This is the rich dad radio show, the good news and bad news aboutmoney.
Here's Robert Kiyosaki.
It's RobertKiyosaki, the rich dad radio show, the good news and badnews about money.
Uh, the date is important todaycause it's March 23rd, 2020.
There is the dates important this becausethings are changing so fast right now.
Without that data, it's a reference point.
You know what we may be giving you falseinformation or things have changed the way we talked to you.
So, uh, the reason we have the show is to keepyou up to date and it's a good news and the bad news about money.
And uh, we just got off the air with that onewith a [inaudible] radio show with guy Kawasaki.
As you know, those Kiyosaki onKawasaki and we're both entrepreneurs.
You know, I always say he's fromthe bright side.
He's mr positive.
I missed her negative.
Butyou've got to have both.
And the other guy that came out of aHawaiian was an entrepreneur was a guy named Steve case of AOL and the shaftat a couple of guys with that stock.
But anyway, you got to grow uptoday if you're not [inaudible].
So I'd say it's really a good time.
And as I said with guy Kawasaki is backin 81.
When I was at, uh, when, uh, when the first meet post a personwith Bucky fuller and be a student, he said something that was profound, his opening statement to our class, this is in Kirkwood, California by LakeTahoe, but a hundred of us, he says, we are the news.
And Ididn't understand it.
I was about 30 years old as a witness.
We are the news means.
And he says, what's in the news today isdead.
It's the past.
What's new is what we weredoing in Kirkwood, California, listening to Bucky fuller aboutthe future.
And so it does, did this radio program with guy Kawasakion the future of entrepreneurship and the message is with guy andI that it messages the same.
If you had this idea of go to school, get a job or a card, save money, get out of debt, and invest in thelongterm of the stock market, that's old.
That's your prison.
It's what waswhat people have put into your head.
And so Kim was saying she was drivingin today and people are standing in a parking lots looking for jobs, but they're still operating onthe old.
And so rich dad has been, it's been really tough being chickenlittle saying the sky is falling, the sky is falling as Kaizen while thesky fell.
You know, this Corona viruses, it's the end of the worldas we knew it.
We know it.
And it's about time peoplegrow up.
You know, tra, you know metamorphis meansthe transformation from aninventory form to a motor form.
So that means instead of trying to be anemployee and have somebody take care of you, it might be an opportunity togrow up and take care of other people, to hire people, to provide jobsrather than look for a job.
And that's my point of view.
The problem is our school system doesn'tprovide you that education that's still brainwashing you into becoming anemployee or a doctor or a lawyer or an accountant.
And as, I don't know if you know this, but, and lawyers are obsolete, right? Cause you don't really need them withinartificial intelligence coming along.
So our school system isobsolete, but so was the eye.
Are the ideas in your head?So people call me a pessimist.
I'm actually an optimist because I cansee the future and the future is very bright.
But you have to let go of allthe ideas and it comments.
Well, it was interesting talking withguy because we were talking about entrepreneurship and we think herethat this could be an opportunity.
If you're stuck at homeand you're out of work, this could be an opportunity to startthinking differently and to learn to start learning something new.
And as guy said, you know, you don't haveto be a big, it's not a big business.
You're starting and you're just starting.
You're going to make somethingand you're going to sell it.
You're gonna make it.
And you're gonnasell it and you can do it in your garage.
Robert and I started onour dining room table.
Um, it doesn't have to be a big deal, but to start in this process could bea very big deal and it just could be a huge game changer for you.
Become an entrepreneur.
You know, Kim and I have been homeless.
We'vehad no jobs, no money, no pension, no income.
I'm in for one week, shutthe live on $2 in Del Mar, California, one of the richest areas in thewhole United States.
So she has $2.
What's you spend the $2 on to survive? How'd you eat case it is cheese case.
Quesadillas from a little tacostand.
That's a malicious, but that's what it takes.
And most peopledon't have it.
I mean they have it, but they don't need to have it becausethey've all went dependent upon a job or somebody to take care of them or thegovernment to take care of them or you know, social security orMedicare or a pension grow up.
That's really the messagefrom rich dad.
I know I pissed a lot of peopleoff when I say that.
Well, you know how you have noidea how hard it was for me.
You have no idea how hard it is.
I said you have no idea howhard it is for Kim and I, you know we've been sued for $30million.
We've had people lie, cheat and steal inside our company.
So it hasn't been easy being anentrepreneur.
So if you want it easy, go get a job with the government andget, get that pension if you can't.
So anyway, this is the birth of a newand that's the most important thing.
So on our guest today is our, one of our most importantassets is Tom Wheelwright.
He is our tax advisor because taxesare your single largest expense.
And if you go to school, you get a job, you become an employee or youcome on doctor, man, lawyer, you're going to play the highest taxespossible.
And people get really upset.
Oh, it's not fair to the rich.
It is fair.
What's not fair? As you went to school and differentguys get this information.
