Millennial Money

UNCUT INTERVIEW! Did you ever wonder if there were different types of intelligence?

Most of us think of someone with high intelligence as someone who remembers everything and can complete tough mathematical formulas, in other words, a genius.

But is remembering a bunch of facts and figures the true marks of a genius?

Robert Kiyosaki doesn’t think so.

In this edition of Millennial Money, Robert and Alex discuss the four different types of intelligence, how school hurts us with labels, and how to be successful regardless of your genius type.

The Four Different Types of Intelligence

Using the diagram of a tetrahedron, Robert discusses the four types of intelligence as: mental, physical, emotional and spiritual.

Mental intelligence is what most of us think about when we think of a genius. The Jeopardy winner, math whiz or computer science geek all come to mind. But being a mental genius isn’t the only way to achieve success.

The physical genius is another type of intelligence. Tiger Woods is a great example. Though Tiger is an incredible book smart individual (he did attend from Stanford after all) his true genius can be found on display on the golf course.

The third type of intelligence Robert discusses is emotional intelligence. To Robert, it’s the lack of emotional intelligence around money that keeps people poor. As Robert sees it, the key to improving your emotional intelligence can be found through gameplay.

The final intelligence is spiritual intelligence. This intelligence differs from mental intelligence because of unity. In school, we’re taught that there are winners and losers. But strong spiritual intelligence is found through unity.

Game Play Reflects Behavior

When Robert was a child, he learned about emotional intelligence by playing Monopoly® with his rich dad. Robert continued to focus his efforts on improving his emotional intelligence to become financially free at the age of 47.

What was the key to his success?

Gameplay!

Once he and Kim became financially free they developed the board game, CASHFLOW® 101.

Robert and Kim knew that the best way to learn (other than doing) was through simulation. By combining all four intelligence into the board game, they discovered the best way to teach people to face their fears about money and investing through gameplay.

Your Difference Is What Makes You A Genius

We all have a genius inside of us. Unfortunately, school isn’t the best assessment of that genius.

Robert was always reminded by his rich dad to make mistakes. Rich dad would always ask, “Have you tried…” instead of telling Robert, “Do this… Don’t do that…”

The best way to find your genius is by learning through gameplay in safe environments.

Discover your game and you’ll find your genius.

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There’s long been an incorrect belief among taxpayers that receiving a refund is a good thing. The problem with this belief is that you (the taxpayer) don’t have access to your own money throughout the year, making it harder to put your money to work for you.

If you had more of your own money to spend throughout the year, what would you do with it? Pay off a larger portion of credit card or student loan debt? Would you put it aside to invest in a cash-flowing asset? The point is, instead of waiting until your refund arrives you could use the added income in each of your paychecks now to reduce your principal before interest has an opportunity to build on what you already owe.

Plan for Next Year

Since you’ll be keeping more of your own money this year, put that money to work for you! Here are three simple things to do now to lower your tax liability next year:

Start an investment fund: A tax return is a perfect time to seed-fund your investment account. Spend some time deciding what you want to invest in paper assets, real estate, commodities, or business, and use your tax return as the initial funding for that investment activity.

Start a side business: By setting up a side entity, you can realize significant tax benefits by writing off your expenses for the business. This means that if, for instance, you want to get into real estate investing, you can write off all expenses related to that activity-including travel, education, and more.

Hire a CPA: A good CPA will be able to sit down and help you plan out the best way to maximize your investment fund and take advantage of your legal business entity.

Here’s the secret about taxes that the rich have figured out—a small refund is a good thing. A tax refund isn’t the government giving you “free” money, they’re just giving you back what was yours in the first place.

So the next time you hear someone complaining that they got a smaller refund, give them a high-five and tell them congratulations, you kept more of your own money!

Read more about how to build massive wealth by lowering your taxes in Tom Wheelright’s book: https://amzn.to/38BC8KJ​

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Robert Kiyosaki’s poor dad said, “Job security is the most important thing.”

His rich dad said, “Learning is the most important thing.”

These two statements represent two fundamentally different mindsets about work.

Today, millions are faced with these same choices. Will you work to earn, holding onto security over opportunity? Or, will you work to learn (and get a financial education), giving up some security to embrace the greater opportunity?

For many college students looking to leave school and get that high-paying job has been ingrained into them from birth but today’s guests say, “Working to learn” is more important today than ever before.

