Robert Kiyosaki’s Business & Investor Summit 2017 Learning Points
The past two days had been the craziest and most valuable days I've ever had in my life so far. I attended Robert Kiyosaki's Business & Investor Summit 2017 at Singapore Expo for the very first time. It's also my first time attending this kind of live seminar.
The 2 days worth of contents and sharing just blew my mind. The ticket which costs S$97 was the best investment I've ever made in my life so far. All the things I learnt and the shift in mindset was just priceless. I can confidently say that I have a RICH MIND now!
I'm going to share with you some of my key takeaways from the 2-day event in this post. I'm definitely not as good as the speakers but I'll do my best to share with you the knowledge, concept and wisdom to the best of my ability.
At the end of the post, I'll also share with you what the experts said about the market trend. So if you're a business owner, an entrepreneur or an investor, I believe the advice from the experts will definitely help!
Let's begin by introducing the speakers who shared their wisdom at the event...
Other than Robert T. Kiyosaki who is the main speaker of the event, there are 6 other guest speakers that are invited to the event.
- Tom Wheelwright (Tax) - Tax Expert & Robert Kiyosaki Advisor
- Peng Joon (Internet Marketing) - World's Leading Authority in Wealth Creation Online
- Sandy Jadeja (Trading) - Chief Market Strategist & International Trading Educator
- Andrew Cordle (Real Estate) - Self-taught Real Estate Investing Expert
- Jonathan Por & Grace Lim (Business & Entrepreneurship) - Founder of PIF Capital, Business Consultants and Speakers
(Click on the links to learn more about them)
Basically, all these guest speakers are experts from different industries. The common thing between all of their businesses is that they all surround the concepts of Rich Dad that Robert advocates.
They are building their own assets and wealth using different strategies in different industries. But ultimately, they are working for CASHFLOW and make money work for them. So their sharing at the event opened my eyes in term of the amount of opportunities we have out there for us to explore.
Each of the guest speaker offers their own course in their respective industry for people to learn their formula to be rich. I bought the Internet Income Intensive program by Peng Joon because I'm interested in internet marketing and have been learning on my own for some time.
My friend who went to the event with me bought the Fast Profits Trading Strategies by Sandy Jadeja.
You can view all the courses here.
There are really a lot more in life than just working in the cubicles 9 to 5 for 40 years. Everything you can dream of is possible. You just need to position yourself with the right mindset and find the right method for you. Being financially free can be accomplished by anyone in a couple of years.
The Outdated Advice From Your Parents
"Go to school, find a job, work hard, save money, invest for long term in stock markets, live below your means..."
Familiar with this kind of advice?
Most of the people are being inculcated this way since young by their "poor" and middle-class parents and teachers.
Robert repeated this sentence a lot a lot of times throughout the event in a very sarcastic way. The way he said it is also very funny.
Basically, if you want to be rich, this is the most critical mindset you need to get rid of. You actually need to do the exact opposite in order to be rich.
If you don't understand why you have to do the exact opposite of what you've been taught all your life, then continue reading...
Top 10 Learning Points
Like I've said, I've learnt a lot of things during the two days event. Here are just the 10 key takeaways that I want to share with you in this post.
#1 The Rich Don't Work For Money
This is the concept chapter one of the Rich Dad Poor Dad book talks about. However, Robert kept repeating this concept throughout the event because it is really important.
The reason that the rich don't work for money is because money is DEBT!
Many governments around the world are all printing money as it is the easiest way to boost the economy and avoid deflation. Just like the 2007 financial crisis, governments printed a lot of money as the way to recover the economy. If not, the crisis will be even worse.
The more money governments print, the less valuable your money is. No matter what, the worth of your money will just keep depreciating.
"Money is designed to steal your life"
The rich let the money work for them. How they do it is by accumulating assets which constantly bring in cashflow for them.
For example, investing in real estate and rent it out is a way to increase the cashflow. Another example is building a website/blog like this one because a good website is also known as the "online asset". It can constantly bring in passive income for you if you do it properly.
