RICH VS POOR MINDSET | An Eye Opening Interview with Robert Kiyosaki

Ideas Obsoletas sobre Educación y Dinero

The most obsolete idea is to go to school, get a job, work hard, save money, get out of debt, and invest long-term in the stock market. Look, why would you save money when they’re printing trillions of dollars? The gap between the 1% and the 99% is enormous. You see, it’s not just about money; you have to take a step back and look at the big picture.

Mentalidad y Educación Financiera

So, what do you do? In each of us, there’s a poor person, there’s still a poor person inside of me. There’s also a middle-class person, and the middle-class person wants security, they want that steady paycheck. And there’s a rich person. And they’re all inside of us, except that… It’s not taught. It’s… you’re taught to go to school, get a job, and receive a paycheck. You’re not taught how to get rich. If you’ve read Rich Dad, Poor Dad, my rich dad refused to pay me. He said the paycheck was one of the most damaging things you can take in your life. He says the moment you receive a paycheck, you’re an employee, and that’s the mindset. So my rich dad never paid me. It drove my poor dad crazy, you know, a government employee. “You gotta pay people, you gotta pay people.” And my rich dad wasn’t saying the paycheck was bad; he says he didn’t want to be a slave to money. So, as an entrepreneur, you know, if my rich dad retires, I just try another company. I don’t need a paycheck. I don’t need anyone to take care of me. If I don’t like my government, I move to another country because they need entrepreneurs there. So, the entrepreneur is not so much the business; the entrepreneur is really the mindset and the skill sets and the different set of rules. You see, I don’t operate small businesses; they don’t operate by the same rules as big businesses. The entrepreneur is first a mindset, a set of skills, and rules. And depending on whether you’re an employee or a small business, the rules are different, the mindsets are different, the skill sets are different.

Convertirse en un Emprendedor

If you could tell something to someone who has never been an entrepreneur and is thinking of taking a leap of faith to become an entrepreneur, what would you tell them? Well, I’ll tell them the same thing that happened to me. You know, my last paycheck, I still remember it vividly, it was one of the worst and best days of my life, and I was in Puerto Rico, I was in, I was working for Xerox, and my boss gave me the last, that wasn’t a paycheck, it was a bonus check, I think it was about $30,000 taxable, that’s the only problem with it. So I got this check, and I said, “Holy mackerel.” You know, I mean, I was excited but also disturbed. And then this other guy comes up to me, his name was John, and John tells me this, “you’ll be back.” I said why?” He says, “because you’re going to fail.” I looked at him and I said, “look… some profanity because that’s what he did, he left Xerox, failed, and came back. I said, “look… you failed and came back but I’m going to fail and never come back.” And that’s the attitude. – You know what I mean? – Yeah. If you say, “Well, if I fail, I’ll go back to mommy and daddy,” then that’s what you’ll do. So if you fail, that’s when I became an entrepreneur because I had no money. I had no money for years. Yeah, I didn’t have a paycheck. But that’s what my rich dad encouraged me to do. He says when, when you don’t have this paycheck, you get hungrier, smarter, and it’s a test of your character. Are you going to become a crook? Are you going to become dishonest? Are you going to cheat and steal? Or are you going to be a better human being? So really That’s the benefit of becoming an entrepreneur. You really find out who you are when you have nothing. So you always have to look at the big picture. Too many people look, “well, what’s going to happen to me?” When you look at the big picture, you’ll also know that when something bad happens, something good will happen. But you have to prepare for whatever is coming.

Comprender la Deuda y los Impuestos

If you think the next 20 years will be like the last 20 years, they’re going to cream you. You know, when you and I go to the supermarket and buy a carton of milk, we always check the expiration date. But most people don’t check the expiration date on their brains. Instead of getting out of debt, I get into debt. I just refinanced $300 million in debt. I went from 5% to 2.5% interest. I made a fortune. Every month more money comes in because my cost of money has gone down. So while some financial experts say get out of debt, I say learn to use debt. See when I came back from serving in Vietnam in January of ’73, and the first thing my rich dad said to me was, “Go to school to learn how to invest in real estate.” It wasn’t about real estate; it was about how to use debt and taxes, debt and taxes make the rich richer. Debt and taxes make the poor and middle class poorer. So all the rich guys who are doctors and lawyers or… you know, those guys, they’re getting creamed, and they don’t know why, are doctors getting creamed? Oh, yeah, they’re making more money but what they take home is less. You know, my doctor yelled at me he’s happy, he says, “Oh guess what I finally made a million dollars.” And I said, “Yeah,” this was just three weeks ago. And so I said, “Yeah, well, how much do you pay in taxes?” He says, “$750,000 in taxes.” So his net was about $400,000. That’s not bad, but when I make a million dollars, I keep a million dollars. And the reason is I don’t earn it working for money. See if you work for money, you get taxed. That’s why lesson number one of Rich Dad Poor Dad is the rich don’t work for money.

