"I Made One Mistake That Nearly Cost My Father’s House"

we learn from our mistakes and the reason human beings are different than animals we have the ability to learn from our mistakes and the reason our school system is so screwed up and school teachers are such poor people is in the school system they think you make mistakes means you're stupid the reason you're stupid is because you make a mistake and don't learn from it you wasted a good mistake most of our school teachers you know they don't want to make mistakes they want job security they want a pension the trouble with that is you

don't learn anything and if you don't want to learn anything stay a teacher or stay an employee in America called a 401k just stay there don't learn anything but you're going to do what the two of you guys are doing being on your own freelance and all this stuff you're going to have to get smarter and all this stuff and then because I always wanted to get rich I just didn't want work I wanted to get rich so I invented this product called the Nan velro wallet I invented that product at school in the 1960s

we took it to the public market and we're getting our asses kicked nobody why would somebody have a nylon wallet with velcro and I don't know but we're selling it well so I was traveling from Hawaii to New York City selling JC Pennies and Sears and different stores and why does everybody want a nylon wallet so I was desperate so out of desperation I said I better invent a new product nobody was buying my wallet I think 100,000 wallets from Korea in my warehouse in Hawaii so I better get my brains on so I invented

the shoe pocket and back in the' 60s jugging or running was a hot new craze and the question was what does a jogger do with a key so there was a story in the papers about this jogger went to Golden Gate Park in San Francisco he took his key out and he put it on his front tire and he went for his J and when he came back guess what his car was gone and that was the question what does the jogger do with their key I said so because I studied quasi engineering at the

Academy Kings Point I designed a little thing a hooking like this so what of the shoe laces of your shoe so I designed the shoe pocket and I went out and guess what I thought they're going to open with open arms oh your wallet sucked but we love your shoe pocket no they hated my shoe pocket too so I spent all this money going to all these trade shows borrowing money is now 200,000 in debt borrowing money is to keep alive saw some samples from Hawaii and we go to these trade shows like the Sporting

Goods shows nobody would buy my wallet so I was like holy mael so out of desperation going to buy a four color full page guys it's so different the world's different now but to get a Four Color picture thing in the magazine it was like a 4mon lead period and all this I needed some more money so my partners and I said where we get this money from one guy's name was John one guy's name was Stanley my partners I said well your father has a house Poor Dad so I went to see Rich Dad

first excuse me I went to see Rich Dad first he told me get out of he says those aren't Partners those are losers or thieves you're hanging out with Crooks Brad just C the shut at me so they left my P dead I went to my poor dad he second mortgaged his home gave me $100,000 he said son I'm just glad you're going for it if you lose it you lose it we'll deal with that later that was my poor dead great man you know so I go to my two partners John and Stanley's office

and I gave him a check for $100,000 and I said will this solve our problem and they both said yes I should have defined the problem they took the money and ran my father was going to lose his house you know the monthly payments tacking up but it was again like mistakes of how we learn it actually motivated me to keep making more money he still owns the house but we paid off all that debt took a while but it was one of the best lessons I ever learned that you got to be careful who

your partners are very careful and don't go chasing your dreams and just stupidly but it was one of the biggest mistakes I ever made I almost lost my father's home and my father's home is now my brother's hands those blessings like that are painful but it made me smarter sharper after that we built a factory I went and renegotiated contracts because I had to get smarter and from there I started negotiating with the rock bandes guys are two young for this there was a band called the police band called Van Halen and there was Boy

George and Culture Club Ted nent so we started taking the wallets and we started silk screening the police or Duran Duran on the wallets and our hats and our bags and that's how we saved the company so I took the rock and roll products we built Rock shops and JC Pennies and all this Tower Records out of sheer desperation we pulled it out of the fire so that's one of the best lessons I remember it today so when I talk to people I the the way to Freedom is via mistakes most important thing you can

do learn from your mistakes just never lie obey the law tell the truth and be careful who your partners are but those are Priceless lessons and today I was just texting Kenny maroy I said you I treasure my friendship with him more than anything else CU it's my friends who make me Rich Tom wheel write my accountant makes me Rich attorneys make me Rich so you've got to have good honest people or you'll never be rich man that would be emotionally just so challenging telling your father the money he's gone I mean what do you

even do in that situation you know son I'm I'm glad I did it he's basically say I wish I had the guts to do what you're doing so I just want to support you and he didn't have much money you know my mom and dad worked for when President John Kennedy came to office he had the peace car and my mom and dad are very socialists so they joined John Kennedy's peace car making no money and here I'm losing their house and then my father got to be super of Education it took us about 12

years to pay it off just 100 $1,000 but we had to scramble for every penny we made and that was priceless so tell the truth you know own it learn from your mistakes don't hang out with Crooks so the biggest mistake that schools make is they punish you for making mistakes I have an EV this is a Bentley this is my license plate I was a 1.9 GPA student and my classmate called me I went to military school these are I flew for the US Marine Corps and I had to learn the language of Pilots

okay going to be smart to learn the language so to get at 1.9 I was basically less than a c student so a classmate called me and he says you're lying you didn't have a 1.9 you're even lower than that okay give me a break here but the reason this is a V12 one of the fastest cars on the road this is a Bentley but the reason I can afford it is because I've made more mistakes if you don't make mistakes you don't learn a damn thing but that's why my poor dad was poor PhD

with stood for poor helpless and desperate he never made mistakes and he died poor and that's what's happening in the world today we have millions of people my age old guys who haven't made mistakes their money is in their 401K that's crashing right now our banking system's crashing and they're still saying to their kids go to school and don't make mistakes well how in the world do you learn a baby only learns to walk by standing up and falling down as a pilot in the US Marine Corp I crashed three times the only reason I'm

alive is because every day in flight school we had to practice crashing we had to make mistakes in order to become a great Pilots so I went down three times in all this but I'm alive because the US military US Marine car knows if you don't make mistakes you don't learn a damn thing so our school School teachers are teaching kids to be poor because they tell you don't make mistakes remember a baby cannot learn to walk unless it falls you don't get on a bicycle unless you fall off and the same as of being

an entrepreneur if you don't make mistakes you can never learn to be an entrepreneur thank you so if you want to find out the top three things that school should have taught you about money and three is light men they don't teach you anything but the top three things of school do not teach you about money please to watch the next videos perfect