Why Financial Education Matters More Than Saving Money

0:00This episode is brought to you by Progressive Insurance. Do you ever find yourself playing the budgeting game? Well, with the name your price tool from Progressive, you can find options that fit your budget and potentially lower your bills. Try it at Progressive.com. Progressive Casualty Insurance Company and Affiliates. Price and coverage match limited by state law. Not available in all states. And this here is a Zimbabwe dollar. It's 10 million. Is this worth nothing? Nothing. And this is the U.S. dollar like this in a short while. And people are still saving toilet paper. Yeah. It makes no sense.

0:39People are that stupid. I can't believe it.

0:46Hello, hello, hello. Robert Kiyosaki, Rich Day Radio Show, broadcasting from Phoenix, Arizona, where I would say it's either heaven or hell. And right now, it's heaven. It'll soon be hell. It gets hot. And I'm very excited to have old friends, Colin Bronagh-Davidson. They're from Ireland. And they run the Cash Flow Club there. It's now been about 10 years. I don't know how many people you can teach in 10 years. but what I am thrilled with is the purpose of the game was to bypass the school system and people could teach people because I don't know how it is in Ireland but right now our school system is so messed up school grades are going down when they go teach us about money so in 1996 my wife Kim and I created the cash flow board game to bypass the school system.

1:45And we didn't know if it would work or not. But Carl and Bruno Davidson, they teach it all over Ireland. I'm very proud and thank you for teaching. Thank you. Thank you for having us on the show. The 30-year anniversary of Cashflow 101. Yeah, yeah. It's been an incredible journey. And we were talking about this before we went on. Don't you learn more every time you teach? Oh, absolutely. you know the first time robert that we ever got the game cashflow 101 um i'll always remember it we went to the west of ireland it was heaven or hell it was hell it was a big storm yeah so we cracked open the game i'll always remember we were in a little bnb we opened it up i was so excited to play and carl literally what did you do i went bankrupt in the first couple of turns like literally 20 minutes 20 minutes in bankrupt so from that moment on we've just been learning learning either from our own playing or from you know talking to and playing with other people it's just been an incredible journey yeah i mean i'll always remember the fact that i went bankrupt because i had that like aha moment where i was like oh my god this is the pre-programming that's you know that i learned growing up through the school system through the parents through people all around me and it was my biggest wake-up call because that was only bankrupt on a tree bed, two-bar house.

3:10Berklin. You said the magic words, you know. All of us are pre-programmed. You know, poor people are programmed to be poor. And rich are kind of programmed to be rich. So the cash flow game, because it's a physical process, you have to actually make numbers, you raise, make mistakes and all that. It breaks up the old programming. Because it's very hard for a person from a poor family to get rich because it's their family heritage, their family culture goes with them. That's why so many professional athletes in America, they make millions of dollars as, let's say, a pro basketball player, but they're broke six years later.

3:55That's because the old program has not changed. Money will not change it. So thank you for teaching the game. Yeah. Thank you so much. Like, it's so funny because my programming growing up, my my man is a self-processed communist like she loved communism my dad is like old school irish republican which is more socialist than it would be american republican and i would have grown up like definitely like a sjw a social justice warrior and then in 2015 i joined a network marketing company with a huge personal development program and through that i just like really learned to question my belief systems and just question everything really and it was so funny anytime finances would come up i would just shut off and just think about everything else that they had been talking about and about a year in i was like okay finally i'll get this book they keep talking about rich dad poor dad yeah and it just my mind just exploded like my belief system was always like business and investing genuinely was for men in suits that have briefcases and they go to an office and that wasn't for me and i was okay with that and just seeing the other side of the coin like that just completely transformed my life and then carl's like because i ended up interviewing him to the book too so yeah yeah so i actually listened to it in japan of all places when i was on a work assignment there and again just completely eye-opener i just it i was like oh my god because i did everything that society programmed me to do i went to school got good grades have an electrical engineering degree worked in big semiconductor companies all across the world and this was like for me i was like oh this is the other side of the coin that nobody talks about or at least very little people talk about no one in our circle okay well that's you know teaching is how you get you get smarter i mean i learn something new every time for me but one of the things i find interesting is watching you know a new guy you know they've I never played the game before.

