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Robert Kiyosaki on Financial Literacy, Wealth Building, and the Failure of Education — Transcript

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0:01Robert kosaki welcome to Dad Saves
0:04America I tell you that Dad Save America
0:06is perfect name for my brand too right
0:09that's dead poor death I am so excited
0:12we have talked about having you on the
0:14show for a long time and um our time is
0:18limited so there's so much more that we
0:20could talk about together than we have
0:21time for sure I want to start with the
0:23present because you are you are an icon
0:28of macro Financial literacy and this is
0:32a very weird time it feels like um so
0:36how do you understand what's happening
0:38in the economy and what we as parents
0:41and as homeowners should be preparing
0:45for and thinking about well without
0:47getting political you know uh Donald
0:49Trump and I wrote two books together
0:52because we're
0:54concerned about the lack of financial
0:56education in our school systems so you
0:59think about the for of it if there's no
1:01Financial education in our school
1:03systems then the people running our
1:05government are idiots see I wonder you
1:08know you know like people say well the
1:11Federal Reserve Bank has either 400 or
1:134,000
1:15phds my mind goes go that's 4,000 or
1:18four like my poor dads they're academic
1:21Geniuses who know Jack about money and
1:24they're killing us so when I see that
1:27and then you have my generation was the
1:30first baby boom generation was the first
1:33generation without a defined benefit
1:35Pension Plan defined benefit was like
1:38you know when my my father generation
1:41they work for Ford or general Ms and
1:44they they had a pension for
1:45life but in
1:481974 that changed so they shifted to the
1:52401K and Ira rrsp in
1:57Canada 401K in Japan so the boomer
2:01generation is kind of hanging out there
2:02on a string right now and now we're
2:05starting to retire so that was 74 to now
2:08how many years that
2:09is but the boomer generation had the
2:12easiest time in all history you know the
2:15economy boomed yeah but now it's about
2:18to shift and I'm afraid the boomer
2:22generation might be you know out of luck
2:26all right I'll keep this quick if you
2:28like what you're hearing and want to
2:30hear more don't forget to hit that like
2:32button and subscribe to the channel so
2:34you won't miss our new content as it
2:35comes out every week and now back to the
2:38conversation one of the things that I
2:41feel like isn't really getting talked
2:43about is the is that I mean people are
2:45talking some people are talking about
2:47our demographics shifting but we do have
2:50this pending sort of financial
2:53catastrophe which is we're it seems like
2:56worldwide we've never been in a place
2:58where there's so few so few
3:00workers young people for so many old
3:04people yeah how do you think about what
3:06that means for for for for for all of us
3:10well that's kind of my my shared concern
3:12I don't know what's going to happen but
3:15something has to happen you know that
3:17all saying is how' you go bankrupt
3:18slowly and then fast well the speed's
3:21about to go fast right now all over the
3:24world you look at Japan you know when I
3:27was a kid there were the Arab AMAC of
3:30Japan well now their yen is worth
3:32nothing and you know Japanese aren't the
3:34brightest when it comes to money I'm
3:36Japanese say that fourth generation
3:38American Japanese I mean they print more
3:40money than we do so I mean what as I'm
3:43saying so if our school systems teach us
3:45nothing about
3:47money then we have idiots running the
3:50show what is
3:54the most important basic fact of you you
3:59know financial literacy that people
4:02don't know or don't understand at all
4:04like if there's a top confusion or
4:07ignorance what would that be and and
4:09help our viewers sort of understand well
4:11that's all I did in Rich Dad Poor Dad
4:13you know my poor dad was a head of
4:14Education the state of Hawaii PhD he did
4:18studies at Stanford Northwestern
4:19University of
4:21Chicago and uh he was poor as a church
4:23mouse but he held up his
4:25PhD I said yeah that that and 25 bucks
4:29will buy you a cup of coffee you know
4:30what I mean what good is a
4:33PhD and they get
4:36so you there so many people who get so
4:38attached to a stupid piece of paper and
4:42my so that's so my rich dad was my best
4:44friend's father never had
4:46education and he always said my banker
4:49has never asked me for my report card
4:51yet so what does your Banker want to see
4:55so these idiot leftwing academic types
4:58of go I what to Stanford and uh my
5:02banker wants to see my financial
5:04statement that my poor dad had no idea
5:07what a financial statement is most
5:09academics have no idea they don't have
5:12financial statements but to be a
5:14capitalist I run on my financial
5:16statement you know because 1971 Nixon
5:20took the dollar off the gold standard
5:23and the US dollar became debt so today
5:27if we stop borrowing money economy
5:31collapses it's because it's debt so when
5:35this Dave Ramsey is kind of a friend of
