Robert Kiyosaki: "You Will Never Be Poor Again" | START DOING THIS TODAY!!!

Introduction

In this section, the speaker talks about how the school system does not teach financial education and how it is important to learn about money.

The Importance of Financial Education

• The school system does not teach financial education.

• Learning about money is important because it is what the rich know and use to stay wealthy.

• Poverty hurts, and it is essential to find ways to become financially literate.

The Corrupt Academic System

In this section, the speaker discusses how academics are corrupt and do not teach students what they need to know about money.

Corruption in Academics

• Academics are just as corrupt as politics and banking systems.

• Students are not taught fundamental things like financial education in schools.

• Financial education is more than just getting a job, working hard, saving money, and investing in stocks.

Debt and Taxes

In this section, the speaker talks about debt and taxes being two things that make up the financial industry.

Debt and Taxes

• Debt and taxes make up the financial industry.

• Saving money will not make you rich because money can be printed faster than one can work for it.

• Learning never to work for money is powerful because once someone receives a paycheck, their brain turns off.

Understanding Assets vs Liabilities

In this section, the speaker explains how most people confuse assets with liabilities.

Assets vs Liabilities

• Most people confuse assets with liabilities.

• To understand if something is an asset or a liability, it takes a noun + verb.

• The number one expense for most people is taxes, and the rich do not work for money.

Cash Flow

In this section, the speaker talks about cash flow and how it is essential to have positive cash flow.

Positive Cash Flow

• Cash flow is essential to becoming wealthy.

• Taxes are the number one expense for most people, but they do not even realize it.

• There are three kinds of income: earned income, portfolio income, and passive income.

Conclusion

In conclusion, the speaker emphasizes that financial education is crucial to becoming wealthy. The school system does not teach financial education, so it is up to individuals to learn about money on their own. Understanding assets vs liabilities and having positive cash flow are also important factors in building wealth.

Introduction

In this section, the speaker talks about how he learned to make money and pay zero taxes from his rich dad by playing Monopoly.

Learning from Rich Dad

• The speaker's rich dad taught him how to make a million dollars and pay zero tax by playing Monopoly.

• He mentions that McDonald's is in the real estate business and pays no taxes.

• The speaker believes that everyone can do what he did if they had financial education.

Using Debt as Money

In this section, the speaker talks about using debt as money and how it helped him get 300 million dollars tax-free after the crash of 2008.

Debt as Money

• The banks gave the speaker 300 million dollars tax-free after the crash of 2008 because he knew how to use debt as money.

• Most people cannot get loans because their FICO scores are bad, which schoolteachers never teach about.

• The US government wants people to borrow money because that's how money is created through debt.

Assets vs. Liabilities

In this section, the speaker explains how to differentiate between assets and liabilities based on cash flow.

Cash Flow

• A house is an asset if it puts money in your pocket but a liability if it takes money out of your pocket.

• People need financial education to understand these concepts since most schoolteachers don't teach them.

• If people understood the tax code better, they would be more prosperous.

Changing Your Mindset

In this section, the speaker talks about changing one's mindset from "I can't afford it" to "How can I afford it?"

Mindset Shift

• The speaker believes that poverty can be passed down through genetics because it's an attitude and a way of thinking.

• He advises people to stop saying "I can't afford it" and start asking themselves "How can I afford it?" instead.

• The speaker believes that personal willpower is essential for success, and people should not be afraid of making mistakes.

Conclusion

In this section, the speaker concludes by talking about how he got rich by using his knowledge rather than money.

Getting Rich

• The speaker got rich by using his knowledge rather than money.

• Real estate made him richer, not the money itself.

• People who get the message from their low points in life can start a new life, while those who don't keep going down.