Shooting the Sacred Cows of Money Putting a bullet in the head of bad financial advice

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Save Yourself from the Crisis! Rich Dad's Truth About Money

1 Shooting the Sacred Cows of Money knowledge: the new money ™ TM Save Yourself from the Crisis! Rich Dad's Truth About Money Go to school Get a job Work hard Save Money Live below your means Your home is an asset Get out of debt Invest for the long term in a retirement plan filled with stocks, bonds and mutual funds 1 5 6 7 2 8 3 4 2 Shooting the Sacred Cows of Money Putting a bullet in the head of bad financial advice A Quick Note from Robert roughout history, cultures have tightly grasped their “sacred cows” (dearly held beliefs so commonly accepted, so religiously observed, that to question them is sacrilege). Our culture is no dierent. Our beliefs are no less sacred. Especially when it comes to money. A year or so ago, Kim and I did something we’d never done before. We assembled all the Rich Dad advisors in one room to talk about the common myths our culture holds about money. ese myths include:  •Gotoschool  •Getajob  •Workhard  •Savemoney  •Yourhouseisanasset  •Getoutofdebt  •Livebelowyourmeans  •Investforthelongterminawell-diversiedportfolio econversationswerecandid,funny,anddead-on.Welmedtheseconversationsandplacedthemonawebsite, www.shootingthesacredcows.com. egoalwastocreateshort,free,easy-to-watch,andeasy-to-sharevideostointroducethosenewtothe RichDadmessageandtohelptheRichDadcommunityeducatetheirfamily,friends,andco-workersabout Rich Dad principles. RichDad’svisionhasalwaysbeentoprovidecomprehensivenancialeducationwithquality,freeresourceswhen possible to as many people as we can. e mission of Sacred Cows is to take you from the established mindset about moneytotheenlightenedmindset,toputabullettotheheadofbadnancialadvice,andtohelpyoutakecharge ofyournancialfuture. e videos are available for free online at www.shootingthesacredcows.com. But we thought it would be a great idea to take the content from the videos and condense it all into a free eBook that is easy to share. So,that’swhatwe’vedone. 3 efollowingeBookisaneditedversionofthevideotranscript.Ihopeyouenjoyit.Pleaseshareitwithyourfriends, family,andco-workers—anyoneyouknowwhocouldbenetfromthecollectiveknowledgeofthe Rich Dad team. Comprehensivenancialeducationisstillthesurestwaytonancialfreedom,bothpersonallyandasasociety. Together we can make a dierence. Rich Dad Team Robert T. Kiyosaki RobertisthefounderofeRichDadCompany,arecognizedbrandworldwideandagloballeaderinnancial education,empoweringpeopletoescapetheRatRaceandndnancialfreedom. A successful entrepreneur and investor, Robert is the author of 19 books, including Rich Dad Poor Dad—the#1 personalnancebookofalltime.He’sregularlyfeaturedonshowssuchasLarry King Live, Oprah, and Your World with Neil Cavuto. Robert’s bestseller, Conspiracy of the Rich: e 8 New Rules of Money, pioneered online book publishing as a free online interactive book with contributions from over a million readers in over 167 countries. Frequent updates appear on www.conspiracyoftherich.com 4 Hislatestrelease,Unfair Advantage, addresses what schools will never teach you about money and incorporates both audioandvideointoRichDad’srstenhancedeBook. Atrueadvocateofeectivenancialeducation,Robertisn’tafraidtochallengethestatusquo.Heoersnancialadvice thatexposestheabsurdityofconventionalattitudesaboutmoneyanddebunkstheso-callednancialexperts. Kim Kiyosaki As an internationally renowned speaker, author, entrepreneur, and real estate investor, Kim knows what it takes to succeedandbeananciallyindependentwoman.She’sasought-afterspeaker,televisionandradiotalk-showguest,the hostofaPBSRich Woman show, and a columnist for www.WomenEntrepreneur.com. rough her international brand, Rich Woman, Kim draws on a lifetime of experience in business and investing tobeanadvocateforwomeninthemarketplace.Aself-mademillionaire,Kimisahappilymarried(butercely independent)womanandoftentravelsandspeakswithherhusband,RobertKiyosaki.Herrstbook,Rich Woman , was a Business Weekbestsellerandisoneofthetop50best-sellingpersonal-nancebooksofalltime. Ken McElroy Ken is a founding partner of MC Companies, a real estate investment company that specializes in management, investment,development,andconstructionwithaportfolioacrossthesouthwesternUnitedStatesofover10,000 apartment units valued in the hundreds of millions of dollars. 