Most people will follow the conventional wisdom and choose to work to earn. But if you want to be rich, I recommend that you work for what you want to learn rather than what you want to earn. Figure out what skills you want to acquire before choosing a specific profession and before getting trapped in the rat race.

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If you would like to experience this episode in closed caption, it can be found here on the YouTube Rich Dad channel.

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What’s wrong with millennials? Maybe that’s the wrong question. Maybe we should be asking you if you’re failing by NOT failing.

In this episode of Millennial Money, Robert Kiyosaki goes off on one of his pet peeves: risk.

Life is full of risks: Should you go to school? What should you study? What job should you take?

Why do we think they are risky? Because we don’t want to make any mistakes.

School compensates for managing risk by avoiding it altogether. Instead, school teaches us to learn all the right answers. That way, we never have to fail.

What’s Wrong With Millennials?

As millennials, we’ve been taught our whole lives how important it is to have all the right answers. We’ve been taught to be politically correct to avoid hurting someone else’s feelings. In other words, we’ve been taught to play it safe.

But is that how life really works?

The way Robert sees it, playing it safe is the worst thing you can do.

We might have all the answers… but we don’t do anything about it. The reason is our fake teachers. We’ve been taught by teachers who haven’t done it themselves.

Take professors of business or entrepreneurship at university, for example. Though they might have a master’s degree or Ph.D. affixed to their names, how many have actually started businesses?

Probably very few.

Understanding a financial statement is the only way to know whether your business is healthy or not. How your income looks compared to your expenses, how your assets look next to your liabilities, are what matters to an entrepreneur.

Why?

If you need to raise capital and you approach a bank, they don’t care about your resume or transcript. The only thing they care about is your financial statement. They want to know if you can increase income. Will you create jobs, minimize your taxes and utilize debt effectively, can you create assets?

That’s why we say your banker doesn’t care about your report card.

Compare that to what school teaches you to be important. When you are preparing to graduate, school tells you that your resume and transcript are important. They also tell us to avoid risk, play nice, and follow the rules. In other words, they are teaching us how to become an employee.

Entrepreneurs think differently. They know the number one skill they need to be successful is the ability to sell.

But most of us avoid selling. To help us overcome that fear, Robert suggests joining a multi-level marketing (MLM) company.

By starting a business through an MLM, you’re given excellent instruction on how to face your fears of rejection and overcome obstacles in ways that traditional education never teaches.

Regardless of how you learn to overcome your fears, it’s vital to face those fears if you want to be successful as an entrepreneur.

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Look in the mirror, what do you see? Do you see a risk-taker or someone who prefers to play it safe? If you want to get rich, you have to take risks. But what types of risk? Is blindly giving your hard-earned money to an “expert” financial advisor safe or risky? Stay tuned for our next episode of Millennial Money as Robert Kiyosaki discusses why the riskiest thing you can do is play it safe.

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If you would like to experience this episode in closed caption, it can be found here on the YouTube Rich Dad channel.

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Things are not looking good for the U.S. economy. This means that things are not looking good for most people’s budgets and portfolios. Things are especially not looking good for the employees that make up the middle class. But the real question is, “How are things looking for you?”

People respond differently to tough times. Some take flight, running away from danger. This could mean avoiding anything that seems “risky,” putting your money in savings or under a mattress, and cutting your spending. Others live in ignorance. These people sit on the couch after work, eat fatty foods, and watch television. They do whatever they can to ignore the reality of their situation. Their favorite phrase is, “Ignorance is bliss.”

Intelligent people fight. They invest in their financial education. They understand that saving money is riskier than investing it in assets that cash flow. They know that building assets are the only way to wealth, and they pay attention to what is going on in the world so that they can make intelligent financial decisions. These types of people flourish in tough times.

In this episode of Millennial Money, Robert and Alexandra discuss why being an employee is the riskiest thing you can do in today’s economy, and how changing your mindset can help you come out ahead during a crisis.

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If you would like to experience this episode in closed caption, it can be found here on the YouTube Rich Dad channel.

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We’ve heard a lot the past decade about quantitative easing. Basically, it’s the government taking rich dad’s advice and printing money… literally.

As Robert discusses in his new book, FAKE, there are three things we need to be diligent about as we continue to improve our financial education.

The first of these, FAKE money, is what Robert discusses in today’s video.

The US Treasury creates a bond which they sell to the FED. The FED then turns those bonds into money which is given to the Big Banks. The Big Banks then loan that money to the rich. This money printing process isn’t done for free, however. The taxpayer is the one holding the IOU that the US Treasury created with their bonds.

