These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $109k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
@@Curbalnk Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "STACIE KRISTAL WEBER" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
My wife and I did very well in the amount of money that we amassed for retirement. Well over 80% of that money averaging about $2 million was made because of taking advantage of buying high-end stocks at a deep discount during the Great Recession. 2009 I fired the stockbroker got rid of all mutual funds and bought individual dividend stocks. Be patient don't get scared and do your homework and you can make a killing.
Well, the top players and pros have exclusive information and data paths that are not disclosed to the public. Knowing the strategies to use during this time is one thing and having the right information to execute them successfully is another.
@@alexyoung3126 I agree. Based on firsthand encounter with a fiduciary counselor "Eileen Ruth Sparks'' , i have $385k in a well diversified portfolio which has grown by 3x with compounding, venturing doesn’t necessarily boil down to money but you also have to be informed, be patient and back it up with good hands
@@joesphcu8975 Awesome! your potential seems limitless. I'm fascinated with investing, I’m delighted to engage in this opportunity, I just found the professional’s web page and have already written her
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.
Rich dad you change my mindset, now I reading cash flow quadrant, already i get investments, I'm playing in the B and I from the cash flow quadrant, thanks God bless you rich dad you are a genius of the finances * the king*...
Well people won't buy the book of a poor man would they? The thing about advice is you can apply it everywhere you won't buy the book from a poor man to read about how to be rich its simple he just explained it and here you are still not understanding bud
It's also because you're afraid of the unknown and you don't like the fact that the path is not clear because you have to make it you self an it's more diffcult then letting someone else doing it for you If you really think that What he's doing is wrong then you should quit your Work because you're working for somebody that is like kiyosaki that is doing something wrong by your définition , working for him is not moraly any better. Don't spit in the hand that is feeding you
You'd have to actually know what you're talking about and be able to apply it before anyone would buy your book. Nobody's buying a book on wealth from an unknown poor guy. You lack common sense.
@@alexpham8227So your point is mooted. Job, collateral, credit bank statements proving current worth or assets.Banks need all that to get the loan AKA debt.. Yes? So you DO need money to make money. Yes?
I bought real estate with no money. Owner Financing to purchase the property…with an end buyer (tenant) that was renting to own the property from me. They paid, the earnest, closing and pay the mortgage. I pay 1/2 to financing 1/2 to myself. And I did not spend 1 single dollar. I’m a wholesaler that was looking to be paid more than one time. So this was my formula that I learned for residual income. Rinse and repeat. @helotech7672
At what was it 7 years old he though to melt down toothpaste and cast them into coins. I don't think there was a rich dad but I think he knew no one likes an egomaniac and if he was going to find the entrepreneurial ground to grow a book about two dad's that illustrated his genius was a great idea
I've tried to understand this guy for years. All that I get out of his books and videos is that he was lucky and makes his real fortune from his testimony. If his theory was legit, everyone would be rich tomorrow.
@iLucasar People do try. Not everyone has the money like he did to get a good start. I know what he's saying works but only for those with the CAPITAL to do such.
@@t.c.3150 have you read the books? You can start to make money with literally 0$. Stop saying it's impossible just because you cannot do it. Try harder.
I love how the solution to everyone’s problems is just “get into real estate” and there’s no secondary speculation about how this could go wrong if everyone happen to take this advice?
Do you mean how it could go wrong on a macro scale as in if everyone started buying real-estate simultaneously or on an individual level (i.e. most individuals would not attain the results this man preaches)?
@@jasonchandler2754 Both man. It’s not a life path designed to preach to everybody. It also won’t make you rich. You’ll be struggling for quite a bit trying to get out from under the shit. Most of these Get rich lifestyles are peddled to you to sell courses, they aren’t actually that beneficial to your quality of life. And then say you do all this with a wife, what happens when she inevitably becomes unsatisfied with this lifestyle because a TikTok reel told her she should be ungrateful because she’s a girlboss? There’s so many factors. America is imploding.
