Robert Kiyosaki is the bestselling author of Rich Dad, Poor Dad, a now iconic book on growing up faced with two opposing mindsets toward money that s still on the charts and still acclaimed 25 years later. In this episode, Robert tells us about discovering business and capitalism as a young boy, the difference between good debt and bad debt, and how the Biden administration compares to that of his longtime friend and frequent collaborator, former President Donald Trump. Robert s newest book is The Capitalist Manifesto, the latest in more than 25 finance books Robert has published, and it s the latest installment in his groundbreaking series on the role of the father figure in his life, his own father, the late Joseph Biden, in shaping his son Robert s understanding of money and how he became a financial guru. He s also a frequent collaborator of President Trump s and a close friend of President Biden s, and a frequent supporter of former Vice President Joe Biden s. This episode is a special bonus episode produced by Dailywire. Subscribe to Dailywire to get 25% off your first month with discount code: RICHDAD. You ll have access to all of the full conversations with every one of our awesome guests, and get access to access to the full conversation with every member of the Dailywire community. Protect your data at ExpressVPN. Protect Your Data: Protect your Data at ExpressVpn.com/ProtectYourData at Parcast Connect with Ben Shapiro: Parcast: Ben Shapiro is a regular contributor to The Huffington Post and The Dailywire Podcast. He is a writer, editor, podcaster, and podcaster. He has written for The Financial Times, and is a frequent contributor to the Financial Times Square, The New York Times, The Wall Street Journal, and the New York Post, and many other publications. He can be found on social media, including LinkedIn, and other platforms. He is an avid reader, and can be heard on the airwaves, too. . He also tweets at and has a blog at . He is the author, is an at , on , and he is a fellow, and his . His podcast is can be reached at . and ( ) or has a . . is a in also ? a podcast on the blog tweet
00:00:17.000401Ks, the American dollar, even the stock market do not provide actual wealth, says Robert Kiyosaki.
00:00:23.000So, let's dig into the idea of financial success in this episode.
00:00:27.000Robert is the bestselling author of Rich Dad, Poor Dad, a now iconic book on growing up faced with two opposing mentalities toward money that's still on the charts and still acclaimed today, 25 years later.
00:00:37.000Our economic landscape is dramatically changing, including a new recession, cryptocurrency, and an education system not only neglecting students on finance, but now going as far as turning young people against capitalism and the values of free markets themselves.
00:00:49.000So, how does Rich Dad philosophy apply in the year 2022?
00:00:53.000On Current Federal Policy, Robert references the Communist Manifesto, beliefs that were well regarded in his childhood home by his biological dad, his poor dad.
00:01:01.000His newest book is a response, The Capitalist Manifesto, the latest in more than 25 finance books Robert has published.
00:01:07.000In our episode, Robert tells us about discovering business and capitalism as a young boy, the difference between good debt and bad debt, and how the Biden administration compares to that of his longtime friend and frequent collaborator, former President Trump.
00:02:03.000And you're a very controversial young man.
00:02:05.000Yeah, well, you know, it pays the bills.
00:02:08.000So, you know, I first encountered your work the same way pretty much everybody did, with Rich Dad, Poor Dad.
00:02:14.000So, the main question to start with is, how do you become a financial guru?
00:02:18.000How do you get into, like, the financial guru business?
00:02:21.000What is the career path that takes you there?
00:02:23.000Well, the same way you became successful, you just go against the grain.
00:02:27.000You know, everything my school taught me to do, go to school, get a job, work hard, save money, get out of debt, and invest in the long term in IRA or 401k, stocks, bonds, mutual funds, ETFs, I don't do.
00:05:04.000And then I noticed all these school teachers leaving the school system to become financial planners.
00:05:12.000And the more I saw that, I went, oh my God, they're being set up.
00:05:17.000So I am just like he, I go, why are they doing this?
00:05:21.000And so when I saw my father's compadres, you know, these schoolteachers with master's degrees, PhDs, becoming financial planners, they were treading into my rich dad's territory.
00:06:56.000So I don't know if it's curious or what it is, I just became cynical and distrusting of my own government, and schools, and teachers, and Wall Street.
