Playing to Win - 056 - Robert Kiyosaki - Debt & Taxes w⧸ Ken McElroy & Tom Wheelwright @The Rich Dad Channel

00:00:00.000 it kills guys welcome back this is the follow-up to the uh 47th episode on uh playing to win uh

00:00:07.240 where it's just robert and i we're kind of chopping it up about his uh batman origin story and you

00:00:11.200 know some of the wealth creation ideas and towards the end of the show he mentioned that he wanted

00:00:15.480 to bring in his uh tax and real estate guy uh so we're joined today with tom wheelwright who's our

00:00:21.620 tax guy and uh ken oops i've got volume coming up here on my other screen sorry ken uh mcelroy

00:00:28.960 am i pronouncing it right it's yeah mcelroy okay perfect and um you are the real estate guy so

00:00:34.840 before we um kick it off and kind of dive into this i'm going to segue in just by throwing up

00:00:40.340 on the screen the tail end of the last cast that i did with robert um just to kind of refresh uh what

00:00:46.900 we left with because he came because he basically cooked up this idea to put together this follow-up

00:00:52.200 with the real estate and tax planning based off this ending here so just listen to this right here real

00:00:56.480 quick yeah this is a really good question here so isn't real estate mostly ruined by the fact the

00:01:00.920 government can stop rent for months on end like why would the typical person want that risk

00:01:04.280 they've never stopped my rent i don't know what country you live in um i think he's i think he's

00:01:09.140 talking about the rent relief um during the pandemic during the lockdowns and all that where people

00:01:13.040 weren't required to pay the rent yeah well you just handle those little problems you handle i mean i

00:01:18.020 don't handle any of that that's why my friend kenny comes on i just give him my money i make a lot

00:01:23.400 of money in other businesses but i've got to give my money to a real estate guy how did you solve that

00:01:27.780 problem like i'm not in the u.s i don't know how the rent uh you know situation working over the

00:01:32.120 lockdown yeah so that's why it would be good rich if we got kenny and tom on we can talk about that

00:01:36.800 we talk about ken i can talk about the world but we travel the world together cool and they all find

00:01:41.440 out it's always the same you know when you look here this is esb this is the book number two you go to

00:01:48.220 school for to be an employee we become a doctor a lawyer a specialist or a plumber something like this

00:01:52.680 capitalists look on this side here b and i and so when we taught all over the world we only teach this

00:01:58.700 side here i don't know this side that's my poor dad's side this is my rich dad's idea so b stands for a

00:02:04.400 brand 500 employees and a brand so i my book is now number 20 in the world because i studied how to build a

00:02:13.820 brand i didn't study how to be a doctor and then the i stands for insider i never touched outside

00:02:20.000 stocks i'm always an entrepreneur but so that's how my solutions are different but i studied for it

00:02:25.100 that's the story of rich dad that's embroidered in the in the headrest of your chair too isn't it

00:02:30.580 what's that that's embroidered in the headrest behind you i just noticed that my whole team gave that to

00:02:35.480 me because we teach rich dad teaches people to be on this side academics teach people on this side

00:02:40.540 these guys pay 40 in taxes s's pay 60 so if a doctor makes a million dollars they walk home with

00:02:46.720 four that's terrible yeah i make a million dollars here i walk away with a million dollars and i walk

00:02:53.740 over here it's 20 and the reason i got a tax break all right so i think that covers it um we've got

00:03:01.560 a bunch of stuff we can talk about we have about an hour so i want to get right into this is try to

00:03:06.620 be as efficient as possible as we're kind of uh working through many of these ideas so

00:03:11.420 to kind of give you guys a little bit of insight so here in canada um because robert and i were

00:03:17.580 talking maybe about 15 20 minutes prior to that and i also had a conversation with george gammon

00:03:21.540 a few months prior and we got into the conversations about real estate um real estate here as far as

00:03:28.940 placing your money um you know as an investor to acquire and hold um and put tenants in it even

00:03:36.320 unless you're running it as a full-time business doesn't make a lot of sense so if you've got some

00:03:41.360 spare capital and you want to deploy it and say all right i'm going to buy a condo here and a house

00:03:44.680 here or something like that um like the last condo that i just sold a few months ago it was in

00:03:50.060 downtown toronto and to give you an idea of the ratios about 850 000 two bedroom two bath

00:03:55.760 and when it was uh generating rental income it was about 2800 a month so not a not a real good

00:04:03.500 ratio right that's a lot different in many of the states in the u.s right like real estate is a lot

00:04:08.820 more attractive if i'm not mistaken yeah yeah yeah you know the thing about toronto as you know rich

00:04:17.260 being there i i've spoken all over canada and i have lots of friends that do real estate in canada

00:04:21.540 um you know as you go from let's say the west coast from let's call it vancouver you know then

00:04:27.780 to you know maybe calgary and you just keep moving moving around each each city each province is

00:04:33.580 different each uh it's the same in the u.s so you know typically the coasts are a little bit more

00:04:39.180 and um yes so the the you know you can get deals you know the key to real estate from my opinion is

00:04:48.400 is uh trying to be ahead of where we're going so uh you know vancouver blew up way back in the 80s

00:04:55.900 because of your immigration when you know you could you could put a million bucks down and all

00:04:59.860 of a sudden you could open a business and you could be a citizen in the in canada well that that's uh i

00:05:05.360 don't know if they're still doing that but that kind of blew up that that market and so you know

00:05:10.140 each market's a little bit different depending on oil and gas if you go up to the tar sands uh you

00:05:14.820 know up above calgary and i know that busted since and you know so uh it's the same in the u.s we have

00:05:20.760 boom and bust town based on you know what's happening in that particular area and towards the

00:05:27.320 end of that um clip that i just played robert was talking about being able to put money into real

00:05:31.220 estate but pay zero taxes on was it was it the income is it the capital gains on the property

00:05:37.340 like can you get some get into some specifics with that and if tom you need to chime in on the tax

00:05:43.200 planning stuff let us know what that looks like too if if tom if i could step in i'll just show

00:05:47.540 this diagram then tom takes over yeah yeah go ahead exactly i'll give you the full screen just so

00:05:52.980 you can show the diagram yeah this is the most more important services they're investing are you

00:05:58.460 investing from an employee or self-employed or business and insider and these guys pay the

00:06:06.300 highest taxes so when somebody says i'm making money i want to know from which quadrant they're

00:06:11.500 investing from so i won't touch a deal if i'm investing from here again this is poor dad this

00:06:17.660 is rich dad this is academic these are capitalists here but what tom has taught me and my rich dad

00:06:23.580 what i taught you to do is if i have a business which i do and i make one million dollars here one

