Financial Mastery with Robert Kiyosaki: Strategies for Building Wealth in Today’s Economy

our today's guest is Robert Kaki well I don't know if it's a new philosophy it's new to academics My Poor Dad was an academic what would be your advice to these young people I didn't learn much at school because it was all a lecture you know going one year and not yeah the people around me don't study because they make enough money there are things you can't explain that's why you've created the game can you explain golf reading a book I don't need money so I don't buy stocks I don't buy bonds I sell them

how do you don't pay taxes only stupid people pay tax I own the real estate I'm a control guy I'm a capitalist AI yes that's going to cause the biggest financial crash in history hey I can do a better job than a doctor do [Music] our today's guest is Robert kosaki his books has inspired people to to everything their mindset when it comes to money and his works over a decade has helped people to build their sustainable Financial foundation for their life Robert you're known as someone who challenges a traditional positions um when it comes

to finance and Ed ation your books and a game cash flow has been a source of inspiration for many people so our listeners are lit so interested in one of the questions is that what was your inspiration for creating a new philosophy of wealth well I don't know if it's a new philosophy it's new to academics see the story of Rich Dad Poor Dad my poor dad was academic so he was uh very left very Marxist he hated the rich uh he thought the rich stole people's money you know he was a very bad attitude

towards money and my father was a very smart man pad he went to Stanford University of Chicago in Northwestern get his PhD but he knew nothing about money so my rich dad was my best friend's father and I wanted to learn about money and my rich dad had a pretty Christian point of view towards it the love of money is the root of all evil and I said I think it's the lack of money dad you know I mean but uh money is a very strange subject because it's emotional also capitalism is not the best

system but is the system I like the best where capitalist capitalism is unstable so you can get rich and poor really quickly it's undemocratic it means that not everybody gets rich and it's unfair so it's open to socialism and attack by communism so in the world today uh the gap between rich and poor is too wide at the same time because there's no Financial education the world is crashing financially right now never has a country been so in debt and uh we now have a new leader taking my friend Donald Trump's taking over he's a

capitalist but unfortunately they're going to try and kill him as We Know though because he's going to go against the academic left yes the bureaucrats we call them so it's a very unstable time unstable system Japan is in serious trouble China is going down Germany is going down and we have a war in the Ukraine and we have a war in the Middle East and then you have bricks Brazil Russia India China South Africa going after the US dollar yeah and at the same time you Bitcoin with blockchain technology says I was saying to your

class your class is entering the world and it's most unstable time in history challenging times right unstable challenging is one thing yeah unstable is another because when things are unstable that's what leads to war yes yes fought I fought in Vietnam twice so what would be what would be your advice to these young people to our listeners who is entering this unstable times what kind of habit level um education they have to bring into their life to become financially independent well that's what I was very proud of your school here central at Asian University yeah

you have a room where they play games yes I learned I didn't learn much at school m because it was all a lecture you know go one year and out the other yeah and it was often taught by poor people most academics are like my poor dad they're good people but they're poor and so they have a resentment toward capitalism so if you read The Communist Manifesto by marks and angles chapter one is abolition of private property yes the Communists don't want you owning anything that was my poor dad he said it's not fair that

your friend's father had so much and I have nothing and I'm a school teacher nothing has changed you still have poor School teachers trying to teach capitalism a subject they don't understand so by Central Central Asia University having a games room instead of a lecture hall I think it's so far from forward thinking I'm blown away I'm I'm impressed and I I'm ordered my game as one of the games so young people of usbekistan can be a part of our University yeah yeah so it's Progressive it's yes the reason I like games is because we

have four intelligences MH we have mental emotional MH physical spiritual yes so when you sit there in class and teachers a lecturing but when you play a game mentally you're engaged physically you're engaged you're doing something you know spiritually you're engaged and physically you're engaged so it's a better teaching tool than a professor exactly yes so what do you think what distinguish of rich people and poor people uh without considering like Financial part like maybe their mindset are different different 9 99 the difference between Rich poor people rich people and poor people attitude attitude I

think money is important so I study it that's where I brought Sandra my assistant up every morning I'm studying I'm studying markets I'm studying this I'm studying that other people are watching TV you know sing contest and yes they play golf or pickle ball or you know it's what you do in your spare time it determines if you're rich or poor you haven't been sleeping in the plane yesterday you were studying all the way yeah I this is I recognize yeah so it's what you do in your spare time determines your future so everybody's yeah

we go I go I go back I go back to Phoenix I go to work and all this but when Sandra comes in came in this morning at the hotel here in usbekistan I'm studying and so that's what gets me ahead yes the people around me don't study because they make enough money I just it's not that I don't have enough money to me making money is a game it's like playing Monopoly yes I like the game if you don't like the game don't play it you mentioned previously in our conversation with the students that

there are things you can't explain that's why you've created the game yeah can you please talk about more about this because for our listeners it will be quite interesting why what was the let's say main reason to create the game because you have the book that still the The Game come up which is getting more popular well think about this if you were to play what you guys call football we call soccer yes yes can you explain soccer by talking about it no way no way so the same as golf can you explain golf reading

a book no so there certain things you have to you have to do and uh when I started studying philosophy and all this I found out all philosophers believed in doing and but somewhere along the line the more academic people got it more just came to listening so they call it lecture yes which is boring which is why I flunked out now the schools I went to I'm I'm what they call a ring knocker means an academ mil military school graduate I went to military school because we had to learn by doing whereas if I

had gone to a normal university you would by learning by listening so I learned how to fly I I can fly aircraft you have to practice that and I can drive ships and I can draw for oil so I know how to do things but ask me to study calculus I can't do it I just don't know it my mind doesn't operate that way the same goes for the medicine right you you get lecture but the most skills they gain in the clinical rotations where they go into the clinics they do learn by doing that's