00:07:07.000But I said, I think I'll start questioning everything.
00:07:09.000So in a second, I want to ask you, you know, what that sort of led you to in terms of your own investment strategy.
00:07:14.000First, let's talk about making sure that your online activity is safe from prying eyes.
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00:08:31.000So let's talk about what this sort of realization that a lot of these institutions were not telling the truth and many of them were setting up, what this sort of led you to?
00:08:38.000What was your new strategy for how to address the world and get involved in the economy?
00:08:42.000Well, I'm a student of Dr. R. Buckminster Fuller from Harvard, and Harvard claims he is their graduate, but Fuller never graduated from Harvard.
00:08:51.000He got kicked out twice for behavioral problems, as we understand.
00:08:56.000And Fuller was my teacher, and he's considered one of the greatest, greatest futurists.
00:09:03.000But he said, all coins have three sides, heads, tails, and the edge.
00:09:10.000And it says intelligence has found the edge.
00:09:13.000And so what you do and what I do is we look at both sides.
00:09:17.000Then we decide what's, There's good and bad on both sides.
00:10:08.000So that's why I'm suspicious all the time.
00:10:10.000So, when you talk about, sort of, your own investment strategy, you say that the stock market is inflated, that the dollar is not a good source of value, that bonds are going to get paid back in inflated dollars.
00:10:20.000So, where do you recommend that people put their money?
00:10:27.000You see, in 71, when Nixon took the dollar off the gold standard, breaking the 1944 Bretton Woods Agreement, he just broke the, he just screwed the whole world.
00:11:24.000My co-pilot and I, we create this partnership, say we're going to fly behind enemy lines and we're going to buy gold.
00:11:31.000So we got there, we're at this gold mine, we took all our guns off, we walked through the village saying, we come as capitalists, we're not Marines, you know, we're unarmed.
00:13:48.000Everything seems moment to moment, and yet we're told that we're supposed to grant extraordinary levels of authority to these people behind closed doors who are going to fix the economy.
00:13:56.000It was reported this week, actually, that Joe Biden is now going to extend the authority of the Federal Reserve.
00:14:03.000Before, they were tasked with keeping inflation under control, which they've done a stellar job.
00:14:08.000And they were tasked with keeping unemployment low.
00:14:10.000And they've now been tasked with achieving racial equity.
00:14:12.000So giving them more authority, given their excellent and stellar track record to achieve racial equity.
00:14:19.000And this is precisely the opposite of the sort of free markets that you require in order to succeed.
00:14:29.000If you understand, when you look at the macro-macro of the economy, the central bank or central controller of the economy is the primary reason for Marx.
00:14:40.000You know, he says, the abolition of private property.
00:14:44.000And that's why, who's that other character, Klaus Schwab says, someday you'll own nothing and you'll be happy.
00:14:50.000It's seeping into us every day via academics.
00:14:55.000So if you read the Communist Manifesto, it started to come true, because what Marx says, communism would come into America in two stages.
00:16:58.000And I have tremendous respect, and that's what their father and mother taught them.
00:17:03.000So that's why, you know, rich dad, poor dad, is what I say is that we have to teach capitalism at home because we're teaching communism in schools.
00:17:13.000So let's talk about debt for a second.
00:17:14.000So there's a widespread perception on the part of many on the right that taking out debt in order to finance X, Y, or Z is a bad idea.
00:17:22.000That in order to, you know, achieve your financial goals in the future, the first thing is to get out of debt.
00:17:28.000I mean, this is like a whole school of thought on the right.
00:17:30.000And for many people who, you know, I know a lot of people have had credit card trouble, who have gotten themselves in real trouble with debt.
00:17:36.000What you've advocated with regard to debt for entrepreneurs, though, Obviously, there's truth to that.
00:17:40.000The vast majority of companies start with somebody actually having to take out a loan against something in order to get a company started.
00:17:46.000So, how do you recommend that people draw that balance between working off of debt and also not getting themselves in so much trouble that it destroys them?
00:18:59.000But you see what postmodernist education is?
00:19:03.000So, in a second, I want to ask you about Joe Biden's economic policies versus Trump's economic policies.