5:37mine but we are with different points of
5:38view he says live debt free I said if we
5:41live debt free the economy would
5:42collapse oh no it wouldn't does it well
5:45if you study
5:47macroeconomics if we don't Bor money is
5:50created by borrowing money not working
5:53for it anymore so if you can understand
5:56that macro concept
5:59and then today America is now printing
6:02this is
6:032024 we just started printing a trillion
6:06dollars every 90 days to keep this
6:09economy
6:11floating now when they
6:14stop that's that's like Noah's AR going
6:17down you know on top of the mountain I
6:20first started getting into these kinds
6:22of issues
6:24um
6:26about 15 years ago
6:29because the financial crisis 2008
6:32happened and I was a young dad and I had
6:34my first
6:35mortgage and I suddenly for the first
6:38time in my life was thinking about
6:40interest rates which no one had told me
6:43about or talked about it wasn't a thing
6:45that you could encountered in your
6:47education um we're we're now to a place
6:51where interest rates have gone up but in
6:54the bigger sweep of American his recent
6:57American history they're still pretty
6:58low they're lower than then my parents
7:00had to pay with their first house was
7:02like interest rates were
7:0320% how do you think about sort of that
7:07landscape the landscape for interest
7:08rates and Home
7:11Ownership well I I'm kind of on the all
7:14coins have three sides heads tails and
7:17the edge so you have Republicans
7:19Democrat but I Stand On The Edge you
7:21know look at both sides and you have
7:24right and left and all this stuff so
7:26when I look at money
7:31you have to see what's invisible you
7:34have to see the other
7:36side and so when the 2008 Market hit
7:40like I said money was debt what the
7:43banks were doing was there were
7:45borrowing
7:47money and then packaging debt as an
7:50asset so they could borrow more money
7:52they're called
7:53derivatives and the average American
7:55since they're financially illiterate
7:57they don't speak the language of money
7:59when I speak a derivative that's like
8:01you get an orange you cut it you squeeze
8:03it the orange juice is a derivative of
8:06the
8:07orange so what a derivative is in 2008
8:11was a derivative of debt made into
8:12bigger debt so the debt accelerated so
8:16Warren Buffett is called derivatives
8:19Weapons of Mass Financial destru
8:21destruction so I'm sitting there like
8:23who was watching it 2008 comes it
8:27blew thank you God
8:30thank you because when you see the other
8:33side I got more I made I made more money
8:36in the crash than I did when I was going
8:38up so the average person because they
8:41don't have financial literacy definition
8:43of words and they're taught to just work
8:46for money they don't see the other side
8:49they cannot see what they cannot see so
8:52when the markets crash at 2008 I
8:55borrowed $300 million you borrowed 300
8:58million and I bought the best real
9:01estate in the world for pennies on a
9:03dollar that's how you get rich not by
9:06working hard and putting in a stupid
9:08401K full of stock SPS mutual funds and
9:11ETFs those those are for the
9:13peasants
9:17jesz every you know what I mean but
9:20that's when they tell the kids go to
9:22school get a job work hard and put your
9:24money in a in a 401k or IRA full of B
9:29mutual funds ETFs I don't touch that
9:32garbage it's
9:35trash you but you don't know if you
9:37don't know right well so this is one of
9:39the things in your book right it's um
9:41the concept of investing in assets and
9:44understanding the difference between an
9:45asset liity so for the financially um
9:51yet to be literate what what are those
9:54Concepts and why are they so important
9:56again all coins are three sides heads
9:58tails and the edge got see the other
10:00side so for there to be an asset there
10:03has to be a liability by
10:07definition if we understand that one
10:09you'll say okay so here's the asset
10:11what's the liability give me an
10:14example well I wouldn't touch a mutual
10:17fund do you know that's toxic but the
10:22liability is the the black rocks or the
10:25the fund managers who package that stuff
10:29all coins are three sides I'm on the
10:32other site I package
10:34it that's why Buffett call you know
10:38derivatives Weapons of Mass Financial
10:40destruction I package that debt and
10:44that's how I make my money so I know
10:46what those guys who are like black rock
10:48and all these guys the mutual the
10:51Vanguard they're just packaging garbage
10:53and selling
10:54it I wouldn't touch
10:57it what should
11:00the average person do with their savings
11:04right now from your perspective like in
11:06in Broad Strokes not some particular
11:08asset class or something but what what
11:10like if I'm if I'm if I have savings
11:13that I can put
11:14somewhere what's a good strategy for me
11:18well you better
11:19study you know a village idiot and their
11:22money are soon gone you know they dis
11:24they all
11:25disappear if you're read Rich debt poor
11:27debt you know it's the number one book
11:29in the world for 27 years and I flunked
11:33that of school cuz I can't
11:35write and and the Publishers of New York
