failure should inspire you to get smarter and unfortunately our school system says if you if you fail you're stupid that is not true there's no such thing as a bad economy and The Willpower is to change our internal economy so for me I can see the good and I can see the bad I don't really give a damn because I'm going to be rich anyway but a poor person with a poor personal economy all they're going to see is a bad economy he says y have to look at the big picture too many people look
at well what's it what's going to happen to me when you look at the big picture you're also going to know that when something bad happen something good is going to happen mhm but you got to prepare for whatever is coming if you think the last next 20 years will be like the last 20 years you're going creamed you know when you and I go to the supermarket and we buy a carton of milk we always check for the expiration date but most people do not check for the expiration date on their brains cuz the
school system never teach you about money the school system was designed to teach you to be an employee which is important or a doctor or a lawyer a specialist but never about money you've really got to understand what is risky and what is not risky and in my world if you play it safe that makes you stupid because if you don't take risk you don't get smarter and when somebody says what is risk you have to look in the mirror you know what I mean for me to fly in Vietnam that was high risk but
the higher the risk the more you have to study you know that I know that well first of all everybody can do something but they won't and that's the problem the point is everybody can do something but you got to figure out what you can do poor people say I can't afford it I can't do that I don't have time because it's an Escape it's an Escape so I remember raising my hand when I was 9 years old talking to my fourth grade teacher and I said you know what am I going to learn about
money and she was this woman who should have retired 50 years earlier she was so sick and tired of kids by this time and she says we don't teach money at school I said why not and she couldn't answer me and she got very flustered she said sit down take your seat and then I got curious I said why don't we learn about money I go home and ask him said why don't we learn about money in school and he looked at me and says because the government doesn't let us teach that subject the government
tells us what we can teach and what we can't teach and I thought that was strange and I said but aren't we going to school to learn about money he says no your job is to get a job I said but you get a job to earn money he goes no you're supposed to just get a job I'm went no no no no no isn't the purpose of a job to earn money he goes you're correct I said so why don't I just learn about money I can skip the job part you know and he
got flustered and he said look and my father was for Japanese very T 6'4 and imposing man good guy but he says if I learn about money why don't you ask your best friend's father about money and I said Why That's Mike said so why ask him he says because Mike's father is an entrepreneur and I said what am what are you he says I'm an employee I'm a government employee I went oh what's the difference this is the difference as an entrepreneur must know about money or they they're no longer entrepreneurs and he says
an employee doesn't have to know anything about money cu the government will take care of the company will take care of and finally through persistence my rich dad started teaching me about money on one condition and that condition was he would never pay me he says the moment I pay you you think like an employee he says that's the Trap entrepreneurs work for free and now I'm 9 years old my head's going cracking in half he says you never want a paycheck you understand that kid said okay I got it and he saids well how
do I make money he says that's what entrepreneurs figure out he refused to accept a paycheck he says the the moment you accept the paycheck your brain goes dead he says as long as you're hungry you'll think so let's say if everything they teach you in school doesn't work what if we get rid of school then what would happen would it be better if we had no educational system at all when you go to the supermarket you buy a carton of milk the first thing you check for is expiration date you know if the expiration
date let's say it's March 1st and you know and it's already July you better not drink that milk sure the same thing happens inside our brains is when we have obsolete ideas we get obsolete results so what's happening for most people the idea of going to school MH getting a job working hard saving money getting out of debt buying your house because it's an asset investing for the long term is obsolete so if you're not going to study you're not going to practice and all that then you should do what Wall Street tells you to
do why you know 401ks mutual funds ETFs and all that but that that's where they're fake assets cuz they only make Wall Street or the city of London rich just watch where the cash is Flowing so what happens to entrepreneurs who go out and they get their ass handed to them and they survive if you survive you see the world differ we all have fear you to be truth we all have fear it's just how you deal with it and um you know Einstein said you imagination is more important than knowledge but knowledge empowers imagination
and what most people lack is real business knowledge like accounting you know like debt like taxes you got to know that stuff but they don't teach it in school to anybody first of all let's go back to what is financial education it's not get a job work hard save money and invest in a well Diversified portfolio stock funds mutual funds and ETFs that's not it you know money is the the financial industry is two things debt and taxes debt and taxes see when I came back from s in Vietnam in January 73 the first thing
my rich dad said to me was go to school to learn how to invest in real estate it wasn't real estate it was how to use debt and taxes debt and taxes make the rich richer debt and taxes make the poor the middle class poor but when I make a million bucks I keep a million bucks and the reason is because I don't make it by working for money see if you work for money you're taxed so that's why lesson number one in Rich dead poor dead is the rich don't work for money what we
do instead is we create businesses as entrepreneurs we acquire real estate I don't want to invest in the stock market okay so the reason is because as entrepreneurs I have more control over my income how much I make and how much I pay in taxes and because I'm an entrepreneur as well as an investor in real estate I pay zero tax and yet people well I want a high-paying job well that's an obsolete idea get out of debt is an obsolete idea you should learn how to get into debt how to use debt to get
rich and they'll never teach you about taxes the reason the 1% is way up here and the 99% are going this way is because when you print money two things happen inflation and taxes go to school what do they teach about money nothing get a job you pay the highest taxes pay your taxes I don't pay taxes get out of debt well debt money is debt after 1971 if you know your history of money your house is not an asset your house is a liability and why would it invest for a longterm in the stock
market when I can make my own assets I don't need the stock market I'm not saying you shouldn't but I create my own assets I create my own cash flow Financial intelligence is the ability to control cash flow you'll pay most of your money will go out through taxes in your lifetime and then they tell you to buy a house and a car a car is an asset no a car is a liability got insurance gas upkeep and all this so you're working for a big company like Google you might be safe today but you
might be gone tomorrow whereas you're a little startup you might have a better chance there's something everybody can do like I said everybody can buy a 20 $20 silver piece everybody can afford 20 bucks but will they do it no they'll be at Starbucks sucking it down instead it's easy to say I can't afford oh I I'm too tired oh I can't go to the gym you know when you could go to the gym no I can't truth is I'm just too lazy to go to the gym and you play it safe and you don't
introduce new risks into your life and so the people right now who are sitting at home who are struggling financially or worried about money or unhappy they may be making a lot of money but unhappy with what they're doing it was probably taught to you you know your super ego was taught get a job work hard or you or you'll never be rich or the rich are evil or whatever and until you change your mindset money won't help you right correct and we see that with people that win the lottery people that make more money
they still have the same problems because they have that poor men's Soul corre if you're poor you'll always be poor that's really hard for people to understand yeah the money will disappear that fast in every one of us is a poor person there's still a poor person inside me so the real entrepreneur has an internal Focus that if they fall down they say oh this is good cuz I'm going to go up higher you know the average person will fall down say oh I'm going to take some Prozac or or the or somebody has a
mistak all the mistakes don't matter well mistakes mistakes matter it means you didn't know something but a real entrepreneur whether they fall down they go they're always can go up they can stand back up and go higher that no matter what happens to them they get stronger and better and smarter and happier but person with a weak internal mindset is that they're so afraid of what happens it generally happens