5 As a Rich Dad Advisor, Ken brings 20 years of real estate experience to the team and speaks to thousands of people acrosstheglobeeachyear.HeistheauthoroftheRichDadAdvisorbooks e ABCs of Real Estate Investing, e Advanced Guide to Real Estate Investing, and e ABCs of Property Management.Heisalsoacontributingauthor to Robert’s e Real Book of Real Estate and the author of e Sleeping Giant: e Awakening of the Self-Employed Entrepreneur. Find out more at www.KenMcElroy.com, www.mccompanies.com, and www.thesleepinggiant.com. Andy Tanner Andyisarenownedpaper-assetsexpertandsuccessfulbusinessownerandinvestorknownforhisabilitytoteachkey techniquesforstock-optionsinvesting.In2008,AndywaskeyinhelpingdevelopandlaunchRichDad’sStockSuccess Systemwhichteachesinvestorsadvancedtechnicaltradingtechniquestoprotfrombullandbearmarkets.Heserves asacoachtoRichDad’sStockSuccessSystemtrainersandastheRichDadAdvisorforpaperassets.Heiscurrently authoringanupcomingRichDadAdvisorbookonpaper-assetinvesting. Anita Rodriguez Anita homeschooled her four children before becoming a teacher and counselor in the poorest high schools of Denver’s innercity.Later,shewasahighschooladministratorforDouglasCountyinColorado,oneofthewealthiestcounties inthenation.Havingspentmostofherlifeineducationandseenrst-handthelackofsoundnancialeducation intheU.S.schoolsystem,shejoinedeRichDadCompanyin2006asanEducationAdvisor.Shebringshervast experiencetoRichDadtohelpdevelopworld-classnancial-educationcurriculumsthatchangelives. 6 Blair Singer Blairisatop-ratedandinternationallyknownspeakerandsalescommunicationstrainer.Since1987he’sworkedwith tensofthousandsofindividualsandorganizationssuchasIBMandJPMorgantohelpthemachieveextraordinary levels of sales, performance, productivity, and cash ow. AsaspeakerandRichDadAdvisor,Blairhaspresentedinover20countriesacross5continentsonlife-changingsales success, and is the author of the Rich Dad Advisor books Sales Dogs and e ABCs of Building a Business Team that Wins. Find out more at www.salesdogs.com and www.blairsinger.com. Tom Wheelwright TomisthefounderandprincipalforProVisionWealthStrategies.Formorethan25years,Tomhasdevisedinnovative tax, business, and wealth strategies for sophisticated investors and business owners. Tom is an international speaker and anadjunctprofessorintheMastersofTaxprogramatArizonaStateUniversity.HeservesastheRichDadAdvisorfor TaxandWealthStrategyandistheauthorofanupcomingRichDadAdvisorbookonbuildingwealththroughtax strategies. Find out more at www.provisionwealth.com. 7 Garrett Sutton GarretisafounderandpartnerwithSuttonLawCenter,P.C.,alawrmwithocesinNevada,Wyoming,and California.Hehasover20yearsexperienceassistingandadvisingentrepreneurs,families,andbusinessesinselectingthe appropriatecorporatestructurestolimittheirliability,protecttheirassets,andadvancetheirpersonalnancialgoals. AsaRichDadAdvisor,GarrettspeaksfrequentlyatRichDadeventsonthetopicofcorporateformationand assetprotection.HeistheauthoroftheRichDadAdvisorbookse ABCs of Writing Winning Business Plans, e ABCs of Getting Out of Debt, Own Your Own Corporation, and How to Buy and Sell a Business. Find out more at www.garrettsutton.com and www.sutlaw.com. Mike Maloney Mikeistheownerandfounderofwww.goldsilver.com,anonlineprecious-metalsdealershipthatspecializesinthe delivery of gold and silver and secured storage. Additionally, www.goldsilver.com provides research and commentary for itsclients,assistingthemintheirwealth-buildingendeavors. Mikehasspokentoaudiencesthroughouttheworldonthebenetsofprecious-metalsinvesting.Astudent of economics, Mike is regarded as an