11:38like Simon and Schuster they all turn
11:40Rich Dad Poor Dad down they said because
11:42they're all like my poor dad these
11:43academics are the worst people on planet
11:46Earth because they have a they have this
11:48stupid piece of paper that says you're
11:51smarter than that guy over there I in my
11:54port it's a piece of paper show me your
11:58financials
12:00oh I got my PhD if you can understand
12:03the insanity of that that somebody
12:06actually thinking their PHD makes them
12:08Smarter Than The Village Idiot out there
12:11if you can understand that Insanity so
12:14any anyway I don't was going with this
12:17whole thing but you have that's why
12:19Trump and I are good friends because we
12:21sit there and laugh and chuckle you know
12:23when Hillary he was debating Hillary
12:26that uh criminal V Jesus Christ well
12:30they are they are you're not wrong well
12:34you know when when Hillary says and he
12:37doesn't pay any taxes and Trump says
12:40that means I'm
12:44smart I don't pay taxes only idiots pay
12:48taxes you're making a lot of friends
12:50with these with this
12:52stuff My Poor Dad hung on to his PhD I'm
12:55going you're broke you're working hard
12:59you pay taxes and you're saving dollarss
13:01and they're printing
13:03dollars but I have a
13:06PhD my other friend has a real estate
13:09license he says I have a real estate
13:12license you don't I said yeah cuz I
13:14don't want I have it realistic I think
13:18I'm doing my best for your audience to
13:20show the insanity of our our public
13:22today they think a lousy piece of paper
13:25like the dollar bill is
13:27important it's a piece of paper it's a
13:30derivative if those things aren't
13:32important what what is assets so rich
13:36dad P I said there's three main rules
13:38the rich don't work for money what I do
13:41as a capitalist is I create assets so I
13:44take debt all this assemble I put a
13:46piece of real estate together or
13:48business or like right now I'm up in
13:50Northern Canada buying lithium Fields
13:52we're going to crush lithium for
13:54Batteries EV batteries and batter so we
13:58create assets
14:00and so that asset pays money so every
14:02month let I have
14:041,600 rental units every month 1,600
14:10people who would probably went to school
14:12pay me rent God bless them and guess
14:16what because they're paying me and my
14:18properties are 100% debt I pay no
14:21taxes that's why Trump says I'm smart
14:24but the average person says well I I pay
14:27more taxes than you as well you're an
14:29idiot no if you understand tax law
14:33America was founded as a tax revolt
14:3617783 it was thing called the Boston Tea
14:39Party we don't want to pay taxes but if
14:43you read KL Marx in his book The
14:45Communist
14:46Manifesto taxes are essential for the
14:49spread of
14:50Communism My Poor Dad was also head of
14:53the labor union what did Mark say about
14:54Labor units workers of the World Unite
15:00you understand you're getting you're
15:02getting back to the basics here this is
15:04great I but I understand this stuff
15:06that's lousy you know so anyway rich
15:09don't work for money I create assets we
15:11don't save money and your house is not
15:14an asset so the average poor person you
15:17know went to college like my dad
15:19phds go to school get a job work hard
15:21save money get out of debt and buy a
15:25house because your house is your biggest
15:27asset that is the dark dark side of the
15:29coin but it's the light side for the
15:31idiots they're doing what they think is
15:34smart on the guys on my side like
15:35Trump's side going I wouldn't do that
15:39but you can't tell him that because they
15:40got this stupid piece of paper says
15:42you're smart my dad says I'm smarter
15:46than your Rich Dad I said yeah you're
15:48also
15:50broke so this is a a radical thing for
15:54people to hear that haven't read your
15:55book the idea that your home is asset I
15:59mean this is I think this is the largest
16:01asset on most
16:03people's um personal portfolio personal
16:07balance sheet their home is their home
16:09right so how is your home not an asset
16:12because you have to understand cash flow
16:14two most important words if you read a
16:16fin if you read financials that's what
16:18your Banker wants to see your bank wants
16:20to see a financial not your GPA not your
16:22report card you know not your college
16:25degree they want to see assets
16:28liabilities and cash cash flow so
16:29there's three basic parts to a financial
16:31statement income statement balance sheet
16:34statement of cash flow you can teach a
16:37monkey vet but our schools don't teach
16:39that it is shocking that still to this
16:43day a high school graduate will not
16:46encounter those three ideas because
16:49they're taught by
16:50marxists no they are you and I agree on
16:53that no no I don't mean they're bad
16:56people pleas hear me wrong that's what
16:57good
16:59this is a a ring I'm call a ring
17:02knocker there's five
17:05Federal West Point naal Academy Air
17:08Force Coast Guard Kings Point I went to
17:10Kings Point in New York the first book
17:13we were required to read is a Communist
17:16Manifesto really yes 1965 I'm reading
