Rich Dad Poor Dad What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

That's like weird and rich dad, poor dad. Yeah. The rich dad, poor.

It features a very special guest, bestselling author of Rich Dad Poor Dad, Robert Kiyosaki.

In the wake of changing economic times and a potential impending recession, the book is still relevant, as relevant as it was when it appeared like 25 years ago in response to a dramatically changing economic landscape, impending recession, and educational system that is turning young people against capitalism.

He would tell me to read so many books, Rich Dad, Poor Dad. He was teaching me about stocks. He was telling me that like, I'm going to be an entrepreneur and things that I could do to set my life up.

the duo's enterprise ... selfimprovement tomes like Atomic Habits and Rich Dad, Poor Dad.

And so I kind of backed into real estate investing. And then from there, I was like, OK, how do I figure this out? And if I could double click really quickly on the 103% lending, what does that mean? So I had the primary loan on the property. So if I remember right, I think I had it 80 or 85% loan. Actually, it might have been more. It might have been 90. I would use the first time home buyers lending. Guys, this is 2002. So pardon me. I've slept a few nights over the past 22 years. That means like a 10% down payment. So you're doing 10% down payment. Yeah. And then I took out a second loan on the property, a HELOC and put. But at this point in time in 2002, they actually would refinance or allow you to pull out 103% of the home's value. We had not gone through 2008 or 2009 in this standpoint time. So in the bank's mind, real estate always goes up into the right. It always climbs. It doesn't take, right? Or I hadn't done so in over 25 years at that point in time. And so, yeah, I was like 103% finance, more money in my pocket. I was a little naive. I didn't know what that meant. I didn't know how risky that was. But they believed me and I'm like, oh, great. They believe in me. I should believe in myself. Let's go do it. So if you borrow more than 100%, you're underwater. Exactly. Not only did I owe the money to the bank for the loan, but say I took out 100, it's like buying $100,000 B and 103% means the bank gave me $103,000. If I lose the property or sell the property for anything less than $103,000, I now owe money back to the bank for that additional value that was not created on the deal.

I think everyone knows the story of rich dad, poor dad is a phenomenal book. And Robert's a great guy.

It's simple. It's in the book of Rich Dad, Poor Dad. It's a title that says, What's Your Business? And you ask a person, they say, oh, I'm a teacher.

actually started reading books like thinking grow rich rich dad poor dad how to win friends and influence people and it really just taught me how to change my level of thinking

I think you know because when I've loaned from a policy it becomes debt Technically and then it does keep earning interest, right? Because if I pass the debt gets paid off for my death benefit thought it so it is a form of debt in the policy I think using debt if you do it the right way, like I think Robert Kiyosaki has it nailed down If you're using debt the right way, it's a solid way to to really build a nest egg really a net worth So, how did he build that billion dollar real estate portfolio? Was it all debt all debt all OPM other people's money interest, right? And so he's just building it and building it with other people's money and it's it's a smart play I mean if you can if you would you rather borrow the bank's money and pay them back Or would you rather borrow someone else's money going to debt and pay them back? Hmm, I rather else's money why because I can pay you back sooner and it's gonna be less interest Oh because the interest is lower. Yeah, we get to dictate the interest together. Got it, right? That's seller financing, right?

She listened to the book Rich Dad Poor Dad. Do you know that book?

Truly the book for me was Rich Dad Poor Dad.