50th Anniversary of the Day Savers Became Losers

Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business

The Rich Dad Company

Entrepreneurship, Business, Investing

4.1 • 3.9K Ratings

🗓️ 11 August 2021

⏱️ ? minutes

🔗️ Recording | iTunes | RSS

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Summary

In 1971, President Richard Nixon, without the approval of Congress, took the U.S. dollar off the gold standard and changed the rules of money—not just for the United States, but also for the world. Today’s guests discuss how this change allowed the United States to print almost unlimited amounts of money and create as much debt as it wanted.
After 1971, savers became losers, debt became money, and the rich got richer.
Ken McElroy, Rich Dad Advisor on Real Estate, says, “We’re borrowing from banks at 3% or less, and inflation is way higher than we’re borrowing. So why wouldn’t you borrow other people’s money in the form of debt?”
Rule #1 of the rich is for every $1 of asset you buy, you get a dollar deduction on your taxes. Tom Wheelwright, Rich Dad Advisor on Taxes, says, “The more assets you have, the fewer taxes you pay.”
Hosts Robert and Kim Kiyosaki and guests Ken McElroy and Tom Wheelwright celebrate the 50th Anniversary of the day debt became money and savers became losers.
Tom Wheelwright: www.wealthability.com
Ken McElroy: www.kenmcelroy.com
Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Don't Be Like Charlie.
0:03.0	Charlie is that do it yourself or who does himself in.
0:06.6	Do it yourself is good for tile and grout.
0:09.2	It is not good for asset protection.
0:11.8	Charlie thought he'd save a few dollars forming his LLC online.
0:15.8	With no guidance, he did it wrong.
0:18.0	When he sold the property, he lost thousands and thousands of dollars.
0:21.8	He did himself in by trying to do it himself.
0:24.9	Don't burn yourself.
0:26.5	His corporate direct to set up and maintain your LLCs and corporations.
0:31.3	Corporate direct is owned and operated by attorney and rich dad advisor Garrett Sutton.
0:36.5	Garrett wrote the best seller's loopholes of real estate and start your own corporation.
0:41.0	He is Robert Kiyosaki's attorney for asset protection.
0:44.4	He and his team will do it right.
0:46.5	Visit them at corporatedirect.com or call 800-600-1760.
0:52.1	Reaching rich dad and receive $100 off your formation fee.
1:04.5	That's corporate direct.com.
1:06.5	This is the Rich Dad Radio Show, the good news and bad news about money.
1:07.8	Here's Robert Kiyosaki.
1:08.8	Hello, hello Robert Kiyosaki.
1:09.8	Rich Dad Radio Show, the good news and bad news about money.
1:14.0	Very special show today, important show.
	...

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