00:06:33.660 million so a rich dad company makes one million immediately i've got to ask kenny i need a five

00:06:42.140 million dollar life enough a five million dollar liability so what i'm doing is i'm going to make a

00:06:49.580 million dollars here and i have to find a five million dollar either rental property oil and gas or

00:06:55.500 something so they're not the same transaction so every time i'm investing i'm on two tracks one is a

00:07:03.180 business order and the other as an investor got it every year i'm calling kenny said hey kenny i need

00:07:11.420 some more i need some more debt i need some more debt tom take over so so is that through a hold

00:07:20.460 code like here in canada we call that a holding company abbreviated down to hold code which is just

00:07:24.460 a number company which holds your assets is that what that looks like tom uh yeah typically but it's

00:07:30.700 it's not the it's not the company that makes the difference it's the asset so it's having the debt

00:07:36.540 combined so it's you get a deduction in canada it's the same okay you get a deduction for a portion

00:07:44.380 of the purchase price of the property right and some of that is accelerated depending on what type it is

00:07:50.380 so is that for example is a carpeting and and uh window coverings or is it uh you know land improvements

00:07:57.180 like landscaping or is it the building itself right everything wears out at different rates and

00:08:01.980 the government gives you a deduction we call it depreciation down here or asset recovery in some

00:08:07.740 some countries um and that deduction is you know it's it's not like the property is going down in

00:08:13.660 value it's just that the government gives you a deduction for wear and tear on the building

00:08:17.340 and on the property and when you get debt along with the money you put in then what happens is you

00:08:23.820 actually magnify that deduction so robert can actually take a million dollars buy five million dollars

00:08:30.140 a property and he could end up with uh right now in the us as much as a million dollar deduction

00:08:35.420 but you know whether it's a million dollars or five hundred thousand canada is probably closer to

00:08:39.100 five hundred thousand right now if you if you did that um but you can really it's what's really

00:08:43.980 interesting you can really do it in any country so so it's structured in in such a way that a holding

00:08:50.220 company holds that million dollar asset so let's say that you generate a million dollars in income on

00:08:54.780 it and you're sitting on that cash as long as you take on the five million dollars in debt

00:08:59.020 in the um let's say you buy an apartment building with a bunch of doors then then that's a wash and

00:09:04.940 there's no taxes paid exactly exactly what i'm trying to do is i have a business as an asset rich

00:09:12.380 dad let's say i'm calling i was calling i start panicking around july and i'm on the phone to kenny

00:09:19.180 said kenny what you got what you got what you got this is the difference that people have a hard time

00:09:24.780 to realize i'm looking for more debt and when you say more debt you generally mean like borrowing

00:09:32.140 money from a bank for real estate investment i need to find something i can borrow money on and

00:09:39.180 the reason i say that is so many people americans canadian they've been taught to get out of debt

00:09:45.820 live debt free so the opposite so when i tell people what i what i'm calling kenny panicking

00:09:53.420 i said kenny how much debt have you got and what he's got an asset so let's use the same numbers one

00:09:59.900 million five million i now have a six million dollar asset and it might be an apartment house in austin texas

00:10:07.180 that was the last deal we did right kenny that was austin yeah it's 450 doors 455 doors 90 million

00:10:18.060 and um is there like a certain region that that that you guys lean to right now like i know there's

00:10:24.460 there's there's somewhat of a migration of uh citizens from certain states to places like texas

00:10:31.340 arizona and florida um have you been targeting like these growth areas specifically

00:10:37.580 yeah so we have uh i have about 300 employees at this point we have just about 10 000 doors

00:10:45.020 and um you know our acquisition guys are constantly looking for obviously where people are heading

00:10:51.660 so you know back in the day you can kind of pick on let's say detroit you know that was a really hot

00:10:57.260 and vibrant now it's you know there's not a lot of people going there and so now that's happening

00:11:03.180 along the coast so washington oregon california not exclusively but but a lot of people are moving

00:11:10.140 out of those areas into other areas based on all kinds of things so that yes and so one of those

00:11:16.700 markets that we're looking at is texas uh they're obviously not moving everywhere in texas but there

00:11:21.820 are certain markets that people are going to and there's a bunch of cool ways rich like uh simple

00:11:28.220 like if you think about it it makes complete common sense for like like rider truck and u-haul

00:11:33.260 u-haul truck rentals one way i was watching a video on your channel yeah yeah how do you get that data

00:11:39.820 yeah it's all on on the on the internet okay you know north american north american van lines also

00:11:45.660 out-of-state driver's licenses as an example or residency or whatever you know when you like let's

00:11:51.100 say people are moving here from washington to arizona let's say which is where i live

00:11:56.220 they turn in their driver's license well that's a data point so you know last year arizona grew by 98

00:12:02.300 000 people uh north carolina 93 uh texas 321 000 and florida 211 000 those are the top four states

00:12:13.420 right now that you know what the do you actually know what the percentage growth is versus no not

00:12:19.180 off the top of my head uh you know and that is important but the enough you know what happens rich

00:12:25.260 as you can imagine so you can imagine went up let's say a hundred thousand people come to arizona

00:12:30.540 if we don't have the supply to accommodate that then it drives prices up drives rent up

00:12:36.140 you know it's hard to get a reservation all that stuff's happening here in arizona it's happening

00:12:41.180 in florida it's happening in texas those states are busy and the um truck rental companies do they

00:12:48.860 do they publish that information about where all their vehicles are moving to or is that like an insider

00:12:53.260 thing yeah no you can go right on u-haul and go on north american and go on rider and it's actually

00:12:59.100 they'll show you oh really it's pretty neat yeah yeah just internet right now and uh so yeah those

00:13:05.900 are those are just some of the things you wouldn't want to rely on them completely but there's also

00:13:11.420 some crazy horror stories so i'll give you an example i have a friend that's trying to move from california

00:13:17.580 and uh u-haul is going to charge him 10 grand um and because it's a one-way trip and uh it's up to

00:13:26.860 idaho and uh so he said if i get it back to them it's only four uh so you know there's you know what's

00:13:35.020 happening is all their they're all their trucks are leaving and they they don't have the labor to get

00:13:39.260 them all back so there's got to be a market to pay somebody like a thousand bucks i'll do it for a 0.71

00:13:46.380 thousand bucks yeah i mean you could probably put an ad in a local uh listing and get some kid to do

00:13:51.660 it with the driver's license right yeah that's interesting um what other uh strategies have

00:13:58.060 you been able to leverage um to minimize your tax burden because that's usually one of the most

00:14:03.660 uh expensive uh lines on my quickbooks that i've noticed in the past i mean what else have you seen

