STOP Saving Your Money And Do This Instead | Robert Kiyosaki EP 422

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:11You say, don't be a saver, be an investor. Should people be investing even during these times if they're not comfortable doing that? Why would you save? Fear. That worked before 1971. They printed$4.5 trillion after 2008. They estimate they're going to print another$6 to$8 trillion, maybe$10 trillion after 2020. At the same time, they're going to pay zero interest rate policy. So you're saving money while the Fed's printing money, and they're going to pay you no interest on it. Why would you save it? What would you say would be your three lessons, or what I like to call three truths? My rich dad always said, knowledge is finite.

0:53Stupidity is infinite. So stay stupid, because that's how you get knowledge. He used to always say that to me because my dad always hid behind his diploma, PhD. He didn't know anything. You know, when people ask me about the Fed, what is the Fed? I said, have you ever watched The Wizard of Oz? And they go, yeah. But look at how Dorothy and the Tin Man and the Lion and the Straw Man, they went down the yellow brick road. They were hoping to find the Wizard. And the Wizard was going to give the Lion a heart, Dorothy, whatever she wanted and all this stuff. And when they get to the wizard or the Fed, there was nothing behind it.

1:29That's the Fed. That's the PhD. They're hiding behind this thing called diploma. That's obsolete. And so that's the second lesson. Now, be careful who your teachers are. Make sure your teacher actually practices what they teach. So my tax guy is Tom Wheelwright. This book is Tax-Free Wealth. You really want to stop paying taxes? Get that book. It's 20 bucks. You'll probably save a couple of million dollars over your lifetime. And then you have my other friend, Andy Tanner, he wrote the book, Stock Market Cash Flow. Instead of investing for the long term, he makes money in markets going up or down.

2:03I'd rather do that than buy, pray, and hold and listen to Susie Orman and Dave Ramsey. But it's your choice. Kenny McElroy, he writes all my real estate books. He's my real estate partner. We've made fortunes together. You know, that's tax-free. Why would you go to school? Just buy some books, study them, get their YouTube. Make some mistakes on your own, right? Oh, you don't have to just get stupid. Blessed are the meek, for they shall inherit. Meek means ego-wise. I'm going to learn. So I know what goes on in the stock market. That's why I stay out of it. But if you don't know, it might be the best place for you.

2:39So if you want to stay in the stock market, that's Andy Tanner, Stock Market Cash Flow and 401 Chaos. They tell you what's really going on because they're real. They're in the market every day. You know, Jim Rogers wrote Investment Biker and all that. He lives in Singapore. He basically says the problem with the Fed is they don't know what they're talking about. They're idiots. And we'll listen to them. They're the Wizard of Oz. Everybody thinks they know something because they got this piece of paper. Like my poor dad called a PhD. Rich dad, poor dad had a financial statement. You cannot lie in your financial statement because that's fraud.

3:14PhDs, diploma, rich people, financial statements. The other thing is this, I don't have a financial planner. I have a family office. The rich have family offices. So we have money to lend constantly. We make so much money. So there's a difference in the mindset, the intelligence of what you learn. So I think the most important thing that you're teaching people in the school of greatness is basically choose your teachers. What path do you want to go down? When your football career ended, it was the best thing that happened to you. Start to find mentors. People ask me for money. like on Shark Tank, the first thing I ask them for is not their diploma.

3:53Show me your financials.

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4:58Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.