This One Skill Can Make You Rich – Fast! - Robert Kiyosaki

from a guy that lived in Iran for 10 years two years in Germany at a refugee camp and I haven't been in America served the military gone from being poor to Middle inome to low income to upper class to you know now worth a few hundred whatever the you know where I'm at at this phase of my life at 43 I said I'm here to tell you America's the greatest country in the world hello this is Robert kosaki and welcome to another edition of Rich dad's world it's the real world of money investing and freedom

I think that's the most important today is freedom so anyway I have a hard time with people trying to take my freedom away and our guest today is dear I mean he's really an old friend I've known him for years Patrick be David and years and years ago he drove up in this bus in front of the rich dad's office and scuss said who is this wild man and it's been a love affair ever since because you know the definition of intelligence is if you agree with me you're intelligence and today we're going to be

talking about how you prepare because I suspect they're going to do their best to take more of our freedoms away and the question is is how do you not allow them to steal your freedoms I don't care if you're a liberal or conservative just don't mess with my freedom that's all I ask so Patrick I was at Patrick's birthday party and it blew me away I mean his organization is a lot bigger than his bus he showed up in disuss and the thing I was most impressed with are the people around him and the people

around him are definitely proactive they're going for it I would say their financial future is very secure because of what not so more more not so much about what they're selling but what they're learning and when it comes to how your future will do is what skill sets do you have and that's probably the most important thing and uh that's that was the story of my rich dad and my poor dad my poor dad always said go back to school get your PhD the trouble was he was broke and I said I get my PhD

I'll just wind up like you and my Rich Dad said when I came back from Vietnam in 1974 he says the number one skill of an entrepreneur is ability to sell and what I was most impressed with Patrick MD's organization is this guys were confident men and women positive going forward their future is very very bright because they have a great teacher Patrick MD so Patrick welcome to the rich that world program it's great to be on with you yeah so what would you say about a person's skill sets I mean you think what what

carries you into the future it's not your college degree what skills do you have right yeah you know uh it's it's funny you talk about sales and I'm thinking about this whole thing with sales when I got out of the military I I uh I knew how to work hard I didn't have a problem working hard that was not tough for me I learned that from the military just like yourself having serving in the Marines and my dad was a worker he ran a 99 cent store in Englewood and he's always been a worker so

I got the work part but the sales side I didn't have I started working at ballet Total Fitness and uh I learned how to sell I was coached by a guy named Cisco he was my manager at B he sent me to Fox Hills Mall cuz I couldn't sell memberships at the gym and he says you know before you give up sales I want you to go try to sell memberships at the mall I said Cisco I can't sell memberships at the gym you want me to sell it at the mall he said yes I

went to Fox Hill's Mall uh first day I was standing behind the booth I was so afraid to talk to anybody and engage and the next thing you know I uh came to the side of the booth because it was these two other guys and I came in front of the booth and one girl came in bought the first membership from me $75 down $32 I remember till today this was a 99 and uh I called Cisco said Cisco somebody bought a contract from me he says you got to be K I said no so

I sold second third fourth and I became rookie of the month I became rookie of the Court then I became rookie of the year and then I saw the world from a complete different perspective once you learn how to sell because it's almost a skill set of Freedom whether if if you ever see the girl the hot girl in town who dates a guy that's maybe a five or a six and she's an eight or a nine and year Wonder wondering how the hell does she end up with them there's a very high likelihood the

guy's a great salesperson okay if you ever get passed up by somebody on a promotion and that person's not as qualified as you to get the promotion but they get it they probably sold themselves better for that position than you did if you ever notice in a family setting where you know the time comes where somebody has to make a decision for the family's future and your idea is better than another person's idea the other person was better at selling their idea than you this this whole sales thing goes in many different uh uh ways

and today uh I wrote a list of things while you were talking here about skill set my kids when they come up to him they want to ask me for something I said Dad I want to go to movies I want to go to a restaurant I said sell me why not tell me why sell me why and they'll say well I think we got to go there because I tell sell me why and then well because of this because of that and many times they come and they'll say dad you know we want to