We have been begging for our votech to rehire a real estate teacher for our adult course and we have huge real estate people in this town and they just won’t bc they don’t want anyone doing it
If you get a loan it's tax-free but you would be paying the same or twice the amount as an interest for the loan you have taken, banks are charging an exorbitant rate of interest.. it doesn't work these days.
@@kazamaclan447 - I believe his biological dad was educated but poor...it was his friend or classmate's dad that was rich and had taught him a great deal about wealth generation and management.
Be an investor instead. The money you use for real estate used for stocks will give you passive income without lifting a finger. Learned it from your book and fused it with Warren Buffet’s quote.
I got selling down Robert your one smart man now for help on learning more on the real estate mixed with warren buffet and wahlah a master piece of wealth endure in some and put the rest back into the markets
I’m not poor by any means. I actually am quite comfortable. But I am not blind either. I am honest, objective, and have wisdom obviously above your pay grade.
You either work for money or you make money work for you. People give their lives to money 8-16 hour days just to make ends meat. If time equals money, most people are worshipping money bc we give more time to money than to our family. And typically with little to show for it and giving it mostly away in taxes. If you make money work for you then it multiplies, like a seed that is planted. You work initially watering it but then it gets so huge its hardly any work at all. There's an inheritance for your family and your time belongs to you bc you make money while you sleep.
This guy needs to stop scamming people there was no such thing as a Rich Dad or poor dad he made it all up Sold some books and then got into real estate
@@pruost, when you take a loan on a house, you are buying the house with debt. Getting a mortgage is only one type of loan you can leverage as an investor.
He's done business since the 1970's. He was wealthy by the 90's. It's the whole reason he wrote a book in the first place. His dad was poor. His rich dad was his neighbor down the street. Maybe do actual research that lasts longer than a yt short and doesn't involve tabloids.
It's 2024, I'm here to remind you again that it's not too late to take your investment journey seriously. I struggled for years before I started my crypto journey this time last year. All efforts before that moment felt hopeless and useless. I am here to tell you, it is not. Crypto changed my life.
Would you rather be rich or do a PhD in chemistry knowing you love it and whilst you won't be rich rich you will be comfortable doing what you love. In fact I suppose there is nothing stopping you from doing both. Anyway psychologists have found once you have secured food and shelter you really don't need more it's just excess and you are only really happy doing what you love
Please correct me if I’m wrong… but you DO need money to buy real estate. You need the 20% cash down payment (that is yours)… THEN the bank will loan you the rest to buy the house.
Wonder if he has ever read about the rich man and Lazarus? Mark 8:36 For what shall it profit a man, if he shall gain the whole world, and lose his own soul?
I think that’s irrelevant. There were many rich people that God favored like Job, Abraham and a few others. He gave them riches. Also it’s not our place to judge others (the rich in this case) for you will be judged the same way. And when you bless others, in secret, God will also bless you. Who knows how much they have really given back, and I’m sure it’s more than what many of us can imagine or do ourselves. It’s not our job to figure out how much the rich give back to society. That’s between them and God. All you can do is pray.
To stabilize house and land prices in tier 1 cities we need to focus more on developing tier 2 and tier 3 cities for opportunities otherwise millineals might buy properties in tier 2 and tier 3 cities and live in rent
But all he did was teach him about how money and taxes work. His real dad was poor. Rich dad was only a father figure. Not a provider of anything, but knowledge. Again, no money was left to him by his rich dad.
The whole book was fiction. His real father was not rich, nor did he have a rich dad figure. His wife Kim is a master mind when it comes to making business.
His rich dad, who was his best friends dad growing up, didn't give him shit. He taught him how to think properly about money, something they don't teach in school because the government doesn't want you to know about making money. Read his books.
You did not get what he is trying to say. My dad is a doctor and before he retired, my dad contributed around 43 million dollars of tax. Imagine if that 43 million dollars is in your hands but instead it's in the government.
