What Every Young Person NEEDS to Know About MONEY | Robert Kiyosaki Eye Opening Advice

TL;DR

Schools do not teach us about money, contributing to the growing wealth gap and financial disparity between the rich and poor.

Transcript

you know a question i ask all over the world what does school teach you about money and the answer is nothing and that's not a mistake it's not an accident but the way to keep the poor and middle class working hard is never teach them what the rich know it's what the rich t-shirt kids about money the poor middle class do not but our school system w... Read More

Key Insights

• 💗 Schools fail to provide comprehensive financial education, perpetuating disparities in wealth and contributing to the growing wealth gap.
• 🤑 The rich prioritize entrepreneurship and real estate investments, which provide greater control over income and taxes compared to traditional employment and investments.
• 🚕 Debt and taxes are essential factors in wealth creation, with the rich benefiting from using debt to acquire assets and employing legal tax strategies to minimize tax payments.
• 🏛️ Financial education is crucial for individuals to understand how to leverage debt effectively and reduce their tax burden, enabling them to build wealth.
• 😌 The difference in mindset between entrepreneurs and non-entrepreneurs lies in their internal focus and resilience in the face of challenges.
• 🤩 Seeking out the best teachers and learning from successful individuals is a key to success and building wealth.
• 🥺 Distinguishing between assets and liabilities is crucial, as misclassifying items can lead to financial challenges.

Questions & Answers

Q: Why do schools not teach us about money?

According to the author, schools do not teach financial education because it serves to maintain the poor and middle class's reliance on working hard without teaching them how to build wealth.

Q: What is the difference between the game played by the rich and what schools teach?

The rich focus on entrepreneurship and real estate to generate income and maintain control over their finances, while schools encourage the middle class to rely on jobs and traditional investments.

Q: Why is debt important for becoming wealthy?

The author argues that debt can be used strategically to acquire assets and generate wealth. By leveraging debt effectively, individuals can increase their income and build wealth.

Q: How can individuals reduce their tax burden?

The rich often utilize legal tax strategies, such as investing in real estate, to minimize their tax payments. By understanding tax laws and utilizing financial education, individuals can also reduce their tax burden.

Summary & Key Takeaways

• School systems worldwide fail to provide adequate financial education, leaving individuals unprepared to manage money effectively.

• The game of the rich involves entrepreneurship and investment in real estate, while the middle class is encouraged to work hard, save money, and invest in traditional financial instruments.

• Debt and taxes play a significant role in widening the wealth gap, with the rich benefiting from leveraging debt and minimizing tax payments.