go to you know in the ocean this week with the I'm like nego let's negotiate a deal tell me tell me why you deserve to go there well do you remember last week when he asked to do this we did this do you remember last week and what if we do this and what if we do this so I think the skill set of selling negotiation reading people intuition is probably some of the most important skill sets because you are right I think they are going to try to impose their power and force uh to

take away more freedom if you allow it to but if the right people stay a little paranoid and they read them a little bit better and you have some intuition to know that nothing's more important than your freedom if we fight back I don't think they'll be successful that's correct and then the the same we have at richad it's sales equals income and so I mean so many people say well I can't afford this I can't afford that I can't afford to buy real estate I can't afford to buy Bitcoin I can't afford to buy

well the reason you can't afford to buy something is because you can't sell and sales equals income so back in 1974 you know my my dad wanted me to go to the University of Hawaii and get my PhD and I said no I'm gonna or he wanted to fly for the airlines because it was a pilot and I said no I'm not going to do that I'm GNA learn how to sell and it was he was up my he was upset he said you know salesman are salesman are Crooks or Conor is you know it's

not it's not a very honorable profession but that's why he was poor you know so many PhD types academic types they think they're above the capitalist Pro process they think their PHD entitles them to the better life but if you go for your PhD you really don't have the skill sets to be in the capitalist world you know like when my my father you know bless his heart he ran for lieutenant governor against his boss the governor as a Republican in the People's Republic of Hawaii you know Hawaii's 100% communist and U so he ran

as a Republican and he lost and the governor said to him you'll never work in this state again so the power the governor had over my dad was his job and the hardest thing for a school teacher Patrick is you as a capitalist you really don't need a school teacher you need a Salesman and my father just couldn't sell he wouldn't you know he just kept holding up his PhD I have a PhD but he couldn't sell wow and you know what I mean and and I saw that and that's when my uh Rich Dad

who had no education at all said um you better learn how to sell pretty quickly so I was at your birthday party and I saw your team both men and women what they have is confidence and that confidence ability to sell to communicate and all that that'll carry them into the future and what's going to happen is as the economy worsens and this cut take keep stealing our freedoms they're going to have the income via which you take advantage of real estate of whatever they Bitcoin whatever they want to invest in but if you can't

sell remember sales equals income and if you can't sell you don't have income is that is that direct a process but when I sat down with my poor dad he just couldn't hear it he said salesman are salesman are Crooks you know they deceive people they cheat people and all this but that's what prevented him from getting ahead have you seen people like that oh tremendous I mean you know uh my dad I mean he he he was a worker but you know he was always stuck with where he was at uh my family with

where they were at but you know the biggest thing listening to the story of your father is your Dad wasn't afraid to go up so maybe he wasn't a good salesman maybe he wasn't a entrepreneur but the guy definitely had courage to go up against his former boss as a governor and that courage was definitely passed down to his son with the courage you got to do what you do and the books you write and the buttons you push and the predictions you make and the the controversy and the opposition you face you piss a

lot of people off with some of the things that you talk about but you're comfortable doing that because you got the you got the right jeans there no you know I I I will I will say a couple things to you I think the one word I think about is how can a person be Irreplaceable right that's how you increase your market value if you are irreplaceable so how do we become Irreplaceable um to me I if a person's a W2 person let's pick a uh engineer a coder okay and a person produces the software

for you they're so good of a coder that they've had so many years of building that code for you the software for you they are somewhat Irreplaceable where you kind of need them like listen here's what I've done for you I've developed a software for you that's made you $15 million I think I deserve a raise I think I need to be at 285 I think I need to be at 1401 120 whatever the position of this person is you're irreplaceable right so somebody may be watching the same patter I'm not somebody that went to

school to be an engineer I can't be a coder that's not me great you may be watching this and saying well you know what other way can I be Irreplaceable well if you learn how to make your own money without somebody paying you that money like a job if you learn how to make your own money independently if you don't rely on the government to support you if you don't rely on your parents to support you or anybody to support you independently make your own money you're essentially Irreplaceable so the more Irreplaceable people that we