So many people who thought they didn’t need money to buy real estate got wiped out in the 80s. This is not recommended for everyone. Also. None if what he is describing is tax free.
I have a very big question : How Rich dad Poor dad book became bestseller ? I mean how did he made this book bestseller ? How did he sell that book because I also want to learn art of selling, how to sell..
selling is the art of deception dude.. you got to make the customer pay YOU top dollar instead of the next guy because you offer them ego-boosting, faith, hope and mindlessness. best example: marketing to kids.. are you able to deceive kids and their parents for potentially harmful half-baked and cheap products? then you are on top of it CHEERS
I have something for you sir, have you ever experienced the sound of silence, or the gentle and relaxing sound of water specially in a rainy day...all this stuff is free...
You haven’t read his book bro. He didn’t grow up rich. He got 2 different perspectives on money from his real dad and his friends dad which he was both close to. If you don’t want to buy the book listen to the audiobook, it’s on YT
Not really. The 1974 bear market was worse than this one. And he didn’t have the internet to give him access to all the information he could possibly want.
Mortgage Interest rates in 1980 were around 20% Although my mother bought a house around that time in Vancouver, British Columbia for $89,000. It’s now worth over 3m
@@bobbyblunt4208 I did not say belief is the ONLY thing needed to do something. What I say is that you need to at a least believe you can do something to have a chance at doing it. Then you also need to do the work but that’s not what I was talking about. Don’t just read words and try to refute them, understand the meaning behind them.
This is what I don't understand You pay no taxes on top of it, when for 500K house in Dallas you pay both mortgage and around $1200 monthly for property tax ! What am I missing ?
Perhaps he doesn't. Perhaps Donald Trump doesn't. But most other person's need a pay down to get a loan. Or perhaps they can't even get a loan. So RK has a huge leverage, not having to come up with cash upfront. That's a whole different calculation. One that makes you rich faster.
Lesson 1. Pay interest every year instead of taxes first year and collect interest following years. Lesson 2. Buy commercial real estate for super cheap and sell super expensive. Boom profit. Step 4. Call people poor online.
I used to take his book to the bathroom to read at work and laugh really hard when I was reading the beginning of how he was trying to make money with his friend.
1. Get a loan 2. Buy a house with that loan 3. Be in debt 4. Sell the house for about the same you paid 5. Don't pay the debt 6. Use the money to make lots of money
Do more in depth research. His rich dad is from Hawaii who owns hotels and real estate, and his son is Kiyosaki's friend. The reason he did not mention who his rich dad is because his rich dad wants privacy and doesn't want any media exposure.
Absolutely. If you understand how credit and loans work mixed with investment and return you will understand you don't need to use any of your own money. The real-estate you invest you should pay off the debt for you. If it doesn't, you have created a learning situation and need to decided what you will change to do better next time.
this is the shortest summary of rich dad poor dad
Fr😂😂
It's still a good read.
No not even close
Thank fuck I’ll never have to read it now
Yeah, the quickest & the shortest video, he went straight to the point👌👍
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $109k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
@@Curbalnk Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with "STACIE KRISTAL WEBER" for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
Than How the builders buy a Mercedes in 1yr😢
109 is good bro, my dad has wealth, he doesnt show me enough though
My wife and I did very well in the amount of money that we amassed for retirement. Well over 80% of that money averaging about $2 million was made because of taking advantage of buying high-end stocks at a deep discount during the Great Recession. 2009 I fired the stockbroker got rid of all mutual funds and bought individual dividend stocks. Be patient don't get scared and do your homework and you can make a killing.
Well, the top players and pros have exclusive information and data paths that are not disclosed to the public. Knowing the strategies to use during this time is one thing and having the right information to execute them successfully is another.
@@alexyoung3126 I agree. Based on firsthand encounter with a fiduciary counselor "Eileen Ruth Sparks'' , i have $385k in a well diversified portfolio which has grown by 3x with compounding, venturing doesn’t necessarily boil down to money but you also have to be informed, be patient and back it up with good hands
@@joesphcu8975 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@@lawerencemiller9720 You can easily look her up not he web, she has years of financial market experience.
