← Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
Middle Class Wipeout: The Collapse Has Begun
00:34:25
The rich are getting richer… and the middle class? They’re getting wiped out — and most people don’t even see it coming. In this episode of The Rich Dad Radio Show, Robert Kiyosaki and Ken McElroy break down what’s really happening behind the...
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- [00:00]
Ryan Seacrest
This message is brought to you by Apple Card. Each Apple product, like the iPhone 16, is thoughtfully designed by skilled designers. The titanium Apple card is no different. It's laser etched, has no numbers and earns you daily cash back on everything you buy, including 3% back on everything at Apple. Apply for Apple Card on your iPhone in minutes, subject to credit approval. Apple Card is issued by Goldman Sachs Bank USA Salt Lake City Branch terms and more@applecard.com this message is brought to you by Apple Card. Each Apple product, like the iPhone 16, is thoughtfully designed by skilled designers. The Titanium Apple Card is no different. It's laser etched, has no numbers and earns your daily cash back on everything you buy, including 3% back on everything at Apple. Apply for Apple Card on your iPhone in minutes, subject to credit approval. Apple Card is issued by Goldman Sachs Bank USA Salt Lake City Branch terms and more@applecard.com.
- [01:01]
Robert Kiyosaki
This is the Rich Dad Radio show. The good news and bad news about money.
- [01:07]
Ryan Seacrest
Here's Robert Kiyosaki.
- [01:09]
Kenny McElroy
Good morning Robert Kiyosaki Rich dad Radio show broadcasting from Phoenix, Arizona where it's either heaven or hell. It's getting close to hell right now. It's getting hot and so don't anybody tell you it's a dry heat, but it's hot yet. I still love living here. Our guest today is longtime friend 30 years, Ken McElroy. And the reason Ken is not only a friend but if you're going to be a rich person, I mean really rich, successful capitalist entrepreneur type, not a wussy 401k IRA type of guy. You have to have a team. And essential part of my team is Kenny. And the reason for that is real estate is probably the trickiest part of my of the asset classes. And the reason for that is real estate's about leverage. So that's when I shouldn't say all these things but Dave Ramsey talks about live debt free. The reason you want real estate is for the debt. I mean who else is going to lend you so much money? They're not going to lend it to you on your good looks. You got to show them some property. So Kenny insult you apart. But the problem with real estate, as you may know, you might be able to manage one or two, three or four properties by yourself for a single family maybe, but Kenny I now into the thousands and when I met Kenny 30 years ago I was so impressed because he's a professional property manager. So not only is it real estate but you have to somebody who understands the property management side. And since Then Kenny's gone into development, and we have literally made millions together and pay no taxes legally. So I'll say it again as part of your team, but if you wanted these little. What's a 401k guys? I would tune out right now because this will disturb you. So, Kenny, welcome to the Rich dad show. And we're going to talk about your upcoming event called Limitless in Dallas and why. Why financial education is probably more important today than it was 30 years ago.
- [03:23]
Jim Rickards
Yeah, that's why. That's why. I mean, holy crap. Like, I don't know about you, but it's confusing. All of it's confusing. Inflation, tariffs, interest rates, you know, are we in a recession? Are we not in a recession? What are. Where's unemployment heading? All that stuff is confusing. And there's always opposing views. And so the purpose of Limitless is to settle all that down. You know, come to a big event like that so you can ask those questions, listen to experts that have views, and hopefully some of them even have opposing views. I'm looking for a couple arguments this year. I think that'll be great.
- [04:04]
Kenny McElroy
The thing that's funny is, like, Jim Records is going to be one of them, and he's my hero, Kenny's hero, and he says, you don't need to have a PhD in economics to know that inflation is eating you alive. You know what I mean? This is. God, inflation's killing us. I was in a restaurant last night. You know, a salad was 21 bucks. I asked the guy, I said, how in the world people afford to eat? I mean, Canada make a lot of money, but 21 bucks for rabbit food? It's a lot of money.