have that are not leaning and relying on an organization institution or the government to take care of them taxes goes lower there's a lot of things going on today but my biggest thing would be whoever I am that's listening to this whatever country you're living in we're seeing a lot of this stuff taking place all over the world number one thing you got to do to be Irreplaceable and have a lot of backing when you speak and have a lot of weight is one go make your Millions okay two make the Investments to be protected

financially yourself your family you don't have to worry about what somebody else is going to do to you if you accept the job or career whatever you're doing you're doing it because you're choosing to do it not because you're forced to do it you choose to put yourself in that kind of a situation and if you do that a government and an institution fear somebody like you because you don't need them you know there's always this notion about when when moms and sons or father and sons uh uh kids sometimes they go through this challenge

because the kids growing up always needing Mommy and Daddy for money always needing Mommy and Daddy for money Mommy and Daddy for money mommy and daddy for money then there's this awkward transition where Mommy and Daddy can threaten to take stuff away from the kid by saying if you don't do this I'm not going to give you an allowance and eventually the kid says listen I make my own money now $220,000 that threat doesn't work anymore and parents sometimes is uncomfortable to give up that control they lose it right so the government doesn't like it

when you no longer need them the the government doesn't like it when you no longer need their welfare state or their their support or any of that because independently make money if you don't position yourself in a way to make your own money and be free you are going to be living a life of Conformity and being in host being a hostage that is not a situation we were not created to be held hostage by another organization because we desperately need them we are creative we were created to be creative and solve many different problems

unfortunately you cannot do that when you're relying on the government how do you solve that by exactly what Robert's talking about which is sales and so the uh when I was a kid you know I went to listen I couldn't listen to My Poor Dad anymore because I was plus I was really horrible in school anyway and they kept saying well if you don't get good grades you won't get a good job I said good I'm on the right track and then so I would play Monopoly with my Rich Dad but I had to work

for him for free that was a deal and he says if I pay you money you think like an employee so I I would work for him for free and then he'd play Monopoly and teach me so as I got ear older when I was about 12 years old he said okay your graduate course is this I had to go to he had a lot of uh rental units he called them rental units My Poor Dad the school teacher called them slums you know and I think you know the formula Patrick is the real estate

buys the land so rich dad was putting up these um military quanset huts on this really great land but the quanset Huts the military were buying the land so he put these little cheap ass quanset Huts up there and my dad my port head went nuts you oh you do that he's taking advantage of all these people he's complete Marist socialist so when I was about 12 Rich Dad says okay we played enough Monopoly you're going to graduate so the next graduation course was I had to go knock on doors and collect r rent I

tell you Patrick I learned more about life knocking on doors wow lifting rent because everybody who was late in their payments had an excuse they all had a TV set I could hear it going in the back background they weren't working and they didn't pay their rent it was one of the best educations I ever ever had can only imagine oh my God at 12 years old wow and so that kind of you know that also twisted my path because my poor dad had excuses too if you know what I mean I I heard similar

excuses collecting rent from these very very poor people and I heard the same excuses at home and so um that's why when Rich Dad said to me when I came back from the Marine Corps he sayou better learn how to sell I didn't want to do it because I don't nobody likes rejection everybody hates rejection I'll tell you two stories so that when I was in Sunday school I was about seven and my Sunday school teacher asked me she says why were the three wise men wise and I said well because we were rich and

she goes no no no no why were the three wise men wise said because they were rich and she kept saying well why do you say they were rich I said well they had frankincense gold and M and they came to give it to them not pushing religion here but I went to a Christian School uh Sunday school so so they had frankinson gold and myr and she said they were Rich she says no no that's not the answer I'm looking for are you worried about your financial Security in these unprecedented times if you are

the next minute could profoundly impact your financial security imagine waking up to find the economy has plunged and your portfolio has plummeted 30 to 45% while banks are in turmoil holding your money hostage while waiting for FDIC intervention where would you turn for many this may sound like fiction but it's a stark reality for those that have money on the line recently America awok both the NASDAQ and the Dow plummeting over 1,100 Points each and triggering a frenzy of offs history shows us how a single event can crash the market like the do bubble of