By building and creating your own assets, be it online or offline, you'll no longer need a job or a paycheck in the long term.
(Take note, buying a real estate for your own use is not considered as investing in asset because your house is actually a liability that is taking money away from you every month. This is a common misconception that many middle-class people have.)
#2 Choose Your Teachers Wisely
This is a very important point as it affects everyone.
A lot of people are attending or have attended College/University. They go to school to pursue their interests or further their studies. However, if you go and ask your teachers whether they are teaching things they've done it themselves, you'll get almost all negative answers.
School teachers teach you because they are hired and paid by the government. Almost all of them never ever do the actual things they are teaching in real life. How are you suppose to learn from them? Robert refers to these teachers as "fake teachers".
If you're learning business from someone who has never done business before, then good luck to you. School teachers only teach you how to pass and excel in exams but not in real life.
"Don't listen to a teacher who is not doing the actual thing."
So, the best way to learn things is to find someone who is actually doing well in that area - the experts. There are a lot of ways you can learn from them, be it free or paid.
For example, you can read their books, listen to their Podcasts, interviews, subscribe to their course or attend their events and seminars. All these learning media are much more useful than the school education to prepare you to be successful in real life.
Learning from "fake teachers" will just be wasting your own time and money because there's always a huge gap between academic and real life. After all, the main point of traditional education especially tertiary education is to get a diploma or a degree for you to FIND A JOB and BE HIRED!
#3 If You Want To Be Rich, Traditional Education is BS
Traditional education trains you to be good at ONE thing and that's called "Specialization". Specialization trains good employees who are hired by the rich.
If you want to be rich, financial education is one of the most important things you need to learn but is not taught in schools. Financial education is about how money really works and how to think like the rich. Basically, it's all about having the right mindset about money and acquiring wealth.
"Ph.D. stands for Poor, Helpless, Desperate!"
The opposite side of "specialization" is "generalization". In order to be rich, you should aim for generalization instead of specialization.
Here's the difference:
Specialization is knowing a lot about something. Generalization is knowing a little about a lot of things.
If you know a little about a lot of things, you can hire specialized professionals to work for you in many different areas. If you know a lot about something, most probably you're going to work for other people. This is the strategy that the rich use.
So, if you really want to be rich, you should start your own financial education. The good thing about financial education is that it is very simple to start. I would recommend you to slowly pick up the habit of reading if you haven't done so. Start with books like Rich Dad Poor Dad, Rich Dad's Cashflow Quadrant, Secrets of the Millionaire Mind, etc...
#4 Stop Saving Money
Like I've mentioned earlier, the worth of your money will just keep on decreasing because governments keep printing them. The more you save, the more you lose in the actual value of the money. So, there's really no point to save money.
There are 2 things you can do when you want to save money.
Firstly, instead of saving money, save Gold, Silver or anything that won't devalue over time. (P.S The value of Gold won't change, what changes the price of Gold is the value of "money"!)
Secondly, you should "invest". Investing is a very broad term which can be applied in many different areas. Followings are the things I would recommend you to invest in:
- Personal Developments (Books, courses, seminars...)
- Acquiring Assets (Things/systems that can bring in positive cashflow, aka passive income)
- Things that can increase in value over time (e.g. Bitcoin)
For personal developments, this is the only investment that will never fail because personal development cannot be weighed against money. The long term positive impact is something that will always make your investment worthwhile.
Even if you happen to invest in scam products, the lesson learnt is also very valuable.
For acquiring assets, this can refer to buying real estates and rent it out for passive rental income. It can also refer to creating websites to develop passive income streams. Assets can be referred to a lot of things as long as it creates positive cashflow.
Below is a very good parable that demonstrates this:
Lastly, if you invest your money into something that will increase in value over time, this not only solves the devaluation problem of money but it will also make you wealthier in the long term.
But this also requires certain knowledge in order to foresee the future and make the right investment. Cryptocurrency is something worth investing as it cannot be printed like money. There's a cap amount to each cryptocurrency.