00:14:11.420 that's uh a little tip or a trick that you know if you got anything for us tom or robert or ken

00:14:17.660 well the first thing to understand is is really what the tax law is all about that you know most of

00:14:22.620 the tax law is really a bunch of incentives and the government wants you to put your money certain

00:14:27.100 places and the key is to find those incentives so real estate is one of those incentives uh need

00:14:32.620 to build housing you know need to build commercial properties so we have real estate tax incentives

00:14:38.540 there are others energy um clean energy especially is a big one renewable energy um there are tax credits

00:14:45.420 there's there's tax deductions for for clean energy there's um you know other energy oil and gas

00:14:52.700 um in the u.s there's big deductions for oil and gas technology business agriculture i mean there are

00:14:59.020 really a lot of incentives um 99 of the tax law in all of our countries is uh just a series of

00:15:07.100 incentives it's just instruction guide basically to reducing your taxes so all all the government's

00:15:11.980 saying is look we need certain things done and if you do those things then we're going to encourage

00:15:17.980 that by giving you a tax break and uh because because we want you to do it rather than have us do it

00:15:23.740 and then we'll share the profits when the profits come are there states that are more business

00:15:28.700 friendly than other states oh yeah yeah yeah yeah well we're starting to see rent control pop up

00:15:36.140 we're starting to see rent caps pop up there are some that actually have passed so you know capital

00:15:41.820 markets you were talking about you know the big money institutional it's going to go you know it's going

00:15:47.500 to go to where it's a little little more friendly and uh i think that's what's happening now right

00:15:53.580 people are voting with their feet and their checkbooks uh based on those things happening

00:15:58.700 right now we're seeing it real time that's wonderful um robert i want to ask you this question

00:16:03.340 how do you select your tax guy because i always struggle to find great tax planners most of them

00:16:10.140 will like to prefer to color within the lines every dot must be you know perfect every t must be

00:16:16.060 crossed there is no you know room for gray area i like a guy that's you know more willing to lean

00:16:23.580 into to asking for for forgiveness than asking for permission so i'm curious about how you chose a

00:16:29.980 guy like tom you know for example well as that old that old saying goes you kiss a lot of frogs to

00:16:35.660 find the fairy princess i had i had a lot of bad ones and through a bad one i met tom but tom wrote this

00:16:44.060 book called tax-free wealth it's a it's a it's a book for entrepreneurs because we're not the brightest

00:16:50.060 guys on earth and you can read the book and the most important thing after reading tax-free wealth

00:16:56.060 you'll know what questions to ask and it'll save you a lot of time and uh and tom is definitely within

00:17:03.180 the lines because we wouldn't cross it it's not worth it is it we just said that true tom yeah and let me

00:17:09.260 add to that rich so really the question is is how much does your tax advisor know about the tax law

00:17:16.140 it's it you really don't want them to go outside their knowledge so if you've got somebody who's

00:17:21.260 you know pushing the envelope it's probably because they don't knowing they don't know the entire tax

00:17:26.380 law and so the more they more you understand about the tax law the more you really understand that

00:17:32.460 wow you know what this tax law is actually built to reduce your taxes if you do what the government

00:17:37.980 wants done so it's really a matter of understanding the tax law as opposed to having to push the limits

00:17:43.900 of the tax law right got it and again the question the thing for every entrepreneur is what questions

00:17:49.740 to ask those are very important questions well how do you how do you decide that buy tom's book

00:17:57.020 is called tax-free wealth read the book there you go tax-free wealth where is it on amazon it's

00:18:01.420 everywhere so it's and is it specific to the united states or a certain region or certain state or

00:18:08.380 it's not it's very it's it's very much about the concepts of tax law so we have i mean i've had people

00:18:15.180 talk to me in romania and and uh great britain and canada and mexico it doesn't matter because the

00:18:21.580 concepts right we're we're not looking the specifics is what you have a tax advisor for but you you need

00:18:26.700 to understand what you can do uh to reduce your taxes you know one of the things that um we look

00:18:32.540 at is uh you think about a conservative versus an aggressive um tax advisor and really a conservative

00:18:40.940 tax advisor just somebody that um does things within what they know so anytime you have somebody who

00:18:48.220 doesn't know very much then they're going to be very aggressive what i always tell people though to

00:18:52.140 robert's point about asking questions is the advisor's primary job is not to give answers

00:18:58.620 the advisor's primary job is to ask the right questions so the best way to know if your tax

00:19:04.140 advisor is a good tax advisor is are they asking you good questions and that's pretty easy you can tell

00:19:10.460 that you've got a pretty good idea oh yeah they're thinking about this they're asking me this they're

00:19:14.860 looking at kind of a holistic approach to taxes and they're not just saying no you can do this and you

00:19:19.900 can't do that how do you spot a bad tax advisor oh my heavens well that's about 90 plus percent of

00:19:27.020 them unfortunately yeah they're people so you know we're all entrepreneurs right so i always say no

00:19:35.340 entrepreneur wants to be told what they can't do they only want to be told how to do what they want to

00:19:40.380 do so to me a good tax advisor attorney financial planner whoever it is is somebody that's going

00:19:46.300 to help you get where you want to go and that's really that it's really that thought process it's

00:19:51.180 how you think about it that makes the big difference and what questions that um then the tax advisor asks

00:19:57.100 you to get where you want to go got it got it so rich rich if i add one more thing the reason i want

00:20:04.060 it's always ken and tom because in the world of money it's always debt and taxes so kenny provides the

00:20:10.620 debt he has three books first book is the abc's it's the basic of real estate investing then then

00:20:17.180 he has one for property management which is key you've got to have a good property manager that's

00:20:21.340 the hardest thing about real estate and the third is the advanced guide so if you go through ken's book

00:20:28.380 and books three books and tom's books then you'll be better able to find a better tax advisor because

00:20:36.220 i think kenny's book the piece the resistance is at last book is the advanced guide it's how we make

00:20:43.900 millions of dollars and pay no taxes legally when you read that then you start hunting down a guy like

00:20:50.460 tom wheelwright as fast as you can and the other last thing i want to say because with this question

00:20:56.460 the three of us have traveled the world again we have a great time uh kenny was locked up in moscow as

00:21:02.220 usual but anyway but rich the tax laws are fundamentally the same all over the world

00:21:09.580 because tom flies let's say we fly into romania tom will check it out he says it's exactly the same

00:21:15.900 and everybody says well our tax laws are different here but no matter which country we've been to and

00:21:21.740 you know kenny and tom have done a lot of work in canada the laws are the same when you say the laws are

00:21:27.660 the same um like just to sort of expand on that like we're we're dealing with like uh cuisine in