17:19the Communist Manifesto going because it
17:21was economics that's real economics not
17:24that they teach you in school
17:26econ 101 eon
17:29no it's communism versus capitalism Adam
17:33Smith versus Karl Marx it's basic but
17:37our academics are idiots they got this
17:39piece of stupid paper say you got a PhD
17:42I'm
17:42going God pay me my rent I'll be happy
17:46so when you encounter a student who is
17:49is under the throws of um belief that
17:53communism is the future and that oh look
17:55capitalism has failed for whatever
17:58reason
17:59what do you say to them got to study a
18:01little bit more I'm not saying comment
18:04you know I'm I'm not saying being a
18:06Marxist is
18:07bad because economics because my
18:10economics teacher was a West Point
18:12graduate US military school I went to
18:15military school he was a West Point
18:18graduate he flew b7s in World War II got
18:21shot down captured escaped all that
18:25stuff and he says economics is like a
18:29religion so you could be Catholic you
18:32could be Hindu you know you could be
18:35Jewish could be Buddhist so economics is
18:38like an economic
18:40religion and he says some marxists
18:43believe in this religion capitalists
18:45believe in this religion so I I'm
18:47reading the Communist Manifesto
18:501965 I family a
18:53Marxist and my dad headed the teachers
18:57union can you imagine that
19:00and that's what Mark said labor workers
19:02of the World Unite form
19:04unions and so I I worked for my Rich Dad
19:07one time during a un because my rich dad
19:10was the exact opposite of My Poor Dad
19:12You Know Rich Dad was a capitalist and
19:14his workers went on strike so rich dad
19:17called me up he says come help us out so
19:20I went down to his hotels he owned
19:22hotels and I'm working behind the desk
19:25so I'm out there for like three or four
19:26days because you know there's no workers
19:28workers on strike and all this stuff
19:30they went they were they were voting for
19:33unionism that's what the workers were on
19:34strike for I got home and my poor dad
19:38said where have you been I said I I
19:40called home every said I know but where
19:41have you been I said I was working he
19:45says you're a
19:47scab you broke the union
19:51lines it was the end of my relationship
19:53with my dad he says you're a scab I went
19:56but Dad I was just helping this guy out
19:59no you should have let those guys strike
20:02against
20:03him that's the number one rule of uh
20:06Marxism abolition of private
20:09property yeah you just read the books
20:12you know what I mean yeah the that um we
20:15I did a recent video about uh a couple
20:17videos about Marx Marxism and I think
20:20that's the that is essentially what I
20:23understand to be the the simplest
20:24definition is the abolition of private
20:26property is communism yes but how you
20:28get there is that uh you know workers of
20:31the World Unite go up against them
20:33strike take their
20:35money uh I'm not saying that's right or
20:37wrong but that was my father it's a hard
20:40environment to try to understand which
20:43assets to buy so is there a wi and and
20:45how to how to get your first step on the
20:48ladder I I think it's easy for people to
20:50think about well I'm GNA get I'm GNA get
20:51a job and I'm going to you know get I'm
20:54going to enter this field I'm going to
20:55get whatever entry level opportunity and
20:57work my way up what's the equivalent in
21:00the asset world for that first rung of
21:03the ladder well again financial literacy
21:06it's simply the definition an asset puts
21:08money in your pocket whether you work or
21:12not so a 401k is a
21:15liability because it's taking money from
21:17your pocket in these Village IDI
21:20academic types I have a
21:22401k you're an idiot because it's taking
21:25money from your pocket going you giving
21:27it to guys like me the
21:29capitalist you just look at cash flow
21:31there's three things income statement
21:34balance sheet statement of cash flow I I
21:36created a board game called Cash Flow
21:39that's the only game that teaches
21:41accounting having fun so Engish sa
21:44balance sheets tape in a cash flow and
21:46the reason I created was Maria montor
21:48you one of the great educational
21:50entrepreneurs of all times she says what
21:53the hand does the Mind remembers so how
21:56did I get rich was I played monop
21:59what was the first asset you bought in
22:02this in in this journey for yourself
22:04that was a challenge the first asset was
22:07my challenge was I couldn't pay anything
22:09for it I had to get it for free
22:13H so uh I had to use debt to buy it so
22:17my rich dad was a great guy man he was a
22:19son of a oh he's so you go buy your
22:22first piece of real estate in Hawaii and
22:24Hawaii real estate is
22:26expensive so I bought a one bedroom one
22:29B condo on the beach and I bought it
22:32with my credit
22:33card wow 100% dead financing that's the
22:38secret to
22:39success so when Dave Ramsey said lives
22:42Dead free I said well that's your
22:43philosophy it's not mine again there's
22:46always three sides to a coin on the
22:48light side all the idiots saying I'm
22:51debt free on the dark side you guys