expert on economic cycles and capitalizing on the opportunities they aord. HeistheauthoroftheRichDadAdvisorbook, Guide to Investing in Gold and Silver. Find out more at www.goldsilver.com. 8 Kathy Heasley KathyisthefounderandprincipalofHeasley&Partners,Inc.,abrandingandmarketingrm,whichpioneeredand championsHeart&Mind™Branding.Asuccessfulauthor,entrepreneur,businesscoach,andpublicspeaker,Kathy servesastheRichDadAdvisorformarketingandbranding.Shehasover20yearsofexperiencehelpingtoshape brandslikeColdStoneCreameryandMassageEnvyandisaninternationalspeakeronbranding,marketing,and communications. Find out more at www.heasleyandpartners.com. Trina White Maduro Trinaisabusinesswoman,investor,andsocialentrepreneur.Shegrewupinthemidstofviolence,drugs,andgangson thesouthsideofChicagoandwasraisedinasingle-parenthomewith14othersiblingsandfamilymembers. Trinaexcelledinsportsandinitiallyviewedprofessionalbasketballasherdestinyandvehicletosuccess.Shelaterchose topursueacareerinsocialworkandministrythroughnon-protorganizationsandchurches,whichshe’sdoneforthe last 21 years. Today, she is a social entrepreneur who understands how to use money to create opportunities and better the lives of herself and those she serves. 9 Rodney Anderson RodneyistheExecutiveDirectorandSeniorManagingPartnerforRodneyAndersonwithSupremeLending.Heis theleadinghome-loanspecialistinTexas,andhasarrangednancingforover20,000familiesoverthelast18years.He isthe#1producerofmortgageoriginationinthestateofTexasandwasnamedthe#1FHA/VAlenderbyMortgage Originator magazine.Rodneybringshis25yearsofexperiencetothetableastheRichDadAdvisoronlending.Visit www.RodneyAnderson.com for more information. Marco Antonio Regil Marcoisasuccessfulentertainmententrepreneurandinvestor.He’sMexico’snumber-oneTVhostandhasdevoted25 yearsofhislifetoradioandtelevision.He’saspokespersonforsuchcompaniesasMcDonald’s,Pepsi,andNestleand fornon-protorganizationsliketheAmericanRedCrossandtheMexicanTelethon.He’shelpedraisemorethan$40 million every year for these charities. 10 Introduction: Robert and Kim’s Story In Shooting the Sacred Cows,KimandIshareourstoryabouthowwemet,weredirt-poor,andbuiltourwealthtogether asateam.WealsosharewhywefeltcompelledtostarteRichDadCompanyandwhywefeelnancialeducationis so important. Robert HelloI’mRobertKiyosaki,andI’mprobablybest-knownformybookRich Dad Poor Dad. Kim And I’m Kim Kiyosaki. Robert KimandImetinHawaiiin1984whenIwaskindofbetweenbusinesses. Kim Ishouldsaysomething.Wemetin1984andfellinlove,and1985wasprobablytheworstyearofourlives. Wewerebrokeandbuildingabusiness,butwewerehomelessforaperiodoftime,westrugglednancially,anditwasa really tough time to go through. Robert So,in1986IaskedKimtomarrymebecauseIguredifshehadputupwithmewithnomoney,she’dputupwithme anytime.Iaskedherdadandhisrstquestionwas  Kim Mydad’srstquestionwas,“Doeshehaveajob?” Robert eanswerwas,ofcourse,no!Butanyway,by1994KimandIwerenanciallyfree,andwediditwithoutajob, without a retirement plan, and without government support. Kim Yes,andIthinkoneofthemostbeautifulthingsaboutbeingnanciallyfreewasthatitwasthersttimewewereable toask,“Whatdowewanttodowiththerestofourlives?”Because,upuntilthatpoint,weweresobusyworkingday to day and paying the bills that we never had that luxury. And that’s when we started e Rich Dad Company. Robert And in 1996, we created the CASHFLOW boardgametogivepeoplethesamenancialeducationmyrichdad gave me. [...]... new answers And we’re always looking for new answers That’s what Shooting the Sacred Cows is about—getting financially educated, taking charge of your life, and not depending on the government or other financial experts Robert Our answer to the financial crisis is to get financially educated Instead of starting out with learning how to fish, financial education begins by shooting the sacred cows of money. .. trying to be fair There is no fairness when it comes to money Either you’re a winner, or you’re a loser We say hard things because they are the truth, but also because we care about your financial future