00:21:36.140 countries varies but you still have you know pretty much the same ingredients right is what we're dealing

00:21:41.820 with yeah so here's what i would say rich um you know the the financial system in the u.s the financial

00:21:49.660 system in canada are very different but one thing that's the same is the banks are trying to get

00:21:55.900 everybody's money in savings and the wealth managers are trying to get everybody's money to

00:22:00.300 to manage it so what if you understand that then you understand how to get that money because that

00:22:07.340 all money all that money funnels into all those things so when i go out to get money in the form

00:22:14.140 of debt i actually get it you know through banks through pension funds through insurance no different

00:22:20.140 in canada i mean all that money is managed and then those money managers look for guys like me

00:22:25.900 to place it that is absolutely the same so it really all is opm or other people

00:22:34.300 and that's one thing that's for sure and what the banks are trying to do of course if i if i let's say

00:22:38.940 i get a million bucks from you and it's in in savings and i'm paying you one percent i'm trying to lend

00:22:45.340 it back to me let's say five and you know so that's that's how it works is they're taking your money

00:22:51.900 and basically lending it to me and the collateral is a project that i find that's the system that

00:22:57.500 we're in it's the same across the entire world yeah and rich even from a tax standpoint i mean the

00:23:03.660 incentives are the same your your government wants the same things mike our government wants you know

00:23:08.300 they want housing they want energy they want ag you know food they want they want business they want

00:23:14.140 technology the incentives don't change yeah how they apply those incentives are going to change

00:23:20.140 you know from time to time um the very specific details of that you do have to have a local tax

00:23:26.300 advisor but the but the overall view of the government what the government wants to do and

00:23:31.740 the government incentives are absolutely remarkably the same you know we have here what's called a 401k which

00:23:37.660 is a retirement plan like your rrsp um uh in um in japan they actually have something they call a 401k

00:23:47.020 so they've actually copied us exactly and so the you know you take those retirement plans yeah there's

00:23:53.660 a little difference for example rsp you have a lot more flexibility in taking that out than we do

00:23:58.780 uh superannuation in australia they have even more um flexibility than you do but they're still the

00:24:05.020 same idea they're still the idea of putting money into a retirement plan getting a tax break and then

00:24:10.380 taking it out when you retire so it's still the same incentive it's still the same idea gotcha um

00:24:17.260 robert you're talking about the mindset of like most guys earlier and sarah sent me a a video

00:24:22.380 um about uh i can't remember what the title was something around um debt being dumb you know essentially

00:24:29.100 oh by the way robert you were right you know you were talking about being a big fat beta the last time

00:24:33.180 we were talking yeah and that video that i watched and and it had ken and tom in it as well it looked

00:24:38.140 like it was about 20 years old you look like a totally different guy back then yeah yeah like much

00:24:44.140 like a lot more you know in the face than the head you've lost a lot of that weight so good for you

00:24:48.700 but um in those videos you were you were talking about the um concept about how people struggle with

00:24:54.700 the idea of like good debt versus bad debt right and a lot of them have you know limiting beliefs

00:25:00.700 i don't know if you know this but i built one of canada's most successful debt negotiation

00:25:05.660 companies i started in 2003 uh i pulled out of it a few years ago my brother runs it now for the most

00:25:11.180 part so i'm i'm very very familiar with the mindset that most people have when they consume uh unsecured

00:25:17.740 debt and create credit card debt and you know what what sort of problems that creates in their lives can

00:25:23.180 you talk a little bit more about the mindset you know between you know those like limiting limiting

00:25:27.580 beliefs around debt all debt being bad versus how you actually make money with that yeah i think i

00:25:34.300 think you call it a scam i think it was scam number seven yeah was it it's uh it really is a mindset

00:25:42.220 it's a i call it a culture there's a guy not gladwell he's canadian and and he says what keeps a person

00:25:51.180 where they're at is their culture for example i'm japanese but my culture is american

00:25:57.980 and so a poor person is a person of a culture well eat drink and be married for tomorrow we die so

00:26:05.180 they spent so they lack the discipline the other part of the the hardest thing when i talk to people

00:26:11.900 i mean i've gotten to fights you know i i like it like an obnoxious character i am i said well i just

00:26:18.700 don't like paying taxes and i tell you there are some of these people who get off they say that's criminal

00:26:26.220 you're a criminal you know they think not they think they think paying taxes is patriotic and i

00:26:32.940 point out to them if you understood macroeconomics that in 1773

00:26:40.060 america had a party it was called the boston tea party it was it was a revolt against paying taxes so

00:26:47.820 america was formed as a tax-free nation and but it's been the kool-aid has been drunk uh sold off

00:26:56.540 to people that you have to pay taxes and the person who says taxes are important are marxists 1.00

00:27:02.700 you know i mean carl marx in his book capitalist communist manifesto said you want to kill the

00:27:07.500 middle class is grindable taxes so they're inculcated via the education system that if you pay taxes 0.78

00:27:14.220 you're patriotic when on the b and the i side it's completely the opposite you know i always say

00:27:19.260 there's three sides to every coin heads tails at the edge of the coin on the b in the i side of the

00:27:24.700 coin i don't want to pay tax i'm a capitalist i'm also a patriot so what tom says is accurate

00:27:33.180 tax laws are incentives to do what the government wants done so just just reason i'll make it even worse

00:27:42.940 rich yeah go ahead uh with this coven thing coming up we're forced to buy jets right tom

00:27:52.380 that's right

00:27:54.940 wait kenny i bought a layer 60 and what did you buy kenny uh you know you know and why was it a good

00:28:03.580 deal in a tax site tom well uh it the purchase price was 100 deductible so you offset all that other

00:28:11.740 income with the deduction for the for the jet and that eases travel so there's a nice benefit there

00:28:21.020 but imagine rich you sell a piece of property or a business and you you know you net three or four

00:28:27.340 million bucks and you have to pay tax on that or you buy a jet you don't have to pay tax on it

00:28:31.580 mm-hmm makes sense see guys this is how this is how smart businessmen work and i know that this

00:28:39.580 cast will be above the pay grade of a lot of people that might be watching it right now

00:28:44.940 and one of the criticisms you know that i hear a lot from guys that watch my content when i say things

00:28:49.820 like you know it's never been easier to make money and you know if you can become an entrepreneur you

00:28:53.820 should get away from the job and not live just over broke and you know create something of some value

00:28:58.940 that oh rich you know you're out of touch there's you know there's only so much money out there and

00:29:02.860 all the rich people have it you'll never make it and blah blah blah and they've they've already lost

