
and that’s right they’re going to you so
that’s when you learn to be a leader now
as you said to me we first met patrol
with the military go we’ll Rock probably
the number one skill to be an
entrepreneur which is leadership the
ability to listen to not take it
personally I think you’ll still get the
job done as such is five things you must
remember number one is the fun was a
strength of character you fail stand up
don’t lie don’t cheat those two stand up
on it keep going on strength this is
focus the index finger this is where I’m
going and I talk about how I went to
flight school you know preparing to fly
at Vietnam and people are shooting at
you is still going to stay focused on
your target a particular children the
process this one everybody knows this is
what you stand for and what I stand for
is very simple financial education keep
it simple
you know teach people to manage your
money so I stand for it and then don’t
never get off that track the ring
fingers for relationships if you if
somebody is struggling financially get a
company a country or marriage it’s
because you have a bad relationship and
they’re just incompetent but they want
to pretend they’re smart and then the
little ones the little finger
every entrepreneur must do something
that nobody else does for example 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 those
able to put things on sale that’s not
the same thing
FedEx says overnight that was a whole
thing they’re both the whole compound
that little promise domino speeds in
America was pizza in less than 30
minutes so the entire business was built
around one simple little prongs and
those are the things that make
entrepreneurs extremely rich or
extremely poor they don’t have most line
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