Robert Kiyosaki

How the World’s Wealthiest Invest Their Money | Robert Kiyosaki on The Pomp Podcast

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Key Takeaways

  • The best teachers are on YouTube, not at universities
  • “Be careful what you put in your head and who has got your back” (Choose your teachers and friends wisely)
  • There is more opportunity than ever before in the history of the world, its sitting in your hand: Your smartphone
  • “The reason I endorse Bitcoin is because is just for one freakin reason: You’re not part of the system, it’s a separation of government and my money” – Robert Kiyosaki

Books and Resources Mentioned

Intro

The Educational System is Broken

  • The best teachers are on YouTube, not at universities. University professors  care about getting academic tenure, “They are like poor dads”
    • PhDs? Robert defines it as Poor, helpless and desperate
  • Going to school makes you fragile. Get out there and do something
  • There is no financial education in schools, only financial debt

The Shift Towards the Information Age

  • The shift from the agrarian age to the industrial age was visible: “The horse saw the car”
    • On the other hand, old businesses never see the disruption coming from information age startups
  • There is more opportunity than ever before in the history of the world, it’s sitting in your hand: Your smartphone
    • “If you can’t make money with that cell phone, you don’t have it”

Corporate Bailouts are Socialism for the Rich

  • The great lie of the Federal Reserve: It’s not a bank, it’s not federal, and there is no reserve; It’s a Cartel
  • The real crash isn’t in the stock markets, it’s in the shadow banking system (and that’s where all the bail outs are going)
    • Robert sums up the corporate debt bubble: “Those CEOs who are parachuting out right now ripped everyone else borrowing the companies’ money, bought back shares, parachute out with stock options and they pay less taxes”
    • One outcome of this is corporations’ ratings getting downgraded from triple A to triple B (Ford, GM, AT&T, IBM, etc.)
    • Read these Podcast Notes for Raoul Pal explanation of the corporate debt bubble, and these Podcast Notes where Caitlin Long’s illuminates what happens in the shadow banking system
  • Pensions are broke because they are stuffed with toxic assets – Namely MBS, CDOs, and CDSs (Which also happen to be US top export)

What Can Individuals Do?

  • Framework for thinking: “I can’t change the government, but I can change me”
    • A crisis will happen whether you like it or not. Navigate it correctly and you come out on top
  • Robert’s advice:
    • “Be careful what you put in your head and who has got your back” (Choose your teachers and friends wisely)
    • Take the government’s money, buy more silver, gold, and bitcoin
    • Keep in mind: “Pension is not a promise, it’s bullsh*t”

Bitcoin is People’s Money

  • “The reason I endorse Bitcoin is because is just for one freakin reason: You’re not part of the system, it’s a separation of government and my money” – Robert Kiyosaki
  • We need to have sound money, what Bitcoin has going for it:
    • It’s open source, you can’t mess with it
    • It better suits younger generations
  • On a global level people demand dollars when their central banks devalue their currency.
    • Then they realize US dollars are also being devalued, so they demand silver, gold, and bitcoin

Protect Your Civil Liberties

  • When people are suffering and desperate, they will accept violations of their rights and civil liberties in exchange for any kind of economic safety net
    • Being politically correct is an attack on free speech, similarly, lock-down is an attack on freedom of assembly
  • Robert’s advice: Build wealth, move some of it outside of the system

Closing Thoughts

  • “It’s not money that’s corrupt, it’s what you do for money that’s corrupt” – Robert
  • Both Anthony and Robert agree “The system is dependent on the majority of population not understanding how money works. Which is super frustrating but that is the model”
  • Consider this: $350B bailout for small businesses vs $1.7T student debt “That’s almost 5 times more student debt as we gave small businesses after government mandating they shut down”
Pomp Podcast : , , , ,
Notes By Mostafa Khaled

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