00:29:06.460 right but they lose touch of the fact that you know the money supply has doubled in the last like

00:29:11.740 year and and it's quite easy you know if you do create value to you know create your own business

00:29:18.540 and do things like this and then you end up you know in a position where you have problems like

00:29:23.500 okay i've unloaded a piece of real estate and now i have three or four million dollars that could be

00:29:28.460 a tax liability or i could just buy a private jet and solve my travel woes and not pay those taxes

00:29:34.220 sort of things but you know they don't see it that way it's like you know okay well what you know you

00:29:39.180 you create other solutions in lives and you put money back into the system even even if you're not

00:29:44.620 paying taxes on it you now have to employ people that maintain the jet fuel it clean it you have a pilot you

00:29:50.620 have people that have to you know deal deal with the food there's all kinds of mechanisms that come

00:29:55.260 into play like you know robert you said that you employ a lot of people so even if you may not pay

00:29:58.780 taxes on income that you earn that gets transferred over into real estate you like i know for uh tax

00:30:06.540 liabilities here in canada anyway even if i were to pay zero in taxes i still have eht taxes i have

00:30:12.540 payroll deductions i've got cpp i've got employment insurance right yeah hst taxes

00:30:20.300 so yeah that was that's why this is the second book cash flow quadrant these are mindsets right

00:30:28.220 and you if you don't change the mindset nothing changes so this person always say the same words

00:30:33.900 i want a safe secure job with a steady paycheck yeah they can't unless they change that nothing happens

00:30:40.780 and then this one is if you want it done right do it by yourself and these are doctors and lawyers and

00:30:45.660 all this i was kind of laugh i've met so many doctors who make a million dollars a year but

00:30:52.460 they're paying 600 000 in taxes i make a million dollars here i pay zero taxes who's smarter here's

00:31:01.420 the other thing rich you know you know with with my real estate holdings uh we pay close to six million

00:31:08.460 a year in property tax right which you can't get away from yeah so which is tax so you know it's it's

00:31:15.900 i'm saying what i'm saying is but the government at tom's point earlier is giving me a tax break for

00:31:22.780 actually being in the housing business because the government is not in the housing business so they

00:31:27.660 rely on the private sector so they give people incentives to build it to own it uh you know some

00:31:35.020 of them are affordability tax credits and things like that and they're needed you know those social

00:31:39.660 services are needed for people that that need a hand um but what they do is they they incentivize

00:31:46.300 the industry and say listen how can we get you guys to provide more housing and um and and so we get the

00:31:54.220 tax breaks for doing all that work and putting things you know because i put my ballot sheet up

00:31:59.100 to you know to get a loan and to build something or to buy something but at the end of the day you know on

00:32:04.780 a three or four hundred unit building i'm paying two to three hundred thousand a year in property tax

00:32:10.220 to that municipality and so you know those we are paying tax first we're playing paying sales tax

00:32:16.300 renters tax well plus your employees are plus your employees are all paying tax right so

00:32:21.740 it's not like nobody it's not like nobody pays tax that the reality is rich is that we're really all

00:32:26.940 partners with the government yeah right uh we can be a silent partner which is the e and the s side of

00:32:32.620 the quadrant we're just silent partners we're paying our tax going our way that's fine the

00:32:36.780 government's fine with that that you know they know that they need tax mules people who will pay that 0.98

00:32:41.740 tax but then there's the being the eye side who are actually active partners so like you know if i

00:32:48.460 invest with kenny i'm a silent partner i'm not telling kenny what to do and he's taking a share and

00:32:53.740 i'm taking a share and that's the way partnerships work with the government same things happening what what

00:33:00.220 happens with robert is the reason he's paying no tax is because he's doing so much of what the

00:33:05.340 government wants done that they're happy to have that partnership because all the employees are

00:33:10.220 paying tax like kenny says there's property tax there's sales tax so they're getting lots of money

00:33:15.020 back they're just not getting it from robert so and rich what we're doing is we're actually taking the

00:33:20.380 the playbook from the government regarding tax and we're designing our investment strategy around it

00:33:26.780 it it's not the other way around it's you know we're doing what they're asking us to do

00:33:32.940 right can you we're now i mean robert's got the rich dad poor dad story um i think most people

00:33:39.660 that are watching have probably heard it but um can you guys talk about that moment where

00:33:45.580 you basically saw the code in the matrix and you unplug from the lies that that that we're going to

00:33:50.380 encourage you to you know like i'm sure tom at some point you probably work for an accounting firm

00:33:54.940 you know as a junior guy and i'm sure ken you know at some point you know before you started

00:33:59.020 to acquire real estate you're doing something you know as a job sort of employee can you guys kind of

00:34:04.380 talk about those moments and share those stories with people just to give them some insight so they

00:34:09.660 understand that that you know what you see and do right now doesn't necessarily mean that that's

00:34:14.940 going to be what you're seeing and doing when you get get on later on in life too yeah so so i'll tell

00:34:19.820 you about uh 26 years ago i started my first accounting practice and one of the first clients

00:34:25.740 i had had put away money in a pension plan that's what most people do right put it into an rsp some

00:34:30.700 kind of pension plan and he he retired the year he became my client and he started complaining to me

00:34:37.740 he goes tom i don't understand i'm paying all these taxes now that i'm with you i'm paying all these taxes

00:34:43.500 before that i paid no taxes well because he just postponed his taxes he hadn't eliminated his taxes

00:34:49.980 like robert does and ken does he actually just postponed his taxes and so now he's paying this 0.97

00:34:55.340 huge amount of taxes and you know when when i saw that i'm just going wait a minute this is a fool's

00:35:00.140 errand you're just saying i'm not gonna eat my broccoli at the beginning of the meal i'm gonna

00:35:04.380 eat at the end of the meal but it doesn't make it taste any better right if you don't like broccoli

00:35:08.540 so the same thing is true with the taxes you're actually in a higher tax bracket when you retire

00:35:14.220 if you're making the same amount of money than you were when you were working because you don't

00:35:17.740 have any of the deductions so you're you're actually worse off in many cases postponing that income

00:35:24.140 and so what what occurred to me is well what's really going on with the tax law and and frankly you

00:35:29.500 know robert uh challenged me to write this book tax-free wealth and i started looking at okay how does the

00:35:35.580 tax law really work and uh what really came clear and i remember the moment when robert and i were on

00:35:41.420 and kenny and i were on stage in las vegas actually at the paris i don't know if you guys remember that

00:35:46.620 i said look the tax law is a series of it's stimulus that's what it is it's incentives and

00:35:53.820 all of a sudden you know blair singer turns to me he goes what he goes because once you realize that

