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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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Chapter summaries
Crash Predictions and How Tragedy Shapes a Path
Robert Kiyosaki opens by saying the economy is probably heading into a depression and that he made more money in 2008 than in his whole life. He and Lewis Howes then discuss how tragic events, like an Olympic snowboarder's injury, can lead people to their real gifts.
- •Kiyosaki says the economy is probably going into a depression
- •He says he made more money in 2008 than in his whole life
- •Rich Dad Poor Dad is nearly 25 years old and he still enjoys discussing it
- •An injured Olympic snowboarder became a gifted acupuncturist
- •Howes asks what Kiyosaki's own big failures were
The Nylon Wallet and Shoe Pocket Business Failure
Kiyosaki tells the story of his first venture: nylon surfer wallets nobody would buy, then a shoe pocket for joggers. Missing contact details on the ad, a surge of demand and borrowing to fund inventory left the company $850,000 in debt, and his partner Stanley used the last $100,000 raised to pay off his own investors.
- •100,000 nylon wallets made in Korea would not sell
- •The shoe pocket ad ran without an address or phone number
- •Sales took off after a Playboy feature but they couldn't keep up with demand
- •The company went broke, about $850,000 in debt
- •Partner Stanley took the final $100,000 raised and left
Lessons on Dishonest People and Why Experience Can't Be Taught
Asked for the greatest lesson from that failure, Kiyosaki says being smart doesn't mean someone is honest, and every entrepreneur he knows has been stolen from. He tells a story about his doctor's employee who rigged the invoicing, and says such lessons can't be taught.
- •Smart people can still be dishonest or crooks
- •Every entrepreneur he has talked to has had someone steal from them
- •A doctor's tech-savvy employee diverted about 10% of invoices to herself
- •Her rich father offered to pay anything to keep her out of jail
- •You can't teach this stuff; you have to experience it
Rich Dad vs. Poor Dad and the Problem with Schooling
Kiyosaki contrasts his educated but struggling poor dad with his rich dad, who took over the family business at 13, and says criticizing school gets him in the most trouble. Howes shares why he started the School of Greatness after years in special needs classes, and Kiyosaki explains why he created the CASHFLOW game.
- •Rich dad grew up in real business while poor dad was a PhD who ended up poor and desperate
- •Kiyosaki says education is like a religion to many people
- •He lists famous dropouts such as Jobs, Gates, Dell and Zuckerberg
- •Howes started the School of Greatness to teach what he wished school had
- •Kiyosaki learned more about money from Monopoly than from college
Challenge vs. Security and Howes's Wake-Up Call
Kiyosaki says some people seek challenge and others security, and that in his view you're either an entrepreneur or you're not. Howes describes how his father's coma, the 2008 economy and living on his sister's couch pushed him into a survivor mindset.
- •Kiyosaki chose challenge over a safe airline or Standard Oil career
- •Howes asks whether one can get rich without taking risks
- •Kiyosaki notes some wealthy people were born rich
- •Howes never saw himself as an entrepreneur until his dad's car accident and the 2008 downturn
- •Hardship forced Howes to learn and take chances
The Pandemic as Opportunity for a Tech-Savvy Generation
Kiyosaki says the pandemic is the best thing that could happen to younger people because baby boomers' pensions and 401(k)s are gone and young people are tech-savvy. He criticizes weak millennials, says the real economy is between your ears, and stresses choosing teachers.
- •Kiyosaki argues baby boomers had it easiest but their retirement security is collapsing
- •An iPhone gives young people more power than his old mainframe
- •He says the only economy is between your ears
- •He calls some millennials snowflakes and says others are tough as nails
- •Howes warns some people will see this time as something that made them a victim
Fragile, Robust, Antifragile and the Depression Outlook
Asked for a first step for the average person, Kiyosaki describes four intelligences and Nassim Taleb's fragile, robust and antifragile categories. He repeats that a depression is coming and says he looks forward to getting richer, while urging people to get healthy and not live in fear.
- •Kiyosaki jokes he'd say quit your job but people differ
- •Four intelligences: mental, physical, emotional, spiritual
- •Taleb's fragile is the champagne flute, robust the rock, antifragile gets better from being hit
- •He expects a depression and to get even richer than in 2008
- •Dave Ramsey also told Howes he made more in down markets
Borrowing $300 Million in 2008, Debt and Taxes
Howes asks what concrete actions Kiyosaki took. He says he borrowed $300 million from banks in 2008 to buy real estate when prices fell, claims he is nearly a billion in debt and pays no taxes, and says he avoids Wall Street products.