So Thomas, the author of tax free wealth and as howto build massive wealth and permanent Loreal taxes.
But if you're anemployee, you can't do that.
But you can do that if you'rean entrepreneur or thisis the message from rich debt.
So Tom, the reason Thompson is because therules are changing really quickly.
Now that Corona virus is hitonce again, this is March, 2020 things are changing really fast.
They're trying to figure out that'snot the coronavirus of the Palm.
I know coronaviruses real well.
What is more real is thatthe structure of our economy, we haven't seen the worst is yet tocome.
So if you think losing a jobs bad, wait until everybody loses their jobs.
So, and rich dad's been warning about this, the good news and the bad news for years.
If you didn't listen well you werewarrant.
So Tom, welcome to the program.
Always great to be on richdad radio.
So right now they're talking about howthey're gonna bail out people and the taxes and all this stuff.
Andthe good thing about Tom Thomas, like I always say, Oh sir, I'llsay, I'll say the guy Kawasaki.
I don't know anything about technology, but I don't because I'm an entrepreneurand I don't have to know anything about taxes because I have Tom and I don'tknow much about accounting cause I have Tom.
So everybody thinks they haveto be smart.
Listen to Kiyosaki.
I am an idiot.
I don't know anything.
But I have smart people around me.
That's the biggest difference.
SoTom, what did you hear a on this? How are they going to solvepossibly 20 to 30% unemployment, no jobs, no money with, and they'regone print.
Ma, what's going to happen? This is sitting downright, left and center.
Well, yeah, I mean, here'sthe problem.
I mean, I, I have a client who V this very morning, they're meeting with their partnersand their, um, high-end, uh, uh, surgeons and they have to shutdown because they, uh, they're, they're letting go all of theiremployees because they're, um, the, you know, that everythingthey do is considered elective.
So elective surgery is shut down.
So this is true.
I mean, I, I've, I've got a member of our, uh, CPAnetwork last week said that, uh, they've got a client justlaid off 300 employees.
So people are being laid off right, left.
And no matter what theydo in the short term, it's not going to solvea longterm problem.
And that's why I love therich send message that thelongterm problem is not the virus.
The term problem is education.
And so I, I, I agree with you, Robert and Kim.
I think that nowwith the opportunity to get educated, because you get educated now, I mean, you've got a few months here whereyou can defer your taxes.
You have at least till July, butprobably, you know, likely till October.
But then you're going to have taxescome due.
What are you going to do? Because you have no job.
So now is thetime to start being an entrepreneur.
Reduce your taxes on a longterm basis sothat it's not a deferral but you never have to pay them.
I mean to methe education is so important.
Let's, let's stop usingthat word education.
It's really transformation we'retalking about.
Just so you know, we have a cash flow quadrant E S E Semployee self employed like a doctoral lawyer to B and I, which is big business.
And I was tennis for a professionalinvestor insider investor.
I don't have stock spas, mutual fundsand ETFs cause I don't need them.
That's an entrepreneur.
So the pointhere is this, that surgical center, well that is an orthopedicsurgeon, is that correct? Right.
And his staff, are they highlyqualified, educated, good people? Of course, of course.
And they still lost her job.
So this is the point we're tryingto get.
Get to ladies and gentlemen, you've been lied to.
Old advise was go to school, get a job, work hard, savemoney.
Have a government pension, 401k IRA and pay taxes.
If you still have thoseideas in your head, you should not be listeningto rich dad radio.
Once again, I'm not saying the coronavirus isin rail, Tom, man, I just had it.
But the problem here is the damage anddestruction to the world.
The economy, as I said with the rich dad radiointerview with guy Kawasaki, this is like nine 11 you know, nine 11 was in two cities, Washington DC and New York.
This is like nine 11 every citythroughout the world today, this is a million timesbigger than nine 11 and, and people are still trying to sendtheir kids to school to get a job, work hard, save money, and invest in awelder, falsify portfolio stocks, bonds, mutual funds as obsolete, allthinking as has fuller said.
What is the problem? Is that what's inthe news is a death of an old economy.
Corona virus is a death of an old economy.
What's new is what rich dad talks about.
So, so Tom, could you go for what? What they're trying to the Democrats.
And I thought, and I'm not Republican, a Democrat, but the DEMEC has tried tosave the employees but killthe business or something like that.
And what are the, whatwere the tax reforms that discussing? So, so, so we've got this $2 trillionbill that's being discussed right now.
And by, you know, by the time we air it will have beenpassed and that the big conflict is do we give money to the workers ordo we give money to business? Then you have the Democrats say, we need to give money to workers, which clearly there's alot of people hurting.
The reality is there are no workerswithout businesses.
So if you, if you ignore the business, you're going to kill the workers on avery longterm basis.
And you know, yeah, you've got to feed themshort term, but boy, you better have those businesses goingso you better support those businesses.