@@joesphcu8975 Awesome! your potential seems limitless. I'm fascinated with investing, I’m delighted to engage in this opportunity, I just found the professional’s web page and have already written her
This guy’s tombstone is gonna read “Tax Free” 😅😅
And debt is good
😂😂
😂😂😂
That was good man
Pahahahaha
Nah, Cash Flow! 😂
If you are not paying taxes, you are paying interest.
not on debt
Life isn’t about money. It’s about crazy amount of money 💸
Cash is trash....cash flow is king
@@ellazca7927 cash flow is trash… Lump sum is king.
life is about dept and real estate
@@ellazca7927 and how do you get that?
I’d rather make it about memories and connections. But to each is own
Amazing. “I GOT RICH DOING THIS”
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.
researvh this, if you care
FinanciaI-PIanner Rebecca Mart-Watson (in fuII
Rich dad you change my mindset, now I reading cash flow quadrant, already i get investments, I'm playing in the B and I from the cash flow quadrant, thanks God bless you rich dad you are a genius of the finances * the king*...
He gamed the western bank system.
He never speaks a sentence without saying “ dettt” 😀
And tax or taxes😂😂
Love the way he rolls his eyes from one end to the other.
He got rich because of his book tho
Massively successful before the book.
So he sold a book? 🫢
Well people won't buy the book of a poor man would they? The thing about advice is you can apply it everywhere you won't buy the book from a poor man to read about how to be rich its simple he just explained it and here you are still not understanding bud
Yeah he has over 60 books out.
@@brayanmendez4151 they couldn't see what you did there
For some reason I feel like I don't want to be rich I like working I think it's a spiritual thing and it makes me feel like I'm doing the right thing
Being self employed is work
It's also because you're afraid of the unknown and you don't like the fact that the path is not clear because you have to make it you self an it's more diffcult then letting someone else doing it for you
If you really think that What he's doing is wrong then you should quit your Work because you're working for somebody that is like kiyosaki that is doing something wrong by your définition , working for him is not moraly any better.
Don't spit in the hand that is feeding you
There's nothing wrong with that
You can be rich & still work 😂
@@AC313_ Exactly. Warren Buffett is still showing up at 93
Bro has built a business scoffing at his biological father. Dayum
We choose our parents partly due to the stuff they teach us, by their example, that we must learn to overcome.
Robert your books change my mindset!!!!
Thank you!
The learning how to actually sell is huge
I just love what you do
Your book helped me notice lots of things in my life, the good and the bad
Thanks
A lot of BS
Rich dad, poor dad? Face it, he went off with a friend’s father and said bye bye to his real dad.
It’s not even real..🤦🏽♂️🤦🏽♂️🤦🏽♂️
Facts 💯🎊🎉😄
90 percent of the real estate people I know struggling.
My landlord isn't struggling that mf drives a new car everyday if he wants
Skill issue
Those are realtors. Investors are the ones in real estate, realtors are just service providers who are working for investors.
which means you only know realtors and they don't actually own real estate - they attempt to sell it after a 4 month course.
He talked about it in his book.
I love the point that you made about learning how to sell and knowing real estate!
People like you who don’t understand will always be poor. Stop being so arrogant and open your eyes
He learned how to write and sell books about real estate. That's how he became rich.
@ItsTheRichDadChannelIsn't there an easy way to aquire a porn house? Asking for a friend.
@@kurt6469Resist the temptation to act foolishly.
Ah yes, getting rich off a single book, a classic
But not the $800 million hotel he owns huh..
You'd have to actually know what you're talking about and be able to apply it before anyone would buy your book. Nobody's buying a book on wealth from an unknown poor guy. You lack common sense.
I have bought real estate, and I needed money to do so. Now, if I already had real estate and just wanted more, I could see the "no money" angle.
@Alex Pham And who's gonna land money to a broke dude?