5:58It's kind of, it's interesting, it's painful, it's sad, it's hysterical. And I remember this. I mean, some of the mistakes that people make, it's incredible. Like they draw a card, they got a$1 stock, you know? And you know, playing the game so many times, you know, the dollar stock's the best. You get this dollar stock, they'll say, i'll take five and i just get in there yeah they should just back up the truck you know but they're so afraid of losing if they don't play that game they stay losers that's the hard part yeah so that's one lesson or they get like a real estate card and they just get really into the nitty gritty and like overthinking everything and everything is such a huge decision like it's just it's so fascinating we've had teenagers play like in the last 10 years we've had people that work for one of the largest banks in ireland we have property investors like the average joe we have everyone coming in to play with us and it's just so fascinating every single one of them it's just mind blown like even the person who worked for one of the largest banks she said all my university everything that i've done in my work i've learned more in the last four or five hours than I have in all of that time.

7:24Like it's just phenomenal. Like you learn so much from the people that you play with as well. It's just incredible. Yeah. And that's the beauty of that game. You know, it was people teaching people and learning and their learning. And it's because you can always learn more. I think one of the valuable lessons, not to get political, but right now we have a war. You know, things will Trump going on in Iran. and you know people are crying the blues going inflation because the price of oil goes up and i just go i just buy more oil yeah you know i i sold a piece of real estate for a million six us and i bought a million six in oil property so i got richer and richer and richer yeah crying the blues about inflation and all that and they should but they don't teach you that you don't have to be poor no matter what the no matter what donald trump does or shane fein does or ira does or you know the democrats republicans it doesn't make any difference when they do exactly what you do makes a difference right is that true that's that's something that i always say you know to people to clients to everyone it's like create your economy within the economy you know left wing right wing same bird you know so just create your economy within the economy and i was listening to your interview that you had um earlier this month with richard duncan um and you were talking about macro economy and as i was listening to that i was thinking yeah that's why it's so important for people to create their own micro economy you know and to create your own bubble that you can live in and that's true the teachings that you have and like being able to sit on the edge of the coin and to see both sides and make decisions based on that and that's something that you've always said and said for years like be prepared for a crash like you know things can happen and that's the time to like really like market that and and to get get rich when things go wrong really yeah it's it's interesting when i talk to poor people i mean highly educated poor people my family highly educated poor people their brains are stuck i mean it's their thoughts that make them poor yeah and don't have to be just change the way you think you know just look at different things and all this and like like you know 2008 there was a huge crash in america you know real estate crash yeah i made so much money in that crash and then now we're this is 2026 now and noah damas and uh what's his name edgar casey said 2026 there's going to be a massive crash i don't care yeah you know what i mean exactly and i think that's what being rich means that you don't care yeah it's not you so so what have i want you to think about this and so who are some of the funniest people you've tried to teach the game to well he actually lives yeah i over good go ahead i i had this one guy cheating he was taking he was a stockbroker he said he was taking out all the real estate cards and hiding them and so what i always say games reflect your behavior exactly this guy was a crook yeah that's it like money definitely amplifies who you are so the game reflects that when you play the game you're you're just seeing a mirror of yourself and it's just how you deal with money like are you going to retreat are you going to be indecisive are you going to let opportunities passed by you know one one time we were playing and the aim of the game is to increase your expenses and or sorry not to increase your expenses increase your passive income and basically get out with your you know with a rat race and i just was fixated on one guy who basically just wanted to pay off his whole mortgage that was his that was his program was like i just want to pay off the home mortgage i'm like but why that's not the aim of the game you know but he just kept on going and kept on going and that was a win for him but it's not the aim of the game if we actually have a rule robert when we're playing a game that if someone comes with someone else so whether it's a friend or it's a partner they have to sit on different tables yes because we've had instances where best friends are like arguing with each other couples are arguing because they're like have they have completely different belief systems when it comes to money and they're like like wives are saying to their husbands or vice versa like why are you doing that don't be doing that and we don't want that we want people to have their own experience and to be able to actually see a reflection of their own belief system so we separate them yeah also for ourselves just to like prevent any arguments but actually a big learning that we had we were playing one time with um a real estate investor he's pretty big here in ireland and it was something silly like one of us had a card we didn't want but we wanted to sell to the other one and we're trying to negotiate a deal like i was being stubborn and carl was being stubborn i mean he was just like just do the deal and like That's something that has ingrained in our mind for so long.