- [04:35]
Jim Rickards
I know. I had a. I. I was talking to a friend yesterday. She decided to list her condo, actually, which is in Phoenix, because her HOA went up like $170 a month, you know, so. So, you know, like, these expenses are. Are hitting Main street hard, right? And. And Kathy, she's like, you know, it's just because she rents it now. She. She's. She's like, I was making a little bit, but now with the HOA increases, I'm not really cash flowing all that much. So it's starting to really, really show up.
- [05:13]
Kenny McElroy
It's biting right now. It's biting hard, and it's not going to stop. I mean, inflation's about to take off. So all my, you know, like, I like bitcoin, I like gold, I like silver, I like real estate. They're all going up, but inflation is going to Be the lead dog in this one here. And if you're not prepared or if you're stupid, you're going to get even more crush. And that's why I said in Rich Dad, Poor dad, it said, savers are losers. I mean, I can't believe people are still saving cash when the bond market is crashing. You got to be kidding.
- [05:45]
Jim Rickards
I know, I know. Here. I had dinner last night with Mike Maloney. He's in town. Yeah.
- [05:51]
Kenny McElroy
That must have been interesting.
- [05:53]
Jim Rickards
Well, you know, he's.
- [05:55]
Kenny McElroy
He's angel of death there.
- [05:57]
Jim Rickards
He's.
- [05:57]
Kenny McElroy
He is.
- [05:58]
Jim Rickards
He's, you know, one of the most studied gold guys around. Right, too.
- [06:03]
Kenny McElroy
So.
- [06:03]
Jim Rickards
So anyway, he said something last night that really nailed me. He goes, because he spoke at Limitless last year and he's going to speak at Limitless again this year. He goes, do you know what the price of gold at Limitless was last year? And I said, what was it? He said, it was in the low 2000s. Well, now it's in the low 3000s.
- [06:24]
Kenny McElroy
Yeah.
- [06:25]
Jim Rickards
And he's. Gold's gone up $1,000 an ounce in one year.
- [06:29]
Kenny McElroy
Yeah.
- [06:30]
Jim Rickards
And I was like, wow, you're right. You know, like, like again. But now think about if you're just sitting in cash.
- [06:38]
Kenny McElroy
And that's why savers are losers. You know, they. Yeah, it's not, it's not saving as bad as. What are you saving? You saving the dollar? The dollar. Right now, fiat currency is just transaction, but you don't hold it long term. You want to spend it as fast as you can and get out of it.
- [06:55]
Jim Rickards
Right.
- [06:55]
Kenny McElroy
Anyway, tell us about Limitless, because I go there, as you know, I speak. But you have some of the greatest speakers, the wisest minds of today, and most of them are pretty young. Most of them are men. Pretty young men. But their view in the future is sure not what they teach at the Harvard Business School. Know what I mean?
- [07:17]
Jim Rickards
Yeah, yeah. We have a good mix, actually, of young, old, women, men. You know, here, here's the thing. The inflation, interest rates, you know, the squeeze, the bite that everybody's experiencing today, whether you own a business or you don't own a business or, or, you know, everybody's feeling it. Right. And, and, and so my goal was always, Robert, as you know, what are the issues that are relevant today? Like tariffs are relevant today. So we have a whole piece on that. We have a whole piece on manufacturing. We have a whole piece on the new tax bill, which by the time Limitless comes around will be hopefully approved. And so we have a whole Panel on how people can legally benefit from that new tax bill. And so, you know, the limitless evolves based on the, you know, whatever the flavor of the moment is. And, and, and so all the things like George Gammon for example, will be there. He's projecting that unemployment's going to, going to go to 10% for all kinds of reasons. Now right now it's at 4.2. So that's like 7.2 million people. So if that happens, you know, we're, we're up over 15 million people unemployed. What will that do and why? And obviously we're going to be talking about Chat GPT and AI and how, you know, and that plays into his numbers. But we got Jim Rickards, we got Larry Lard, we got you, we got Jeff Snyder, we got Brent Johnson, we got George Gammon. I mean just to name a few, we got Mike Baloney, Dana Samuelson, Chris Martinson is going to be talking about the oil and gas and, and timber and water and all those things. I mean it's a really impressive lineup this year and I, I can't wait to hear what people have to say.