00:19:12.000And you say that you weren't political, but you've sort of been forced to become political.
00:19:18.000education and taught in our schools today.
00:19:20.000So in a second, I'm gonna ask you about Joe Biden's economic policies versus Trump's economic policies.
00:19:24.000And you say that you weren't political, but you've sort of been forced to become political.
00:19:27.000First, let's talk about your investment portfolio.
00:19:30.000Well, in case you missed it, last month, Treasury Secretary, Jenny Ellen, openly admitted to having completely blown it when it came to This human, who is supposed to be the authority on our nation's economic policy, by the way, said, quote, I was wrong about the path inflation would take.
00:19:44.000There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly, that at the time, I didn't fully understand, unquote.
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00:20:24.000Text BEN Okay, so let's talk about the differences that have kind of cropped up over time.
00:20:40.000You say that you weren't particularly political.
00:20:42.000Now you found yourself in a position of having to be political.
00:20:45.000So first of all, what made you have to be political?
00:22:25.000Or do you think that it's just going to come crashing down as a matter of course?
00:22:29.000Because as you point out, the minute they start raising the interest rates, they're going to have to pay back a lot of that debt at higher rates.
00:24:41.000They can't print cattle, so I own cattle and I breed cattle.
00:24:47.000They can't print real estate, so I borrow the printed money to buy real estate, and my tenants pay it off.
00:24:53.000And because I use borrowed money, which is tax-free, and my tenants pay off my asset, I'm allowed to depreciate it, amortize it, and what's one more thing?
00:25:07.000America is a tax-free nation, but you have to be a capitalist.
00:25:12.000And that's why there's no financial education in our schools, because academics are primarily socialist Marxists.
00:25:19.000So, given that fact, what do you think the future of the country looks like?
00:25:23.000I mean, right now, one of the things that I think a lot of people are optimistic about, if you're on the right, is that there's a wild level of institutional distrust that's now taking place.
00:25:30.000The kind of institutional distrust that you're talking about experiencing in the 60s and 70s, looking at what Nixon is doing, taking us off Bretton Woods.
00:25:37.000That didn't sink in for a lot of people.
00:25:39.000For several decades, there's been sort of a baseline level of trust in our institutions.
00:25:43.000And since the 2007-2008 crisis, it's really cratered.
00:25:47.000And particularly since 2016, it's completely cratered with the realization that so much of our financial system is controlled by people who really are not fans of capitalism.
00:25:56.000With the realization that so many of the institutions of law enforcement are controlled by people who have a political agenda.
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00:29:20.000There's always this assumption that there's a pile of money to begin with and that somebody has produced it and now we get to control it.
00:29:25.000But, you know, it's notoriously difficult to teach people Not only basic econ, but also just how to make good financial decisions, especially unless you're using simple rubrics like don't take out debt.
00:29:37.000Because again, good debt versus bad debt is a more subtle distinction than no debt.
00:29:56.000You're the child's most important teacher.
00:29:59.000And that's what I say, but if you're an idiot and you're broke and, you know, you can't pay off your credit card debt, what are you teaching your kids?
00:30:07.000So that's why my wife and I created the Cash Flow Board Game, you know, to teach income, expense, asset liabilities, cash flow.
00:30:14.000But the financial statement, people may not know this, is really blockchain.
00:30:19.000When they talk about blockchain today, when you look at a financial statement, it's income, expense, asset liability, statement of cash flow, auditor.
00:30:30.000In the real world of crypto, the auditor is blockchain.
00:30:38.000So that's why in 1996, my wife and I created the Cash Flow Board Game, because as Maria Montessori said, what the hand does, the mind remembers.
00:30:48.000What that means is you can't become a golfer reading a book.
00:30:52.000You know, you gotta pick up this club and hit bad balls and all that.
00:30:56.000But our schools punish you for making mistakes.
00:30:59.000So if I get up there and hit a bad shot, they'll say, oh, you're a stupid golfer.
00:31:48.000And so we've talked about the possibility of what to do when the kids get to college age.