@Alex Pham exactly so this logic is flawed.
@@alexpham8227So your point is mooted. Job, collateral, credit bank statements proving current worth or assets.Banks need all that to get the loan AKA debt.. Yes? So you DO need money to make money. Yes?
I bought real estate with no money.
Owner Financing to purchase the property…with an end buyer (tenant) that was renting to own the property from me. They paid, the earnest, closing and pay the mortgage. I pay 1/2 to financing 1/2 to myself. And I did not spend 1 single dollar.
I’m a wholesaler that was looking to be paid more than one time. So this was my formula that I learned for residual income.
Rinse and repeat. @helotech7672
I bought my first house without using any of my money. That’s right. No down payment.
Lucky for your rich dad, he got a smart student.
Namaste.
At what was it 7 years old he though to melt down toothpaste and cast them into coins. I don't think there was a rich dad but I think he knew no one likes an egomaniac and if he was going to find the entrepreneurial ground to grow a book about two dad's that illustrated his genius was a great idea
Thank you for your service! Also your guidance with sharing is appreciated.
This guy Roberts a little goat tbh so smart and he just hands out that information for free. Stay hard
Can I trust a man who’s wearing glasses out of a cereal box?
what's that?
His net Worth is 100 Million and owns business.
Wise up dude
What does trust have to do with it? You 'trust' your money with people based off their fashion? No wonder you're broke.
Your delusional if you looked up his net worth on google and thinking hes worth 100 million😂😂😂. @minato3066
I've tried to understand this guy for years. All that I get out of his books and videos is that he was lucky and makes his real fortune from his testimony. If his theory was legit, everyone would be rich tomorrow.
If that's what you got out, let me tell you one thing, read the f*****g book again mate 🤣
If everyone did what he did - no one could do what he did.
@@nonel4515 It's such a fortune for us that people like to be tamed. Everyone can be like him because virtually nobody will try!
@iLucasar People do try. Not everyone has the money like he did to get a good start. I know what he's saying works but only for those with the CAPITAL to do such.
@@t.c.3150 have you read the books? You can start to make money with literally 0$. Stop saying it's impossible just because you cannot do it. Try harder.
Robert I love you books,thanks ❤❤❤
Paying taxes is sharing and honoring other peoples work for using safetyservice and infrastructure. Just to give it another point of view.
I love how the solution to everyone’s problems is just “get into real estate” and there’s no secondary speculation about how this could go wrong if everyone happen to take this advice?
Do you mean how it could go wrong on a macro scale as in if everyone started buying real-estate simultaneously or on an individual level (i.e. most individuals would not attain the results this man preaches)?
His advice is financial literacy in real estate.
@@jasonchandler2754 Both man. It’s not a life path designed to preach to everybody. It also won’t make you rich. You’ll be struggling for quite a bit trying to get out from under the shit. Most of these Get rich lifestyles are peddled to you to sell courses, they aren’t actually that beneficial to your quality of life. And then say you do all this with a wife, what happens when she inevitably becomes unsatisfied with this lifestyle because a TikTok reel told her she should be ungrateful because she’s a girlboss? There’s so many factors. America is imploding.
We have been begging for our votech to rehire a real estate teacher for our adult course and we have huge real estate people in this town and they just won’t bc they don’t want anyone doing it
It’s always the “my real dad is a moron” theme that bugs me.
same here
Exactly the man that worked his ass off to put clothes on his back… not everyone is an entrepreneur
He is quite respectful about it in his book.
If you get a loan it's tax-free but you would be paying the same or twice the amount as an interest for the loan you have taken, banks are charging an exorbitant rate of interest.. it doesn't work these days.
I am confused. Isn't loan installment paid back with your taxed money. Even if interest is low, you can only pay installment with taxed money.
Wonderful 💥🔥
Real estate is one of the top fields which can offer really high returns with low investments. All you gotta do is take calculated risks.
He predicts crash every year for last 5 years. Eventually he’ll be right.