- [09:08]
Kenny McElroy
I, I can't wait either because I, I go to them, we can catch them on YouTube. But how many people do you expect in the audience?
- [09:17]
Jim Rickards
2,000.
- [09:18]
Kenny McElroy
Yeah. And so you're mingling with people who are proactive.
- [09:23]
Jim Rickards
Yeah.
- [09:24]
Kenny McElroy
Unlike the average Joe and where a lot of my family, they, they have no idea what's going on. They have no, not, no, no clue. They want to know if, if they should get a 401k. I'm going, oh my God. So we're going to pay the price. I mean each of us have family members we're going to pay the price for because they don't show up at these things. No, the learn.
- [09:49]
Jim Rickards
Yeah. I, the world's moving as we all know and, and you got to stay on top of it. I mean this, this AI Chat GPT stuff that's actually, and you know, it's been going for, for a little while. This is really going to level things. I mean, you know, we're already seeing accounting it, HR marketing, you know, like legal. I have a friend that sold his legal practice. He's a syndication attorney. Robert, for, for years. He's, he's almost 60. Sold it. I go, why'd you sell? He goes, Five years. I'm obsolete already. People are running. Run. Yeah, that's what he said. He goes, all that stuff. In fact, I got a 12 page term sheet the other day from I'm I'm working on a deal right now. I, I, I just, just to see, I said, I, I sent it to chat GPT. I said, how would you renegotiate this? And it gave me three pages back. And no, it was insane. I was like, wow. And, and I said it to my partner Ross. I go, check this out. I go, I mean most of the stuff I, I probably would have, would have handled, but there were, there was probably a third on there that I hadn't even thought of. And, and is, it's credible. So, so when you start. And by the way, I would have normally sent that term sheet to my attorney. And that actually is the point, you know, and, and it is really, really interesting what's going on right now. There's so much at your fingertips today that, you know, unless you're like a real hard trade where, you know, like a plumber, an electrician or a roofer or something, you can't, you, you can't chat GPT that away. Right. So that's not going to get replaced by AI, but there's a lot of people in that mid management, I think that I would say they're coming after the, the white collar.
- [11:47]
Kenny McElroy
Yeah, I definitely would say so. When we're at Collective in, in Orlando about two months ago, you know, young Josh was up there talking about AI and it dawned on me that the people sitting in the room listening to this guy talk about AI, we're all going to get richer. Yeah, everybody seeing the rooms will get richer. Then I asked the question, said, who's going to lose? I said, anybody not here. In other words, if you're not, if you're not up on it, you're going to lose your job.
- [12:18]
Jim Rickards
No, it's interesting, like people that just, I don't know, they put their head in the sand when it comes to technology. Right. They just, they're like, oh, it doesn't affect me.
- [12:27]
Kenny McElroy
You better explain what a luddite is. That's a term in economics by somebody who goes after he attacks, he or she attacks the technology that's going to replace them anyway.
- [12:40]
Jim Rickards
Right? Yeah. Right. Yeah. And I think that, you know, I think everybody's in for, you know, quite a wake up call here. You know, I, it's funny when you listen to Jeff Snyder, he says that we're already in a recession, of course, you know, but the government hasn't called it yet. Right. You know what I mean?
- [13:03]
Kenny McElroy
Well, that's what record says you don't need, you don't need a master's in Economics to know that inflation's killing you.
- [13:11]
Jim Rickards
Right? I know. I'm, I mean, I, I'm really excited. We got Larry Lepard to come speak. He's got that book, the Big Print. You and I are studying this, right? Have a, we have a call on it in the morning, actually, on chapters four, five and six. And that is a fantastic book. I, I like what he said on chapter five. He said, inflation, there's a human toll. Inflation creates a human toll and a wealth inequality. That's exactly what inflation does. And in his mind, it's been built in from, from the, from the early 70s.