00:36:00.540 you're just doing what the government wants done it changes everything it's that just like you're saying

00:36:05.260 rich it's how you think about it because if you think that it's my obligation to pay the most tax

00:36:10.380 possible you great do it okay but if you realize that you can actually contribute more to the

00:36:18.540 government doing what they want you to do than just paying taxes you know who's who's more patriotic

00:36:26.380 yep ken you got a story for us on that yeah you bet so so mine is a little different um i was uh i was

00:36:33.500 a wrestler in high school and i ended up getting a scholarship and i used to wrestle all up uh actually

00:36:40.380 simon fraser university alberta all up in uh in the provinces and also all over u.s and i was going to

00:36:47.660 business school and so i i couldn't pay rent so i i took a job at a an apartment building as a manager

00:36:54.700 and uh the owner came in after a few months because it was a mess when i took it over and i cleaned it up

00:37:01.420 you know it's pretty common sense business i felt and uh he's like hey thanks for you know turning

00:37:07.420 this building around and i handed him all the deposits you know he went to the bank and i'm like

00:37:12.780 man i'm on the wrong side of the desk and so i got uh i got my real estate license and i went to work

00:37:19.500 for the company that was managing that property and they had a bunch of properties and i ended up

00:37:25.260 um working for them as my only job for about eight years and uh i started to learn how guys were putting

00:37:32.220 partnerships together syndications buying deals and there were a lot of doctors and lawyers and you

00:37:37.980 know guys kind of hype i call them high paid you know commissioned people really um and uh you know

00:37:44.380 and and uh so one day i just said okay i've had enough i've had a good learning curve i'm gonna start

00:37:49.500 going out and doing my own deals and um i never looked back so that was uh i'd call that in the

00:37:55.180 mid to late 90s and i've been doing it uh ever since it's been buying i think uh so far i've bought

00:38:02.860 i'm not talking about transacted through like as a gp close to three billion since then uh personally with

00:38:10.220 my said billion with a b yeah it's a lot yeah yeah yeah 30 years worth you know it's well

00:38:19.180 yeah i mean like a lot of people might be watching this and saying oh you know it's an overnight

00:38:22.140 success where he got lucky and you know you know good for him with the jet sort of thing but they

00:38:26.780 don't see the 30 years of blood sweat and tears that go into that right yeah there's a couple there's a

00:38:31.980 you know i lost money uh you know there's there's some mistakes in there for sure uh you know as as

00:38:37.900 there are did you did you guys have any issues in the 2008 financial crisis that that um you know

00:38:44.220 were problematic or did you sail through it i did uh i you know we had learned luckily i had been in

00:38:49.900 the game for you know a bit by then and um i didn't have anything really heavily levered and uh

00:38:57.020 what happened when the housing crash is they actually when people fall out of single family

00:39:01.900 they go into rentals so i was in the rental business so uh that's actually we were on the

00:39:06.940 right side of that and we did very very actually did very very well we actually i'll tell you what

00:39:11.260 i did is i went up to canada and we we put together a hundred million dollar fund with

00:39:16.220 our rsp money and we started buying in texas so i used canadian money to buy um all in the early 2000s

00:39:23.980 and at the time if you remember your dollar was about the same yeah because the us dollar was in

00:39:30.300 trouble so they invested in the end of the our texas deals and uh and then uh they did really well

00:39:38.220 but in addition to that our dollar got stronger so so they had the currency heads too so they they

00:39:43.420 had a it was a double whammy that that was complete luck uh the currency part but um uh yeah so that's

00:39:50.540 what we did uh you know the us was on sale during that time no one in the us was landing no you know

00:39:58.140 banks were taking property on it was a it was a show so um you know so i'm like okay i gotta figure this

00:40:04.940 out so i'm like well either asia europe or canada and um you know i had a lot of friends up in canada

00:40:11.660 from back in the day and so i went up there good for you yeah well well played robert you're like

00:40:18.540 the godfather of like uh money and money and power and you know pivoting and seeing this uh seeing this

00:40:25.500 reality can you talk to people a little bit about you know your your own unplugging i mean like you wrote 0.96

00:40:30.460 the book on it basically if you guys haven't read rich dad poor dad get the damn book it's on amazon 0.69

00:40:34.780 read it and read the follow-up stuff to it but can you shed a little bit of light on this one for us

00:40:39.900 too robert well i these guys will you know i i operate as a team i was i'm a rugby player and rugby

00:40:47.180 players aren't the brightest guys but they were they're running teams and i was running a team

00:40:51.820 and so one of the first things uh rugby players i was also marine and marines operated teams

00:40:57.660 but the most important person on my team is my wife kim and these two guys will tell you

00:41:02.540 she's the brains right for sure yeah he says you the brain she's who i call robert

00:41:14.140 i didn't marry a rich woman but when i met her 1.00

00:41:19.180 she had a job she was in advertising at halalulu

00:41:21.900 mm-hmm and she would set up a little uh network marketing business inside a health club 1.00

00:41:29.660 and she you know here's here's this gorgeous woman sitting there selling products and all this stuff 1.00

00:41:35.100 and said yes she's got she's hot she's gorgeous she's sexy and she likes business so i i think that 0.99

00:41:42.300 was one of the smartest things i ever did because i would agree yeah she freed me up

00:41:49.420 to go and do all the crazy stuff i was doing because she could always pick up the pieces right

00:41:54.540 down that's right yeah i could see in your um in in some of your video content especially when you're

00:41:59.660 working with a group of people that a uh a team is very important was that something that you learned

00:42:05.260 in in school or was that something that came out of the military it's military and rugby yeah

00:42:11.660 let me um let me grab a few of these uh comments and super chats renegade women just says epic panel 1.00

00:42:16.860 everyone be sure to take notes this is prices content coming to you for free um we got mike tyson

00:42:23.580 in the house apparently uh i haven't filed my taxes in about three years and two years ago i worked a

00:42:29.260 ton and stupidly enough was convinced to change my w2 from zero to exempt to get more money back from

00:42:36.140 my job i was investing and thought i'd make the money back appreciate uh urge what what is that 0.78

00:42:44.300 supposed to mean i think you're you rich are always bringing value i think i think you ran out of

00:42:50.220 characters and just took out the spaces um you got any comments on that tom on the um tax issue there

00:42:56.700 that mike's mentioned yeah you know a lot a lot of people when they first get into um you know they

00:43:01.660 first start their own you know side hustle uh they forget about taxes because their whole life they've

00:43:07.260 had money taken out of their paycheck so you can really get into trouble um you know you think that i

00:43:12.700 mean you're borrowing from the government is what you're doing if you know if you change your

