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How To Invest With NO MONEY Down: Turn $0 Into Infinite Returns -Robert Kiyosaki (Millennial Money) - YouTube
Channel: The Rich Dad Channel
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(upbeat music)
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- Hello, millennials and all generations.
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This is Millennial Money,
featuring Robert Kiyosaki.
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I'm your host, Alexandra Gonzalez.
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You know Robert as the best selling author
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of the number one personal
finance book of all time,
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"Rich Dad, Poor Dad."
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But I'm happy to announce
that Robert just released
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his brand new book,
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"Fake: Fake Money, Fake
Teachers, Fake Assets."
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You can get your copy
by following the link
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in the description below.
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This topic was highly
requested by you guys.
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So, due to popular demand,
in today's Millennial Money,
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we'll be covering how to invest with OPM
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or other people's money.
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Here's how Robert explains OPM.
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- It was a long time ago
- Yeah.
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- when I first started Millennial Money,
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and I made my usual wise-ass remark,
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"Only lazy people use their own money."
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And that's because I have spent
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much of my life raising capital.
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You know, today you have
crowdfunding and all that stuff,
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but the reason I had to
learn to raise money was
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because I had no money.
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And so, if you read "Rich Dad, Poor Dad,"
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in there my rich dad always said,
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"Never say I can't afford it."
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And it was my rich dad
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and many of my teachers
subsequent to that,
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that said, "Lazy people
always say I can't afford it.
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"I don't have the money.
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"That's why they're poor."
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They have a poor mindset.
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So, instead of figuring
out how to raise money,
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it's just really easy to be a loser,
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and I call them losers.
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It pisses them off because
we all have the power,
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if we wanted to, to not be poor
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if we learned how to raise money.
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So, I hear, you know, and
the reason I get upset,
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I still get hot like this.
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(Alexandra laughs)
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My poor dad, my PhD Father,
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he always said to me, he says,
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"You know, I'd be a rich man
if I didn't have you kids."
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And I said, "Well, you know, dad,
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"it's not my fault you had kids."
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You know, I mean,
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"You know, I just can't afford
it because I have kids."
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And the more he said
that, the angrier I got.
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So my rich dad, at age nine,
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he says, "Well, that's
why your old man's poor,
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"because he's lazy.
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"He thinks his PhD is gonna carry him."
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He says everybody can
say, "I don't have money.
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"I can't afford it."
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He says, "That's why he's poor.
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"He's lazy."
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But my father kept going
back to school, you know,
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Stanford University,
Chicago, Northwestern;
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he never learned any of this stuff.
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They still don't know it.
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Because most teachers want a
pay check, pension, and tenure.
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They want job security.
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So the mindset is different.
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And that's what they teach the kids.
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- Next, Robert tells us
the number one phrase
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that keeps people poor.
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Now pause, I want you
to leave a comment below
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if you know what it is.
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Don't cheat.
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- So the reason I say only
lazy people use their own money
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is because it takes much more
intelligence to raise capital.
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And so I've never been able,
ever since my rich dad,
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since a little boy, my
rich dad forbade me from
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ever saying I can't afford it.
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He says figure out how you can afford it.
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"How can you do something?"
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Figure out how you can do something.
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So, over my lifetime, most
of the projects I've started,
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I've never had any money.
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I like not having money,
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because it forces me to
think; I get creative.
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I have to educate myself, I
have to talk to rich guys.
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"How'd you do this?
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"How'd you do that?
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"How you do that?"
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And what has happened to me,
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and I just turned 72,
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I've never needed money.
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Because if I need money, I
figure out how to raise it.
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So today you guys have
crowdfunding and all that.
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I mean, I don't know what that stuff is.
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But it's easy to say, "I can't afford it."
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All the poor people say,
"I can't afford it."
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All the poor people say,
"Well, let's tax the rich."
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All the poor people are saying,
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"Well, give me a free education,
free food, free schooling,
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"free manicures, free pedicures."
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There's laziness, my opinion.
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- One of my favorite
things that Robert teaches
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is how your mindset can
literally change everything.
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If you have an open mindset, you can
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really change your life.
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So Robert explains how his
mindset changed how he invests.
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- So, you know, over my lifetime,
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I've raised hundreds
of millions of dollars.
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And it's because I didn't
have money as a young person
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that I learned how to raise capital.
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And it's really quite simple.
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You have to find an asset
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that's worth more than me, you know.
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If they can't invest in me,
because that's called slavery,
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you know, by me, you know?
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So what I do is, when I started off,
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I write about it in "Fake,"
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I started off looking for this
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one little piece of real estate.
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I found an excuse, you know,
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this one bedroom, one bath
condominium on the beach in Maui.
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And I found an excuse for
people to give me the money.
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All I had to do is assure
them I'd pay them back.
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So my first deal was an
infinite return deal.
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I had no money in the deal
because it was 100% debt.
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It was an $18,000 condo.
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You can't touch them
for that much any more,
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but the economy was bad.
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So I buy this $18,000 condo;
the guy wanted 10% down,
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you know?
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You don't need higher math.
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10% of 18,000 is how much, sports fans?
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1800 dollars.
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I could've use my money, I had the money.
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But that would be too easy.
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- Robert tells us lazy
people use their own money.
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Let's find out exactly
what he means by this.
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- Only lazy people use their own money
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and that's what really pissed
off a lot of people out there.
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Go, "You calling me lazy?"
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I said, "Yes, I am."
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Because you're the same
type of person will say,
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"I can't afford it.
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"I can't do that."
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That's the problem.
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It's up here; it's a real
estate between this ear
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and that ear.
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"I can't do that."