22:53idiots I want debt always three sides
22:57there's no say as a one-sided coin the
23:02so one of the things that's hard to try
23:04to think about that is especially with
23:06with real estate is real estate prices
23:08go like this so depending on where we
23:11are in this boom and bus cycle you might
23:15be taking out a lot of debt on an asset
23:17that turns around and ends up losing
23:19quite a bit of its value I it be stupid
23:23well but it's easy to say that after the
23:25fact how do you know when do people buy
23:27when Village Idiot by real estate at the
23:32top prices are going up i' better jump
23:35in you know it's called formo Fe missing
23:38out the village idiots are running in
23:40there that's like right now they're all
23:42running into Bitcoin and stuff like this
23:44the stock market today all-time highs
23:47idiots are just jumping in like
23:50lemming's going to
23:52die so talk about the emotional um
23:57control that people need to have to be
23:59able to do this kind of thing very good
24:02question the human body is made up of
24:05four different types you have the mind
24:08you have the body so there's mental
24:11intelligence physical
24:13intelligence there's spiritual
24:16intelligence and emotional intelligence
24:19EQ and the average person has no EQ very
24:23low spiritual intelligence reason I know
24:26that because I was a marine went Vietnam
24:29twice is being mentally intelligent phys
24:33you know physically spiritually
24:36emotionally and when you see your
24:38friends dying it's really really
24:40imperative you remain stoic calm and you
24:44keep killing the other
24:47guy that's what we
24:50do yeah that's hard stuff most people
24:52don't know what that's about no and then
24:55when I came back from Vietnam the second
24:57time in 72
24:59I got hit by a rotten egg and spit on by
25:01all these hippies from Woodstock you
25:03know and today I I see them around I see
25:06them in politics Nancy Pelosi Chuck
25:08Schumer they're all those hippies out
25:10there spinning on me I'm only a kidding
25:12you
25:13know I don't think you're kidding
25:16no I think that's not a j no I see my I
25:21mean I'm I'm
25:22Boomer my question I ask a lot of guys
25:25my Asians and what did you do during
25:28Viet
25:29now well I had a student deferment oh
25:32okay I know who you are now or I was in
25:35Canada I said oh good good good good
25:38good dodged it so do we have to be the
25:43absolute Killers to be able to weather
25:45the financial storms no I didn't yeah
25:48help me help me navigate I said it's
25:49four intelligence it's mental emotional
25:51spiritual physical you look at a guy
25:53like Tiger Woods he's got mental
25:56emotional physical spiritual line to
25:59that putt you know let's say he's
26:00putting 10 ft to win a million bucks he
26:05mental spiritual just
26:07going and that's why Maria montor montor
26:10school system says what the hand does
26:13the Mind
26:14remembers it's physical intelligence
26:16that's more important than mental
26:18intelligence my son uh spent most of his
26:21academ his um K through2 in monor style
26:24schools and I'm a big fan but I I hadn't
26:26heard that phrase that a really powerful
26:29phrase what that what the hand does the
26:31Mind remembers I feel like so much of
26:34our education system is purely abstract
26:37and not physical it's the exact opposite
26:39it's
26:40emotional they punish you for making
26:42mistakes how stupid is that so you have
26:46so many people but what if I make a
26:49mistake I said you'll get
26:50smarter you know baby doesn't learn to
26:53walk unless it falls down but let's say
26:55the baby stands up falls down teacher
26:57goes you stupid stupid kid you can't
26:59walk can't walk they'll never walk so
27:02when I meet people who are the academic
27:04types of that piece of paper that means
27:05nothing most of them are so terrified of
27:08making mistakes and say what you do is
27:10so risky well risk involves mental
27:13emotional spiritual physical and our
27:16schools make you they do I got a piece
27:20of paper said that means you're an idiot
27:22you know show me my show me your
27:25financials you know I my license played
27:27on my car I have a I have a V12
27:31Bentley I do have an EV also but the V12
27:34say 1.9
27:38GPA I just I go down the trees there is
27:42I
27:42mean I there is a um there is a
27:46resentment in Academia towards the rich
27:49towards the rich but also there's a kind
27:51of and that this goes back a long time
27:54there's a sort of like the merchant
27:55class has always been reviled by because
27:58yeah why do you think that is it seems
28:00almost like a deeply human quality cuz
28:03it's not just here in America it's
28:05throughout history was we have different
28:07values you know what I mean we all have
28:09different different values so for the
28:11academic types who are generally you
28:13know in school I used to call them
28:16nerds I was a surfer you hey Robert I
28:20was a nerd back off the Surfers were
28:23cool you know I was flunking out of
28:24school but we're cool and they said
28:26there going well I'm going to go a good
28:28school is good I'm going to be
28:31surfing it's just