I mean, that's my feeling and hopefully that'swhat we're going to get out of this is some support for the small businesses.
They're the ones that are really feedingthe economy and longterm feed the economy and they're just, they're getting killed right now.
And one more thing about that as somuch, so many distinctions, you know, final ways of thinking.
We had the CNN debates between thedemocratic candidates and that's when the Bloomberg, Michael Bloomberg, a multibillionaire stands up and helooks at all those other cartoons and not Republican, a Democrat, they're allgood.
But Bloomberg asked all these guys, Joe Biden, Sanders, Buddha, judge Koba char, who else? He says, haveyou ever started a business and of those other candidates, none had.
And those are the people running oureconomy that people like my poor dead.
That's why we're in trouble.
So you know, Tom, years ago, they didn't, they like send $1, 000 to allthese individuals, right? It really did nothing.
Because all they're going to do is spendit and they're going to keep them in the exact same situationthey were in before.
And it's a littlelike, you know, you're, you're solving your hunger problemby eating a donut.
You know, it's, it's great.
Tastes good for about, you know, a couple of hours, but then you're hungry againand it's not nutritional.
And that's the problem isthat you're saying, well, we're going to solve this withit at 1000, $2, 000 payment.
It doesn't solve it.
Andso, you know, it really, the only way to solve it is whatyou're talking about, Robert, is transformation.
We have to completely transform the waywe look at life and the way we look at how we make money, right? And, and you know, Tom, you can buy, you can verify this.
I don't know much do I, well not about taxes andaccounting.
Let's just say that little knowledge with you.
Robert is really dangerous.
Give me a job, which I'm proudof.
You know, I'm so unemployable, but I had to learn somethingdifferent is what I'm saying.
And the reason I recommendTom's book tax-free, well, if you're sitting at home right nowand you're, you're ready to, uh, have a conversations with yourkids about being a little past.
So whatever you do with kids, it might be a time to orderTom's book tax free wealth.
And find out how entrepreneurs thinkabout taxes because taxes are your single largest expense.
And that's alsoKenny McElroy's book on real estate.
You know, the ABC's of real estate.
The reason I say that is that we are infor the biggest crash we have ever seen.
You know, all those Lamborghinis and Ferraris andPorsche's and big homes and real estate, it's all gonna come crashing down.
Now it's bad news for the guy that hasthe big house and the nice Ferrari or the land Rover or whatever theyhave on credit.
It's bad news.
But it's good news for those who thinklike entrepreneurs and see opportunity rather than despair.
And it comments.
Well, I just wanted to ask a kind of a differentquestion of Tom because there you're, you're the one that studies all that'shappening in terms of government and what they're proposing.
Um, are there any other proposalscoming forward that makes sense? Um, you know, they makesense to some extent, right? So, for example, there was a bill last week thatwas passed and it some benefit, um, tax benefit toemployers who get, you know, half who give people, um, sick leave.
The, the, the problem with that is that it onlygives it to employers who are over 50 and under 500.
So small businesses don't get it at alland it only gives a limited amount and requires a large amount andrequires and has a big requirement.
So the government'strying to do something, but because they don't understand howbusiness works, they're actually in, in many cases, they hurt the businesseven though they're trying to help people.
And other thing you talkedabout, you know, before they, they got into the cat fightbetween Republican Democrats, there was a possibility they were goingto issue loans that didn't have to be paid back to businesses.
But naturallythe Democrats jump all over that.
So that didn't get passed at it.
Well, not yet.
But we're hopeful.
We're hopeful that that's the one partof the bill that has longterm potential because you're talking about supportingthe businesses, letting them stay open.
And then, then what they can do is they'reactually required in order to do that, to retain their workers andretain them on a livable salary.
So that's a really positive approachto it as opposed to just giving people, you know, a donut, which makes a lot of sensebecause with technology, as long as the employercan pay the employees, they can work from home andthey can and in many cases, depending on the business of course, but that they can keep the businessoperating, which is crucial.
Well, well the worst thing aboutit is if rich dad lost her, our employees they made originallyno to, to hire and you know, to retrain it and to findgreat people takes a long time.
And that's, that's why, that'swhy pushing this out with businesses, keeping business open aslong as, as long as possible.
It's so important because the viruswon't last forever.
We all know that.
But as long as it lasts, it's goingto continue to hurt businesses.
And we've got to supportthat in order.
If, if we're going to keep the economygoing at all cause it's a domino effect.
Once again, it's Robert Kiyosaki, the rich dad radio show.
We're talking to rich dad advisor, Tom Wheelwright is authorof the book tax free wealth, how to build massive wealth bypermanently lowering your taxes.
The only problem with that isyou have to be an entrepreneur.
Your employee can't do it.
That's the big problem.
So while you're sitting at home with awife and a husband and kids wondering what the heck happened to your life?How did I get in this position? I'm worried about losing my job ina, maybe as Tommy fad, sharp brain.