1999 the subprime mortgage crisis of 2008 and the pandemic of 2020 but today we're facing multiple bubbles commercial real estate stock bonds and Banks combined with the Relentless inflation the threat of global recession the spects of war and you have the perfect storm the consequences could be catastrophic plunging us into unprecedented crisis America America is sliding in the age of Discord with trust in institutions collapsing and the Democratic Norms unraveling the quality of life for Americans has declined wealth is concentrated among the rich while the median American family income stagnant creating a dangerously topheavy social

pyramid moreover hostile countries like Russia China and Iran are working to destroy the US dollar gold is a no matter what store of wealth that you need that's why Robert has been such an advocate of gold gold and he trust Allegiance gold Allegiance gold is ready to help you incorporate physical gold as part of your portfolio and protected against economic uncertainty visit protect withth robert.com today to learn how you can qualify for up the $5,000 in free silver with a qualifying investment or give them a call at 8443 Robert remember to mention Robert and Kim

sent you when you contact Allegiance gold secure your IRA or 401K today with Allegiance gold visit protect withth robert.com or call 8443 Robert here's this young Sunday school teacher says the reason they were rich is they always sought the best teachers and I went holy mackerel so Patrick you know about two years later when I realize I'm not learning Jack from my school teachers and I'm I go to really rich kid school and I go how come they're rich and I'm poor my old man's a head of Education PhD and I'm still poor and I

realized I had bad teachers so what happened then is that said my my poor dad was a pretty good guy he says you should listen to your Rich your best friend's father who was rich dead I said why listen to him I said because he's an entrepreneur and I said 'what are you he says my dad says Poor Dad says I'm an employee and I go what's the difference he said it's a big difference says entrepreneurs must know about money employees don't it was like a big big lesson so the next lesson was this so

I got this job at Xerox the same story you have is I get my little handy dandy sales planner up I'm dying you know let's say there's 20 sales guys at the xero branch at H I'm dying I I'm like and the the guy Sanchez flies in from western region Santa Ana he looks at my my uh sales thing I got all these appointments but no sales you know and I'm I'm going to get fired so I said I can't I'm working hard but I'm gonna get fired you know because I had no sales so

I go my rich dad's office was a Wy key so I go to Rich dad's office and I show him my planner he looks at it he goes okay he says let me ask you this how many and get I to knock on doors I had no established accounts the the fngs and the fnu guy has to always cold call you know that that's as brutal as it comes so I'm cold calling cold calling cold calling I'm getting nowhere but I'm making a lot of cold calls so I show my Rich Dad my sales planner

just like you do with your guys and I said my rich T say well it's obviously while you're failing I said why is that he says you're not failing enough he says if you want to get S become successful you have to step up your failure rate I went what because in my poor dad's family the academic's family pH days and all this failure means you're not successful and to my Rich Dad failure meant you were getting successful so his advice to me that's so working for zerox I'm probably 28 years old he goes you

got to step up your failure rate find a way to fail faster so that's when you get creative you know I can only make so many sales calls a day so what I would do at night like let's say I left uh downtown hun a little at 5 I would go to this nonprofit organization up the street and I would dial for dollars so I could make 30 sales calls in a night and I didn't care if I failed or you know I was just diing for to get people to donate money for this charity

and I feel 30 times a night and I kept failing 30 times that was my goal fail 30 times a night but you know what happened Patrick my sales at zerox went up it was the most amazing thing you know because after a while what look at what I saw at your birthday party in Miami your people men and women have tremendous confidence and when I meet somebody who's poor and struggling and all this they lack that confidence you know they they they're more afraid of what somebody think of them than they think of themselves

so that was the first thing I noticed so you know congratulations on being a great uh sales trainer developing sales leaders but for me to become successful I had to step up my failure rate which goes against everything School teachers teach you so today the reason I have so much money is because you know Rich Dad por is now 25 years old is still number 20 in the world and the academics still say you still can't write and I go yeah but I can sell it's a best seller and but these academic types is said

but you can't spell I said I know but I could sell yeah you know I mean it's it's a whole different value system and it was turned down by everybody but you know one of the biggest advantages I had is that when I wrote the book I endorsed network marketing because in network marketing if you have a good sales later you will learn the number one skill of an entrepreneur's ability to sell so I mean you know I have very similar mindsets different experience same experiences but if I could leave a message throughout the reason