- [13:47]
Kenny McElroy
Correct. Well, what Kenny's talking about here is every time they print this stuff, I call it toilet paper. Now, you know, the rich get richer because assets inflate. So when you print this, gold and silver goes up, but when you print this, eggs, chicken and milk goes up also. Or I paid 21 bucks for a stupid salad last night. And I look at the guys working the, the counter, you know, the waiters and waitresses. How are they surviving? You know? Yeah, no tax on.
- [14:19]
Jim Rickards
They, they, they have two, three, four jobs. That's how. I mean, you know, that's a fact. You ask them, you, next time you say, how many? How many? I've been doing that lately, you know. You know, you can't work at a restaurant and, and, and, and be solid. You have to have multiple things coming in. It's really, really horrible. You know, and the, with, with what we think, I, I think, I think these tariffs are going to really, really pound away on inflation. And, and it's going to affect the savers, the retirees and the conservative earners. You know, it just is. And that's, that whole, that's that whole middle class. It's, it's, it's coming.
- [15:03]
Kenny McElroy
It's guys like us who go to Limitless get richer. And the people that stay at home, the Luddites, they get poorer. Yeah, we've come back. We talking more about limitless. Some of the speakers, why you should go, what the price is and all this, it's in Dallas, Texas. I'll be there. Gammon will be there. Larry Lard, who's my hero because he wrote the book, the Big Print and Jim Records. I mean, these guys are the geniuses of our times. So we come back, we're talking more, Kenny, about limitless. But more important than this is some people will get very rich and the poor and middle class will be wiped out. The Luddites will be wiped out. We'll be right back.
- [15:49]
Ryan Seacrest
The US dollar is dying and most Americans are asleep. In 2025 alone, 11 countries have already dumped the dollar for trade and China is. They're not just talking. They're laying fiber optic cables under the Pacific to launch a digital currency system the world can use to cut America out. This is how empires fall. Not overnight, but piece by piece, while average people sit on the cows watching the stock market and telling themselves it's going to be okay. It's not okay. We're buried under 36 trillion in debt. Movies just slapped us with a credit downgrade, inflation still devouring your Savings, and your 401k is just hanging by a thread in a rigged system. I've been saying this for years. Don't rely on job security. Don't trust Wall Street. Don't wait for permission. Think like an entrepreneur. Own real asset. Yes, I like gold. I own gold. But right now, silver is the plague. Silver demand is exploding. Solar, EVs, military tech, water systems. It's everywhere but supply drying up. And silver is still around $43 an ounce. I believe silver get in $70 in 20, 25, maybe more. And if you want to wait around for CNBC to tell you that it's good time to buy, it'll be too late. So here's what to do. Textsilver to 24999 you'll get my 2025 rich dad's guide to silver for free. It breaks it all down. What's driving silver, why it's still cheap, and how to buy it smart before the next spike. TextSilver the 24999 to claim your free.
- [17:12]
Larry Lepard
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- [18:38]
Kenny McElroy
Welcome back. Welcome back. I want to thank my great friend Kenny McElroy. Like I said, business and investing are team sport unless you have a 401k. But most people have a 401k. And right now Gold is outpacing the s and P500. I have no idea what I just said, but I mean, it's S and P stocks are not doing well. But the reason Gold's doing well is the bond market is crashing. And bonds are the biggest market in the world and Those are called U.S. treasuries and all this. And most of these stupid effing financial planners will tell you bonds are safe. How do those guys sleep? You know, and they probably wipe their butt with this stuff here too. You know, they don't know what they're talking about. So the reason Gold's going up is because the bond market's crashing. Check that out. So that's why when Kenny's here, we're real estate guys primarily, but we're entrepreneurs. And he's putting on an event called Limitless, which I'll be there. Larry Lepard will be there. George Gammon, GEM Records. I go there to learn because I don't want to be a Luddite sitting at home, think I know all the answers or, or as my brother says, I have a master's degree. What? 30 years ago I had these people tell me that. I just go nuts. So, Kenny, tell us more about what you see coming in the marketplace. I mean, look at, Yep, look at, look at office buildings. I mean, that's huge problem.