Estrategias Empresariales y Control Financiero

Instead, what we do is create businesses as entrepreneurs. We acquire real estate. I don’t invest in the stock market. So the reason is because as entrepreneurs, I have more control over my income, how much I earn, and how much I pay in taxes. And as both a business owner and real estate investor, I pay zero taxes. So, every time I earn, let’s say, a million dollars as an entrepreneur, I immediately invest it in real estate, and I have a 4 to 1 leverage. So I put a million dollars into real estate and receive four million from the bank. That’s why I love banks. But banks are creaming everybody else you know, terrible, but it’s good for me. I thought you said when you print it’s good for you, but when you print it’s bad for people who work for money. Because when you print it saves cream and people who work for money become cream.

Impacto de la Deuda y los Impuestos en la Disparidad de Riqueza

When debtors print, they become rich. You see, debt and taxes make the rich richer and debt and taxes make the poor and middle class poorer. When we have obsolete ideas, we get obsolete results. So, what’s happening for most people? The idea of going to school, getting a job, working hard, saving money, getting out of debt, buying your home because it’s an asset, and investing long-term. It’s obsolete. The world has changed, the world changed in 1971 when President Nixon took us off the gold standard and money became debt.

Evolución de la Educación y Comprensión Económica

What if we got rid of school, then what would happen? Would it be better if we had no educational system at all? No, I say education was more important before, it’s just obsolete. You know, there’s Moore’s Law that… Moore’s Law that states that information doubles every 18 months. In other words, everything is obsolete, 18 months. So, and this is a recent phenomenon. So when you come out of school, you’re already obsolete, and that’s why I’m the old man, you know, I meet my friends, I went to Harvard.

Mentalidad Personal y Adaptabilidad Económica

Today banks charge you interest to save money. In other words, banks don’t want your money because they’ve printed too much. And that’s why there are bubbles in stocks and bubbles in real estate and all this. People are throwing cash away. Because, as I said here, “savers are losers and cash is trash.” And yet people say, “Well, I want a well-paying job.” Well, that’s an obsolete idea. Getting out of debt, that’s an obsolete idea. You should learn how to get into debt. How to use debt to get rich. And you’ll never be taught about taxes. The reason the top 1% is way up here and the 99% are down here is because when they print money, two things happen: inflation and taxes. They’re crushing you.

Enfoque Interno y Mentalidad Emprendedora

And any entrepreneur who thinks “I’m just going to make money and start a business and make a lot of money because that’s what we talk about,” they really have to smell the roses, man. You know, that’s not what real entrepreneurs are doing. Most entrepreneurs, there are 28 million small business owners in the United States, 24 million are, are one-person entrepreneurs. they’re called entrepreneurs who are not employees. So because, and that’s what happens is when people don’t really understand what an entrepreneur does. So most people are self-employed, but they’re really not entrepreneurs. Self-employed people pay the highest taxes of all and nobody tells them that.

Agencia Personal y Percepción

So for me, I can see the good, I can see the bad, I don’t give a damn. Because I’m going to be rich anyway. But a poor person with a poor personal economy, all they’ll see is a bad economy. Because they don’t know how to make money in any economy. And a middle-class person, they have a middle-class economy, you know what they want is a nice house, a steady paycheck, and the job and the car. So, when you take away the job, that’s a disaster. Well, since an entrepreneur doesn’t have a job anyway, it’s no big deal. So all I tell people is what Bucky Fuller taught me. There’s always two sides, you know what I mean, you know use plural at least two. So if you think the economy is bad, it’s because your economy is bad. If you think it’s steady, employment is important, then you’ll see an economy without employment. – Your economy. Your economy versus the external economy. Where you control VS where you can’t control. I can control yes, it’s called internal focus versus external focus. So, the real entrepreneur has an internal focus, but if they fall down, they say, “Oh, this is good because I’m going to rise higher.” You know, the average person will fall down and say “Oh, I’m going to take some Prozac” or, or the- or someone has mistakes, all mistakes don’t matter well mistakes, mistakes matter, it means you didn’t know something. But a real entrepreneur, whether they fall down or go away, they can always rise.

They can step back and rise higher. That no matter what happens to them, they became stronger, better, smarter, and happier. But a person with a weak internal mindset is they’re so afraid of what happens, that it usually happens. Like, you know, people who are afraid of losing their jobs usually lose their jobs. – You know what I mean, – yes, definitely, so it all comes through you. Yes, so the entrepreneur’s first job is to control in here not out there. The moment you accept that paycheck, you’re an employee. You have to be stronger than that. It’s about having internal control.