Now I know why he acts as if money is easy to make, bc he was already rich when he was born ☠️.
Not true
@@muzysaybumhe just said his dad was rich
@@kazamaclan447 - I believe his biological dad was educated but poor...it was his friend or classmate's dad that was rich and had taught him a great deal about wealth generation and management.
@@muzysaybum oh true
Be an investor instead. The money you use for real estate used for stocks will give you passive income without lifting a finger. Learned it from your book and fused it with Warren Buffet’s quote.
Yo, he acts like he created wealth himself, and this whole time, his dad hooked him up SMH imposter
hIS dAD hoOkEd HiM uP 😂 gtfo
Stand beside him.
I got selling down Robert your one smart man now for help on learning more on the real estate mixed with warren buffet and wahlah a master piece of wealth endure in some and put the rest back into the markets
Wealth is not only money! Do not worship money. Family health and self fulfillment are way more important.
Money is very important, do not underestimate it because you are poor and happy.
I’m not poor by any means. I actually am quite comfortable. But I am not blind either. I am honest, objective, and have wisdom obviously above your pay grade.
@@heinrich6294 money is nothing we've only made it out to be something
You either work for money or you make money work for you.
People give their lives to money 8-16 hour days just to make ends meat. If time equals money, most people are worshipping money bc we give more time to money than to our family. And typically with little to show for it and giving it mostly away in taxes.
If you make money work for you then it multiplies, like a seed that is planted. You work initially watering it but then it gets so huge its hardly any work at all. There's an inheritance for your family and your time belongs to you bc you make money while you sleep.
You never had this rich dad mr K 🤫🤫🤫
Ok, thx . Now I’m rich.
Best way to be rich
Is robbing a bank and hoping u escape
This guy needs to stop scamming people there was no such thing as a Rich Dad or poor dad he made it all up Sold some books and then got into real estate
That what the rich dad taught him, understand how to sell and understand real estate, read this book to understand it not to just finish it.
But how do you really buy a house with debt? Is this only USA market that this shut works out?
@@pruost, when you take a loan on a house, you are buying the house with debt. Getting a mortgage is only one type of loan you can leverage as an investor.
He's done business since the 1970's. He was wealthy by the 90's. It's the whole reason he wrote a book in the first place. His dad was poor. His rich dad was his neighbor down the street. Maybe do actual research that lasts longer than a yt short and doesn't involve tabloids.
It's 2024, I'm here to remind you again that it's not too late to take your investment journey seriously. I struggled for years before I started my crypto journey this time last year. All efforts before that moment felt hopeless and useless. I am here to tell you, it is not. Crypto changed my life.
Spot on. The market presents different opportunities to create passive income, with the right skill and proper understanding you're good to go.
Would you rather be rich or do a PhD in chemistry knowing you love it and whilst you won't be rich rich you will be comfortable doing what you love.
In fact I suppose there is nothing stopping you from doing both. Anyway psychologists have found once you have secured food and shelter you really don't need more it's just excess and you are only really happy doing what you love
Please correct me if I’m wrong… but you DO need money to buy real estate. You need the 20% cash down payment (that is yours)… THEN the bank will loan you the rest to buy the house.
Wonder if he has ever read about the rich man and Lazarus? Mark 8:36
For what shall it profit a man, if he shall gain the whole world, and lose his own soul?
I think that’s irrelevant. There were many rich people that God favored like Job, Abraham and a few others. He gave them riches. Also it’s not our place to judge others (the rich in this case) for you will be judged the same way. And when you bless others, in secret, God will also bless you. Who knows how much they have really given back, and I’m sure it’s more than what many of us can imagine or do ourselves. It’s not our job to figure out how much the rich give back to society. That’s between them and God. All you can do is pray.
When His dad was rich he is poor
When he got rich his dad becomes poor
You destroyed re in USA!!!!!! Greetings from Europe.