00:31:51.000And what I've said to her before is, unless they're doing something in STEM, right, where you actually have to have classes in order to become a doctor or become an engineer.
00:32:00.000If they're looking at liberal arts or if they're just looking at business, I'd rather take all the money that we're talking about and just give it to them to start a business.
00:32:06.000And I'd rather they try and fail and lose all the money and learn the lessons of failing than go to school and learn how to fail perennially and forever.
00:32:13.000Because it seems like that's mostly what is being taught at the college level.
00:32:17.000The number of entrepreneurs who are people who never went to college, it seems like is really disproportionate to the number of people who went to college.
00:32:25.000The expectations are wildly out of Context from, from where people end up.
00:32:29.000I mean, I look at my own company and my own company, you know, I'm a law school educated guy.
00:32:33.000My two business partners, neither of them finished college.
00:32:36.000And so, you know, those are people who started off working with their, one of them started off working with his hands and literally handling the gardening on an estate.
00:32:45.000And another one of them ended up that when I met him, he was volunteering for a 501c3 group making $0 a year.
00:32:52.000And the way he learned business was actually doing the business.
00:32:54.000And we had to try a couple of times before we actually Succeeded in building daily wire.
00:32:59.000I don't think there's necessarily a substitute for that.
00:33:01.000And we don't give our kids enough chance to take the risk and then fail.
00:34:18.000Now, my son would be very into it, particularly.
00:34:20.000My son is already asking me about, like, what money is, and I have to explain to him that, you know, the differences between money that's backed by the full faith and credit of the United States and actual, you know, tradable and fungible gold, for example.
00:34:32.000And it's interesting trying to explain those concepts to small kids, particularly, because It requires you to have a little bit more specificity in how you think, for sure.
00:38:42.000Yeah, I mean, and I think that that is, as you say, the difference between good debt and bad debt, but also the difference between a good asset and a bad asset.
00:38:47.000I mean, the fact is that once it receives a certain level of market buy-in, then it's not going back down to zero.
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00:40:45.000Okay, so let's talk about the economy and where things stand right now.
00:40:49.000So obviously, I think we're already in a recession.
00:40:52.000You can only measure a recession retrospectively.
00:40:55.000We keep hearing from people, we're not in a recession because we haven't had two consecutive quarters of negative GDP growth.
00:40:59.000It's like, well, you're not going to find that out until we actually measure the GDP growth at the end of the second quarter.
00:41:03.000But it seems like The policies of the Fed, the policies of Joe Biden have brought about what I thought was almost the unthinkable.
00:41:11.000I thought it was pretty much unthinkable that we'd be in recession at this point in time or close to it, given the fact that we are coming out in January of 2021 with a working vaccine, with people getting back to work, with an artificially induced economic coma that was now being broken.
00:43:26.000Like being rich is better than being poor.
00:43:28.000I mean, that happens to be just a thing that is true about the world.
00:43:31.000Being rich is, in fact, better than being poor, which is why you'd like to be rich and you want your kids to be rich and you want your nation to be rich.
00:43:37.000So why do you think it is that so many Americans Refuse to emulate the successful and instead seem to fall into this fallacy of thinking that it's a matter of the fortunate or the unfortunate, or as they like to put it on the left now, the privilege versus the underprivileged.
00:43:52.000Well, again, you said earlier, it depends on the person, you know what I mean?
00:43:56.000And I recommend to anybody, if you want to find out why America's in trouble, go knocking door to door in a low rent neighborhood and ask for the rent.
00:44:04.000You'll hear the American attitude coming out.
00:44:39.000So it starts with the attitude of the individual.
00:44:42.000And that's why, you know, that's why I created Rich Daddism.
00:44:46.000We have to teach people to be capitalists because our schools are teaching us to be communists.
00:44:52.000So one of the things that I found most disturbing in sort of the where we are in the world of econ talk and people who who live in sort of the halls of free markets is that many of them preach the ideas of free markets, but they don't actually like free markets very much.
00:45:07.000You see this at the World Economic Forum every every year, right?
00:45:10.000You have Klaus Schwab and company basically talking about the wonders of free markets and we need free trade, we need free markets.