So we're talking aboutmore than education, we'retalking about transformation.
How do you transfer transform froma small business owner to what? A real entrepreneur on the B and theI side because a reason employees at richdad are well-off right now, no matter what happens is Kevin and Ibeen planning for this for years and we'd been talking about it and I've beenchicken little saying the sky is falling, the sky falling, the sky is falling.
But only a few peoplelistened to this fact.
Several friends have come up andsaid, I should have listened to you.
But now Tom is verifying that becausehe doesn't deal with employees.
He's dealing with entrepreneursand business owners and Tom, they're going to go to a break.
Buta lot of them are in trouble today, aren't they? That small business guys? Well they are.
They are forsure.
Because um, you know, and that's why they're layingoff employees now.
You know, they're laying out place thinking, well, I can stay open but Ican't keep my employees on.
So the employees are really theones, you know, the, you know, the small business owners get hurt.
But the employees take the brunt of it.
So once again, it's RobertKiyosaki, the rich dad radio show.
We come back by going more intotransformation or metamorphosis.
The definition of metamorphosis, which is the new word at rich dad, is that it is a transformation from animmature form to an adult mature form.
In other words, the lessonis grow up, just grow up.
Don't go back to school and learnto be dependent upon an employer, the government or the stockmarket grow up.
We come back, they're going to morehow you can transform andmetamorphosize and the roads go from a Caterpillar to a butterfly.
That's where I talking about it'd beright back.
Robert Kiyosaki, the rich dad radio show, the good newsand bad news about money.
And once again, you can listen to the richdad radio program anytime, anywhere on iTunes or Android and YouTube.
And please let us summer leaveus review when you listen to it, but like to hear from you this what I'msaying really pisses a lot of people off because I'm saying today on this blessingroll up if he went to school and have a high paying job, that's an obsolete idea for most peopleinvesting for the longterm of the stock market.
Very bad idea.
Saving dollarswhen they're going to print trillions.
Extremely bad idea.
So grow up.
It's about metamorphosis or transformationand you can listen to the stretch chat radio program anytime at [inaudible].
Listento this program.
I can, because repertoire, we're an education company would makeno recommendations of what to buy and invest.
And so go to rich dad radio.
Listen to this twice, three times.
And you'll your increase in knowledgetwice or three times what most important to have.
Friends, family and businessassociates.
Listen to this program.
So the pod is sitting athome doing nothing.
I'll listen to this program and get onthe phone and talk to each other and discuss what are you gonnado next? Because as I said, in 1981 when I listened todr R Buckminster fuller, I was a student in his class.
He says, we are the news.
What's in the news is old.
So Corona virus is dead, is the death of an old empire.
It'sgoing to bring down the world economy, which is my concern, which I've beenwarning people about for years as chicken.
Little let the future is bright if you'rewilling to metamorphosize transform to go from a Caterpillar to a butterfly.
So our guest today is Tom Wheelwrighthis rich dad advisor on taxes and taxes are a single largest expense.
So in, in that regard, um, we're talking aboutearlier show with guy Kawasaki.
We were talking about mindsetand, and Tom, if this is correct, one of the biggest problems we have isthe mindset of our politicians except for the Donald Trump's and, and even our, our governor here, governor Doug Doocy, who came from very successful businessthat he built internationally, they have a different mindset.
The problem is most politicianshave never started a business.
They don't understand business.
And so they're passing lawsand legislation that justreally don't help or make sense to any business owner.
Well, that, that's thechallenge.
The challenge is, is you can't take care of the workerswithout taking care of the business.
Cause if you do that, you'retaking, you're talking about a very, very short term solution to a longtermproblem and you're going to make the problem longer and more difficult ifyou don't support the businesses.
This, the entire economy runs on business.
It does not run on workers.
It goes back, Robert, to your, your biblical give a man a fish andfeed him for a day.
Teach him to fish.
Feed him for life.
You want to be fed a fish, youknow, I have, I'll pray for you today.
You better grow up a solemn CRNA.
Say it upsets a lot of people.
It's a million on all hard.
Mylife is no.
Talk about hard.
Kim and I have been homeless withoutwork, without money, without any future.
And so I know what it feels like.
Why don't we get in, get successful.
We'll become successful feeling sorryfor ourselves and if you're feeling sorry for yourself, enjoy it for a coupleof hours, but then get up, grow up, said I gotta do something.
Well, it's the epitome of, they thoughtthey had, they had a secure, safe, secure job and now they knowthere's not such a thing as a safe, secure job anywhere in the world today.
And your pensions are toast.
That's why we wrote the book, who's told my pensions are gone andthen you have a 401k.
You're saving money.
Why would you say when they're printingit and it's really obsolete thinking.
That's the problem.
So Iguested it right now as Tom is.
I would get his book tax free while TomWheelwright because from tax free wealth you read that, you'll see how an entrepreneur looks attaxes because it don't see it from an employee.
