all right what's going on everybody so in today's video I'm gonna be sharing
ten different lessons that I've learned from Robert Kiyosaki who is the author
of the Rich Dad Poor Dad book series they also do coaching mentoring training
live events I think they have a board game a bunch of different financial
education products that teach people how to build wealth how to become rich and
if stuff that's really not talked about in traditional education you would never
have a class on like how to start making money in real estate or how to build
wealth using this strategy and in traditional education and it's also
strategies that aren't really talked about and then just in general so a lot
of counterintuitive strategies so in this video I'm gonna give you ten
different lessons I've learned from him okay lesson number one is that financial
education is the key to building wealth and of course he's gonna say that he
owns a financial education company but it makes sense look in building wealth
there are people that have been there and done that there are people that have
gotten rich and you need to find those people and learn from them and there are
mentors there are people that share these strategies you can find them in
books you can find them in events you can find them in just local people so he
was talking about like when he was getting started in the 60s or 70s in his
career he was just attending different like weekend events even in the 60s and
70s they had like weekend real estate events he was reading books he was
trying to educate himself as much as he could about different niches of real
estate stock market you know bonds retirement plans different things like
that because most people are just not aware of like the specifics of each
niche most people just have a kind of a very broad understanding of investing
and one that's not really gonna build any wealth for them and nowadays it's
much easier there's YouTube videos like this there's podcasts there's obviously
lots of different mentors out there there's books there's so much
information on different investing niches when I was getting started as a
real estate investor I was learning as much as I could about real estate I was
learning how to find deals watching youtube videos I was listening to
podcasts I actually paid for a mentor as well and I fully believe in paying for
mentors because when you pay for something you value it a lot more than
if you just watch you know a YouTube video or listen to a podcast so I always
doing all of the above and really try educate myself and and people kind of
like laughs to me like why are you doing this you know they're just making money
off you and whatnot but now those same people ask me like hey how do you find
those deals how do you know the same people that were making fun of me right
now like oh man like how do I get in on this so it's kind of interesting but you
want to educate yourself as much as you can okay the second thing talks about is
that history repeats itself so that's something to keep in mind in terms of
economic cycles and wherever you are in economic cycles and usually I believe
there's a recession like every eight to ten years or something like that so
that's something to keep in mind when was the last recession when was a lot
last downturn in the economy so you know roughly about every ten years there's
gonna be a downturn in the market so that's when you want to be prepared for
different opportunities different buying opportunities that will come about which
brings me to point number three which is when hard times hit when the downturn in
the economy inevitably happens which it will you know roughly every ten years
you should be ready you shouldn't see that as a horrible time you know you
should look at that as a buying opportunity that's when fortunes are
made in down markets everyone else is gonna be scared but if you have money on
hand and you should always have some cash available for buying opportunities
I mean I was just listening to ty Lopez he was talking about you should have a
hundred thousand dollars saved away in cash just for buying opportunities and
maybe you don't need that much but you get the point you should have so you
should always have some money on hand in terms of buying opportunities or just in
terms of anything else if it comes up okay the fourth lesson he talks about is
it's okay to fail and make mistakes ideally small mistakes so in school and
traditional education you're pretty much taught that like mistakes are the worst
thing ever if you mess up you fail the class right in the real world it's a
little bit different so mistakes is how you build experience but you want to
start on a small scale so you don't want to just like let's say you're doing real
estate deals and I started with real estate investment still do a lot of real
estate investing my first deal was not like a hundred unit building in Hawaii I
started with like little flips in my backyard essentially where I would sell
the rights of the property to a more experienced investor and then once I
started doing those small flips then I started taking on bigger flips and doing
bigger deals and eventually you scale up to the bigger deals but you kind of want
to work out the kinks on those small deals first
so you get a very good understanding of the business before you just try to jump
in and do some massive deal because you want to have mistakes that are
manageable you don't want a mistake that's gonna completely sink you okay
the fifth thing that he talks about is building your assets so he talks about
the poor in the middle class they work for their money that you know they work
whatever it's 40 50 hours a week and get paid a salary based on that the rich