00:45:16.000And then at the same exact time, they'll be talking about how we in this room, we should set the rules.
00:45:28.000You have an entire government-sponsored industry of giving out subprime loans to subprime borrowers, who obviously are not going to pay them back, backed by the government.
00:45:38.000And then people take those and they mix them into the economy and they create these credit derivative swaps and mix them with a bunch of other assets that are higher rank and suddenly these are A-assets when they really should not be A-assets.
00:45:47.000And then it infects the entire economy.
00:45:49.000And then when things go south, We're told by the media that capitalism has failed, as opposed to what really happened here, which is the combination of profit-seeking people and government failed.
00:46:00.000And profit-seeking people and government is not capitalism.
00:46:02.000Capitalism is a profit-seeking person without the government.
00:47:44.000And YouTube now gives us that luxury or that advantage we didn't have before.
00:47:50.000Before, you'd have to go to Harvard to listen to those guys.
00:47:53.000Now you can sit on YouTube and listen to, I mean, like Jordan Peterson got kicked out of academics because he ran into the Communist Teacher Society.
00:48:03.000So the beauty of YouTube and this new social media, it's got some faults to it, obviously, but it gives us access.
00:48:11.000And I listen to all sides, and then I choose, then I know who I am.
00:48:15.000And that's when I became political, is because I could see what the left was doing.
00:49:19.000There's something very sick and rotten inside this country, or the world right now.
00:49:24.000So when we can't laugh anymore, we're in serious trouble.
00:49:28.000So in a second, I want to ask you about something you mentioned earlier, which is that obviously you're Japanese, your family has had a history of being- Samurai.
00:49:46.000Well, but your history in the United States, obviously your family suffered oppression during World War II.
00:49:50.000And I want to ask about, you know, the fact that we've become such a society focused on past oppression as opposed to what we can do for the future.
00:49:57.000I'm going to get into that in a second.
00:49:58.000But first, let's talk about how you recruit the best employees to your company.
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00:51:27.000Because this seems to be a real generational difference.
00:51:30.000It seemed like for a while there, we were on the right track where people realized that America's past, you know, had a lot of horrific things about it, but that we were moving in the right direction.
00:51:37.000There was a lot of freedom for individuals.
00:51:38.000And now it seems like we're moving directly in the opposite direction.
00:51:40.000How did you get past that as an individual?
00:52:03.000So when my family had everything taken away, they were locked up in Manzanar and all this other stuff, it inspired us to fight more.
00:52:12.000So during World War II, they formed the 442nd All Japanese American Infantry Battalion is today the single most highly decorated infantry battalion in U.S.
00:53:19.000And our schools are teaching kids to be victims.
00:53:23.000It's a horrible, horrible thing we're teaching kids.
00:53:26.000So, you know, in my own career, I can see that, you know, every failure leads to a lesson that you can then apply forward.
00:53:33.000And so, you know, before we started Daily Wire, Jeremy Boring, my business partner and I, we had worked together on a couple of failed enterprises.
00:53:39.000He had run a company called Declaration Entertainment, which was basically the idea that we're going to make conservative movies, but crowdfunded.
00:53:45.000Well, I think you get into how do we learn?
00:53:46.000We started working with David Horwitz Freedom Center and founded Truth Revolt, and that started going well, and then it sort of fell apart.
00:53:52.000And then we started Daily Wire, and we had learned a lot of lessons over the course of the prior years, and that really led to our success.
00:53:58.000What were some of the most important failures to you that allowed you to kind of?
00:54:02.000Well, I think you get into how do we learn?
00:54:07.000You know, God designed us, so when a baby learns to walk, baby crawls, stands up and falls, stands up and falls, then finally takes the first step, and the next thing, they're running, then flying.
00:54:19.000But what our schools do, when a child falls, they punish them.
00:55:22.000And you know how I crashed three times and lived?
00:55:24.000Because the Marine Corps, I was flying right next to the top gun school in San Diego.
00:55:29.000And we had to crash three times a day.
00:55:34.000Every single day, you know... Because we knew that in 1972, when I was going to get going over to Vietnam, life expectancy of a gunship pilot was 30 days.
