Robert Kiyosaki talks about Financial IQ



so again the reason somebody thinks the house is an asset is because they lacked financial intelligence or low financial IQ they may gone to Harvard or in whatever but if you can't tell an asset from a hole in the ground I don't know what the heck you can tell the difference of you know so it's really quite simply the most important word for those of you in business or finance no the most important word is not income expense asset liability the most important word in the English language for the rich is a word called cashflow you've got to know where the cash is flowing so what a rich person is doing is controlling cash flow so if money comes from an asset into your pocket it's an asset so very simply nine years old my Rich Dad said assets put money in your pocket whether you work or not okay repeat after me assets put money in your pocket whether you work or not okay and very simply liabilities take money from your pocket okay so what is the liability to do it takes money from your pocket okay so the way you know you have an asset or a liability is very simply this if let's say you're married with three kids and all this stuff and you stop working the money coming in is money from an asset and the money going out is money from a liability so if you happen to have a little house sitting over here and it's sucking cash out of your pocket every month it's a liability and that's what I was saying and I got hammered for that in the press today with the subprime mess you know it's proven that millions and millions and millions of people who thought they were buying the asset the American Dream we're really buying a liability and it's not that real estate is good or bad you see on the other side of here if you move this house over here in every month after paying all your expenses it puts money in your pocket then an asset so anything can be an asset or a liability it's not real estate it's nothing like this you know I write this book here and it's gonna be on New York Times bestseller for almost seven years now and every year it puts several hundred thousand dollars in my pocket whether I work or not that's an asset so anything can be an asset you know so when I was doing this talk in Singapore and they I said honey you can how many we can name an asset and this woman raised her hand I said yes what's your asset she says my husband and I said no ma'am I'm talking about an inanimate object she says well he's inanimate so just think of it this way assets put money in your pocket liabilities take money from your pocket so this was the big difference between my poor dad and my rich dad my poor dad was always telling me to get a high-paying job oh nothing wrong with it you got it people people like jobs and all this and my Rich Dad was very simply telling me acquire assets so when I left the Marine Corps in 1974 I had nothing zero no money but I knew had a plan I knew what I was going to do and the number one thing I was gonna do was build my business second I was going to buy a real estate and third I was going to buy paper assets today also commodities gold silver oil and gas okay so all I work hard to do is build businesses develop real estate invest in stocks bonds and I have oil and gas gold and silver that's what I work on so what makes the rich rich is not the school they went to and all this is what quadrant what do you work in you work in this are you working here okay so this is where and this is where financial IQ starts from is I focus my time here I don't care if I make any money I really have very little interest in money I want to acquire assets and that's what my wife and I focus on in them and then in 1997 Rich Dad Poor Dad and explained what I was doing and very simply that's it so the next thing here was this from my Rich Dad was it's called a quadrant and I think it's the most important book what people want to make changes and the quadrant stands for employee S stands for small business specialist like a doctor s for psycho being stands for big business and I stands for investor so the other difference was was my poor dad always said to me as his son go to schools they can get a job so for the time most people are born they're programmed to be employees to work for the rich and that's the difference it was my and my mom I used to fight with my dad by the time I was in high school I just fight with I'm saying I don't want to be an employee you know I just don't want to do it and it I was flunking out of high school and all this stuff because I couldn't write which is interesting but uh so my mom finally intervened my mom was a registered nurse and she says Robert you know stop arguing with your dad if you want to be rich go to school and become a doctor I said mom there's only one problem she says what Sansa's doctors are smart she said you got a good point there you know you know so early on in my life I knew I wasn't gonna survive here it was obvious to me so I've only had a job for four years now as with Xerox I went to Xerox for the skill so an entrepreneur skill learn how to sell so on the other side of it my Rich Dad says to me is this Robert are you basically lazy I said yeah and he says are you incompetent I said yeah and you're not very bright are you I said no he says good you'll do well in business here so if you look at this side is my primary focus is to start businesses I have a gold mining company in China a silver mining company in Paraguay I have all real estate companies oil and gas companies I just start businesses I like them once they're up and running the cash flows in I go do something else so basically that has been my philosophy since 1974 and and that's where I run now on my book on financial IQ it talks about this a lot here and this and financial IQ is this very simply it is what you do to solve your problems it's how smart are you at solving your problems so I often meet people come up to me so I got her go to thousand dollars I don't know what to do with it I say well how long have you been a moron you know she's and this is the first thing I would do if I were you I wouldn't tell anybody don't know what to do with your money because if you start announcing to the world you don't know what to do with your money there's a lot of people that will tell you what to do with their money and supported into their pockets so the problem here is this the financial IQ is just simply how you handle your financial problems now you look at it this way for many people where when they have financial problems they get a second job that's an employee's mentality I don't get a second job I start a second business there's a difference in the mindset of how a person handles a problem okay there's a reason for that another financial IQ is this how do you protect your money the biggest predator in the world is the US government they will take your money the problem with making money in this quadrant here and this quadrant here is that these the most highly taxed quadrants now I'm not against paying taxes I'm just not want to let them go without a fight somewhere along the line so the problem with these guys here is they're taxed at least about 50% and over here the dot these are the doctors lawyers and accountants they're taxed horribly it's just terrible the laws are horrible for these guys over here I can pay 0% and 0% the most important thing you can tell your friends is get off your butt and start your own business even if it's at home even it's on your dining room table Kim and I my wife started Rich Dad Poor Dad on our kitchen table and it a pizza parlor we had a great time but once you understand business the reason the reason what moment you shift from here to here the tax laws swing in your favor the moment you tell a kid go to school and get a job

47 Comments

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    June 25, 2019
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    June 25, 2019
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    June 25, 2019
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    June 25, 2019
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    June 25, 2019
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    June 25, 2019
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    June 25, 2019
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  8. PC Sim said:

    Thank you Sir for this video..