28:33values I still got into Naval Academy
28:36I'm not
28:37stupid but I'm also not that
28:41naive so to go to military school you
28:44have to be mental emotional physical
28:47spiritual you know in America we lead
28:51the world in fatherlessness one in in
28:54fatherlessness yes one in four that
28:57students and four kids are living in
28:59their a home without a biological step
29:01or adopted father you had two dads you
29:04had your you had your biological Dad
29:06Poor Poor Dad with his PhD and and and
29:09Rich Dad a mentor friend friend so you
29:14were Rich you were doubly rich on that
29:16score thank you what do you say but
29:18that's why your program is perfect name
29:21it's it's a big part of why we do it yes
29:24fathers are are not caring the load
29:27today I meet so many young women today
29:30who say I can't find a
29:32man you know they're Tick Tock dancers
29:37now you're boomering enough here
29:43drer um you know Marines Marines have an
29:46attitude problem um but what what is
29:49your advice
29:51for for young men who who don't have the
29:54benefit of having a dad to impart these
29:57things you know obviously you're out
29:59there you've been out there for a long
30:01time preaching this
30:04gospel but if I'm a young man and I I am
30:08uh I'm stuck that's a great question
30:11what should my body do first so that my
30:12mind can very good question because when
30:15I realize this is what happened I grew
30:18up in Hawaii my father's head of
30:21education on one side of the street as a
30:24kid
30:25schools the elementary school school for
30:28labor union kids it was called Union
30:30School so the kids that went there were
30:33union members their fathers were either
30:36Portuguese Filipino Chinese Korean like
30:39that directly I mean less than 20 yards
30:43across the street was Riverside School
30:45the school for the rich kids so their
30:48fathers owned the
30:49plantations that the union kids work for
30:52I talk about a psycho Farm I'm going so
30:55for some reason my father didn't Che but
30:58I got into the rich kids school so I'm
31:00sitting there for the first time in nine
31:02years old going how come they're poor
31:05we're rich this guys are what's the
31:07difference that was the
31:09question so then I'm in Sunday school
31:13and flunking out Sunday school too I'm
31:15sitting like this and the teacher
31:17says why were the three wise men
31:21wise I raised my hand and said she goes
31:24why because you were Rich she goes and
31:27you know in church the love of money is
31:28root of all evil right yeah so when I
31:30said but it is the love of money it's
31:31not money people make that mistake I
31:34understand but it's the poop out for
31:36being poor I all know the game I'm not
31:39idiot so I sat that going she
31:42goes uh said I said why do you she said
31:46why do you think they're rich gold
31:48Frankenstein M that cost money and she
31:51goes how do you know that I said I study
31:52money I I do study money and she goes
31:55that didn't make him rich I said
31:58well what did and then she said the
32:00magic
32:01words they sought the best
32:04teacher so you know Christian is Jesus
32:07Christ Buddhism is Buddha and I went so
32:11my job as a kid is to seek the best
32:15teacher she goes
32:17yes and so I'm in a I'm in a rich kids
32:19school across the street of the Union
32:22kids laborers kids and I went looking
32:26for a teacher and that's when I follow
32:29my rich dad was my best friend's follow
32:31in the same school one of the things so
32:34please hear me seek your teachers and
32:36YouTube and what you guys are doing
32:38you're giving the world at access to
32:40millions of teachers so I think
32:42YouTube's good and bad to it but seek
32:46out the best
32:48teachers one of the things for a lot and
32:51I have a 19-year-old son and he he's
32:53doing great but he his peers a lot of
32:57them when they do that they say Okay
33:00I I don't believe the nonsense I'm being
33:03told I'm being told I'm toxic and this
33:05and that communism I'm like I don't like
33:08any of that so they go online and they
33:10encounter characters like Andrew Tate
33:13and others who are essentially pitching
33:16them it's not all bad what what what
33:19they say some of it's helpful but some
33:21of it's just kind of getrich quick scam
33:24Artistry correct how should someone
33:28recognize when that's what's going on
33:30because if you don't have a if you don't
33:32have that knowledge and you're looking
33:34for your first teacher and they turn out
33:35to be some Ponzi scheme
33:38Bozo you might not know that they're a
33:40Ponzi scheme Bozo oh they got a Bugatti
33:42they might they're they're like the
33:44three wise men that but just with
33:45Bugattis and harms and stuff so they're
33:48sort of like a
33:49demonic wise men pretty if it's too good
33:51to be true it's probably fake you know
33:54but the best podcast I've ever done one
33:58of those get-rich quick guys came on my
33:59show he was hoping that my audience you
34:01know would infiltrate his audience and
34:04all that stuff and he was giving what I
34:08I thought was the worst advice and he's
34:10pretty famous to me to this day he's