00:43:16.460 withholding so you don't take enough out then you're basically borrowing from the government

00:43:20.540 and now you have to pay it back well the government's not as friendly as your local banker frankly um

00:43:26.300 the ir the irs or the uh cra they're going to come after you and so you do have to pay attention to

00:43:32.620 it um and make sure that you are paying in your taxes so that you don't have this big bill come due

00:43:39.020 uh when you file your taxes so so the administration part is actually very important um so another

00:43:46.220 question so at what point if somebody was generating decent income and they wanted to minimize their tax

00:43:53.420 liabilities and start looking at real estate or buying apartment buildings would that make sense

00:43:59.980 may i answer that question because that's a big hot button for me i won't mention this guy's name but

00:44:05.900 he's a real estate expert in the states and he recommends people start with a 200 unit apartment house

00:44:13.820 that seems like a pretty large start yeah and then so i think we should say

00:44:20.060 when i came back from is that in a fund or is that buying your own 200 unit apartment house yeah and

00:44:25.180 this guy but he was fishing for dollars is obvious i see okay yeah you know you know the type of guy on

00:44:30.700 these channels here yeah yeah yeah and he's famous he's famous it's disgusting i got into a fight with

00:44:36.380 him on on air but um when i came back from vietnam my rich dad said to me he's my best friend's father

00:44:44.060 he says if you're going to be rich you have to understand real estate and with that he says take a

00:44:49.740 real estate course so this is in 1974 or something i took a real estate course for 385 bucks and i bought a

00:44:58.540 first my first unit was a one-bedroom water bath condo in maui and it was 18 000 i broke my credit card

00:45:08.380 out and i bought it and i made 25 bucks so i started very very very very small and i stayed small for a

00:45:17.340 long time until kim and i met kenny and you know kim and i had we had like 50 unit apartment houses and

00:45:25.900 stuff like this and we found out kenny could do property management see property management is the

00:45:31.900 key for the money coming out you mismanage that property it's gone that's the properties is a big

00:45:38.380 money's drain so we had to beg kenny said please kenny help us help us help us but this is the words

00:45:45.820 that kenny said to kim and i which was really really good words he says i can't help you you think too small

00:45:56.300 remember that kenny yeah so it's what's the difference between like your definition of

00:46:01.660 small thinking versus big thinking

00:46:05.980 questions for ken sorry oh um well i i what i have rich is uh 30 years of being in the business so i can

00:46:14.700 reflect back on my own and so i think you know if we all you know even you you know as we're growing our

00:46:22.780 businesses and doing all these things one of the things we say is i wish i would have done it earlier

00:46:27.180 i wish i would have done some of these things earlier so the same thing and i think what was

00:46:32.220 happening with robert and kim is they were bouncing around on these small little you know eight unit 10

00:46:37.740 unit deals and um which is fine it's a great that's i actually recommend you do that as a learning

00:46:45.420 platform but i would call that you know the first quarter the second quarter would be you know to

00:46:51.420 step up to bigger deals um and uh and so now i have that advantage to be able to say that because that

00:46:59.020 was my progression too uh you know we we did 500 million last year in 2020 um in apartments only

00:47:08.380 and and um you know it's a long tough evolution to that point and um and so that's all i you know at

00:47:17.420 the time i met robert i would already do two and three hundred unit deals and they were doing the small

00:47:23.580 deals and it you know i was basically saying hey that was the kind of stuff i did 10 years ago

00:47:29.260 if you you know you really need to step it up um i got another question here in the chat from supers he

00:47:37.180 says uh on the way up how much are you willing to give us versus vet for contracts that could show how

00:47:43.260 those tax inner workings work i've met a few people that seem to know those but those relationships seem to

00:47:49.980 fall through it's more of a tax question i guess that's for you tom um yeah here here's what i would

00:47:59.900 say is um you know people always ask well so we have a network of uh cpas in the us and canada and

00:48:07.020 people said so how when am i big enough you know when when am i ready for a cpa and i'm going you know

00:48:12.860 as soon as you're ready to think bigger and think differently about taxes you're ready for a cpa

00:48:17.500 um as long as you're just stuck in that e quadrant or that mindset that i have no choice but to um as

00:48:26.060 i love robert's term be a tax mule and have the government just you know work me uh to death and

00:48:32.540 pay 40 60 percent taxes as long as you're willing to do that you don't need a tax professional okay

00:48:38.220 what you need is when you're ready to go i'm gonna i want i'm willing to change my thought process i'm

00:48:43.180 willing to become an active partner with the government and whether that's in business real

00:48:48.140 estate energy whatever it is you know that's when even if you even if you're just starting out that's

00:48:54.700 when you need to seek out having a team because you know one of the things that that uh we do a lot of

00:49:00.060 is we teach as a team we work together as a team we bring other people on our team you know kenny

00:49:05.820 doesn't give tax advice i don't give real estate advice you know and neither of us give legal advice

00:49:10.220 so you know that that team is is you really want to think bigger you really want to be bigger it's

00:49:15.580 all about the team i saw i saw robert working a piece of paper there i think there's a

00:49:22.060 a chart that's coming up on the screen yeah it's the way you shift your thinking again going to this

00:49:28.700 here i make a lot of money in business the trouble was it was going out in taxes here and the reason i

00:49:37.020 needed kenny so instead of my money going into taxes my money comes down here i borrow money step

00:49:43.660 it up to a six million dollar deal i have more income from the real estate and i pay no taxes

00:49:50.940 and that accelerated kim and i it's just accelerated this so you can sit there and you can you know but

00:49:57.420 kim and i did have a lot of experience with smaller deals once we realized we needed to step up the

00:50:03.420 debt factor give kenny who is a you know he that's his business real estate isn't our business our

00:50:10.620 business was in you know book publishing seminars things like that but once we realized we had to get

00:50:17.500 kenny more money then the million dollars you know let's say 50 went to tax that was gone

00:50:25.340 now what what this did was add more money here tax disappeared we had more money to give kenny

00:50:32.380 no um we've got the tax guy we got the real estate guy we got the businessman um we don't have a lawyer

00:50:38.860 on this panel how important is legal with these sorts of transactions in your estimation extremely so

00:50:48.460 you know extremely so yeah i would agree like i always say i don't want to go to jail and dance to

00:50:53.740 rule up with some guy and we don't want you in jail robert um let me ask you a final question

00:51:04.460 because i mean we only have an hour and i and i've got to wrap it up to just be respectful of

00:51:07.900 everybody's time um let's say a guy like me canadian guy with some money uh doesn't want to put anything

00:51:13.740 more in assets in canada i'm over it um how would i go about um deploying money into places like texas arizona