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Most of my family say, "Oh,
yeah, I can't afford it."
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My father taught to say that;
my mother taught to say that.
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My rich dad said I should never say that.
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Let me ask you this question.
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You know, you work for
the Rich Dad company.
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How much of my money is in this company?
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- Zero.
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- Zero.
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Zero.
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- When using OPM, one
question I had for Robert
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was what happens if the deal goes wrong?
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He answers by telling the story
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of one of his biggest mistakes.
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- So, the biggest mistake.
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So, I was doing very well here.
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This was 1973, I started
buying my first deal.
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And that was an $18,000 deal.
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$1800 down, $25 a month.
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Cash flow.
- Cash flow.
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- I was infinite.
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And then I kept doing that,
I had a lot of property.
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And then I decided I go here.
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So my first business was
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a nylon and Velcro surfer wallet business.
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And it didn't sell.
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So you know, everybody knows
what those wallets are today.
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But back then this is 1974 or five.
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Yeah, '75.
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They didn't know what the wallets were.
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So we're going broke really fast.
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We bought 100,000 of
these wallets from Korea.
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We ship it to our
warehouse in Long Island,
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and we're borrowing
money from our investors.
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So we raised about $600,000;
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I got this little goofy
wallet business up.
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So we're in serious trouble.
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I owed my father about $200,000,
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my rich dad was laughing at me.
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We're going broke so quickly.
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Because we couldn't move the
wallets, a 100,000 of them.
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They were sitting on
this (murmurs) warehouse
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on Long Island.
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And nobody would buy them from us.
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So then the good thing about
stupidity, there it is,
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makes you smarter.
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So I started thinking;
we started thinking.
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Said what's wrong?
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And I said, what was happening
in the world at that time,
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all the baby boomers are fat,
so they had to start running.
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So jogging was coming online, you know,
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and nobody jogged before.
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You know, so these guys are all jogging.
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And then we're reading the paper;
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we're sitting in Honolulu,
going broke fast.
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And we read the paper, this jogger
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went to Golden Gate Park in San Francisco
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and was jogging around the park.
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And what the jogger did was
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he had no place to put his car key.
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So what did they do?
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He puts it on the front tire of his car
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and goes for a jog around the parks;
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we're reading this newspaper.
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And voila, when he comes back to his car,
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the car wasn't there!
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- Oh, gosh.
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- So the guy says, "They stole my car!"
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- Oh, my goodness.
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- And so the question was,
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on the headline of the newspaper article,
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"What does a jogger do with their key?"
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And so we sat there, said,
"Oh, my God, a problem.
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"A problem."
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So with that, I designed the shoe pocket
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and you can see this picture right here.
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It's Playboy magazine.
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I mean, she's nice looking
young model with nothing on
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but a shoe pocket.
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(Alexandra laughs)
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But anyway.
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So we're going broke so fast by then.
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But when that picture hit Playboy,
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suddenly, we were geniuses.
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And everybody started
throwing their money at us.
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And all this product,
our wallets were selling;
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our shoe pockets were selling.
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Investors were happy.
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And the sales went through the roof.
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So we were extremely successful.
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So we went from risk,
stupid, smarter, successful.
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But the problem was how do
we finance our inventory?
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Because the demand was worldwide,
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and we couldn't keep up with demand.
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So I borrowed another $100,000.
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And I went to my CPA, my CFO, Stanley.
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So I said, "Stanley, will this $100,000
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"solve our inventory problem?"
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He goes, "Yes, it will."
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So I gave Stanley the check.
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And he ran off with it.
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- Oh, my goodness.
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- I had no signed documentation;
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I turned it over to him.
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He said I owed him the money.
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So that was one of my first, you know,
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six figure, seven figure mistakes.
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- This is another question
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all of you flooded our
comments with on YouTube,
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and all of Robert's social media.
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It's: what advice do
you have for millennials
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just starting out?
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Watch what Robert says.
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- Well, number one is investing;
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invest in what you love.
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I love business.
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I love real estate.
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I mean, I really love it;
I own this building here.
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And I love gold and silver.
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So I invest in what I love.
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Most people say, you
know, do what you love,
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but I'd rather invest in what I love.
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But I love being an
entrepreneur, I love investing.
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It's like Shark Tank to me.
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I'm always looking at new
businesses, new deals.
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It's just a game like this.
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You know, when you look at
the financial statement,
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that's like your scorecard.
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It's like your golf scorecard
is your financial statement.
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But as you know, our schools teach us
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nothing about financial statements.
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- Finally, we wrap up
our discussion about OPM
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with Robert's final words for those of you
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that use the phrase, "I can't afford it"
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as an excuse not to invest.
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- But it goes back to
the original question:
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Why did I say only lazy
people use their own money?
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Because lazy people always
say, "I can't afford it."
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You know, "I can't do it."
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It's easy to say that.
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And that's why they're poor.
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It's harder to go raise a million dollars
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than to say, "I can't afford it."
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- All right, guys, that's it for today.
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But before you go, I
wanted to let you know
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of the new show we're
launching, Weird Money.
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And this is gonna be our host, Derek.
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- Howdy, guys, I'm Derek.
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I'm gonna be hosting Weird Money
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on the Rich Dad YouTube channel,
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and I look forward to
talking to all of you
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about the most bizarre and
out of this world parts
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of our financial institutions,
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the economy, jobs, all that sort of stuff.
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And thank you, Alex, for introducing me.
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- Thanks, I'm really
looking forward to it.
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And well, guys, don't forget to subscribe
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and hit the notification
bell if you wanna be
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notified on this new show.
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Bye, guys, see you later.
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(upbeat music)
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