34:11still up there I took him on you know
34:15you so I chewed them out I thought it
34:19was the worst thing I'd ever done until
34:21this day people come up to me and say
34:24that was the best podcast ever because I
34:27took him on
34:28what's your definition of leadership you
34:31should be able to unite and focus a
34:33group Kings Point this SCH went to
34:36number one school of
34:38leadership the first the first word
34:40we've learned at Kings Point mission
34:44mission is spiritual what are you here
34:46to do then your job is to lead us unite
34:49focus focus that energy I've run small
34:53businesses for a little over a decade
34:55and this has been maybe the biggest
34:58lesson I've learned over over that time
35:00is having a vision and
35:03Mission if you're trying to lead an
35:05organization ends up being the most
35:07important thing you end up doing your
35:09job is unite in the in
35:12spirit so you know that's that's why I I
35:14say when I came back from Vietnam I got
35:17spit on and hit by rotten eggs and they
35:20just didn't
35:21see they said we called us Killers which
35:24we did but when your friend doesn't come
35:26home you where a carrier and we're
35:29sitting there go what happened to him I
35:32said did you see him go down no we
35:34didn't see him go down they don't come
35:37back it's the most empty feeling so
35:41there was somebody nice I'll be on my
35:42carrier be sitting on the bottom of the
35:43ship and that's when you get closer to
35:45God you know you go why am I still here
35:48why is he
35:50gone so the Vietnam Wall was a good
35:53thing in DC you know I I go there and
35:56said I say goodbye to my friends but
35:59then to come
36:00home and get spit on hit with rotten
36:03eggs my commanding officer said it the
36:06best I said
36:08gentlemen we fought for the right for
36:11them to do that to
36:13us what H that's freedom of expression
36:17we fought for that right that's Spirit
36:20that's Mission that's
36:22leadership go I you know we could have
36:24just broke out our guns and shot them
36:26all there I wish would wouldn't be too
36:28politically correct no no that would be
36:30we just said sociopathic yeah crossed my
36:33mind though you know I said I shot
36:36better people than
36:37you but I'm walking get with eggs and
36:40spit on and call a baby killer and my
36:43one of my best friends Robbie never came
36:45back you know I so it took me going to
36:48the wall to say
36:51goodbye what do you say to those who who
36:55believe that your generation
36:58has really screwed things up for our
37:02kids I I I I don't know that I believe
37:05this like oh the Boomers wrecked America
37:07but it's certainly something that people
37:09say what's your response to that well
37:11there's some truth to it you know I mean
37:12I'm not not denying it but if you study
37:15money this has happened every time we
37:17print money so you know I'm a student of
37:21money I don't know why that was my only
37:22interest there wasn't a class called
37:24money at school I just studied on my own
37:26just a greedy bastard for early age
37:30yeah but when you print money two things
37:33happen and this one so next one was a
37:35guy printed money first guy and it was
37:38from Brett Bretton Woods all the history
37:41look at all he came up every time they
37:43printed money there's been
37:45War the C so I brought the green back in
37:48the Civil War 1920s the wiar Republic
37:51had brought Hitler to power yes I was in
37:53Zimbabwe when Zimbabwe went
37:56down but when you study money every time
37:58you print money two things happen the
38:01rich get richer poor MK flat get poorer
38:05and the reason for that is when you
38:07print money
38:08so-called assets of value go
38:12up but also expenses for food and things
38:16go up so I when you see homelessness
38:19increasing the more we print money more
38:22homelessness because they can't afford
38:24the
38:25house this has been a really interesting
38:27thing that's happened that's um in
38:31America right now which is we had this
38:36czy acceleration in the price of
38:40Housing and interest rates collapsed so
38:43that you could get a 30-year fixed trate
38:45mortgage below
38:473% and
38:50now that's all been started to be turned
38:52upside down and it's created a really
38:55weird moment where interest rates are
38:58high prices have gone up the housing
39:00market hasn't crashed inflation's gone
39:03up so it's it's as I've been more of a
39:08student of like basic macroeconomics
39:10than Finance I'm like behind at Finance
39:12frankly I mean not at the basic level
39:14we're talking about but um where do we
39:18go from here what what do you what's
39:21your sense of of how the next several
39:25years is going to play out okay so you
39:27were a that the price of housing went up
39:31but inflation went up yeah so it's a
39:33double- Ed sword if you're making less
39:36than 100,000 a year how do you afford a
39:38house can't because you go to the
39:40supermarket and your cash is sucked out
39:42of there on the expense column but
39:45that's why there's no Financial
39:46education in our schools they don't have
39:49to teach you that stuff they got some
39:51guy with a PhD and a paper