To stabilize house and land prices in tier 1 cities we need to focus more on developing tier 2 and tier 3 cities for opportunities otherwise millineals might buy properties in tier 2 and tier 3 cities and live in rent
The first 10 seconds of this video explains everything (my father was rich)
But all he did was teach him about how money and taxes work. His real dad was poor. Rich dad was only a father figure. Not a provider of anything, but knowledge. Again, no money was left to him by his rich dad.
The whole book was fiction. His real father was not rich, nor did he have a rich dad figure. His wife Kim is a master mind when it comes to making business.
Yes. The best way to get rich is to have a rich dad.
His rich dad, who was his best friends dad growing up, didn't give him shit. He taught him how to think properly about money, something they don't teach in school because the government doesn't want you to know about making money. Read his books.
@@kennyfairbank1316 exactly.
You did not get what he is trying to say. My dad is a doctor and before he retired, my dad contributed around 43 million dollars of tax. Imagine if that 43 million dollars is in your hands but instead it's in the government.
@@tailsromero4512 he should've read rich daddy
It wasn’t his dad it was his friend Mikes dad ❤
ahh 1994 where you could buy 4 houses on 1 salary for 30k each
This dude has been hocking this book since those 90s infomercials and all it ever did was fck people up for life financially lol
his dad told him how to be rich...and he still laughs. A phd trained the millionaire
PhD was his poor dad.
His rich dad told him how to get rich.
2 different people.
Here we go real-estate again when its price makes it a bad investment.
Just accepted a sales dominant job to learn for life
All I heard was "If you want to stay as rich as we've always been, you need to learn how to be a liar" and now everything he says makes sense.
He wasn't born rich - he had to learn. He hasn't lied about anything.
So many people who thought they didn’t need money to buy real estate got wiped out in the 80s. This is not recommended for everyone.
Also. None if what he is describing is tax free.
all loans are tax free. get some basic financial literacy
I have a very big question :
How Rich dad Poor dad book became bestseller ? I mean how did he made this book bestseller ? How did he sell that book because I also want to learn art of selling, how to sell..
well comrade you won't get the answer in youtube comments
@@YashKumar-yj2gb Yes I didn't got the answer are you also trying to find this answer ?
@@Bhautik_cheej yess
@@YashKumar-yj2gb Do you got the answer ?
selling is the art of deception dude.. you got to make the customer pay YOU top dollar instead of the next guy because you offer them ego-boosting, faith, hope and mindlessness. best example: marketing to kids.. are you able to deceive kids and their parents for potentially harmful half-baked and cheap products? then you are on top of it CHEERS
That was back in 1970 now you need 200-500k just to start ;)
I have something for you sir, have you ever experienced the sound of silence, or the gentle and relaxing sound of water specially in a rainy day...all this stuff is free...
you can see that when you're rich too but you can't bask in the sun in Jamaica living in freedom.
3. Have rich parents.
His actual dad wasn't rich it was his friends dad
You haven’t read his book bro. He didn’t grow up rich. He got 2 different perspectives on money from his real dad and his friends dad which he was both close to. If you don’t want to buy the book listen to the audiobook, it’s on YT
although he didn't actually have a rich Dad and poor dad. The character of "rich Dad" represents advice from multiple mentors Kyosaki had in his life
How'd they get rich ?
Did he tell you how to have a "rich heart" ?
by starving your family because you can't afford to feed them apparently
Oh, and there was I thinking he got rich from scamming people.
Yes you don't pay tax on top of debts. But you will pay interests.
Thank you Robert for opening our eyes!
You may pay no taxes but you have to pay the loan interest, which sometime is 75 % of your loan.
Would you sign a loan with an interest rate of 75%?! Ur not real.
@@indigo2398if you're paying 8% APR over 9 years it would be, I think that's what he meant
If you think about it, he's running a Ponzi scheme, except the banks are on the receiving end lol 🤣🤣😂😂
buying a house = jeff bezos ; that's whay kiyosakit hinks
Is mom rich mom or poor mom? That's the real question.
