How To Invest With NO MONEY Down: Turn $0 Into Infinite Returns -Robert Kiyosaki (Millennial Money)

Summary

In this episode of Millennial Money, Robert Kiyosaki, author of 'Rich Dad, Poor Dad,' discusses the importance of using other people's money (OPM) for investing, a strategy he believes requires intelligence and creativity. Kiyosaki highlights the power of mindset in overcoming financial challenges, explaining that poor people often claim 'I can't afford it,' while successful people find ways to raise capital. Sharing personal stories of business successes and failures, he encourages millennials to invest in what they love and avoid excuses, stressing that laziness is the real barrier to wealth.

Takeaways

• 📘 Robert Kiyosaki emphasizes using OPM (Other People's Money) for investments, saying it takes more intelligence to raise capital.
• 💰 Robert claims only lazy people use their own money, which often stems from a mindset that limits their financial success.
• 📚 Robert discusses the importance of financial education, noting that traditional schooling does not teach critical financial skills.
• 👨‍👩‍👦 Robert shares that his 'rich dad' taught him never to say 'I can't afford it,' a lesson that has shaped his financial decisions.
• 🏠 Robert’s first investment was an $18,000 condo in Maui, which he financed entirely with debt, making it an 'infinite return' deal.
• 🤔 He highlights the value of creativity and problem-solving when faced with financial challenges, which helped him thrive despite a lack of initial capital.
• 💡 A mindset shift from 'I can't afford it' to 'How can I afford it?' can open up new opportunities for financial success.
• 📉 Robert recalls a major failure in his business career, where a partner ran off with $100,000, but emphasizes learning from mistakes.
• 🌍 Robert advises millennials to invest in what they love, sharing that his passion for business, real estate, and precious metals drives his investments.
• 🧠 The importance of mindset is reiterated throughout the conversation, with Robert urging people to adopt an entrepreneurial and solution-oriented attitude toward money.

Q & A

Who is the host of the Millennial Money episode?

The host of the Millennial Money episode is Alexandra Gonzalez.

What new book did Robert Kiyosaki recently release?

Robert Kiyosaki recently released his new book titled 'Fake: Fake Money, Fake Teachers, Fake Assets.'

What does Robert Kiyosaki mean by 'Only lazy people use their own money'?

Robert Kiyosaki believes that it requires more intelligence and effort to raise capital using other people's money (OPM) rather than relying on one's own money. He considers it lazy to say 'I can't afford it' instead of figuring out how to raise the necessary capital.

How did Robert Kiyosaki's rich dad influence his mindset about money?

Robert's rich dad taught him never to say 'I can't afford it.' Instead, he encouraged Robert to figure out how to raise money or make things happen, which shaped Robert's proactive and entrepreneurial approach to finances.

What was Robert Kiyosaki’s first investment using OPM?

Robert Kiyosaki's first investment using OPM was a one-bedroom condominium in Maui that cost $18,000. He used 100% debt financing and paid $1,800 as a down payment, but he borrowed that money rather than using his own.

Why does Robert Kiyosaki criticize the mindset of saying 'I can't afford it'?

Robert Kiyosaki criticizes the 'I can't afford it' mindset because he believes it reflects a defeatist attitude. He argues that it is lazy to simply accept financial limitations, and that individuals should instead focus on learning how to raise money and think creatively.

What mistake did Robert Kiyosaki make in his surfer wallet business?

One of Robert Kiyosaki’s biggest mistakes in his surfer wallet business was trusting his CPA, Stanley, with a $100,000 check to solve an inventory issue. Stanley ran off with the money, leaving Robert with a significant financial loss.

What advice does Robert Kiyosaki give to millennials starting out in investing?

Robert Kiyosaki advises millennials to invest in what they love. He emphasizes that loving the asset or business will make investing more engaging and personally fulfilling.

What does Robert Kiyosaki compare a financial statement to?

Robert Kiyosaki compares a financial statement to a scorecard in a game like golf. He uses it as a way to measure success and progress in business and investing.

What is the main difference Robert Kiyosaki highlights between his poor dad and rich dad's financial mindsets?

Robert highlights that his poor dad focused on getting more education and job security, whereas his rich dad focused on learning how to raise capital and invest in assets. His rich dad encouraged a mindset of financial independence, while his poor dad stayed in a cycle of working for money.