have assets so it might be real estate businesses stocks things that are paying
them money every single month so you want to focus really on building your
assets and some ways to build your assets like rental property would be a
good example another example would be a stock that pays a dividend that pays you
every single month or quarterly other things that could pay you money I mean
you could be a private lender there's a lot of crowdsourcing sites out there
that essentially you know pay you depending on how much you invest but you
want to build up as many assets as possible you want your money working for
you so maybe have a goal of like like I want to make a hundred dollars in
passive income every single month and then once you hit that goal you know try
for a thousand dollars two thousand five thousand to eventually really get to the
point where you put up so many assets that you wouldn't need to work anymore
if you didn't want to okay so number six he talks about work to learn before you
work to earn so when he was getting started
he took a sales job I thinking like Xerox so he could learn sales processes
and he learned systems and then he applied a lot of those for his own
business and you can do the same thing you can take like different part-time
jobs you can try different strategies just making this YouTube video I'm
learning a lot about video production I have no video experience whatsoever but
just the sole fact that I'm making this I'm publishing it I'm producing it
marketed critically I'm building my skill set I'm building my skills I'm
also building my public speaking skills so you should try to learn sales you
should try to learn marketing take a part-time job if you have to get a job
that will teach you these skills these are going to be beneficial in your
entrepreneurial activities alright number 70 talks about you should have an
emergency fund set up for unexpected things that can happen and I touched on
this a little bit of having kind of like an investment fund but you should also
just have you know maybe three to six months worth of savings just in case
actually Warren Buffett I was just at the Berkshire Hathaway thing he talks a
lot about building moats like building a moat
yourself or around your business where nobody can you know get through it
essentially and you will kind of want to think of that in the same way with like
personal finance you want to build like a fortress basically and you know a
three to six month cash reserve savings is it's probably a pretty good
start to that okay number eight he is big on my taxes and corporations so once
you start making money I don't think you necessarily need to do this right from
the beginning but once you start making money you should become very
sophisticated with like LLC's and corporations and setting up very
beneficial tax structures you know you should be meeting with like the top CPAs
on how to basically save as much money as possible protect your assets there's
so many different creative things you can do you know once you start talking
to a good knowledgeable CPA and also educating yourself more on that he says
that corporations are like the biggest legal tax loophole that entrepreneurs
can use and it sounds bad but you know you shouldn't be paying more than your
fair share of taxes the tax rate in this country is already pretty high as I'm
sure most people are aware so it's completely fine to set up tax systems
that benefit you so you're not overpaying okay number nine he says if
you want to buy luxuries you should buy assets first and pay for those luxuries
so let's say you want to get like the brand-new Maserati right huh and it's
let's say the lease or the payment it's like a thousand dollars per month
instead of just spending all your money to get that car you should have you
should purchase some assets or invest some assets that generate a thousand
dollars per month in cash flow that can pay for that car essentially so it's not
to say you can't buy luxuries but build up your assets first so that they pay
for that and then you know ideally you should reinvest those assets into more
cash flow in assets but if you if you don't want to do that if you want to buy
the car you know that's fine too okay number ten he talks about your team will
be important so when you're building wealth your team is gonna be very
important so that could be like your CPA I mean you should be doing lot of
research you should get referrals from wealthy people about the top CPAs maybe
should interview three or four CPAs and find the best one for you for real
estate maybe you find the best real estate mentors maybe you find the people
that are doing the most amount of deals and then you work with them you pay them
and that goes for anything you should always like do a lot of research find
maybe the top two or three people talk with him get a feel
for them and then make your best pick from there you want to have the dream
team established you want to have a you know to build your financial empire
right to build your business empire you don't want to just hire the cheapest
person or the person you just met yesterday you really want to vet every
single person that you can be working with all right so thanks for watching
this video on 10 things I learned from Robert Kiyosaki and there's so many
other good lessons in this books I would recommend his books are fairly quick and
easy to read so like cashflow quadrant Rich Dad Poor
Dad and there's there's so many others and he has some very good very practical
ideas on investing that like I said most people are not aware of so definitely
check them out and let me know if you have any questions and please like
please share please subscribe and I'll see you on the next one