April 23, 2020
How To Make Millions In A Market Crash | Robert Kiyosaki on The School of Greatness with Lewis Howes
Check out The School of Greatness Episode Page & Show Notes
Key Takeaways
- Running a successful business is not easy. You will experience failure along your journey, learn from those experiences and continue forward
- For younger generations, COVID-19 can be the worst thing to happen to them or the best thing–It’s all about your perspective and whether you play a victim or seek opportunities
- “If you’re an entrepreneur right now, the world is open to you” – Robert Kiyosaki
- The COVID-19 pandemic has hit baby boomers the hardest: Their pension and 401Ks are gone, and Social Security and Medicare are broken
- “The Federal Reserve has only one purpose, to keep the rich, rich” – Robert Kiyosaki
- “The Fed is not a bank, it’s a cartel owned by the richest guys on Earth”
- School can teach you how to be a rich worker, but it won’t teach you how to be a wealthy owner
- “The best teachers aren’t in colleges, the best teachers are on Youtube”
- Robert’s 3 pieces of advice for listeners:
- “Knowledge is finite, stupidity is infinite, so stay stupid because that’s how you get knowledge” – Robert Kiyosaki
- “Be careful who your teachers are. Make sure your teachers actually practice what they teach”
- “Don’t hide behind a diploma”
Intro
- Robert Kiyosaki (@theRealKiyosaki) is an American investor, entrepreneur, and best known for being the author of Rich Dad Poor Dad
- Host: Lewis Hoes (@LewisHowes)
Books Mentioned
- The Black Swan by Nassim Taleb
- Antifragile by Nassim Taleb
- Robert loves Nassim’s books and encourages people to become more antifragile
- Robert wrote FAKE: Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer, to tell people they don’t need to go to school to become rich
- Robert enjoyed the book, The Gulag Archipelago by Aleksandr Solzhenitsyn because the book teaches people the importance of responsibility–your current situation in life is a reflection of your actions
- Robert recommends the book The Creature from Jekyll Island by G. Edward Griffin to learn more about what the Federal Reserve actually does
- Robert recommends reading, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright, to learn how to save on taxes
- If you want to learn how to make money in both up and down markets, Robert recommends the book, The Stock Market Cash Flow: Four Pillars of Investing for Thriving in Today’s Markets by Andy Tanner
- For real estate books, Robert recommends reading Ken McElroy’s books
- Robert’s newest book is called Who Stole My Pension?
You Will Make Mistakes As An Entrepreneur
- Everyone makes mistakes when starting out as an entrepreneur
- Robert created several products that didn’t sell well
- He also created an ad and forgot to put the business’ address and phone number
- He raised too much money and the company started going under
- Robert’s CFO stole money from the company and disappeared
- A good lesson to remember: Just because someone is smart, it doesn’t mean they’re honest
- Running a successful business is not easy. You will experience failure along your journey, learn from those experiences and continue forward
School Isn’t A Requirement For Success
- “Teachers don’t know shit…I don’t think school teaches you much” – Robert Kiyosaki
- Walt Disney, Mark Zuckerberg, Bill Gates, Henry Ford, and many others dropped out of school and still became successful
- Lewis Howes was in a special needs class for his whole childhood education and needed a private tutor to pass school
- One crucial skill school doesn’t teach: Personal finance
- That’s why Robert created the Cashflow board game
- “I learned more about life playing Monopoly than I did in four years of college” – Robert Kiyosaki
- School can teach you how to be a rich worker, but it won’t teach you how to be a wealthy owner
- “The best teachers aren’t in colleges, the best teachers are on Youtube”
- School can teach you how to be a rich worker, but it won’t teach you how to be a wealthy owner
- “I learned more about life playing Monopoly than I did in four years of college” – Robert Kiyosaki
- That’s why Robert created the Cashflow board game
- Robert says Ph.D. stands for poor, helpless, and desperate
- “Why would you go to school, just buy some book” – Robert Kiyosaki
Responding to the COVID-19 Crisis
- The COVID-19 pandemic has hit baby boomers the hardest: Their pension and 401Ks are gone, and social security and Medicare are broken
- “The Federal Reserve has only one purpose, to keep the rich, rich” – Robert Kiyosaki
- Robert recommends the book The Creature from Jekyll Island by G. Edward Griffin to learn more about what the Federal Reserve actually does
- “The Fed is not a bank, it’s a cartel owned by the richest guys on Earth”
- Robert recommends the book The Creature from Jekyll Island by G. Edward Griffin to learn more about what the Federal Reserve actually does
- “The Federal Reserve has only one purpose, to keep the rich, rich” – Robert Kiyosaki
- For younger generations, COVID-19 can be the worst thing to happen to them or the best thing–It’s all about your perspective and whether you play a victim or seek opportunities
- “If you’re an entrepreneur right now, the world is open to you” – Robert Kiyosaki
- Robert made more money from the 2008 crisis than he did in his whole life–he borrowed $300 million from a bank and invested in a ton of property
- Robert believes he’ll make a ton of money from this crisis as well
Investing & Taxes
- Robert loves Bitcoin because it’s open-source and the Federal Reserve can’t touch it
- He also keeps a lot of his money in silver and gold in other countries
- Robert recommends getting a Defined-Benefit Pension Plan instead of a Defined-Contribution Plan
- Taxes are an incentive:
- If you donate to a charity, you get a tax break
- If you own real estate, you get a tax break
- If you own debt, you get a tax break so Robert buys even more real estate to pay fewer taxes
- Don’t save your money, invest it
- Robert predicts that the US will print $6-10 trillion to help the economy so it doesn’t make sense to save money if interest rates will be at 0% and more money is being printed
- Robert believes the US economy is heading into a depression
- Robert is saying away from office real estate
- Robert recommends reading, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright, to learn how to save on taxes
- If you want to learn how to make money in both up and down markets, Robert recommends the book, The Stock Market Cash Flow: Four Pillars of Investing for Thriving in Today’s Markets by Andy Tanner
Robert’s Parting Advice
- Robert’s 3 pieces of advice for listeners:
- “Knowledge is finite, stupidity is infinite, so stay stupid because that’s how you get knowledge” – Robert Kiyosaki
- Be humble and make mistakes
- “Be careful who your teachers are. Make sure your teachers actually practice what they teach”
- The best teachers are in books and on Youtube
- “Don’t hide behind a diploma”
- Robert doesn’t care about an entrepreneur’s formal education; he cares about their company’s financials
- “Knowledge is finite, stupidity is infinite, so stay stupid because that’s how you get knowledge” – Robert Kiyosaki
Additional Notes
- Robert believes there are 4 types of intelligence: Mental, Physical, Emotional, and Spiritual
- There are 2 types of leaders: Peacetime and Wartime
- Wartime leaders love hard times because they’re excited by challenges and know that surviving it will make them stronger
- Robert enjoyed the book, The Gulag Archipelago by Aleksandr Solzhenitsyn because the book teaches people the importance of responsibility–your current situation in life is a reflection of your actions
- Robert believes the US is becoming a socialist country
- Robert says history isn’t truly accurate because the winning country of the war gets to write the story of what happened and often writes in a way that justifies their actions