I can buy so much real estate is because I make so much money and if I don't invest in the real estate I pay taxes but most people can't invest in real estate because they don't have any money you know what I mean they they they can buy a they can buy a duplex or something like this but I'm a billion dollars in debt I borrowed a billion dollars to buy all this real estate and the only reason I can do that is because I know how to sell and it's completely opposite world of the

average person out there and uh by the way Patrick Bet David is in this is the book you're part of here Patrick this is called the capitalist Manifesto you're a part of it I love it because you ran away from charid don't you 10 years talking talking about that what you absolutely 10 years in Iran I lived there when the whole War happened between Iran and Iraq uh and I was born to a communist mother and an capitalist imperialist father uh one side of my family would always talk about the fact that rich people are

greedy and the other side of the family would talk about that poor people are lazy and uh both of them were both wrers wrong you know there's greedy rich people and there is greedy poor people and uh I know a lot of lazy poor people and I also know hardworking poor people who have the wrong mindset so anyways we escaped I lived in Germany for two years at a refugee camp uh which I got the first taste of Entrepreneurship there a Super Nintendo Super Mario Brothers 2 was coming out and there was a guy in

the refugee camp his name was Yan staff uh he's no longer here with us he had a sister who was gorgeous and I was in love with this girl and I was 11 years old I'm like I got to figure out a way to spend more time with this girl so I talked to the yan yan was four years older than me and I realized Yan liked video games and so I said if I buy Super Nintendo he can play Super Nintendo and I can play with his sister this is a great deal I was

11 or 12 at the time she was 10 or 11 we were both kids clueless so I went to the local swimming pool and Germans like to drink and they like to party and it was the year when they won the World Cup so I went to the local swimming pool and I said look you got bottles and beer you know cans everywhere here what if I bring this up to you and I clean it up I talk to the owner he said I'll give you five fenic per I cleaned house with his pool every

day eventually I gathered 250 marks which is what it was cost for me to what it cost for me to buy that Super Nintendo I went to calal which calal is like our Sears and I went to calal and I bought the Super Mario Brother Super Nintendo I brought her back to the refugee camp I was a hero everybody was playing with the video games and I asked Katarina let's go we spend some time together and we go to the park that was my first experience about entrepreneurship that you can make the money out there

money is out there there's many ways to make the money you got to go ask and create some kind of value for you to make it then came to the states at 12 years old glendel California and was there for six years then went to the Army then a day before 9911 I started working at Morgan standy Dean Witter as a stock broker got my Series 7 66 3126 as a 21y old old I was the youngest broker they hired and then I went to Trans America for seven and a half years and I started

my own insurance company and the rest is history but it just validates that you know how often like the other day we're doing research today on on uh politics and we were watching a lot of old JFK interviews and I want to read something to you that JFK said in regards to uh taxes so you know most people think about taxes and like well you know we got a tax tax the rich we got to tax the rich we got to tax the rich it's not fair the fact that they don't pay enough taxes here's

what Kennedy once said on September 18th 1963 Kennedy said a tax cut means higher family income and higher business profits in a balanced federal budget a tax cut means a balanced federal budget said by a Democratic president every taxpayer and his family will have more money left over after taxes for a new car a new home new conveniences education investment every businessman can keep a higher percentage of his profits in his cash register or put it to work expanding or improving his business and as the national income grows the federal government will ultimately end up

with more revenues said JFK how weird is that that a JFK would today potentially be considered a Republican libertarian but he understood business because when it comes out to business I was a kid robertt my mom I was 13 years old 14 years old going to glund high school my economics teacher my history teacher starts talking about Democrats Republicans Independence I don't know anything about politics I come home and I ask my mom I said Mom are we Republicans or are we Democrats and my mom says we're Democrats I said okay cool I said can

