The video discusses the importance of financial education and understanding money management, addressing how societal and educational systems often neglect these vital topics. An anecdote from a call to Harvard highlights that even elite institutions may not prioritize teaching about money. The narrative suggests a reluctance to teach money management, reminiscent of historical educational reforms that narrowed the focus from holistic approaches to western medicine. The speaker contends that many prefer producing compliant employees rather than financially smart individuals, illustrating the cultural misconceptions around money as the root of all evil.

The concept of financial freedom is explored through personal stories of the speakers, who achieved independence by focusing on investments and passive income over traditional employment. A significant theme is the shift from an income-centric mindset to acquiring assets, which generate sustainable income, thus ensuring financial freedom. They emphasize learning from failure and stepping out of one's comfort zone as crucial lessons in both personal growth and financial success, advising that achieving a sense of purpose, optimism, and resilience can lead to a long and fulfilling life.

Main takeaways from the video:

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Key Vocabularies and Common Phrases:

1. psychotic [saɪˈkɑːtɪk] - (adj.) - Relating to a severe mental disorder in which thought and emotions are impaired. - Synonyms: (insane, deranged, manic)

Because if you look at money, money's kind of a psychotic subject.

2. resiliency [rɪˈzɪliənsi] - (n.) - The capacity to recover quickly from difficulties. - Synonyms: (toughness, flexibility, elasticity)

And number three was resiliency. How well you come back from a setback when you hit that wall.

3. futility [fjuːˈtɪlɪti] - (n.) - Pointlessness or uselessness of an action or effort. - Synonyms: (uselessness, hopelessness, ineffectiveness)

It'll be an exercise in futility.

4. entrepreneurial [ˌɒntrəprəˈnɜːriəl] - (adj.) - Characterized by the taking of financial risks in the hope of profit; enterprising. - Synonyms: (innovative, adventurous, ambitious)

What does that do for the entrepreneurial spirit? Oh, kills it

5. contribution [ˌkɒntrɪˈbjuːʃən] - (n.) - A gift or payment to a common fund or collection. - Synonyms: (donation, gift, offering)

Where's the problem you're solving? Where can you be a contribution?

6. setback [ˈsɛtbæk] - (n.) - A reversal or check in progress. - Synonyms: (obstacle, difficulty, problem)

How well you come back from a setback when you hit that wall.

7. accumulate [əˈkjuːmjʊleɪt] - (v.) - Gather together or acquire an increasing number or quantity of something. - Synonyms: (collect, gather, amass)

Focus on acquiring assets.

8. persevere [ˌpɜːsɪˈvɪr] - (v.) - Continue in a course of action, even in the face of difficulty. - Synonyms: (persist, continue, endure)

If you're not resilient and you can't persevere, do not become an entrepreneur.

9. holistic [hoʊˈlɪstɪk] - (adj.) - Characterized by the belief that the parts of something are interconnected and can be explained only by reference to the whole. - Synonyms: (comprehensive, integrated, aggregate)

As soon as they came in, they got rid of all the teaching of any natural, chiropractic, ayurvedic, reflexology, acupuncture, all of that disappeared from medical school.

10. chiropractic [ˈkaɪroʊpræktɪk] - (adj.) - Related to a system of complementary medicine based on the diagnosis and manipulative treatment of mechanical disorders of the musculoskeletal system. - Synonyms: (back health care, osteopathy (related but not synonymous), body adjustment)

As soon as they came in, they got rid of all the teaching of any natural, chiropractic, ayurvedic, reflexology, acupuncture, all of that disappeared from medical school.

“You’ve Been Trained To Be Broke!” - NO BS Guide to Make Millions - Kim Kiyosaki

I remember making a phone call to Harvard University because I had this idea that the women at Harvard would take the game, play it, and the women at Harvard would be able to learn about money and learn about investing. And we were going to go the women's route at Harvard. So I sent this game. I got a contact to a professor there and sent her the games and never heard from her. She said.

So finally I called her and I said, did you get the games? She goes, yes. I said, did you play them? She goes, no. And I said, why not? She goes, number one, this is Harvard. We don't teach money at Harvard. And then she said, women don't play games. If they don't teach money at Harvard, then what are they doing in the public school system? They're sure as heck not teaching, they're not teaching it there.

Uh oh, and why they're still not teaching it? I don't think they want us to know. Well, for example, in medical school, so I forget who took over medical school like Rockefeller or Carnegie or somebody took over the medical schools and as soon as they came in, they got rid of all the teaching of any natural, chiropractic, ayurvedic, reflexology, acupuncture, all of that disappeared from medical school and all they taught was western medicine.

So I think in the school system they don't want us to learn about money because they just want to pump out good employees that do what they're told. Because if you look at money, money's kind of a psychotic subject. Everybody's got all these crazy ideas and beliefs and money is the root of all evil and only rich and rich people are corrupt. And all these crazy ideas, it's just money, it's just a means of exchange and people do crazy things for it.