Easy to do in his generation but it’s a different story for our generation
Not really. The 1974 bear market was worse than this one. And he didn’t have the internet to give him access to all the information he could possibly want.
Mortgage Interest rates in 1980 were around 20%
Although my mother bought a house around that time in Vancouver, British Columbia for $89,000. It’s now worth over 3m
If you think you can’t do something then you won’t do the thing.
@@jonathansaindon788 if you think beliefs is the only thing that you need to carry you you most certainly won’t do the thing
@@bobbyblunt4208 I did not say belief is the ONLY thing needed to do something. What I say is that you need to at a least believe you can do something to have a chance at doing it. Then you also need to do the work but that’s not what I was talking about.
Don’t just read words and try to refute them, understand the meaning behind them.
Full podcast name?
This is what I don't understand You pay no taxes on top of it, when for 500K house in Dallas you pay both mortgage and around $1200 monthly for property tax ! What am I missing ?
Once a Marine, always a Marine.
That’s not a flex. You were a pawn for the government.
Don't need money to buy real estate? Lol ok
Perhaps he doesn't. Perhaps Donald Trump doesn't.
But most other person's need a pay down to get a loan. Or perhaps they can't even get a loan.
So RK has a huge leverage, not having to come up with cash upfront. That's a whole different calculation. One that makes you rich faster.
@@avgonyma1 right. You have to be very rich before you can buy real estate for nothing
At the end , everyone must remember just money is not everything in life. Crazy amount of cash flow is everything in life 😂😂😂😂
Lesson 1. Pay interest every year instead of taxes first year and collect interest following years.
Lesson 2. Buy commercial real estate for super cheap and sell super expensive.
Boom profit.
Step 4. Call people poor online.
@user-vr6wo2sc5j I take all my stock tips from throwaway accounts commenting under RUclips videos.
I wonder what his father would have said if he saw he son say things like this about him. No respect.
You’re not really rich unless you can invade a legion- Elon Musk 😊
I used to take his book to the bathroom to read at work and laugh really hard when I was reading the beginning of how he was trying to make money with his friend.
I love your advice. Thank you for sharing your knowledge. I finished reading your book last few weeks.
Are you rich now?
@@loryteck wkwk
you need to read 60 more books he wrote
1. Get a loan
2. Buy a house with that loan
3. Be in debt
4. Sell the house for about the same you paid
5. Don't pay the debt
6. Use the money to make lots of money
Yes the first step is get a loan !!! In Australia it is so bloody hard to get a loan so there goes that plan oh dang
@@georgiarandle6945 move out
Why buy a house? Wouldn’t it be better to just makes lots of money with the loan itself?
@@hodam9687 They don't lend out as much for personal loans as home loans, but good point
@@selimjames8627they dont loan personal if u have no income
You got to be a great salesperson and willing to deal with the aggravation of maintaining and collecting rents. Also have great lawyers.
he is broke even if he sold so many of those book copies.... that makes him not a guru, but in the red.... a beggar for more
This rich dad poor dad is fiction lol
Do more in depth research. His rich dad is from Hawaii who owns hotels and real estate, and his son is Kiyosaki's friend. The reason he did not mention who his rich dad is because his rich dad wants privacy and doesn't want any media exposure.
Real man real words!
Imaginary rich dad
He had a rich dad since he was so young and now he's becoming my rich dad himself.
Wish I had someone in my life to teach me this lesson as a younger person
yes cause you can definitely buy a house with no money.....
Absolutely. If you understand how credit and loans work mixed with investment and return you will understand you don't need to use any of your own money. The real-estate you invest you should pay off the debt for you. If it doesn't, you have created a learning situation and need to decided what you will change to do better next time.
What is the difference between paying interest on borrowing money and taxes
Real estate is about timing you buy
My poor dad told me to never be caught wearing Cabbage Patch Kid glasses with shitty looking plastic frames.
stay poor hater
20% downpayment of minimum 600k property = 120k
nice podcast!!