- [20:10]
Jim Rickards
Office buildings, retail. You know, there's a, there's a glut of overbuilt industrial multifamily is to, you know, 20, 30, 40, even 50% off of values that were two, three years ago. But Robert, as you know, by the time Limitless rolls around, I'll have bought almost a half a billion dollars this year in multifamily. And so, you know, a lot of people are pulling back, but, and you should in some cases, but this is a time when there's disruption and there's blood in the water and, and lenders are freaking out and syndicators are freaking out and, and there's, there's management problems. That's the time that you want to be buying. So we're going to be Talking a lot about that. And even at these higher interest rates, we are finding stuff that's cash flowing. You know, I, we, we think that if we can find stuff today, that's cash flows at today's interest rates, there's only upside.
- [21:13]
Kenny McElroy
Yeah.
- [21:14]
Jim Rickards
Because, you know, you hedge the up, which means that you, you can't have interest rates go up. If they do go up, yours is not going to. If you fix it and then you refinance on the way down. And of course that's, that's tax free. So, you know, so we're very, very excited about this repricing of real estate. Now, I'm not talking about single family. That's a whole different animal. You know that we have an affordability problem on the single family side, which is pushing so many people over to the rental side. So it's a very, very great time to. If you're trying to buy investment real estate, it's hard to find. It's hard to find a cash flow. But there's a movement, there's a massive shift from homeownership to rental right now.
- [22:00]
Kenny McElroy
Yeah. I wrote about this book here. Rich Dad's Prophecy, why the biggest Stock Market Crash in History is Coming came out in 2013 and boy, is it hitting hard now. And the reason I could predict this is because the real problem is our national debt with 36, 37 trillion dollars in debt and they're not slowing it down. And as Trump says about the big beautiful bill or whatever it is, he and Musk had it out over that one. Yeah, because I guess there's not safe. There's. The debt's going to keep going up and it's going to make people who work for this and save this, they're going to be the biggest losers, or Luddites. Remember, a Luddite is somebody who fights the very thing that's going to replace them. You know, like there was the Luddites attacked the car factories because the cars were scaring their horses. There's a lot of Luddites today. So that's why Kenny has Limitless in Dallas, Texas again. We'll be at. So what, what can people expect, Kenny? I mean, why should. If you are a new guy, why would you come Limitless. I mean, can I. You guys have a chance to catch up right now? Yep.
- [23:11]
Jim Rickards
Well, I. Yeah, for sure. First of all, the people that are coming, you know, this is our fourth year, they're doing deals. These are people that are active. They're people that see the world a little bit differently. They're they're, they're not. They're coming for answers. They're, they're coming to try to, you know, some kind of a semblance of, you know, what to do, you know, what direction should I go? And that's the whole point. The network, of course, is amazing. You're gonna have a bunch of people that are, that are actually have businesses doing deals. Even first timers are trying to figure out, you know, they're getting crushed. So, you know, we have a lot of people. I mean, you know, we'll have 2,000 people this year for sure, just like we had last year. And I think the reason, Robert, is because of the uncertainty out there. And so my job as the, as the person who runs the event with Tarl is to find the right speakers at the right time for the event. And so this year, we've never had Jim Rickards, we've never had Larry Lepard. You know, there's a bunch of new people speaking. We got Brent Johnson, who's going to talk about the milkshake theory around central banks. We got George Gammon and Jeff Snyder that's going to, that's going to talk about unemployment and interest rates and what they see outside of the US Because Jeff's got a huge channel called the Euro Dollar University. And that's why gold's on a run. You know, if you, you ask him, it's like people don't, like, we don't have sound money anymore. People don't like to hold on to dollars. You just talked about this. And so they're, they're. There's a flight to not US Dollars, which is making bitcoin go up and making gold go up. And, and so, you know, when, when something happens, something goes down, there's typically a reason. You know, when something goes up, there's typically a reason. And so the, the goal of Limitless is to figure all that out.
- [25:13]
Kenny McElroy
So just think about this. Why is gold going up is because the central banks, like the Chinese Central Bank, Japan's central bank, they're dumping our treasuries, our bonds, they're dumping our debt to buy gold. And the Luddite is somebody who says, well, my child is going to Arizona State, and, you know, she's going to get a degree. And, you know, I asked Radha, I sent this joke out to everybody in our little group. There was those two beautiful young women, and the guy asked him a question and said, if a car is traveling at 70 miles an hour, how far does it go in an hour? And they couldn't figure it out.