After Robert discusses how money is created out of thin air through the Mandrake Mechanism, he continues to explain how the US taxpayer is now on the hook for student loans, as well.

Back in 2009, President Obama shifted the flow of money out from the FED and into the hands of the people for their student loans. Where students previously sought their loans through the Big Banks, the loans were now backed directly by the US Treasury.

Robert ends the discussion with a warning about the current Bubble Economy we find ourselves in and how to best prepare for when it pops.

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Making money through cash flow versus capital gains

How do you currently make money? By going to your job every day and collecting a biweekly paycheck in exchange for your work? Most people make money this way because it’s what they are taught to do by their parents or teachers. Also, it feels like a safe and secure path because it’s the traditional route.

Well, what if I told you that there’s another way? Another path in life that doesn’t require you to trade time for money? A path that allows you to follow your passion, achieve financial freedom, and reach your life goals? Now I’ve piqued your interest, right?

This path is precisely how the rich make their money — and it’s not from an hourly wage or salary. Instead, they make their money from their investments. In fact, the best way to make money is as an investor — but the question I’m often asked is: How do you make that money? If your monthly income as an investor does not come from a job, then where does it come from?

Making Your Money Work for You

If there’s one thing the rich do differently than the poor, it’s that they put their money to work instead of working for their money. What does that mean? Their money isn’t just sitting around in a savings account, accruing little-to-no interest, waiting for a rainy day. Their money is being invested — and delivering a return!

Different investments produce different results. The question is, what results do you want?

There are two primary outcomes an investor invests for: cash flow and capital gains

The Advantage of Cash Flow versus Capital Gains Investing

The best thing about cash flow is that it’s money flowing into your pocket on a continual basis — whether you’re working or not. You could be on the golf course, jet-setting around the world, watching Netflix in your jammies, or building a business, and your money is busy working for you. And generally, cash-flow investing is based on fundamentals that aren’t as susceptible to market swings like capital-gains investments, which means that even in bad times, money still flows into your pockets.

Additionally, cash flow is what is known as passive income, which is the lowest taxed type of income. This is not always the case with capital gains taxes, which vary depending on the type of asset you’ve invested in and how long you’ve owned that asset. In some cases, taxes can be very high.

If you’re ready to start enjoying the lifestyle advantages of cash flow, don’t miss my recent blog on getting started with real estate: http://bit.ly/2X8JmzM​

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Who are you working for?

Millennials tend to get a bad wrap. They’re considered self-absorbed, introverted, and only looking out for themselves.

In this episode of Millennial Money, Robert Kiyosaki and host, Alex Gonzalez, discuss how the Millennial generation isn’t the only one that can be described that way.

Looking back on his college years at the Merchant Marine Academy, Robert realizes how those formative years helped strengthen him in all four intelligences: mental, physical, emotional, and spiritual.

The most important of those, spiritual, is what still guides him as the leader of the Rich Dad Company.

In a recent interaction with a homeless gentleman roaming the streets of Arizona during another blistering hot summer day, Robert realized he had a choice to make.

Though it would have been easy for Robert to tell him to, ”Get a job!”, his spiritual intelligence kicked in. Giving the man a few dollars and sharing some comforting words, “I feel your pain,” reminded Robert that the true sign of emotional and spiritual intelligence isn’t divisive (“I have money because I work hard and you don’t because you’re lazy.”) but unifying.

Recalling his time learning from Bucky Fuller, he reminds us that he doesn’t work for me (oneself) but for everybody.

And therein lies the difference between the Millennial generation and those that came before it.

Where previous generations grew up with nothing, the Millennial generation has every advantage imaginable.

So while they are labeled self-centered and entitled, Robert is quick to point out that they are also full of compassion and seek to make the world a better place.

Millennials are far more socially conscious than the Baby Boomers and Gen Xers that preceded them. Robert gives them credit with their desire to correct the mistakes of the past.

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You’re not supposed to be an expert on everything. You must find partners who can advise you. People typically try to do everything alone or rush into advisor relationships with disastrous results. In the upcoming videos, we’ll hear from Robert and Kim’s most trusted advisors. If you want to evolve you need advice, just be sure you’re not taking advice from an idiot or you’ll be the biggest idiot of all.

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If you would like to experience this episode in closed caption, it can be found here on the YouTube Rich Dad channel.

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