#5 Debt & Taxes Will Make You Rich
"Debt" and "Taxes" are the words that most poor and middle-class people are afraid of. However, Robert kept emphasizing the power of leveraging these two things. These are the 2 things that make the rich richer.
Firstly, a bad debt will make you poorer while a good debt will make you richer. Let me give you a quick example and you'll see the difference...
When you borrow money from the bank to buy a house for yourself, you are creating a bad debt because the mortgage is something you need to keep paying every month. It is a liability which keeps taking money out of your pocket.
However, if you're borrowing money to acquire a real estate for rent, you're able to cover your mortgage with your rental income and still create a positive cashflow if you do it correctly.
Borrowing money is still considered a debt. But you're leveraging Other People's Money (OPM) to acquire assets and create passive income. This is considered a good debt.
Basically, it all depends on how you use the money, either your own money or OPM!
For taxes, rich people get richer by following governments' law to pay lesser taxes. I know this sentence may sound contradicting and confusing but this is the truth.
Rich people don't cheat and evade tax. They pay lesser tax legally with strategies. If you want to learn more about how to better leverage tax, go check out Tom Wheelwright's Tax-Free Wealth!
"Tax laws are incentives for governments to do what they want to do"
Leveraging debt & taxes are how rich get richer...
#6 A Coin Has 3 Sides
A coin not only has two sides, but 3 sides - head, tail and the edge!
This means that in order to be rich, its best that you stand on the edge of the coin and look at both the rich and the poor side. After understanding how both sides think and work, you can then see the difference between rich and poor people. This helps you adopt strategies that are suitable for you to become richer.
But for most people, they are stuck in the poor or middle-class mindset which hinders them from seeing the opposite side of the coin. To overcome this, you should learn from the rich by immersing yourself in personal developments like reading books, listening to Podcasts, attending seminars, etc.
In order to change your financial situation, change your mindset first!
#7 Success is by DESIGN
This is a concept brought up by Richard Tan, Chairman of Success Resources, at the beginning of the Business and Investor Summit.
A lot of people view success as "magic". Whenever they come across highly successful people, their intuition is that they are successful because they have a rich family, they are smarter, they have higher qualification or they are lucky...
Since they don't understand the process and logic behind other people's success, they feel that there are some magic behind it.
In fact, if you study the successful people closely, you'll find the patterns and commonalities among them.
The real successful people are hard working and optimistic. They have a clear goal. They are determined and committed to whatever they are doing. They take massive actions. They embrace failures.
And most importantly, there's a workable process behind every success.
So, if you want to be successful and rich, stop thinking success is magic. Instead, it is LOGIC!
You can definitely find a way to accomplish your goals if you're desired and determined enough.
Successful people set goals, make plans and take actions. They DESIGN their own success!
#8 Start Small, Dream Big
This is very self-explanatory.
Basically, if you want to achieve something huge, you must be confident and dream big. But in order to achieve it, you need to start small. Put in the necessary effort step-by-step.
A lot of people are actually underestimating their own capabilities by having a dream/goal that is too small. If you're not even able to dream about it, then forget about achieving it.
#9 Embrace Failure
When we were young, we learnt to walk by keep falling down and keep practicing. In other words, we learn and grow from our mistakes and failures.
However, when we entered schools, we were taught NOT to make mistakes. If you make mistakes or fail your exams, you're considered stupid. Why is that so?
"Learn how to fail, fail fast, make mistakes"
Now, let's look at the real world. Do people and companies succeed because they are very good and make very few mistakes? Or do they succeed by making a lot of mistakes but never give up? The answer is very obvious.
So next time when you make mistakes or encounter failures, be humble and optimistic because that's how you improve and succeed.
"Mistakes are bad if you're arrogant. Mistakes are good if you're humble and you learn the lesson"
Once you have this right mindset, you'll be courageous enough to take massive actions no matter what are the obstacles ahead. Because you know...