- [25:58]
Jim Rickards
I know. How about the, how about the one where if you could take a chocolate bar or a silver bar, which one would you take? They took a chocolate bar.
- [26:08]
Kenny McElroy
Of course. Radha saw that joke. Rada is our cardiologist. He's part of our little team here. So he said he took his daughter out for dinner. He says I spent a quarter million dollars on her education. And he says I asked her if a car is going at 17 miles an hour. Oh no, how far does it go in an hour? And she couldn't figure it out. And a quarter million dollars in education, that's insane. And then the Limitless doesn't cost a quarter million, does it? How much does it cost to go there?
- [26:48]
Jim Rickards
No, no, I mean the tickets are less than a thousand dollars depending on when. You know, Obviously there's a 15 off right now if you use the code Rich dad, you know, just go to limitless expo.com and you get a 15 off with Rich Dad. Just type in that code. But you know, Robert, this, this, this event in the my four years is probably the most important.
- [27:15]
Kenny McElroy
Yeah.
- [27:15]
Jim Rickards
I mean, you got a new, you got a new administration, you got a new tax bill, you got these tariffs pending. You got, in you. We're on the beginning of this. I think we're already in recession, but they gotta call it at some point. We got inflation coming. And so the question is, what can you do? Because there are things, there are moves you can make. Right. So I, the people coming are, are. They know this, they know that they can control what they do next.
- [27:43]
Kenny McElroy
Correct.
- [27:44]
Jim Rickards
And that's actually the whole point. Right. Get in the right rooms.
- [27:48]
Kenny McElroy
Well, the reason I go to Limitless, because I want to see over the horizon, I want to see what's coming. And the Luddites are the people who are upset with AI and all this stuff and going, hey, face it, AI is going to replace you anyway. Oh, they're going, do you know Kathy, she's really pretty, smart woman. She says, AI is going to destroy Apple. I went, what? And she says, because Apple didn't keep up. Interesting. And then she says, who's going to kick ass is Tesla because Musk is way down the road with AI and driverless cars. The riots in la, they're burning the Waymo cars because the batteries run hot.
- [28:38]
Jim Rickards
Oh my gosh. Yeah.
- [28:43]
Kenny McElroy
They don't burn gas powered cars now. They just burn the electric cars. But anyways, woman, Kathy, I forget, I just really smart woman. But she says this is, AI is going to Destroy Apple, but it's going to build Tesla. And I went, wow. That's what I mean by looking over the horizon, you know, I mean, I'm not saying it's going to happen. We don't give financial advice. We don't tell you what to do with your money. But I come to listen to people who can see things we cannot see, so. That's true, Kenny.
- [29:17]
Jim Rickards
Yeah. I gotta tell you, you know, in our little collective group, we have a lot of really, really smart people. Our mastermind that we do every quarter. There was a guy in there, one of our members, that told me he does his books on QuickBooks and then sends it into, I think it was called Copilot with Microsoft. And it does his financials for him. You're kidding me. He's like, no, no, no. He goes, all my stuff's done automatic through AI. You have to set it up. Once it's set up, he goes, I. I don't need a bookkeeper or an accountant anymore. And then I just give that to my person who's doing my taxes, which is also at risk. So it's really, really interesting how fast things are moving. I know. I have a friend that's in the. Has a very large PR and advertising agency. He told me last week he has 100. He had 160 employees. Now he has 110. I said, are you growing? He goes, oh yeah, I'm growing. But I don't need content writers or graphic people anymore because I can get it all done with AI. I was like, wow, those are all. He goes, those are all people that I had to have before. So. So he's embracing it. Not everyone is, by the way. I. I would say the old guys aren't like, Right. Like guys our age are. They put their feet in the sand that these young kids are running hard.
- [30:42]
Kenny McElroy
Yeah, yeah. Yep. So that's why it's one Limitless. What's the dates and times and money and all that stuff.