12:55Like we ended up like not doing anything and the two of us lost out. Like it just doesn't make any sense. So like we learn, we teach them and they teach us. So what Colin Bronagh was saying is that the game reflects you, you know, it reflects you, what you do in real life. And so if you want to change what you do in real life, play the game to go, I should change this. Like I still crack up that guy. hit hit a dollar stock and he says i'll take 10. and i've had other people they borrow as much money as they can so they can buy as many dollar stocks as possible yeah but that reflects their behavior and until you look at yourself you can't change yourself so that's the power of the game yeah you created the space where people really can you know challenge their belief systems and trial know test and trial different yes that's a big one objectives yeah you know because when you do fail obviously fail is like the acronym first attempt in learning so when you play the game for the first time and you you're indecisive you don't want to make a decision or you decide not to make a decision which is still making a decision and you don't do the deal you don't like you don't make more money then you know you can see yourself as like a failure so it's really it's so fascinating.

14:17Yeah. Again, games reflect behavior and that's the cashflow board game back there. And when we come back, we'll be talking more to Carl and Bruno Davidson.

14:30If you want to be a rich investor, you have to see the future and seeing the future right now is not that hard. Governments will never stop printing money, which means the national debt only goes up, which means inflation only goes up, which means savers of dollars keep losing. By design. And then there's the war. What's happening in the Middle East is not a political conflict. It's a holy war. Christians and Jews against Muslims. Holy wars don't end. Which means oil prices only go up. More oil, more inflation, more pressure on your dollars. For decades, they told you to go to the school, get a job, save money, put it all in a 401k full of stocks, bonds, and mutual funds.

15:11That is the Kool-Aid. If something can be printed, it's fake. Real gold and real silver are real. Gold hit over$5 ,000 in 2026, and even with recent dips, JPMorgan and Wells Fargo still forecast$6 ,300 by the end of the year. The smart money is not debating whether gold goes higher. The debate is how high. Priority Gold's free Rich Dad Wealth Defense Guide shows you exactly how to move your IRA and 401k into physical gold and silver, tax and penalty free. with up to$10 ,000 in free silver on qualifying purchases. Call 866-703-9895 now. That's 866-703-9895. Or text guide, the 24-999, or click the link in the description below.

16:01Don't save the thing they're printing. Own the things they can't. And get in before gold soars to$6 ,300. Get your free Rich Dad Wealth Events Guide now to learn three easy steps to add gold to your portfolio, tax and penalty free. Call 866-703-9895, text GIVE to 24999, or click the link in the description below. The GLP-1 pill you've been waiting for is now on row. Yep, it's finally here with the same clinically proven ingredient, now in a pill, and now on row. It's the first FDA-approved GLP-1 pill for weight loss. At the lowest price available, that's one daily GLP-1 pill for big results. Now on Rowe.

16:47Go to Rowe.co slash listen to see if you qualify. Rx only. Go to Rowe.co slash safety for serious side effects and boxed warning associated with GLP-1s.

17:02Welcome back. Robert Kiyosaki, Rich Day Radio Show. once again broadcasting from phoenix arizona our guests today are carl and bruno davidson they're the cash flow club of ireland 10 years now they've been teaching and we're talking about not only do you learn you personally learn that time you teach you actually learn more about watching the idiot i mean the person in front of you playing the game you know and because people's my games reflect your behavior and um it's important today because look at the turmoil in the world i mean this is incredible and inflation is going to go up because of this war in the middle east which well knows a holy war that's you know jews and jews and christians versus Muslims plus oil.

17:52Yeah. But we're talking about this here is fake money. This is a$5 bill. This is toilet paper. Yeah. And this here is a 1964 quarter. Nice. So a lot of times, here's 25 cents, and I'll show this off here, and I'll go to a store and say, which one do you want? Do you want this, or do you want this? They always take this. Yeah. And this is worth$10. This is only$5 because this is silver. Right. Are you saving silver too? Yeah, absolutely. A lot, Robert. So in 2017, we moved to China and we came into a sum of money and we were like, what are we going to do with this money? So we decided to contact the Rich Dad company and we signed up for our course.

18:49and from that course we decided to use the rest of the money to invest in silver so at that time a five kilo bar was around 2 500 euro yeah right now it would be how much upwards of 10 12 i was in euro so at that time our goal was to have enough silver that it was the same weight as me so I wanted literally my weight flavor and then we ticked off that goal so I was very happy with that so yeah we've been invested in silver heavily since 2018 yeah reason being was also it's a practical metal so with my semiconductor engineering background I realized that it's used in so much consumer products like laptops phones everything data centers and I was like this just makes practical sense you know it's a precious metal it's you know when we started getting silver ounces they were like 30 euro now they're up at you know goes to 100 euro which is just via currency and then we just started buying like kilos and yeah we just went heavy on on silver because it it's it's used in all industries as well so it just got money yeah it makes sense yeah and this here is a zimbabwe dollar it's 10 million is this worth nothing nothing and this is the US dollar like this in a short while.