you can can you tell me why we're Democrats she says because the Democrats are for the poor and Republicans are for the rich I said huh I said 'y you know what Mom she says what I said' when I grow up I want to be a republican she said what do you mean I said I hate being rich I hate being poor it sucks being po I don't know what Republican meant I what I try to say is I don't want lunch ticket I hate welfare checks I don't want to feel like I'm weak and

you know I'm holding the conference call yesterday one of my guys started talking about the fact that my sales guys don't listen to me they're not working that hard what do I do about this and he's got this voice about himself I said stop sounding helpless you are not helpess why do you sound helpless if you're helpless the world identifies you as being helpless I said can you talk yes do you speak more than one language yes can you hear me yes can you see me yes if you touch me will you feel me yes

can you taste food yes can you hear music yes you're so gifted you don't need to feel helpless this helpless mentality is so unattractive nobody likes a helpless mentality so half the battle is you know for folks that sometimes are coming from other countries and were immigrants you know your family my family when you come to a country like this you know I was speaking out of school last week and one of the guys got up on stage and he felt like guilty talking about America's the greatest country in the world he says look we're

not perfect but we are one of the best countries in the world and I'm like how do I say something without stepping on this guy because he's the Headmaster so I get up on stage I say but first of all let me applaud the Headmaster fantastic thank you for your service but you know from a guy that lived in Iran for 10 years two years in Germany at a refugee camp and I haven't been in America served the military gone from being poor to Middle income to low income to upper class to you know now

worth a few hundred whatever the you know where I'm at at this phase of my life at 43 I said I'm here to tell you America is the greatest country in the world not one of the greatest not a top 10 greatest not top five it is the greatest country in the world and one guy says how do you measure the greatest country in the world I it's very simple for me he said well how do you do it I said well here's a question for you says what's that I said the before I give

you my measurement you tell me how you measure well I think it's based on happiness how do you measure happiness you want to be happy go on an island go to bise you'll be happy is that does that mean bise is the best country in the world well no I guess the best country in the world is the the fact that the country is very transparent okay let's just say you're my country we're broke we have nothing we have a weak military and I transparently tell you we're broke we have no military no business everyone's

dying but I'm transparent does that mean it's the greatest country in the world well I guess it's not so how do you judge a great so we're going back and forth back and forth finally I said let me change it before we and ask you a question they said what's that I said how do you judge a great restaurant says uh reviews I said okay that's one way I said but let me ask you this it's 12 o'clock lunchtime weekday you go to a restaurant okay say for of us go to a restaurant and at

12 12:15 you're sitting there for 15 minutes the place has got 40 tables you're the only table there lunchtime busy all the other restaurants around you are busy but this one's not what do you do 15 minutes into you're like guys we're probably at a bad restaurant let's get up and walk out you leave right he says yes I said now what do you do when you go to a restaurant and you walk in there's a 20 minute wait there's 200 people inside and any day you go during lunch time is packed what do you

say about that restaurant that's a great restaurant I said that great restaurant is is America because America leads the world in Immigration and it's not even close we have 48 million and the number two country only has 10 million if that was a football score it' be 48 to10 that's a shellacking is what it is what America is doing because the list of people the line is so long Millions on top of millions want to come to America so you know and I know this is an international thing there's people from all around the world

by the way I will tell you a couple different things one you got to have pride in the country you represent you got to have pride in the religion you represent you got to have PR in the Heritage that you represent but you also have to understand that the basic fundamentals of Freedom apply everywhere this is why gorbo finally brought the wall down this is why China finally realized they need capitalism so capitalism Works no matter where you are as long as you leave the freedom upon the people to make a decision for themselves on

what kind of a life they want to live so I don't know if that's what you were looking at but that's briefly my story and that's exactly the story I mean you and I are like um like I said the definition of intelligence es if you agree with me you're intelligent and so I want to thank you you know because when I met Kim she turned me down for six months and if not for sales training I would never I mean I just persisted six months and then when I stepped up the um interest in