- [30:49]
Jim Rickards
It's July 31, August 1 and August 2. It's limitless expo.com and it's at the Gaylord Texan in Dallas. And we had it there last year. As you know, it's incredible place to set up for conferences and we got a couple surprise guests, so we can't. We haven't put them up yet. Last year at RFK Junior Come as you know, we got to interview him. That was a lot of fun.
- [31:16]
Kenny McElroy
That was unbelievable. Yeah. He is intense, man.
- [31:21]
Jim Rickards
He is. He is. Yeah.
- [31:24]
Kenny McElroy
I was kind of hoping you Have Fauci and RFK Duke it out.
- [31:27]
Jim Rickards
Oh, that would be so good. Yep. Yeah. So, you know, my. My job is to. Is to bring what's relevant today. And, And I believe we've delivered this year. And it is going to be. If it's a. It's a. You need to be in the room this year, specifically if you want to make the right moves. Because we're going to dig in deep. You know, it's non political. We're just saying this is the way it is today. This is the tax bill, this is the tariffs, this is what's going on with inflation, and these are the things that you can do because that. It's not just about spouting the news. It's about what do you do with the information, what do you see over the horizon, and what can you do to stay ahead of it.
- [32:09]
Kenny McElroy
Yeah. And that's why. That's why you want to be at Limitless. Kenny and I will be there. Kenny and I are studying constantly. Constantly. I don't know how anybody can not study constantly.
- [32:21]
Jim Rickards
You have to, like, I mean, you told me to buy that book. I bought that book. I went to Europe in May. I read it. I'm reading it a second time. We're. We're l. Studying tomorrow. Chapters four, five, and six together as a group of about 20 people. And, you know, there are really, really, really good things in every book. And you have to keep studying because the. The world is moving fast.
- [32:45]
Kenny McElroy
The book we're studying is called the Big Print with Larry Lard. And he's going to be one of those speakers at Limitless, and he's excited about coming because I guess he and he and records don't see eye to eye. So that's going to be kind of interesting.
- [33:00]
Jim Rickards
Oh, I know. Listen, you'll love this. He told me that he goes, yeah, Jim and I don't see eye to eye. So guess what I'm doing? Putting them on the same panel. Of course. That's what I want. I mean, that's actually. That spirit of debate is the best. Like, you need opposing views. Right. That's the only way you learn.
- [33:19]
Kenny McElroy
Yeah, well, it's the best way to learn. It's entertainment, but, boy, it's active. Keeps your brain firing.
- [33:25]
Jim Rickards
I can't wait. I'm just gonna go. You know, it's gonna be like a. Like a UFC fight. I'm gonna. Ready?
- [33:30]
Kenny McElroy
Go.
- [33:31]
Jim Rickards
Just let him go at it. It's gonna be fun.
- [33:33]
Kenny McElroy
Yeah. So let me. We'll close out by saying this the Reason I want to go Limitless again. What's the dates again, Kenny?
- [33:40]
Jim Rickards
July 31, August 1 and August 2 in Dallas, Texas, limitlessexpo.com and you type in rich dad and you'll get 50% off. So tickets are less than a grand. There'll be 2,000 people. If you want to learn from others, be there. Trust me, you're going to want to be there.
- [34:00]
Kenny McElroy
You meet some very, very great people. But again, I go to see over the horizon and I always wanted. I don't want to be a Luddite. I don't want to be somebody who's attacking somebody who can see. And when that woman today said I was listening to her, she says, AI is going to destroy Apple but make Tesla richer. I went, wow. So that's good for me because I have a lithium mine and I own silver. So the rich will get richer, as usual, and the Luddites will just be pissed off because they get fired. A lot of people getting fired today. It's terrible.
- [34:37]
Jim Rickards
It is terrible. It's happening. I'm telling you. The middle class is getting squeezed.
- [34:43]
Kenny McElroy
Crushed.
- [34:44]
Jim Rickards
It's. They're getting crushed. Right. And there are things that they can do. The one thing they should not do is put their head in the sand.