Cause Tom cannot help employeesbecause your mindset is too obsolete.
It's too secure.
You know, most coolteachers, what they want is tenure.
That means job security.
Why wouldyou listen to a school teacher about money? And let's see, schools areclosed for indefinitely today, right? And Tom, if they shut the economy downfor 90 days, which I've heard now, what's the future of America? Oh it's, it's bleak.
It's very bleak because if you don'tsupport the businesses, if you're, you're telling me lb, everybody stay home and nobodyshopping and Amazon is only shipping, you know, basic necessities, then you're, I mean, you're killing any economypotentially for a very long time.
You've got to support the business, you've got to support the economic.
And if you look back at 2008, Iwas just watching a podcast.
Um, if you look back at the, at the crisis of 2008, it took 10 years for theeconomy to come back from that.
And this is much more severe than 2008 w w well and, and the one other insistent, much more severe is that was a basicallya banking wall street crisis where this is a main street crisis.
And so you've got to support mainstreet and putting money back in.
The banking system's not helping mainstreet because the banks aren't going to lend to businesses that have justlaid off all their employees.
Oh that point Tom has a couple of thingsis that they were there talking about a tax holiday or something lower ourpayroll tax.
What happened to that? Well that, that died.
Um, cause it doesn't help anybodywho's unemployed and theproblem is unemployment.
So it, that was not the best of the ideas.
The better idea is something like let'ssupport the businesses through loans, through governmentguarantees, things like that.
Let's keep the businesses going becausethen workers can stay in their jobs.
But that's what the Democratsattack list.
I said, if you'll watch that CNN debatebetween Bloomberg and the rest of those Democrats on stage, noneof them are entrepreneurs.
They're running the likeport ads running the economy, the federal reserve bank fullof port Ed's academic types.
They've never started a business.
They're really think like employees.
That's the problem.
They are employees.
So I'll appoint Tommy, here's this.
And worse than that, and worsethan that, Tom and all those, all this stuff about these senatorsand congressmen insider trading, you know this, I'd dump on the stocks way I had themand anybody knew those coronavirus was an issue.
But people don't know that.
Insider trading for a Senator orCongressman legal.
Well you and I, it's illegal, but for a Congressman it'slegal.
And that's why the golden rule, it's the golden rule.
You, it has thegold, makes the rules and people, Oh, so the insight, well, it's legal.
And when I, when you read Tom's book ontax free, well it's legal, but not if you have the mindsetof an employee, it's illegal.
If you do what Tom writes about intax free.
Well, so get his book, get the cash flow game and understandthat resubmit income, expense, assets, liabilities and statements of cash flow.
That gel never teach you in schooland they'll politicians have no idea.
What is our balance sheet?The U S use continent, U S government balance sheet is toast.
We have no assets less.
All we have is liabilities pilingonto the U S government balance sheet.
I debt the debt to GDP ratio.
This went to 1.
15 we're abankrupt at 0.
9 debt to GDP ratio, and it's only going to increasethe more they print money.
So Tom, one more thing is herebytalks about student loans.
What a stupid thing that is, but you don't learn anything about money.
But people are now talkingabout get an SBA loan.
Was it just for an SBA loan anda student? Low, small businesses, administration loan and an S th th th they're pretty similar.
You're basically pledging yourlife for the next 30 years.
Um, because an SBA loan requires totalguarantees of everything that you do, every asset you have.
Um, they, they have really good terms.
I mean, 30 years, you know, less than4%, but at the same time, Oh, we have a, by the way, update and theDemocrats have again defeated, um, the, uh, the, the Senate bill, so unbelievable.
Um, but the issue with the SBA long is thatyou are pledging everything for a long, long period of time and it's going tointerrupt what you do down the road.
Now it may be the only solution youhave, but at the same time, it's the, the terms are very onerous.
Well, Tom the worst thing about an smallbusiness administration loan is still securitized to something.
And if you have nothing, if you have no real tangible asset, you don't get the loan anyway.
So that's the problem.
And that's why when you go to schooland you learn nothing about money, I'm not a Republican or Democrat.
I reallyagree with Bernie Sanders.
You know, people are screwed and you'vegot to help out the poor.
But when you keep going to school andyou'll learn nothing about money and you're taught by idiots, I mean teachers who want tenure andjob security, that's what you pick up.
And those are obsolete ideas.
As I said in 1981 when I was tellinghim with Buckminster fuller, he said, ladies and gentlemen, we are thenews and what's in the news is dead.
And so when you hear it time, youhear about coronavirus as the old.
It's the death of the old.
Andwe're into the birth of the new sir.
Rich dad is into the new right now.
And I highly suggest getting Tom'sbook and changing your mindset, how you look at the world tax freewealth is a very important book.
Only if you're an entrepreneur and areal estate investor and those things.
But if you want job security andtenure, Tom's book is worthless to you.