So you know a lot of my favorite line that rich dad said? He said, rich dad said money may not be the most important thing in the world, but it affects everything that is, you know, it affects your lifestyle, it affects your healthcare, it affects your level of education, it affects everything on a day to day basis. It affects the food you eat. So it may not be the most important thing, but it does affect everything that is important.

We work so hard for our money and why would we, why would we want to turn it over to a financial planner or a financial advisor who they hope and pray is going to do a better job than them. Nobody's going to look after your money better than you. Robert and I were financially free in 1994. I was 37, Robert was 47. And everybody kept asking, how did you do it? How did you do it?

And they all assumed we had millions of dollars. And we did not have millions of dollars. We had $10,000 a month coming in every month from our investments, which were primarily real estate, but our living expenses were only 3,000. So that was always our formula to have your passive income from investments greater than your living expenses. At that point, you're free.

You know, for me, I had to paycheck. And my dad was in corporate America, and he was in sales. And I was always taught, get the pay raise if I'm working an hourly rate, work more hours, raise my hourly rate. It was always focused on making more income, making more income, making more income. The shift for me came finally after I was on my 10th or 12th property. Finally, I'm like, don't keep focusing on that paycheck and that income. Focus on acquiring assets. And that was a big shift.

Instead of focusing on acquiring income, I shifted it to acquiring assets. And then the assets create the income. That was a big change for me. And so I think a lot of people, they don't want to be uncomfortable. They don't want to get out of their comfort zone. And the only way we grow and learn is by stretching ourselves and getting out of our comfort zone, even by a little bit.

You know, it's. Emerson said, this is not the exact quote, but something to the effect of, if you're not facing something you fear every day, you don't understand the secret of life, because that's where growth and transformation happens. And I hate making mistakes just like everybody else. I hate failing. But that's where we learn the most. If we can take the lesson of the failure and take the lesson of the mistake and learn from it, then we get much smarter.

I came across a study, and it was a study of centenarians, people that lived over 100. And they wanted to find what were the common denominators. And they found three. And one was they had a sense of purpose. It didn't matter how big or small, but they had a sense of purpose. Number two, they were optimistic. And number three was resiliency. How well you come back from a setback when you hit that wall, do you fall down? Do you. You get up, you go through it.

And I'm like, those seem like the three Characteristics of a good entrepreneur to me, sense of purpose, optimistic and resilient. If you're not resilient and you can't persevere, do not become an entrepreneur. Do not do it. You're just going to be. It'll be a exercise in futility. Is it not for everyone? It's not for everyone, no. But I do think that if people try it, they'll learn a lot about themselves very quickly. And if you can do it, you know, like you said, part time, it's a great way to learn.

Yeah. Because then I think you'll make better decisions because you kind of have the safety net of your paycheck. So the decision. So when Robert and I started the Rich dad company, we had a vow that every decision we made would not be a decision for what put money in our pocket, but for what, for furthered the mission. That was the vow. And at that time we were financially free, so we had that cushion. We didn't have to worry about that.

But a lot of people I see, they quit their job, they start their part time business and because they're struggling for money, they make bad decisions because they're just trying to find how to put money in their pocket to keep their business alive. So I think if you are an employee, that's a smart way to go. She just said to start a part time business, start learning what it takes, the reality.

You got to get the reality of what it takes. Talk about that. Because you get the paycheck and then you're waiting for the next paycheck. Yes. What does that do for the entrepreneurial spirit? Oh, kills it. Absolutely kills it. And a lot of people are addicted to that paycheck. They're so afraid to venture out on their own and not have the security of that paycheck.

You know, a lot of times we say, if you got, if you have a full time job, keep your full time job. Start a part time business and work it, and work it, and work it. Look at what you do in your spare time and people go, I have no spare time. Well, yes you do. If you broke it out, how, how much are you watching tv? How much are you on your iPhone playing video games doing things that really are not important and take that time and channel it into the business that you want to create.

And it's not about do what you love and the money will follow. It's not that, it's do what you love. Where's the problem you're solving? Where can you be a contribution? Then you work your butt off and then the money will come.

Amen. I can agree with that. I like thinking of making a contribution versus just selling a product. Right? Right. And I'll say one other thing. A lot of people say, you know, I really want to make a difference in the world, and I think my product or my service is going to make that difference. But they're not willing to charge money for it or really turn it into a business.

If you've got a product or service and you really feel it's going to help people and help the masses, then you have a responsibility to make your business successful so that people hear about you and to get it out to the world.

ENTREPRENEURSHIP, EDUCATION, ECONOMICS, FINANCIAL FREEDOM, MONEY MANAGEMENT, INVESTING, BUSINESS MOTIVERSITY