her I found out she she had a great job with a advertising agency in h and every guy wanted her you know my I played rugby and my Rugby players she'll never go out with you you know you're so freaking ugly and um you know how friends are and then one day I found out that she actually she would work at in hu and then in the evening she had a network marketing business and she would go and set up her little thing to learn how to sell and I like man this is a woman

after my own heart you know she like she's goodlooking she's got Beauty She's Got Brains and she likes business and then you you know the reason I'm here is because I have a great woman if you have somebody who doesn't like business because you think it's illegal immoral unethical and all that you pay the price you know that's like the price when I was 12 years old knocking on doors collecting rent from poor people they all had excuses and you and I that's the biggest death of all is when you let your excuses run your

[Music] life but I'll show you what capitalism really is this is very saying you seen the financial statement here you have income expans asset liability and employees and self-employed Focus here and then B's and I are entrepreneurs like Patrick and myself Focus here this is called a balance sheet this is called the income statement but the big problem here is this word here tax and Patrick talked about how taxes wipe you out so what I had to learn was I had to learn to build the business here by selling learning how to sell so what

happens my income goes up here so as my income goes up here taxes just take it right away so I had to find out how could minimize my taxes legally and increase my income and the way I do that is as an investor so what happens for me is let's say I make a million dollars here okay million dollars if I do nothing the government takes 60% of that so I net 400,000 on a million but the reason I had to learn how to invest in real estate was because I come down to the liability

column here and I borrow 4 million so I had make a million there and as an investor which which World recommends is you learn how to acquire real estate so if I borrow $4 million here I step up my asset value to 5 no and because I've stepped up my bases from 1 million plus debt to 4 million I have a basis of 5 million I pay no tax if you understand that that's why we teach real estate investment and Stock Investing and things like that but if all the asset classes it's real estate because

real estate runs on tax on debt and the more debt you use the less tax you pay because if people like myself and people who borrow money if we don't borrow money money doesn't come into existence the only way money exists is after 1971 when Nixon took the dollar off the gold standard the US dollar became debt so the only way money could be created was for people like me to borrow money so Ken malroy and I borrowed $31 million to buy a piece of property in Austin Texas so we stepped it up by $31

million we stepped it up over here to $50 million and because we have a $50 million asset the tax laws allow us to pay no taxes and this income flows into me taxfree that's capitalism but they'll never teach you that so they what schools teach you is to be e and Ence to be employees or special specialist like a doctor or lawyer or real estate agent but this is my my rich dad taught me and that's what Patrick B David teaches his guys so so this is real capitalism and the reason we have Rich dad's

world is so you can learn to do this before we came on the air Patrick and I were talking about one of those nefarious people who's on YouTube all the time and there's a lot of fakes on YouTube as you guys knew and this guy was saying the way you invest in real estate is you go out and you start with a 200 unit apartment house for 40 million bucks are you nuts you know if you buy a $40 million apartment house and you make a mistake you bought the Titanic you GNA go down with

it without real Financial Education Without coaching without really good guys like Patrick and I have the US is now a nation of renters and everybody's going to rent because they can't afford a house so it's good news so that's why Rich dead World exists to to assist you in understanding how you take a million dollars you borrow four four million here you come across here make income here and you wipe out your taxes legally that's what capitalist Manifesto is about that's what Rich dad's about but I strongly recommend you choose your teachers WIS this guy

on on he's very popular real estate guy I wouldn't trust him I mean I do not trust him he said yeah just go out buy a unit you start big you got to be crazy so for those of you want to do this here make million dollars learn how to sell million dollars comes down here I borrow four step up my basis to five it wipes out my taxes and I make money tax fore that's the way it's played okay so thank you for listening to Rich dad's world and um please invest in your financial

education but as Patrick and I were talking about if you really got to choose your teachers wisely so Patrick I want to thank you I thank you for supporting my my book capitalist Manifesto but U you're a great teacher and I appreciate what you do so thank you very much thanks for having me on appreciate [Music] you this podcast is a presentation of Rich Dad media Network [Music]