And, and talk, talk about, go to school, get a job, look at all these college seniorsgraduating and there's no, there's no jobs.
I mean there's a whole nother marketplaceof employees coming out and they will not be able to find jobs.
So that's, that's why the rich dad companywas formed that I may be pessimistic.
I buy us all.
You're so dark isso negative.
I'm not negative.
I'm always looking if I'm looking at thedeath of they all and the birth of the new.
So Tom and I and Mona and Kimwere talking about this, you know, Amazon is the big a hundred thousandpound gorilla in the room at rips us small guys off.
So as entrepreneurs, as I saw the discussion now atrich dad is let's take on Amazon.
Are you up for that, Tom? Absolutely.
I mean, thank goodness my, you know, thank goodness our books areavailable in ebook form.
Right? And get them on I books because Amazon, Amazon is having a toughtime shipping stuff.
So you have completely changethe way you think right now.
Not only that, Amazon just keeps raisingthe, how much they take from us.
Now, I love Amazon, don't get me wrong, I'm not [inaudible] this.
I'm justtelling you as an entrepreneur, I can get upset with Amazon.
OrI can say let's take them on.
And that's the entrepreneur's attitude.
That's the future.
We take Amazon on.
Guess what rich dad gets richer now hesays, Oh that's you're so gritty.
No, you're idiot.
So we can keep our doors open and payour employees and hire more people.
And so all this guys who get upset withKiyosaki, a specialist saying, you know, like, cause I've been callingcoronavirus virus a fake.
I'm not saying it's not real.
I'm sayingit's a smokescreen for something else.
And that's something else.
If the destruction of theU S and the world economy, and if you can't see that andthe something wrong with you, I don't want the coronavirus.
Tommight've had it, Garrett might've had it, but if we survive the world economymight not.
Is that correct Tom? That's, that's what we have to do.
I meanwe, right? I mean we have to survive.
And the great thing is, likeyou were saying earlier, it's a, it's an amazing time to be doing thistransformation because you don't have anything else to do anyway.
Let's do it.
Let's make this transformationin our lives now.
What a what a great opportunityand not pay taxes and you know, legally and and do things differently, have control over our lives.
I just think it's an amazing opportunity or, or it could get pissedoff.
At [inaudible] I posted, you know what I did was I postedfrom Nicole, my a student doctor, all the stats on coronavirus and diabetesand car accidents and gun accidents and all this.
It shows thatCorona virus is a hoax.
I got more hate mail.
I have to take itdown from Twitter because people get, they get angry at me thatthen looking at the numbers, it's just look at the numbers and that'sall we're saying to people.
Wake up, but what's in the paper? What's in people's minds is my porthas additive Gado school can a job or a card, save money, get out of debt and invest in longterm for the stock market and it bodily following that advice is toast.
That's the problemthat's inside your head.
So take the time when you're sitting athome with the wife and kids were husband and kids or wherever yousit at home with and study.
But don't read, you know, national inquiry.
Get the cashflow game, teach other people.
SoTom, my, my big thing, is there any going to be any relief foremployees and taxes where the good news and the bad news? Where's the good news? Well the good news is they are goingto send out checks, that's for sure.
They are going to extend unemployment, that's for sure.
Okay, so, so that's good news.
Thebetter news is if they were, these guys could get together and supportsmall business and understand that that's where the real good.
But the realgood news is is now we got [inaudible].
We've got never a better chance, an opportunity, like you say, to transform our lives, transformed theway we think.
And, and take the time to, you know, whether it's mybook, whether it's your books, it's Kenny's Kenny's books.
These are all opportunities, completely change the way we thinkabout money and about our lives.
So, Tom, let me ask you this question.
Do you think there's going to be massivebargains and real estate and housing and car? Oh my heavens.
Everything's going to beon sale.
And I'll tell you, I talked with a mortgage broker yesterdayand she's telling me that all these loans that were, all these mortgages that were about toclose have all been pulled off the table.
Um, they're looking atpeople's portfolios.
The people that want to want tobuy a house today, it's almost, she says it's almostimpossible to get a mortgage.
Plus, please hear mag cause you're gonna, you're gonna get pissed off at Kiyosakifor being Darth Vader again.
You know, I'm going, Hey, there's a lot of great real estate comingon the market in the next couple of years.
That's what we didin 2008 is that correct Tom? Oh yeah.
I watched that.
And, and, and, and the great news is, you know, real estate, great tax, great tax benefitswith real estate if you do it right.
So, you know, there areopportunities if you're, if you're, if you're transforming, there areopportunities.
If you're not transforming, you're, you're going tobe scared for a long time.
So if I buy, if I, if Iwait to buy an SUV on sale, is that a good news from a tax wise too? Yeah, of course.
As long asyou're using in your business.
Yeah, of course it is.
It's greatness, eh, LA Livia, eh, LA LA Jolla.