00:51:22.300 florida you know for example since i have you guys all on right now yeah the first thing if i can

00:51:29.020 kenny before you get to the actual um investing side the first thing to do is make sure you've got your

00:51:34.460 team in place frankly because you've you've really complicated your life when you invest in another

00:51:39.260 country um because remember you have to have a tax advisor in the us and in canada you have to have an

00:51:44.300 attorney in the us and canada so you just have i i would just encourage people to think about that

00:51:50.860 first and include that in your um calculation of what kind of your return on investment because you

00:51:57.820 are going to have some extra costs there um but kenny i'll let you take the rest of it well the easiest

00:52:03.740 thing uh rich is for you to incorporate another business in the us so that you're now international

00:52:09.900 and then you start investing through the us company so that you already have a us uh footprint

00:52:15.580 so you can't just wire money to my company we have to actually you have to set up a us entity through

00:52:21.580 your us bank account um and uh and then there's this funny thing that they you know tax they want

00:52:28.220 back it's called repatriation so you know so you have that issue going back but uh to tom's point

00:52:34.780 there is a way so when i was looking at actually launching out through canada because i actually

00:52:40.140 considered um expanding through through uh starting up in vancouver and moving uh east um i was actually

00:52:48.220 looking at setting up a whole company up there so it'd be you know mc companies of canada and then you

00:52:54.780 know and now you're making money in both markets and you can kind of do what you want to do so you could

00:52:59.900 that's how uh that's how i've seen a lot of people do it uh the other way to do it is

00:53:03.900 just set up a us entity and then have um have some business done in the us have that grow and

00:53:10.060 then you can invest it right in there and then you're paying tax on that actual entity is that

00:53:14.220 right tom yeah yeah for sure i mean you know the most important thing that you want to do is you

00:53:19.580 don't want to get in trouble and you um you want to make sure you're not paying tax twice you don't

00:53:23.740 want to pay tax both canadian tax and us tax you want to pay one or the other and that's that's why

00:53:29.820 you set up the company that's why you get the advisor in both sides because the taxes can

00:53:34.380 basically um confiscate your entire earnings if you're not careful got it let me just go a few of

00:53:41.420 these last before we wrap up we've got mike here saying how do you handle free time i always feel

00:53:45.580 stressed out when i'm not in my business i'm only happy when i work so keep working i don't know how

00:53:52.940 do you guys handle your free time uh i actually take uh you know i i so here's the way i look at

00:54:00.060 my business rich i i think it exists for me to have free time so i think that's the only purpose for it

00:54:09.260 so uh i think a lot of that might be ego or maybe he's not big enough or maybe he hasn't scaled enough

00:54:14.780 so um i used to be there where i have to get up at 3 a.m and go ahead and pound it out and grow and i get

00:54:20.380 that but at some point you have to hire the team you have to get it to the point kind of like what

00:54:26.620 you did with your with your brother step away from it and uh and you know it doesn't mean it has to go

00:54:31.820 away but for me um you know i learned this in ypo and eo which i'm a member of oh good for you yeah

00:54:39.420 big fan of those organizations yeah yeah yeah i've been i've been in those organizations for 25 years and

00:54:44.460 and uh you know i i learned that from from from being in those groups there is a the business

00:54:51.020 exists so you have great health and great relationship with your family and friends

00:54:55.740 that's the reason to have a business in my opinion and to not fall for you know these nine to feel uh 0.61

00:55:03.100 work hard get a job you know the you know what we're starting to see now i'm not together i'm i

00:55:08.060 literally kill so i can yeah i can do what i want and shut her down grow it i can do whatever i want 0.71

00:55:15.100 and i have multiple lines of multiple uh funnels of money too so that's the other thing if he just has

00:55:21.100 the one then i would encourage him to take a look at uh i i think i have uh seven or eight

00:55:28.380 different businesses that all are working in unison they're very different and um freedom you know yeah

00:55:36.300 the business is uh supposed to serve you at some point i mean you're going to bend over backwards

00:55:39.900 and you're the cleaning lady you're the you know you're the printer repair guy you do everything

00:55:45.820 you know from the get-go but once revenue starts to come in you need to figure out a way to put

00:55:50.540 people in place to take care of things so that you don't need to do them yeah um just uh another

00:55:56.940 thanks here to everybody tom ken robert uh gentlemen thank you very much for carving out some time and um

00:56:03.420 coming on the show and and catching up and talking about wealth creation with debt and taxes

00:56:07.580 um once again so we've got tom wheelwright you've got several books on amazon can you just mention

00:56:12.860 where they are and where people can find you tom uh so yeah amazon uh we're number one in our

00:56:18.700 category tax-free wealth um and you'll you'd also find us at the bookstore so and we're also in um

00:56:25.100 uh as george w bush would say we're in mexican we're in spanish so

00:56:33.340 good we're actually we're actually in japanese and chinese as well and all of our books are in

00:56:38.940 multiple languages but um factual wealth is one you know i would go to uh why the rich are getting

00:56:44.140 richer that's when robert and i did together a few years ago and that's you know they're all

00:56:48.380 they're all easy easily accessed right and you've got a youtube channel as well too right i do the

00:56:53.180 wealthability show is my youtube is my channel all right okay um thank you rich for your time too i

00:57:00.220 appreciate being on uh so i have the abc's of real estate investing that's the one that uh most is most

00:57:06.140 known in 20 some languages and um continues to be a great seller the property management abc's the

00:57:14.060 advanced guide the abc's of buying rental property and then in april i'm releasing the abc's of raising

00:57:20.460 capital so we'll have five total and uh and just to note all of that i have a full-time director of

00:57:27.580 philanthropy at our company so all my book revenues and everything go into that and um and and and we

00:57:34.300 give it all away cool robert final words well the first word i learned i went from uh high school to

00:57:41.340 school in new york military school and the first word they teach you is mission what's your mission

00:57:47.500 and i think the most important thing like tom is a mormon missionary kenny and i we're all on the same

00:57:52.300 mission and it's a spiritual one is that you know there's no financial education in our schools

00:57:58.620 so our mission keeps us going you know we have enough money it's not about the money anymore

00:58:04.060 it's about the mission and so to elevate the financial well-being of humanity because the gap between

00:58:09.980 rich and poor is now too dangerous and that's what keeps us going appreciate that thank you

00:58:16.700 gentlemen um just hang around for a sec while i just end the broadcast guys leave a uh a thumbs up and a

00:58:21.740 like and we'll see you guys

Playing to Win - March 02, 2022

056 - Robert Kiyosaki - Debt & Taxes w⧸ Ken McElroy & Tom Wheelwright @The Rich Dad Channel

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