20:14And people are still saving toilet paper. Yeah. Yeah. That makes no, people are that stupid. I can't believe it. I just find it so sad though. My, my dad would have been 90 this year. He was like 65 when he had me. He was the youngest of his family and still proper old school born in 1936. So like learning, he was very frugal man, but like literally boring during the war, like rationing all that sort of stuff and like when i think of the sabers being losers i think of people like my dad but obviously like there's no versions of my dad now which is our age as well i just actually think it's so tragic and that's why i think it's so important that the books that you've released the game like the casual board game that people as many people as possible get their hands on them to be able to see the other side of the coin and to be able to understand that sabers are losers yeah yeah yeah that's the best thing about that game is you teach you learn and if you teach you watch other people learn but you also learn why they're broke yep do you know i mean you can see they're they're stuck yeah like you have job security i'm going but ai is coming i mean yeah yeah i must get out of debt i said well the dollar is debt You know, U.S.

21:32bonds are debt. Because there's no financial education. And then another thing is that, you know, Dave Ramsey, he's a famous guy here. He says, we have debt. Well, if we don't borrow money, the economy stops. Exactly. The economy runs on debt. Yeah, we need debt. Yeah. We need debt. so I just had a piece of property in northern Arizona here I just refinanced it and as we increased the value of the property we didn't sell it we borrowed out the equity it was one million and I just gave it to my oil friend one million to buy oil and then the war broke out Iran going thank you God The oil goes up, so I get richer.

22:25But when the price of oil goes up, the poor and middle class get poorer. Because life gets more expensive for all that oil going up. They can't afford chicken and eggs and all that stuff. So it's really kind of a tragic time for millions of people because their information in their heads is old. Exactly. Job security, save money, get out of debt, invest in the stock market that's old old information so yeah that's that's what you're watching when you're training people to think differently you know yeah and even here like it wouldn't be as bad as america like in this not yes no but what i mean it's like we have like free education for the most part and stuff whereas i know over there there's like really bad student loans like people are just getting into so much debt and like like really specializing into a niche that could just be completely eradicated so you know i really do feel for americans and like your medical expense is everything like it's not comparable to ireland and i mean like it's bad in ireland we have a housing crisis we have everything but like i am aware that in america it's just so much harder as well and that's why it's even more important for people to really think about things and question their beliefs you know what i'm watching is the explosion of homelessness you know, almost exploding.

23:45The same thing happened in Ireland? Yeah. New record numbers. Yeah. Yeah. There's a lot of, um, like obviously with the Ukraine and Russia war, we have a lot of Ukrainians here in Ireland. Like there's been a lot of like modular homes built for them. My concerns is you look at this war in Iran. I mean, I went to Vietnam twice. It's war is terrible, but the price of oil goes up. So I'm getting richer. But as the price of oil goes up, we already have in America a very serious homeless problem. And the reason is that people have jobs. They just can't afford the rent, or much less buy a house, or they can't afford the insurance, or they can't afford the electricity.

24:29So every time we print money, inflation goes up, and the rich get richer, but the poor and middle class get poorer. Like I show this here,$5 bill, Zimbabwe,$10 million or$0.25, which is worth more. Yeah. This one. And the reason is because they keep printing this stuff here. And people still go to school. They save money. They get out of debt. They want job security. And they're getting wiped out. Yeah. Because we have no financial education, which is why we have a cash flow of working. So I was asking a question, is there any homelessness or are things growing in Ireland too? Because it's exploding in America.