So all your pessimists out there, it's because you went to a school, you're probably has student loan debtand he probably have a mortgage and you probably have 401k and you're lookingfor a job right now as in those guys, salts and stilts salts and Nathan said, and GU and a Gulag archipelago.
He says, hit to ask himself, there says, how did I get here? How did I get here? Why am Iunemployed? Why don't I have money? Why am I broke? Why am I lookingfor another job? Why am I afraid? What caused you to get here? And the what caused you to get there areall the times you took the easy route.
You just want it easy.
And I understandI'm as lazy as anybody comes.
But when you take the easy road, that'show you get here.
You want job security, what the government that take care of you, you want bailouts and all that ratherthan shifting or transforming a mindset from employed or small business to bigbusiness and professional investor.
Very big different mindsets.
That'swhat rich dads towns for.
Any comments? Tom? I, I, you know, I, I loveit.
I mean, I, it, it, it's a tough time.
We don't want todeny that it's a tough time for, uh, for everybody, includingbusinesses at the same time.
It's a great time because it is anopportunity to transform and to change and you have to ask yourself, how'd I get here? Yup.
And about the easy road, youknow, the government's talking about, Oh well we'll just have more andmore and more people dependent on the government.
We'll just know if youbecome dependent on the government, that's a big, there's going to be abig price to pay for that.
That's a huge risk.
So Tamina thank you very much foryour contribution to rail financial transformation.
Because whenyou talk about tax free wealth, you have to transform or you justget pissed off at the wretched, don't pay taxes.
And it's, andthe thing is, while it's not fair, it is fair because the tax laws areavailable for everybody, right, Tom? That's the good news.
Youknow, all you have to do is, is change your life and uh, you can change your tax situation andit's really simple and you can do it in a matter of a couple of months.
Another thing too is to know Tom and Itravel the world together and they always say, well, you can do that inthe U S you can't do that here.
Is that true or false?You know, like we're, it's true and it's true in every country.
I mean everybody's tax laws are similar.
Every country has tax laws that benefitbusiness, that promote business.
They promote vesting, they promotereal estate, they promote energy, they promote, uh, investmentin research and development.
Every country has those same laws.
They're different in detail, but the, but from a mindset standpoint, they're exactly the same.
And so the biggest palms, youwent to school and you wound up on the, in the S side, if you want to make achange of life is called metamorphosis, which is goin from an immature form toa mature form on the B on the eyesight.
But that takes a financialtransformation.
So thank you Tom.
And then when we come back, you know, Kim and I will be talking abouthow we plan to take on Amazon.
All you often that Tom sounds great.
Kind of fun, huh? It's David and Goliath.
David and Goliath, man.
We're going to take them on.
I can complain that Amazon'son fair to me.
Thank you Tom.
And, and, andTom's website is wealth, ability, wealth, mobility, and get his book Tax FreeWealth off.
When we come back, we talking more about our attitude I'dtaken on Amazon is a classic David and Goliath or Caterpillar to butterfly.
There'll be right back in the back.
Robert Kiyosaki, the rich dad radio show, the good news and bad news about money.
You can listen to the richdad radio program anytime on, on iTunes or Android and YouTube andleave us a review whenever you listen.
And the last thing is that allof our programs are archived.
We archive them for one reason is wedon't sell, we don't sell anything really.
We don't sell edge investments, but we do sell education.
And that's why I have a cashflow gamesand books and tapes and all that because your greatest asset is your mind, butit's also your greatest liability.
Especially we went to schoolso he can go to rich dad, radio.
com all of our programs arearchive.
Listen to this program again, you'll twice as much, but moreimportant I share with friends, family, and business associates, especiallyif they're sitting at home right now, hoping that the government's going tosave them because the government can't save them.
As I said this, I don'tdoubt this Corona viruses, rail, I don't doubt as deadly, but I think as a smokescreen forsomething else going on and that's, and that something else going onis to crush the global economy.
As I've said before, this coronavirus is like a nine 11going off in every study throughout the world, especially here whereyou live in Lincoln, Scottsdale, and we have the same problem, same problem in Japan.
It's the same problem and Ithink it's a hoax personally, but I could get killed for sayingthat and it comments killed.
Well, we're talking about entrepreneurshipand we're talking about all this change that's happening.
And so one of thethings as an entrepreneur, we always ask, okay, if something is happening, whatcan we do about it? What can we do? If there's something negativethat's happened in our business, how can we turn this negative into apositive? Um, so we're always looking, so with the Corona virusright now, you know, all of our staff is working out oftheir home, but we're operating pretty, pretty well.
Very well actually.
Um, but we're always asking, what can we do better? How can we make, how can we turn this into a positive? Where's the opportunity? Cause we were prepared for it in a look.
Our staff knows andthey've seen our accounts.
We have enough money to keep usstaying for the five, six months.
Even nothing happens.
But being entrepreneurs, we see disaster as opportunity.
