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TEDx Talks
Published: 2016-07-21
Source: https://www.youtube.com/watch?v=abMQhaMdQu0
the subject wealth and income inequality are the biggest moral crisis I also think it's a spiritual crisis in America today all around the world this gap between the rich and everybody else is reaching critical proportions and I think one of the biggest crisis of the young people today's young unemployed become tomorrow's unemployable they lose valuable jobs training skills so I'm gonna show off with a picture
is worth a thousand words also show you some pictures about how rapidly this inequality as well opportunity inequality is growing so what's happening in America day savers are losers in a most parents through the kids go to school and save money and work hard but in nineteen seventy when I graduated from school a million dollars a fifteen percent interest around me a hundred fifty thousand a
year not if you live in a hundred fifty thousand dollars a year back then but a twenty six game do the same call quantitative easing I called the Greenspan put it's a one million dollars at negative five basis points it's going to cost you a million dollars to save a million dollars that is how dear rada our financial system have become and this is one of
the causes between the gap between the rich and the poor the other thing is that fewer and fewer families are receiving middle class incomes it's going down every time you shop at Walmart which ship dollars and jobs over to China and Pakistan in all the countries that's capitalism the other thing that's happening when people's incomes go down they become dependent now the US government tells us
that poverty has been beaten in America well maybe poverty has been been but what has increased with the entitlement mentality the idea too that the government and other people should take care of me as a sizzling moral crisis as well as spiritual crisis now learned in Sunday school give unusual ritzy and to make people today think they should proceed this is the other crisis here social
security being Japanese the Japanese because I right I'm a racist and but anyway I have met so many people my age both but seventy five million baby boomers on the top of the baby boom chain we expect the government to take care of us that's a lot of highly educated people that's a crisis so N. about two thousand true I publish this book rich does prophecy
fourteen years later prediction was a twenty sixteen they have been a global financial crash we're in twenty sixteen and here we are twenty sixty you can see it coming the first ten years of this century we have had three major crashes two thousand both the dot com crash followed by the two thousand and six realestate subprime crash and then two thousand eight the banking crash the
question does who lives next with a giant crash of nineteen twenty nine their time I listen to those guys on CNBC a color bubble vision they keep talking about the giant crash of nineteen twenty nine I tell you what nothing compared to this one coming in now so that's why I write tonight speak and I'm very concerned about our futures are well being and the state
of the economy subway talking today about why the rich getting richer commercial message my next book coming out but after the extra pay I'll explain some of the tricks of the trade why guys like me get richer and everybody else is not and %HESITATION it's quite interesting this is one reason the rich getting richer this is the bush tax cuts the biggest tax cuts go for
pop pop one tenth of a percent thank you George appreciate that and they have no morals guys been until he could but anyway I'm the author the book rich dad poor dad gnomish see a show of hands how many have read rich dad poor dad %HESITATION got some we have who has not yet read the book here I got the some customers out there happy the
other thing to the pub press on the best selling author not a best writing author anyway so full of both I heard the book rich dad poor dad the truth from my two dads and the story begins when I was nine years old grunt but little town will sugar plantation town called Hilo Hawaii and I raise my hand in the fourth grade and I went to
a very rich basically all white school and I said aw Mr zero when will I learn about money and she says my don't you know the love of money is the root of all evil not to me but yes it says you're here to get a job Ottawa jobless will get rich so she says go after death so that's where rich dad poor dad started my
poor dad was the head of education for whole why very smart man PhD went to Stanford University Chicago northwestern I went home and asked as they did when we learn about money faces never it went up to the government allows a teacher that so that's kind of interesting so Saddam what a great risk to talk to your best friend's father and here he is an entrepreneur
and someday he'll be a very rich man so that's how the story bridged at port that starts when I was nine years all across went to my rich dad's office being an entrepreneur and you start teaching his son I may about why the rich get richer enough my financial education began so I wrote this book in my nineteen ninety seven so forceful about forty million lank
forty one million copies in fifty languages throughout the world so about kill above my background I don't do it for the applause than cash anyway that's anyway this Hilo Hawaii to New York City I didn't do well in school of straight C. minus student led I don't have a pen from the old man is the head of education wasn't easy enough so anyway I'm %HESITATION I
got two congressional nominations once US Naval Academy Annapolis Maryland one to you with Richmond academy things point New York so I took New York because with the highest paid graduates in the world and %HESITATION this is me at kings point here and I'm starting salaries for most of us with about a hundred thousand dollars a year back in nineteen sixty five so that was pretty good
back then not much today was pretty good back then and then when I graduated I got a job the third officer instead of oil tanker filling the world there was great job except for one thing the Vietnam War was still on a more moral conscience kinda got to me and I said maybe I should go fight a war so I joined the marine corps I took
a cut in pay from about six thousand a month down to two hundred a month as a marine lieutenant and was a great decision I went to flight school in Florida Pensacola was written right up the street here at camp Pendleton and straight to Vietnam and was a really great experience love the marine corps love the guys I worked with and the band of brothers very
spiritual organization and I came back that's when my business career started my first business the threat for wallet business on all this everything's yeah when when you you start getting successful life he is a well know success Spence yeah I sort of filling the Philly wallets all from they took off and I spent more time raising capital to buy more in the Taurus look at selling
war but it was a great learning experience like learn to make a lot of money selling wallets but anyway my life changed when I met this man here doctor R. Buckminster fuller this here's what fuller is noted for is considered a futurist and a friendly genius this is the geodesic dome with that that the Montreal world's fair in nineteen sixty seven by nineteen sixty seven I
