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Lewis HowesDO THIS To Make MILLIONS In A Market Crash (Become A Millionaire)| Robert Kiyosaki & Lewis Howes
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WHAT IT’S REALLY ABOUT
Kiyosaki Predicts Depression and Explains How He Profits From Crashes
- Robert Kiyosaki says the economy is heading into a depression, that he made more money in 2008 than in his whole life, and that he expects to get even richer in 2020.
- He argues that wartime, entrepreneurial people thrive in crises while peacetime, employee-minded people suffer, using his Vietnam experience and Nassim Taleb's fragile, robust and antifragile categories to illustrate this.
- Kiyosaki criticizes school, Wall Street, 401(k)s, the Federal Reserve and conventional advice from Dave Ramsey and Suze Orman, and says he instead borrows to buy real estate, builds royalty income, and holds gold, silver and Bitcoin.
- He recounts early failures, including the nylon wallet and shoe pocket business and a partner who left with investor money, as formative lessons about dishonest partners and learning to raise capital.
- Lewis Howes shares his own turning point in 2008, and the episode closes with Kiyosaki's three truths: stay humble and make mistakes, choose teachers who practice what they teach, and don't hide behind a diploma.
IDEAS WORTH REMEMBERING
5 ideasCrises reward the prepared
Kiyosaki says he borrowed heavily to buy real estate when banks were stuck with property in 2008 and expects to do well again now. He frames crashes as good or bad depending on your mindset.
Your teachers shape your outcomes
He repeatedly says to choose teachers wisely, favoring people who practice what they teach, and he says the best teachers are on YouTube rather than in colleges.
Wartime versus peacetime leaders
Kiyosaki says peacetime leaders climb credentialed ladders and suffer when jobs vanish, while wartime leaders who have been through hardship see crises as the best of times.
Failure taught him key business lessons
His wallet and shoe pocket venture left him deep in debt and taught him how to raise capital. It also showed him that smart partners can be dishonest.
Defined contribution plans differ from pensions
Kiyosaki says old defined benefit pensions promised lifetime income, while 401(k)s only return what you put in minus fees, and he claims pensions are empty because Wall Street looted them.
WORDS WORTH SAVING
5 quotesThere's an economy out here, but the only economy is between this ear and that ear.
— Robert Kiyosaki
If you're an entrepreneur right now, the world's open to you. If you're an employee, the world's dead to you.
— Robert Kiyosaki
You have the world at your fingertips and you can't make money? The problem is between this ear and this ear. It's not out here, it's in here. That's why you've got to choose your teachers wisely.
— Robert Kiyosaki
There's two kinds of discipline. There's internal or self-discipline, and then there's external discipline. So right now, if the world's kicking your butt, that's external discipline.
— Robert Kiyosaki
So this crisis should inspire people to get wealthier, or you can be a loser.
— Robert Kiyosaki
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SPEAKERS
Robert Kiyosaki
guestInvestor and entrepreneur, best known as the author of Rich Dad Poor Dad and creator of the CASHFLOW financial education brand.
Lewis Howes
hostHost of The School of Greatness podcast and author/entrepreneur who interviews prominent business and personal-development figures.
High quality AI-generated summary created from speaker-labeled transcript.