We see it as the biggest opportunity ofall.
And that's how entrepreneurs stick.
So Kevin and I are thinking about, wow, let's take on Amazon.
You know, there, every time we sell a book, let'shave a sell a book for 10 bucks.
They take 55 cents.
Now I think that belongs tome.
So rather than say, Oh, Amazon's a big crook, you know, therich dad company is now figuring out, well how do we take on Amazon?Why let them steal from us? Why bitch and complain? Why be a wimp? Transform metamorphosize stopgoing from immature to mature.
The same thing we did with rich dad yearsand years ago, 20 something years ago.
Why would you go to school whenthey teach you nothing about money? I took him on, we took them on.
Ofcourse we got criticized.
You know, and when I take on financial plannersfor investing for the long term, I'll welder does a fight portfolio, stocks, bonds, mutual funds.
I get hammered by thoseguys.
I get hammered by them.
They think I'm the biggest charlatangoing [inaudible] they're the biggest charlatans.
And people see that todaycause their 401k is a disappearing.
Their pensions are gonnadisappear.
So the question is, what do you do now? It's noteasy being chicken little, but you've been warned.
The question is, what do you do now? What is the future? So we had guy Kawasaki on it and itwas the future of entrepreneurship.
The future of onshore entrepreneurshipis keep your daytime job but a part time business.
Then you get taxbreaks.
Oh no, that's crooked.
The rich aren't shittingus.
Now the people cheatingyou are the school tuition, so don't teach you this stuff.
Sothat's what the transformation is, is he bought a change thatgarbage they put in your head, which is industrial age garbage.
Get into the information age thing.
Maybe I should be an entrepreneurand play the game as a rich play.
And it comments Kim.
Yeah, well we, I mean we talk a lot about mindset changeand so as entrepreneurs we talk about Amazon.
So, so the problem we saw withAmazon, Amazon's done a great job for us.
They, we, we love Amazon and they keep raising theMount of money that they take for every sale of our product.
So we're just saying, okay, this looks like this is a trendthat's going to continue on.
This is not going to serve us.
So what, what other options dowe have? What else can we do? And we have that power to change.
Andas, as Sarah said earlier, to pivot, so this may be a pivot.
We have to go, okay, this may not be working anymore.
What can we do? So it does work.
That'sthe mindset that we operate by.
Or you can sit in the parking lotand look for a job, you know? I mean, and then bitch about the economy andwe're Corona virus.
When it's a hoax, it's a hoax.
I, in my opinion, that'swhy I read bucket Fuller's book, the grunge of giants.
This is the grudge.
This is how they're going to stealeverything from us.
They wrote the book, who was told my pension man, those, that idiot in the saddletimes attacks me for that.
It's like I'm being a fear monger.
Well, I wish it'd be track hisstupid statement that's happening.
Listen to a financial plannersbecause they work for wall street.
Why don't they tell you the truth?Their money comes from wall street.
Then I'll work for you.
You know they'renot fiduciary.
They work for you.
Just follow the money.
I'm notagainst financial planners, but they're not honest.
That'swhat I, I get upset about.
But the problem is the biggest polymeris a biggest crux on the world is the education system.
How canthey keep raising, you know, student loan debt and bankruptingyoung people.
You know, when, when Christ went into the temple andthrew the tables away of all the money lenders, well that's what the, that'swhat the education system has become.
You know, they're a bunch ofguys working for wall street.
That's what I got said about.
Well, we've, I mean we've had so many guests on ourshow that talk about the economy coming to a, uh, a fiasco in a crisisand it's one of many things.
It's going to cause it, but there's no doubt they are going toblame the Corona virus as the cause of the economy coming down.
When theeconomy was going to come down any way, by some means in the year wascoming down in September of 2019.
If you pay attention, it's not the stock market.
What was going down was theRay Paul market and the uh, commercial I commercialfinance, my CFC P market.
Anyway, commercial creditmarkets, something like that.
And then they corporate creditmarket was coming down in September.
Nobody could see it.
It was coming down.
The commercial credit markets were comingdown as the stock market was going up and all the guys who knew were gettingout and all the guys investing for the long term would piling instupid, stupid, stupid.
That's why you're saying itlooks like the virus is real, but it looks like it's definitely goingto be an excuse in a smokescreen for the economy collapse that's coming worldwideand the, and the, and what I would say, my rich dad was said to me, soeffin what you being screwed.
You know, we're all being screwed constantly byour leaders and our government and people will own trust and all this stuff.
So what grow up, just grow up, not amorphous may is thatthe transformation from animmature form to a mature form.
That's what rich dad standsfor when it comes to money grow up.
So I thank you all for listeningto the rich dad.
Thank you to Tom Wheelwright.
Please get his Vox tax freewealth and his website, his wealth ability.
com because you wantto find out how the rich are getting a retro during those crisis.
You're goingto change the way you see the crisis.
Thank you very much.