- [34:52]
Kenny McElroy
Yeah. Anyway, my friend, thanks for being a fellow teacher with me for all these years. We've made lots of money together. I'm investing in full disclosure. I invest with Kenny every chance I get. And I'm investing with his billboard signs now. Yeah.
- [35:07]
Jim Rickards
Hey, I just got another deal at escrow two days ago. Yep. We just put it in escrow from Las Vegas all the way up to mesquite. The billboard business, baby, you know? No, no tenants. It's just a flat screen along a road, man. But they cash flow like crazy. Yeah. Yeah. So that's another business. I'm working on it again. We're doing a niche panel on that in Limitless. Not just with billboards, but there are a lot of people making money in these little niches. So that's another way to sit and learn and go, why not me? Right?
- [35:40]
Kenny McElroy
And the thing I like about billboards is you don't pay any tax if you invest.
- [35:45]
Jim Rickards
Correct? Right. If the bonus depreciation gets kicked back up to 100%, oddly enough, because it's considered equipment. You buy a billboard, you get to. You get to write it off, even if you finance it.
- [35:56]
Kenny McElroy
Yeah. But if you get a high paying job like a doctor, you pay 60%. Oh, I'm glad I went to school. Hey, Kenny, thanks very much, man. I'll see you at Limitless.
- [36:07]
Jim Rickards
Yeah, of course. Good seeing you, Robert.
- [36:08]
Kenny McElroy
Thank you. And we'll be right back with Rich Dad's final word.
- [36:15]
Ryan Seacrest
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- [37:12]
Robert Kiyosaki
Seacrest for Albertsons and safeway. Now through July 15th. Stock up on all your favorite personal care brands and earn four times points to use on later purchases for discounts on groceries or gas. Shop in store or online for items like Pantene Shampoo, Old Spice, Total Body Deodorant, Tampax Pearl, Venus Razors, Head and Shoulder Shampoo, Olay Body Wash and Pantene Conditioner and earn four times points. Hurry before these deals are gone. Offer ends July 15th. Restrictions apply. Offers may vary. Visit albertsons or safeway.com for more details.
- [37:44]
Kenny McElroy
Welcome back. I want to thank Ken McElroy. He's been my partner for 25 years. We have literally made millions of dollars. We're billions in debt and we pay no tax legally. So I wrote about a book called Rich Dad's Prophecy, came out in 2013 after the 2008 crash. In here, I forecast what's going on today. Like I said, The S&P 500 is crashing today. What does that mean? It means the baby boomers like me, my age, their F401Ks are toast. And who's going to take care of you when you're 95 years old and got no money? So that's why you come to Limitless. To study, to learn from real people, not those phony financial planners who tell you that bonds are safe. I mean, how in the world can anybody tell you a bond is safe? They're lying to you. It's called the 60. 40. 60% stocks, 40% bonds. And the reason gold's going up is because China Japan and other central banks are dumping gold. I mean, dumping bonds to buy gold. So that's why I'm talking about seeing over the horizon. You come to learn, meet with other great people. It's a very exciting time. Unless you're a Luddite. And a Luddite is somebody who's going to sit at home and say, well, how can they let the government do that to me? Luddites, they're a part of our culture. A Luddite attacks the very thing they should not be attacking. So once again, it's this Rich dad radio show. Robert Kiyosaki, thank you again to Kenny McElroy and Trust. I'll see you at Limitless in Dallas, Texas. Thank you.
- [39:32]
Larry Lepard
This podcast is a presentation of Rich Dad Media Network.
- [39:37]
Robert Kiyosaki
Hey, it's Ryan Seacrest for Albertsons and Safeway. It's Oral Care Month, which means you can earn four times points on all your favorite oral care brands. Now through July 15, shop in store or online for items like Colgate Toothpaste, Listerine Mouthwash, Crest Mouthwash or Toothpaste Sensodyne Toothpaste, hello, Toothpaste or gum flossers and earn four times points. Points can be redeemed for future discounts on gas or groceries. Offer ends July 15. Restrictions apply. Offers may vary. Visit albertsons or safeway.com for more details.
- [40:07]
Larry Lepard
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