25:22Yeah, record, record homeless. There always has been like a housing crisis, they call it here in Ireland. But right now it's just through the roof, like people in their 30s still living with their parents. Like they may be under a roof, but they're still technically homeless. there's a lot of whatever your thoughts are on immigration but there is a lot of immigration happening through the EU into Ireland and there is a law that we have to house people that are brought into Ireland but that doesn't apply to Irish people so yeah it's very tough literally here on the streets in Ireland the weather wouldn't be great thank god we're coming out of winter for a lot of people but there'll be a lot of homelessness whether they're under a roof or they're not yeah so anyway I just I have fond memories of Ireland I went there to play rugby I played rugby in England I played rugby at Blackheath played at Twickenham and I just that's my favourite sport and the Irish are just really strong this year for a strong Irish rugby team that's why I wear Hawaii Arlequin's rugby team shirt we appreciate it thank you we'll get you an Ireland rugby shirt we'll send one over oh i would treasure it i would treasure it i would treasure it also the thing that i'm always amazed at when i teach is how people do their best to stay poor they just stay poor because it's stuck up here the game break kind of breaks breaks that up and yet people would rather stay poor it doesn't make sense to me and they know ai is coming they know the national debt of America America alone the national debt is 39 trillion they're printing a trillion of these every hundred days now in America and they still save this when this is Zimbabwe dollar and I think this is the future of the probably the euro and probably the US dollar and they still save this stuff so what do you what do you guys say to that because being from the europe eu area yeah one of the one of the best ways to fight all of this is to actually get yourself financially educated and start accumulating as many assets as possible like get yourself in around the network of people listen to people you know get onto the rich dad radio show just surround yourself with people that have what you want and you know you'll grow that way you'll just be a sponge to take it all in I think a lot of it though Robin what you're talking about is like fear I think people are so fearful and they're just like so stuck on their core beliefs that they've had growing up and like what's popular in the media and what the news outlets like tell you and you know with the EU it's so funny because a few years ago obviously we had Brexit going on and you know everyone was like oh my god the uk they're crazy why would they have to want to do brexit all this sort of stuff and then what's kind of transpired with the eu since then i'm nearly thinking like oh god like no maybe we'll want to get out of the eu you know but like you just you don't really know what's going on and it's like who's actually controlling what and all that sort of stuff it is very kind of crazy over here as well to be part of yeah such a huge group obviously there's so many benefits to being in the EU, but also it's like, how much control do we as a country actually have?

28:55I've heard Germany's in serious trouble because their price of energy is so high. If Germany's in trouble, Japan's in trouble because of debt. The US is in trouble because of debt. And AI is coming along to wipe out jobs. Yeah. I mean, how can people just be complacent, do nothing? So that's what kind of concerns me the most. I think the most important thing is that it doesn't make a difference what your leaders do. Trump can do what he does. You can do what they do. You can still get rich no matter what they do. The price of oil goes up, you get rich. The price of oil goes down, you get rich.

29:37It doesn't matter if you have education. So anyway, I want to take five words because one minute left. what's the final word from Ireland? It's like you always say playing Monopoly but for us it's playing cash flow like we're really kind of like in our real lives trying to play the game and you know it's completely transformed the way that we even literally turning our home into an asset so we created an apartment at the home to pay for the house itself and yeah into an asset exactly and we wouldn't fund that if it wasn't for you so thank you so much and thank you for from all of the members of Cashflow Club Ireland.

30:17Isn't that the best thing? Don't you have new friends too? 100%. Completely different conversations that we're having. Like it's just... New deals, new opportunities. But our network is completely different now than it would have been. All my friends changed. You know, because I... Anyway, from my family, their value system is different than mine. but my friends have the same values because we all play the same game. Exactly. Yeah. And that's the biggest difference, Sue. I think your greatest asset is your brain but also your friends and, you know, education. So I want to thank you all the way from Ireland.

30:5810 years, I appreciate it. Thank you for teaching. But as you know, the more you teach, the more you learn, right? Yeah. 100%. Thank you. Thank you so much. So thank you, Carl and Bruna Davidson. And we'll be right back for Rich Dad's final words.

31:22Welcome back. I want to thank the people from Ireland and the Cash Flow Club. And I'll just reiterate it. We created the Cash Flow Game back in 1996 so people could teach people. You bypassed the school system. But the benefits are you don't really care which way the economy is going because you'll get rich. You don't care what your politicians are doing because you're still going to get rich. And most importantly, you meet great friends. And so my friends have totally changed from the old friends I used to have who are, you know, clinging through job security, trying to save money. thinking that Republican or Democrat would make a difference in office and worried about Trump, Trump psychosis and all this other stuff.

32:09It really doesn't make any difference except what you have behind here. So I want to thank you all from our fans from Ireland. I appreciate you guys all that. And thank you all for watching the Rich Dad Radio Show. Thank you. This podcast is a presentation of Rich Dad Media Network.