The lies of the sacred cows of money actually hurt people A sacred cow is something that everyone accepts as truth—and it’s taboo to say anything bad about it or to the contrary There are many sacred. .. which was quite the opposite of what many people are taught Robert Today we’re in a financial crisis Kim and I saw this crisis coming, and that was the reason back in 1996 that we created The Rich Dad Company—to provide financial education so people can learn to take care of themselves I was always taught the importance of teaching people to fish instead of giving people fish Unfortunately, what our... called the Cone of Learning provides some interesting clues 15 Cone of Learning After 2 weeks we tend to remember Nature of Involvement Doing the Real Thing 90% of what we say and do Simulating the Real Experience Doing a Dramatic Presentation Active Giving a Talk 70% of what we say Participating in a Discussion Seeing it Done on Location Watching a Demonstration 50% of what we hear and see Looking at an... Exhibit Watching a Demonstration Passive Watching a Movie 30% of what we see Looking at Pictures 20% of what we hear Hearing Words 10% of what we read Reading Source: Cone of Learning adapted from Dale, (1969) The Cone of Learning was created by an educational researcher named Edgar Dale in 1969 What he found is that the worst way to learn is by reading or listening to a lecture And the best way to learn... team And the problem for Michael was that there are three kinds of education There’s academic: reading, writing and arithmetic There’s professional: become a doctor or a lawyer or, in my case, a pilot And there’s financial But Michael was put back because of academics, because you can’t read, right? Mike Right Robert So, how did you learn to read? Mike Apple came out with OSX at the beginning of the. .. called financial planners Today it takes 30 days to become a financial planner It still takes a year and a half to become a massage therapist Robert Andy, what do you think of mutual funds? Andy I think they’re a great way to make money if you sell them to other people Honestly, I think they’re one of the worst places a person can put money They make other people rich with hidden fees and expense ratios... generation are afraid of running out of money during retirement Element number two is taxes As you know, taxes are not fair There are many reasons why the rich pay much less in taxes than people who work for the rich Element number three is financial vocabulary In other words, understanding the language of money For example, what’s the difference between an asset and a liability, capital gains versus cash... competing with India and Asia for jobs that were sacred to America at one point in time So, this whole idea of having a job and being secure is just not true It’s probably the most insecure thing you could be doing right now Robert The idea of a secure job is an Industrial-Age idea Blair Exactly Kim The only option put into your head is to go get a job, and I wasn’t around… Robert That’s brainwashing... hotel—and then we went out and did the real thing So, one of the ways, if you want to learn without much risk, is by simulations, playing games The reason my wife and I created the CASHFLOW game was so that you could play and make a lot of mistakes with play money How many people in this room have made financial mistakes? 16 Kathy Yes, the only thing we were ever taught in school was maybe how to balance . stocks, bonds and mutual funds 1 5 6 7 2 8 3 4 2 Shooting the Sacred Cows of Money Putting a bullet in the head of bad financial advice A Quick Note from. money to the enlightenedmindset,toput a bullet to the head of bad nancial advice, andtohelpyoutakecharge of yournancialfuture. e videos are available for free online at www.shootingthesacredcows.com.

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Shooting the Sacred Cows of Money Putting a bullet in the head of bad financial advice

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