39:53and so that's that's the problem and
39:56another thing I was Tau the academy you
39:58know because a ring
39:59knockers you watch what a person does
40:02not what they say so that's why I'm I
40:05observe people so it's guy Biden his F
40:09not Republican or Democrat but his First
40:11Act was you know what it was his very
40:14first act the student loans was that or
40:16no no that was Obama oh another criminal
40:18but
40:20anyway no it's you're not wrong there
40:24assassinating American citizens around
40:25the world he's technically a criminal
40:29yeah now when when you um when he cut
40:32his First Act was to cut the Keystone XL
40:34pipeline and I went to Kings Point okay
40:38I'm an oilman my first job was with
40:40Standard Oil I understand oil when he
40:43cut the pipeline I own oil
40:47wells and the moment he cut the pipeline
40:50that day oil but under Trump I was
40:52selling oil for $30 a barrel next day
40:56was1 130
40:57so that's what so he lined your pockets
40:59with that I almost voted for Biden after
41:02that
41:04one Trump kept the prices down and so
41:08the 130 I'm making money hand over a
41:10fist but I knew exactly what he was
41:11doing because that's what Marx disguised
41:14did by raising the cost of living or
41:18inflation you have now have two classes
41:20so what Biden did was he created another
41:23class called the the upper middle class
41:25became poor he did it
41:28intentionally I watched that going God
41:31Mighty and so you notice what's happened
41:34then you see Hess has increase and all
41:36this stuff it's
41:38intentional and that's what Trump was
41:41fighting the Deep State or the dark side
41:42whatever he was fighting so when you see
41:45that stuff I go wow his second step was
41:47open the Border watch what a person does
41:51not what they say so Trump was putting
41:54up a wall I know people hate Trump he's
41:56a good friend of mine he he was putting
41:57a wall up so we had some
41:59protection Biden took it down watch what
42:02a person does not what they say but
42:05people can't hear what what's Biden's
42:09doing because they hate Trump so much
42:11well Trump's really made it hard and
42:13that he often sounds like a crazy person
42:15so if you're inclined to listen to what
42:18people say versus what they do Trump
42:21doesn't make it easy to judge him on
42:22that basis oh he makes sense to
42:25me no you know he's he's really I I know
42:29him for he sons and not really good for
42:30that I actually um throughout College I
42:33waited tables at Trump Marina so I
42:34actually technically was a trump
42:36employee during my college
42:38Years I asked this question of every
42:41guest you know we call this Dad Saves
42:43America because I think um I think dads
42:46are the role we get to inhabit as men
42:48that makes the biggest difference in our
42:50society how do you understand your role
42:53in the American story that's a really
42:56good question yeah know cuz I I'll say
42:58it again I was I flunked out of school
43:00CU I can't
43:01write and I WR Rich Dad Poor Dad and
43:05every publisher because they like my
43:07portets they they turn my book down
43:09saying you don't know what you're
43:11talking about you said you think you
43:13know money but they think they know
43:15money they have a 401k that's why you
43:17know full of stock sponds mutual funds
43:19and ETFs I wouldn't touch that
43:22stuff so I had to self-publish which Deb
43:26poor de
43:28I put the books in my friend's car wash
43:30in Austin Texas because nobody would buy
43:33them I published them and said now now
43:35what do I do and it was in this car wash
43:38and then my friend said they're not
43:39selling I said well they don't give me
43:41some time finally the book
43:43sold and then I got a phone call from
43:45Dallas Texas this is Austin to the Car
43:47Wash Dallas yeah my name's Bill Galvin I
43:50said how you doing bil he says I bought
43:52your book he said it's good book and he
43:55said um how many you got I said 1,00
43:59minus 12 and he goes I'll take the rest
44:04and I went who are you I made a mistake
44:07who are you he says I work for
44:10Amway and I was very close-minded to
44:14Amway did do what I mean yeah because I
44:16don't need I don't and because of Amway
44:19my book went all over the world oh they
44:21put it out through their network but was
44:23a different system see businesses are
44:26systems this this system you know and
44:29Oprah call and the next thing you know
44:32I'm
44:33going who's Oprah because you know
44:36Marines don't watch Oprah I was I wasn't
44:39going to go on the program my wife
44:41grabbed me she says look you stupid so
44:43you're going on Oprah I said oh okay
44:45okay okay so I fly to Chicago I go on
44:48the Oprah show next thing I'm famous and
44:51then Trump called so I wish I could say
44:53it was my brilliant marketing it wasn't
44:56so so what I'm V answer what I'm doing
44:59today I'm going to start a network
45:01marketing system to teach capitalism
45:04throughout the
45:05world we
45:10mistakes Robert thanks for being on dead
45:12Saves America thank you thank you keep
45:14up the great work I appreciate that

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