DONALD TRUMP AND ROBERT KIYOSAKI: FINANCIAL EDUCATION- FUNDAMENTALS RULES FOR INVESTORS

Well, on Rich Dad Poor Dad, I came out in 1997. I said your house is not an asset and that drove people crazy. This drives me crazy because it's a common belief, but when you can't make your house payments, do you find out? is the biggest responsibility you have and what that can be is you have to be a lot more right than you thought when you look at what happened with home prices and Donald and I love real estate. I love them with us. I think it's the best thing that it's better than sliced ​​bread, but if you're not smart with it, it's like a loaded gun.

You know you can protect yourself, we can kill you with it, so real estate to me is the best vehicle, but you have to be smart. with this because we are using debt and debt is a double-edged sword, so you use debt. I used it, but the more debt you use, you actually have to be smarter to be able to use debt to get richer. You can also use debt. to eliminate you, that's why you know I keep saying we need

financial

education

to just tell someone to get out of debt, well that's not accurate, you use debt, right?

That's a great thing and being big and very successful debt is a very useful weapon, but you have to be very careful, it's right, so the other thing when people say live below your means, you don't like to live below your means. below your means, you know? And I think that when you tell someone to live below your means you eliminate the spirit, it's like saying that if someone wants to lose weight they follow a starvation diet, it doesn't make you healthier to starve so I prefer to receive

financial

education

that's why I read, I read your books because I want to.

This is my greatest asset. I want to feed my brain so I can expand my resources without going into excessive debt or starting to lose because debt is of a certain type, but telling someone to live below my means is almost inhumane. I never felt good doing it I wanted to strive to be better every day I want to do better every day I liked a good life like I tell the story of rolling under your jet and I thought I was in my jet but it was a little Learjet I look up and there's a 727, a night cab underneath like a holy man, you know it's the big kids and their toys, but it inspired me anyway.

I said, okay, I'm on a Learjet, now it's time to step up and it's not like that. I mean the plane will make me happier. What makes me happiest is wanting to improve, be smarter, do better. I have a friend who didn't have any success, but he had a lot of promise and he had something that he would do alone. fly first class, I'm not saying you should do this because for someone who doesn't want to work, but needed that mental well-being, he wanted to fly first class because mentally he wanted to think he was the best and that's it, and even though he didn't do it he had a lot of money at that time this was years ago he always flew I used to criticize him but that put him in a good state of mind and he became a very, very successful guy, very, very successful and I, oh, I've always remembered that he never flew coach, He would always like to be first last even though he didn't have the means to fly, so look, it's complicated, but whatever it takes to train, whatever makes you feel better about yourself, more strong, more confident to want to do better and I believe.

That's really the problem and so we're at the stage in our lives right now, you know, asking for more isn't really like that, but doing better to feel better about ourselves is still important, it's very important, that's why we don't I do. I don't like to say living below your means and scrimping and all that because you know shopping is fun. Nice and pretty houses are fun at the same time. You have to be very careful, yes, but ethically responsible, right, as you know when, when you invited us to your house. little scam, your little duplex, whatever you call it, we walked there.

I've never seen a whole two-story, two-story house in New York City and my wife Kim's, as you know, I never thought I'd ever live in a condo. but just like mr. Trump's house will do and it's spectacular, right? I mean, and I don't need that, right, yeah, no, I don't need that if I had a nice room with a nice TV on a nice bed and you don't really need that, but It was in a building that I built right and it was there for the taking so I figured I might as well do it and what have I done instead of selling the equivalent of 12 or 13 units?

I kept them. and by keeping them I have them, I didn't sell them and that's fine and it's become, you know, a very valuable place, so I didn't need it, I don't need it now, but there's something good about it, right, and that's my message. It's achieving it and then you can take it or leave it, but if you don't achieve it then it's always something that's far from you, so again, that's why it's redundant to live below your means. I don't think that will make your spirit happy. It also kills your spirit if you're not financially educated when someone says your house is an asset or these mutual funds are good or stocks will go up and you don't know good and dirty investing and bad investing because it's real.

Real estate can be a bad investment Stocks can be a bad investment If you don't distinguish between good investment advice and bad investment advice then you will accept it, this world is not kind, we should say the hardest thing I have ever witnessed. During the last year we have seen very hard-working and very conservative people who invested in stocks and I am not talking about high-flying stocks, I am talking about very solid companies and their net worth is 50% of what it was a year ago and not I've done nothing wrong right now, they put their money into stocks, so I guess you could say that's wrong, but it's actually not wrong because historically that's been fine, so they got into conservative stocks and a year later they're It is worth 50% and all they have done is work and that is the most difficult thing I have seen as a tragedy.

What I mean is that you can invest in gold and lose money. You can invest in real estate and lose money. lose stocks and lose money, you can invest in oil and lose money, you can also make a lot of money, all those things, so really the reason we get together is because your financial intelligence, your financial IQ makes something have value. or not, as I told you. You have to distinguish a good investment from a bad investment, good advice and bad advice.