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"DO NOT keep cash in BANK❌...BUY THIS INSTEAD!! " - ROBERT KIYOSAKI | Financial Education
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"DO NOT keep cash in BANK❌...BUY THIS INSTEAD!! " - ROBERT KIYOSAKI | Financial Education

The Importance of Owning Gold and Silver

In this section, the speaker discusses the importance of owning gold and silver as opposed to cash or paper money.

Why Save Gold Instead of Cash?

  • The speaker argues that gold is a better investment than cash because it can be passed down from generation to generation, while paper money may not even last 10 years.
  • The speaker recommends buying silver because it is affordable for everyone.
  • Banks do not want large amounts of cash deposits, making it difficult to store large sums of money in cash.

Risks of Holding Cash

  • If currency is repudiated, holding large amounts of cash could become a liability.
  • Paper money is a guaranteed loss over time and will eventually become worthless.
  • Fiat currencies have historically failed after 50 years. We are currently in year 51 of fiat currency.

Examples of Failed Currencies

  • Venezuela, Argentina, Cuba, and Mexico are examples of countries where economic principles were broken resulting in failed currencies.
  • All paper currencies have gone broke over time. Those that still exist are on their way to becoming worthless.

Historical Context

  • The speaker's understanding of real vs fake helped him recognize the significance when Nixon took the dollar off the gold standard in 1971.
  • It was illegal for Americans to own monetary gold and silver until 1974 when it became legal again.

Conclusion

  • Owning gold is important because pensions and retirement funds are at risk due to inflation and low interest rates.
  • The speaker recommends investing in gold instead of relying on pensions or retirement funds.

Spanish Shipwrecks and Gold

In this section, the speaker talks about how explorers go down to the bottom of the ocean looking for gold and silver from Spanish ships that have sunk over the years.

Explorers Looking for Gold

  • Spanish ships that have sunk over the years are a target for explorers.
  • The explorers are not interested in finding paper currency but rather gold and silver.
  • Even after 500 years at the bottom of the ocean, gold bars remain in pristine condition without rusting or eroding.
  • People still dive for gold even though dollars are now used as currency.
Video description

Robert Toru Kiyosaki (born April 8, 1947) is an American entrepreneur, businessman and author. Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos. The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name.He is also the creator of the Cashflow board and software games to educate adults and children about business and financial concepts. Kiyosaki is the author of more than 26 books, including the international self-published personal finance Rich Dad Poor Dad series of books which has been translated into 51 languages and sold over 41 million copies worldwide. Kiyosaki is the subject of a class action suit filed by people who attended his seminars and has been the subject of two investigative documentaries by CBC Canada and WTAE USA.Kiyosaki's company, Rich Global LLC, filed for bankruptcy in 2012. ************************ ► Fair-use Copyright: The video in question has a positive impact on the original works it features and is intended for educational purposes. It is considered transformative as it only uses limited portions of the original videos to effectively convey its message. ► Disclaimer: According to Section 107 of the Copyright Act of 1976, using copyrighted material for certain purposes such as criticism, commentary, news reporting, teaching, scholarship, and research is considered fair use and is not an infringement of copyright. The use must be non-profit, educational, or personal in nature in order to qualify as fair use. ************************ #robertkiyosakiquotes #richdadpoordad