true yes but the reason I like capitalism as I was trying to explain to the students today I don't need money I can put a deal together by taking pieces of a deal assembling it taking it public through a stock exchange so I don't buy stocks I don't buy bonds yes I sell them I create bound stocks and bonds I learn by doing so the average doctor can't put a deal together yes yes they might be able to do surgery or something but I talked to some of doctors they're very smart people but they couldn't

put a deal together so I'm always putting deals together so my my next two deals are two large what we call apartment houses and so I have to raise a million dollars it's 100% debt I have none of my money in the deal it's all debt that's really smart debt is debt is money yes and then I pay no tax and it puts about $100,000 not a lot of money but I make hundreds of thousand dollars a month whether I work or not so with that I buy gold silver Bitcoin but I start with debt

so you mentioned that you don't pay tax but people claim that one of the unavoidable things in life is taxes so how do you like don't pay taxes how is that possible I'll tell you something Donald Trump is new president doesn't pay tax either only stupid people pay tax but how like is it you have to study the way I I pay no tax okay if I wanted a million dollars and so I worked and I saved money to get a million dollars I'd have to earn three million because two million would go to tax

if I borrow a million there's no tax yes so when I use that million to buy an apartment house I want to buy an apartment house that's let's say 10 billion so through the trick of a count in systems this appreciation depreciation amortization appreciation depreciation am amortization this is all financial literacy these are the vocabulary of money they're all taxfree yes amortization is taxfree appreciation taxfree if you know what to do with it yes and uh we apprec appreciation so it takes financial literacy but I have to study tax law this is yeah this is

one I do it legally please s yeah definitely but the thing is that speaking about crisis you've just mentioned previously that world economy is kind of going down and where a lot of people they see problems but you see opportunities there like how come and what kind of skills you need for this is that like right side of the brain like creativity thing or yeah I mean can you explain more about tech talk about more about this well let's say I go to uh in America a store and they have inventory okay and nobody's buying

it they put it on sale I buy it on sale okay you know why would I pay retail so so I wait for everything to go on sale so same as real estate uh the stock market hasn't crashed yet in America this is December 2024 it's going to crash big time and it's going to cause a worldwide depression so all these people with nice Ferraris and all that stuff they won't be able to afford their cars so they're going to put their Ferrari on sale or Lamborghini on sale or their house on sale and that's

why I just wait for the crash to buy them out if I want something El yeah I mean this is this is the opportunity right when the price is going down this is what you see yeah it's called everything goes on sale yes the sad thing is in America I'm I'm a baby boomer you know uh this crash is going to wipe them out so many people who are my age will left no retirement so the homelessness is going to go up in America and it's old guys like me going homeless because they don't know

anything about money so I wrote a book called who stole my pension the people stealing the pension are Wall Street yes stocks bonds mutual funds ETFs I don't touch any of that stuff even with Bitcoin I own the coin I don't own the ETF okay I don't own real estate and ETFs I own the real estate I'm a control guy I'm a capitalist I put my own deals together my own financing I hire my own tax guys my attorneys I'm a deal maker un like Trump you know good friends so do Reon new technologies and

AI how it will approach and change the finance will it change something or HEI yes that's going to cause the biggest Financial corash isue AI yeah mark my words the reason is is because AI cannot measure Insanity so when there's a panic AI is GNA kick in and they're GNA sell so that's what happened two years ago Silicon Valley Bank the machines went off and it nearly destroyed the whole bank so it's my prediction is that a artificial intelligence is going to cause the biggest banking crash in history we're about three or four months away

from it right now what about like at job positions when it come to job positions all I don't even know this but unemployment's going through the roof all technology workers all the guys who thought their jobs were safe that like like Google Amazon or apple Tesla they they're letting people call it crazy so that's what they're worried about so will the AI increase the gap between rich and poor already I mean in my town I have cars no drivers in them it's already happening and in increasing inequality right the the difference between poor and Rich

I mean what basically his question her question is will it actually um speed it up uh the process well machines took away the laborer AI is gonna take away the knowledge worker like you don't need uh doctors yes he I can do a better job than a doctor so there is there won't be a middle class right so middle class might class but it's going to come smaller the biggest thing as guys my age have know see my generation in 1974 up until 1974 in America everybody got a guaranteed retirement in 1974 they changed the

law and they said in 1974 they shifted I won't give it the technical terms but they shifted from what's called defi benefit pension to Define contribution so my generation has Define contribution my mother and father had a defiant benefit well that was 1974 this crash com in right now in the stock market is going to wipe out our retirements so there's going to be lots of baby boomers homeless are living with their kids yes so Mr kosaki basically um but that's why I wrote that's why I wrote Rich tadb yes that's why I created the

board games to educate yourself and that's why we have invited you to our country because we in this uh company in this community believe that in in stable World in and when the world is full of challenges when young people have to decide where to take direction we do believe that financial literacy is one of the if not the most important thing and thank you for being as us thank you for I want to say something I am so impressed thank you I am you guys are so far down the road as to say so

far ahead of your times my friends in Singapore always talk about usbekistan as the place to invest and now that I'm here I can see why it's because you're not encumbered by old ideas your ideas are new you got courage you take risks and you're educating your student students defly exactly so thank you for being with us and um you know together with me and our students we can give you a bold promise that we're going to continue your legacy here in this region thank you to become uh to to prepare more financially prepared people

to own their life to have their independence and to use both sides of their brain right and don't wait for the government to take care of you yes do you know what I mean that that is what what what Central Central Asia University I was so impressed today very very impressive congratulations thank you for being with us thank you thank you for beautiful conversation