hitchhiked from New York City all the way to Montreal to go see the dome and it was a mind blowing experience I never thought I'd ever meet the great genius you know John Dunbar calls him of the planet's friendly genius so anyway but in nineteen eighty one a chance to study with them open perk with California and at Lake Tahoe for five days and I made
the mistake of sitting down next while he sat down next Amir Ali and all the bills it was called the future of both a seminar SSL next missiles Robert what is your life's purpose what is your mission in life but to get rich wrong answer I chewed me out it's a rather it's a waste of a good mind you not since why don't you do something
to change the world was change the world's twenty correct into and finally I got it as he says you know I'm not here to work for me I'm here to work for everybody else it was a very difficult Florida defense wants to realize how greedy I was then now I studied with him for three years and Everytime I kept asking the same question that he asked
himself what can I do I'm just a little guy what can I do I'm just a little guy he was tentative so I ask all of you what can you do just little people many what so I thought it with them for three times eighty one eighty two and eighty three and then he passed away at a life for a fight in a three left this
book behind it's called the crunch of giant to stand for growth universal cache site G. R. U. N. C. H. it's how the ultra rich rip us off no fuller is a from legend as he never wrote finance books are at it cut economic books his up L. math science art design his architect I read crunch of giants understood because is exactly what my rich dad
was telling me the retro Reppan us off so at that point I said well what can I do I'm just a little guy and I decided that time I would take on brunch and for those who wonder who crunches in windows noticed that those crashes we just had you know we got bailed out the rich got bailed out the materialism gentleman when actually on the president
Paul from stand up there and they say this was a mistake we have to save the economy that's a lie I hesitated I hesitate to tell you that that's a lie they bailed out the rich his partner bill snips business plan goes on all the time so let us until my sudden nineteen eighty three I go do something about this and what can a little guy
to his take on the biggest banks the Federal Reserve Bank not a bank not federal no reserves American get the hint and I could pick on wallstreet I could take on government but I can also take on the school system Phyllis and Joe mumbles crashes the spell out for not accident and neither is it an accident with no financial education in school but my research found
the flight in a thread a it's premeditated just hours prior to the civil war was illegal to educate a slave we're not allowed to learn about money at school and when I found that out I said okay it's time for me to get on with my life and start teaching size for a kid big poket much like my rich dad and my Porta a third teaching
it was not too far from him a wife and I were homeless and San Diego you know doing our best to teach because we can't go inside the school system and nobody wants to listen so anyway that's how it started and solitary what financial education really it's well certainly when it's not financial education isn't saving money and investing for the long term in the stock market
and getting out of debt flatly the opposite of that so my financial education pick them up again monopoly you know we all know the formula for greenhouses one red hotel when I was nine years old told us about twenty wrist and I saw the play monopoly and that's all learn to become a rich man so the reason that works with the from the pawn of learning
it was created by a man named professor Edgar Dale and in nineteen sixty nine I came up with the clone of learning and he said this is how human beings are designed to learn noticed the worst way to learn is by reading and the second worst place lecture will think boring kitchen that's why I was never at school and I thought what was there but it
and then what you guys are doing here is you look at pictures watch moved us what Ted talks works but also the second best way is called simulation simulations where you got to make your mistakes you gotta make a mistake something to thank him to smack the stick to human beings learn by making mistakes that supple school admit mistakes a concert stupid and build us a
mechanistic you're fired a mechanistic in business your failure so process got to find a place to make mistakes in and scientists like Edison was a laboratory so the reason I learned a lot was I made mistakes playing monopoly that's how I that's how I learned so much and today I play monopoly in real life my wife and I were pretend thousand units several hotels golf courses
on oil well but that's the game and once you learn in your brain by playing games simulation for the way you learn so you practice practice practice practice practice make mistake after mistake after mistake like a golfer makes a mistake after mistake after mistake that they turn pro but there is a lot of people are not rich ethic mistakes making stupid criminal a baby cannot learn
to walk with a fold out Hitler to write a bicycle to fall off the bicycle so that's where a school social political still so I left the military because they thought they taught us to make mistake after mistake after mistake every day we flew we practiced emergency procedures and everyday I killed my uncial to fly my aircraft without an end and this here is me doing
the real thing went down three times in Vietnam if not for practicing crashing a bit wouldn't be here today all five of my crew came home alive so what I did was after book but it kinda chewed me out this is what can I do I'm just a little guy my wife and I drew this board game called cash flow but this is the queue up
cash flow came here this is called a financial statement whose yeah a financial statement to monopolize you have cash flow missiles financial literacy how you understand numbers the beauty of a cash flow Damas today we have thousands and thousands of cash flow clubs all over the world people teaching people without having to go through school and get a student loan debt now you have to go
to school be a doctor a lawyer an engineer but you don't have to fiddle till the very rich so all over the world today I asked a double fault doctor photograph that's hard empowering people to Lawrence all over the world today everyday in different languages people are teaching people the same lessons my rich dad taught me and this here is a financial statement thinking spells out
liability the beauty of those fearlessness this was your report card when you leave school to back up my paper several asked my grade point average what school I went to my back was a C. my financial statement and the reason most people can't go out loans that I have a financial statement I don't even know what it is when they leave school even college graduates the
reason I can borrow hundreds of millions of dollars I'm a strong financial statement financial literacy and this here is very simply if income expense also liabilities poor dad always to go to school get a high paying job the poem of education the teacher d'emploi rich dad taught me been entrepreneur acquiring assets for greenhouses one red hotel athletes are very simply can plantain plateau Appleseed and Appleseed