    June 25, 2019
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    June 25, 2019
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  14. MAG said:

    Is this the basis of accounting? Is this all it is ?

    June 25, 2019
    Reply
  15. vishalxyzrepsol said:

    where was this and where can i find the full video?

    June 25, 2019
    Reply
  16. Musea Mutisya said:

    they have worked for me

    June 25, 2019
    Reply
  17. hebrux said:

    What is his book that talks about financial IQ?

    June 25, 2019
    Reply
  18. Nikmj Nikhim said:

    in layman terms, asset is something that bring the money into your pocket, and liability is something that draw the money out of your pocket

    June 25, 2019
    Reply
  19. tojáska said:

    S stands for Psycho, genius.

    June 25, 2019
    Reply
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  22. Mara Simoneau said:

    Very informative! Thanks Robert.

    June 25, 2019
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  29. Bhaijaan said:

    See, what Robert, has to offer is more of conjectural knowledge of what is or what should be..its like a 1000 page book with 50-100 page worth of substance..

    June 25, 2019
    Reply
  30. xpen4099 said:

    Neither, that is just an expense, if you know a bit accounting

    June 25, 2019
    Reply
  31. KTS. Đặng Trung said:

    it is so cool

    June 25, 2019
    Reply
  32. Akanisi Fatafehi said:

    thank you for this – very interesting indeed, especially the explanation of asset and liability

    June 25, 2019
    Reply
  33. Shoaib Chhipa said:

    please you read rich dad poor dad.

    June 25, 2019
    Reply
  34. druidwolf11 said:

    Robert looks really sharp in that pin stripe suit.

    June 25, 2019
    Reply
  35. UnitedPebbles said:

    That mean you are using some one asset. Could be risky. The only asset in America that made available by government guarantee is the mortgage and real estate. There are also education or human capital, but come on, how many students are actually using their brains to do something for themselves?

    June 25, 2019
    Reply
  36. UnitedPebbles said:

    then u have asset, right? it is your shelter!

    June 25, 2019
    Reply
  37. UnitedPebbles said:

    that what impels most finance majors, because they don't have shit.

    June 25, 2019
    Reply
  38. UnitedPebbles said:

    do you pay rent?

    June 25, 2019
    Reply
  39. UnitedPebbles said:

    you mean liquidity? again price and demand or last residue price on market.

    June 25, 2019
    Reply
  40. Mr Gunslinger said:

    Yes he is broke, his net worth is like 2,000,000$ and got like 1500 apartments and businesses but he is broke yes -.-

    The other thing is i've started to work for 200$ A MONTH! yes 40 hours a week in this country this is the minimal wage (east europe), now I make 5 times so 'much'. Now I learning a profession besides work and in 2 years it will be done, than I can make around 2-3000$ a month. I save money for a few years and after 7-8 years I can START to invest. Why are you rushing?

    June 25, 2019
    Reply
  41. skepsys said:

    oh, and those $18,000 were ages ago. they would translate nowadays in $35,000 in my country, as price for a single room appartment. Figure your coust in your country for that, but im tellin you, in my country i would have to starve 3 years to get those money, literally be homeless. and after thre years with teeth fallen and skinny and rotten with angry inside and all sort of diseases ulcer etc, id have to make another investment, like he did. with what money?? cmon………

    June 25, 2019
    Reply
  42. skepsys said:

    one single person!! i dont think there is, and i dont think that they didnt wanted, just faced the truth, they were born and raised poorly, it will probably take them /us, 50 yrs of continuous struggle to get halfway near his father's fortune (letalone his). but then again, our grandsons will get to be born ric

    June 25, 2019
    Reply
  43. skepsys said:

    so i can claim that this guys has no idea what he's talking about.
    financial iq and assets/liabilities? what is that?
    give me one single person that comented on this video in 2009 (when it started) and now, 3 yrs later, was poor and ignorant but got rich and savvy from these teachings.h 🙂

    June 25, 2019
    Reply
  44. skepsys said:

    he says somewhere that one idea he used is as easy that a 7-year old would understand it. i agree, a 7yr old with $10,000 money from his dad to invest.

    June 25, 2019
    Reply
  45. skepsys said:

    so id be more interested how his father made fortune, and why he wasnt that rich (i dont think his father was as rich as he is now). i think we (kiosaky) just took over and developed. where's the credit in that……………..

    June 25, 2019
    Reply
  46. skepsys said:

    and i would like arguments from someone who really did what he says and got from poor (not les richer) to rich. and nor arguments from ppl that just think kiosaky is right, and that are mesmerized with the possibility of being insanely rich…

    June 25, 2019
    Reply
  47. skepsys said:

    1. steal and lie;
    2. inherit from relatives or hook up with a rich bimbo (man or woman);
    3. work a lifetime and your generations too afterwards, so that your nephews get to be born rich.

    I am sorry. but if someone has a valid argument, do contradict me…

    June 25, 2019
    Reply

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