00:55:50.000So the lesson the Marine Corps taught us, the more dangerous the mission, the more you have to prepare.
00:55:57.000So every day we had to log in how many auto-rotations we shot.
00:56:03.000So every day we kill our engines and we learn to fly without engines.
00:56:07.000So I got to Vietnam, went down three times.
00:56:12.000So the lesson I learned from the Marine Corps was the more dangerous the mission, you must prepare.
00:56:20.000So when you look at other countries around the world, where do you think the United States places in terms of sort of our international economic readiness?
00:56:27.000I mean, the bet that a lot of people are making right now is that the United States is still the strongest weak horse, meaning that there are a lot of other countries out there.
00:56:35.000The United States still is one of the freest.
00:56:39.000Unlike a lot of the European countries, our demographics are not quite as in market decline.
00:56:43.000Well, the first most important thing about America is freedom.
00:56:45.000less than replacement rates, but it's not like, say, Japan, which is now reproducing at like point eight or point nine.
00:56:50.000And and as long as we're the strongest horse and people are still going to buy up our debt, people are still going to finance the dollar.
00:56:57.000People are still going to get into bonds.
00:56:59.000And, you know, I wonder how long that's going to last or where you think that the any other nations that you think are are sort of biting at our heels.
00:57:06.000Well, the first most important thing about America is freedom.
00:57:10.000So you can be a capitalist, you can be a communist.
00:57:13.000I have a lot of friends who are communists, but they don't know it.
00:57:17.000They never read the Communist Manifesto, so thank you.
00:57:20.000Or you can be Christian, Jewish, Buddhist, Muslim.
00:57:24.000That's probably our greatest asset, is that freedom.
00:57:28.000And even when I come here, you have to have guards around your building, but at least you can have a guard and arms.
00:57:33.000I'm armed to the teeth all the time, so don't take my guns away, is what I'm saying.
00:57:53.000And I think the freedom to fight back is essential.
00:57:57.000In this next coming election, you and I are very optimistic that it's going to be a trouncing of the worst president we've ever seen, Biden.
00:58:06.000I'm not political, I just think he's the most incompetent.
00:58:09.000He and I are the same age, but I still have some brain cells left, you know?
00:58:14.000But I can't believe he opens the border and lets all that fentanyl through.
00:58:18.000I can't believe he cuts down the Keystone XL pipeline, then blames Russia for raising gas prices.
00:58:27.000I'm not saying, don't listen to what he says, watch what he's doing.
00:58:32.000He opens the borders, he cuts down our oil supply, he calls parents terrorists for questioning the school system, and then he blames Putin for our problems.
00:58:54.000I mean, I think that a lot of us were very depressed in November of 2020.
00:58:57.000And the fact that, again, if you go back and you listen to my podcast, I was saying that Biden was going to have a real easy time of it, because by all extraneous circumstances, he should have had an easy time of it.
00:59:07.000We weren't in the middle of any serious foreign wars.
00:59:10.000We had an economy that was going to naturally rebound because it had been booming before COVID, and now COVID was going to come to an end.
00:59:17.000And somehow he blew it so badly that he's going to usher in the people he hates most back into office, I think.
00:59:22.000That seems the direction the country is moving.
00:59:25.000I think the Republican Party should pay him to campaign harder.
00:59:27.000Because the more he opens his mouth, the more votes come to the Republican Party.
00:59:34.000He's the best advertiser the conservatives have.
00:59:38.000So I want to ask you a few final questions, starting with why you think that so many Americans are just completely ignorant of capitalism and what you think the main fundamental things about capitalism people should know are.
00:59:48.000But if you'd like to hear Robert Kiyosaki's answers, you have to be a DailyWire member.
00:59:52.000Head on over to DailyWire.com slash Sunday.
00:59:53.000You can click that link in the episode description.
01:00:05.000Don't forget, everyone, make sure to go out and get a copy of Robert Kiyosaki's new book, Capitalist Manifesto, How Entrepreneurs Can Save Capitalism.
01:00:11.000Don't forget to check out his YouTube page, The Rich Dad Channel.
01:00:14.000Robert, thanks so much for joining the show.