- •He walked into his bank in 2008 and asked for money to buy their distressed properties
- •Rich Dad Poor Dad is about the financial statement
- •He says more debt means less tax for him
- •He avoids 401(k)s, stocks, bonds, mutual funds and ETFs
- •His book Fake covers fake money, teachers and assets
Wartime vs. Peacetime Leaders and Vietnam
Kiyosaki says the best teachers are on YouTube and cites Patrick Bet-David's wartime versus peacetime leader idea. He describes his Vietnam experience and how surviving changed him, saying entrepreneurs who survive failure see the world differently while employees are hit hardest.
- •He names YouTube teachers like George Gammon and Patrick Bet-David
- •A peacetime leader climbs the ladder while a wartime leader goes to war
- •He went down three times in Vietnam and came back changed
- •Surviving failure changes how entrepreneurs see the world
- •Entrepreneurs can create their own success while employees are exposed
Rejecting the Conventional Money Advice and Making Your Own Assets
Howes asks for the best investment, and Kiyosaki tells people to look in the mirror and rejects standard advice: go to school, get a job, buy a house, invest long term. He says he builds his own assets and cash flow through book royalties and the CASHFLOW game, and describes self-discipline versus external discipline and his mission to serve.
- •He rejects standard advice, saying a house is a liability
- •He says he doesn't give advice and wouldn't follow Warren Buffett
- •His book and game royalties are growing during the crisis
- •Self-discipline versus external discipline
- •His mission has always been to serve people
Pensions, the Fed and Bailouts
Kiyosaki argues pensions are empty and will crash, describes the Federal Reserve as a cartel, and claims the pandemic masks problems in the repo and shadow banking markets. He also predicts a drift toward socialism and communism, recommends The Creature from Jekyll Island, and explains why he loves Bitcoin and holds gold and silver abroad.
- •Pensions are empty because Wall Street looted them, he says
- •He says the Fed's only purpose is to keep the rich rich
- •The real crisis is in repo and corporate credit markets, not stocks
- •He predicts movement from capitalism to socialism to communism
- •He likes Bitcoin as open source and buys gold and silver, storing them legally abroad
Defined Benefit vs. Defined Contribution and How He Pays No Taxes
Kiyosaki explains the difference between defined benefit pensions and 401(k)-type defined contribution plans and promotes his book Who Stole My Pension? He then describes his royalties and real-estate debt strategy for paying no taxes, his corporate entities and employee payroll relief, and his view that anyone can be an entrepreneur.
- •Defined benefit promises a lifetime paycheck; a 401(k) only gives what you put in
- •He says 401(k)s mean fees, fees, fees
- •Co-author Ted Siedle is a former SEC attorney turned whistleblower
- •He says taxes are incentives, and debt-financed real estate lowers his taxes
- •He uses LLCs and corporations for protection and received payroll assistance
Saving, Real Estate Outlook and Office Buildings
Asked about saving versus investing, Kiyosaki questions saving when the Fed prints money and pays no interest. He also advises against investing in LA because of taxes and rent control, expects a depression, and says he wouldn't touch commercial office buildings.
- •Saving doesn't make sense to him with money printing and zero interest rates
- •He says it's the average person's route though, so choose teachers wisely
- •He wouldn't invest in LA because of taxes and rent control
- •He expects a strong dollar since much debt is in dollars
- •He wouldn't touch commercial office buildings
Three Truths, Recommended Teachers and Family Offices
Howes asks for three lessons to leave behind. Kiyosaki offers staying humble and making mistakes, being careful about teachers, and not hiding behind a diploma, and he recommends advisors and books along with family offices and financial statements.
- •Knowledge is finite, stupidity is infinite: be humble and make mistakes
- •Be careful who your teachers are and make sure they practice what they teach
- •He names Tom Wheelwright, Andy Tanner and Kenny McElroy
- •Don't hide behind a diploma; ask to see financials
- •He describes a family office as the rich person's version of a hedge fund
Closing: Who Stole My Pension?, Greatness and Final Thoughts
Howes thanks Kiyosaki for his impact and they plug Who Stole My Pension? and the Rich Dad Poor Dad anniversary. Kiyosaki explains why repetition matters and, asked his definition of greatness, says every crisis should inspire people to get wealthier.
- •Howes played the CASHFLOW game with his mom as a teenager
- •Kiyosaki says young people may end up supporting parents if retirement savings are lost
- •Repetition is how we learn
- •Kiyosaki calls himself a slow learner and a poor reader and writer
- •He says everything bad is good and calls followers antifragile