"You'll never lose. Either you win or you learn!"
Don't be afraid of failures anymore. It is your friend. Embrace it. Before you realize, you'll be a different person and you're a lot closer to your dreams and success.
#10 Be The Boss of Your Emotions
According to Robert Kiyosaki, there are 4 different types of intelligence:
- Mental IQ
- Physical IQ
- Emotional IQ
- Spiritual IQ
Among the four, emotional IQ is the most important if you want to succeed. Because if you cannot even control your emotion and temper, you can't do anything big.
Your decisions will be affected by your emotions. This will almost always lead you to make stupid decisions that will result in regrets and hinder you from success.
"Poor people are f**ked up emotionally"
Market Forecast by The Experts!
All the speakers at the event are foreseeing a market crash that is way more critical than the 2007 financial crisis.
The reason is because governments around the world solved the 2007 financial crisis by printing money. As you know, this is only a short-term measure that will definitely result in long-term adverse consequences on the market.
As you can see from the graph drawn by Robert Kiyosaki, the economy is at its peak right now. It is not sustainable anymore and it is likely going to crash soon.
And this time round, they are predicting the governments will not print money anymore because they can't afford it. That's why the next crash may be way more serious than the previous one.
For the poor and middle-class, this is definitely a bad news because it means their houses are going to drop in value and many of them are going to lose their jobs. I totally understand.
But for the rich people who are in the B&I quadrant, they are going to become richer during this market crash. They have the cashflow to purchase even more assets such as real estates when the market prices go down.
So, it all depends on whether you can shift your mindset to train yourself to think and act like the rich people. The rich won't be affected by market crash. Instead, almost all of them become richer. Interesting, right?
During the event, Robert said something interesting. He said...
"I will never lose a job because I don't even have one"
So, do you want to change your life and join the rich side where you don't need to be concerned about market crash or even just a laid off?
Start your own Financial Education by reading these 3 books I recommend. These are the 3 books that I always recommend people to start their FE if they want to change their financial situation!
More Event Photos
My Final Words...
The rich mindset is always on the other side of the coin, which means it is always opposite to what most poor and middle-class think.
If you want to change your financial situation and change your life, the first step is definitely to change your mindset. Reading the books I recommend above is definitely a good way to get started. After that, you should invest yourself in this kind of events. Let me list a few below:
- Business and Investor Summit (BIS) - Robert Kiyosaki
- Millionaire Mind Intensive (MMI) - T. Harv Eker
- Unleash The Power Within (UPW) - Tony Robbins
- National Achievers Congress (NAC)
These are a few of the most well-known ones around the world. I'm planning to attend all. I've already gotten the ticket for MMI in Singapore next year 2018.
(If you're planning to get tickets for events in Singapore, you can contact me and I can help you get the tickets!)
To conclude, I would like to urge everyone who wants to change their lives to invest in yourselves, be it buying and reading books, listening to Podcasts, attending live events/seminars, masterminding with like-minded people, following and learning from influential people...
Investing in yourself is the investment with 100% ROI (Return On Investment). Despite it may not be seen right away, the long-term benefits will definitely upgrade your life.
One of the most common concerns is the cost of the investment for things like live seminars. Some of the tickets may cost up to more than a thousand dollars. You will probably be scared by the price but the values you'll get from these events are just priceless.
Give it a shot. You will probably become the next seminar addict like Robert Kiyosaki as well as my brother and myself.
I wish you great success!
1. This post is my personal reflection after attending the Business and Investor Summit as well as reading lots of relevant books from Robert Kiyosaki. The concepts are not mine. They are the concepts I learnt from Robert and other speakers. This is my personal notes which help me to consolidate my learning as well as sharing this knowledge with you. I hope this can impact your life in the positive way as much as possible!
2. The quotes in this post are quotes I learnt from Robert and other speakers during the 2-day events.
3. There are affiliate links within this post, which means if you decide to purchase anything through my link, I'll earn a small commission at no extra cost to you.