The Retirement Crisis No One Is Prepared For

Summary

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Episode Overview

Podcast: Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
Episode Title: The Retirement Crisis No One Is Prepared For
Date: November 26, 2025
Host: Robert Kiyosaki
Guest: Ted Siedle (Pension Forensics Expert and Co-Author of "Who Stole My Pension?")

This episode dives deep into the looming retirement and pension crisis facing baby boomers, especially those relying on public pension systems. Robert Kiyosaki and Ted Siedle examine how decades of mismanagement, lack of oversight, and political influences have placed trillions in retirement funds at risk. With personal anecdotes, industry insights, and warnings for future retirees, the conversation urges listeners to wake up to the dangers ahead and take responsibility for their financial education.

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Key Discussion Points and Insights

1. The Pension Crisis: A Generational Time Bomb

• Defined Benefit vs. Defined Contribution:

  • Kiyosaki recounts how after the 1974 ERISA law, American workers shifted from defined benefit (pension for life) to defined contribution plans (like 401(k)s). This significantly altered retirement security and risk.
  • “Anytime the government says our act is to protect your income, bend over and don’t pick up the soap.” (Robert Kiyosaki, 01:31)

• Personal Connection:

  • Kiyosaki describes how many peers—like airline pilots—lost pensions they counted on and were “too old to work and out of time.”
  • “There’s a lot of boomers my age who are going to wake up and say, ‘I don’t have a pension ... and I’m now too old to work and you’re out of time.’” (Robert Kiyosaki, 03:44)

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2. The CalPERS Investigation & Systemic Issues

• CalPERS Under Scrutiny:

  • Siedle details his current forensic investigation into CalPERS, the largest U.S. public pension fund (nearly $600B), revealing mismanagement on a scale akin to a sovereign nation’s GDP (06:08).
  • “If that money is being mismanaged, that’s like, you know, a global, a sovereign country.” (Ted Siedle, 06:24)

• SEC & Whistleblower Experience:

  • Siedle mentions his history of major whistleblower cases and the largest SEC award for exposing pension fund misconduct, emphasizing the gravity and prevalence of corruption.
  • “I got the largest award from the SEC ... nearly $100 million for the investigations I’ve done.” (Ted Siedle, 07:27)

• Herd Mentality:

  • CalPERS is a bellwether for other pensions—when it falters, others follow, worsening systemic risks.
  • “Pensions move in what we call a herd with a herd instinct. So when the leader jumps off a cliff, all the other lemmings jump off as well.” (Ted Siedle, 07:55)

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3. Governance Failures and Political Influence

• Leadership Issues:

  • Kiyosaki and Siedle note that those overseeing these large funds are often politically appointed, with little to no financial background.
  • Siedle: “There’s not a single state in this country that requires these pension board members to have any financial experience working whatsoever.” (Ted Siedle, 16:56)

• Conflict of Interest & Corruption:

  • Commissions, kickbacks, and “buttering the toast on both sides” are routine, leading to criminal outcomes—suicides, prison sentences, and ruined retirements.
  • “So, could you explain how these leaders were stealing from the ... people they trusted to run the pension?” (Robert Kiyosaki, 10:54)
  • “There are no rules anymore on Wall Street, giving to politicians and politicians are running these funds.” (Ted Siedle, 11:06)

• Union Conflicts:

  • The NEA (National Education Association) is singled out for being a financial product pusher, not just a union, selling “crappy” annuities to teachers for decades.
  • “Most people don’t realize the NEA is a money manager ... a union posing as a money manager or a money manager posing as a union, whichever way you want to look at it.” (Ted Siedle, 24:23)
  • “Forbes called the teachers union the National Extortion Association.” (Robert Kiyosaki, 24:57)

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4. Lack of Transparency and Legal Loopholes

• No ERISA Protections:

  • Public (state/local) pensions aren’t covered by federal ERISA protections, exposing them to even less transparency and oversight.
  • “They made a huge loophole. All state and local pensions are not subject to ERISA.” (Ted Siedle, 10:19)

• Transparency Obstacles:

  • Pensioners face routine non-compliance when seeking documents under state Freedom of Information Acts.
  • “Never once, Robert, in the last 13 years has a single pension given me the documents they’re required to give me under law.” (Ted Siedle, 21:21)

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5. Consequences for Retirees

• “What Do You Do When Pensions Disappear?”

  • Options are grim: go back to work (often not possible), cut expenses, or both.
  • “There are only two things you can do. Either bring more money in or cut your cost of living.” (Ted Siedle, 27:13)
  • “It’s not a good time to be looking for a job at 65 and AI is going to wipe the rest of them out.” (Robert Kiyosaki, 27:52)

• No Bailouts:

  • While taxpayers may be forced to contribute more, there’s little rescue available for individuals when pensions fail.

• Homelessness Looms:

  • Kiyosaki predicts a surge in homelessness among retirees due to vanishing pensions and lack of financial education.
  • “Homelessness is about to explode and there’s going to be a lot of hardworking firefighters, school teachers, you know, government workers whose pensions are stolen ...” (Robert Kiyosaki, 19:44)

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6. Solutions and Advice

• Get Educated and Take Control:

  • Play the Cashflow board game.
  • Learn to sell and invest in real estate, gold, and silver—develop financial skills, not just academic credentials.
  • “If you educate yourself, you might have a better chance of success into the future and a happier retirement.” (Robert Kiyosaki, 33:40)

• Understand Everyone is in Sales:

  • “If I say to a younger person, get some sales experience, ... to them, it’s like drinking urine ... It’s not beneath anybody. We are all involved in sales. That’s the best entree to becoming an entrepreneur.” (Ted Siedle, 29:31)

• Expose Corruption—New DOC:

  • Siedle is working with a documentary filmmaker for greater public awareness, hoping the visual medium wakes up more people than his formal reports.
  • “There’s a documentary filmmaker ... The trailer will be out next week ... tentatively Broken Promises, Stolen Pensions.” (Ted Siedle, 18:40)

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Notable Quotes & Memorable Moments

• “Anytime the government says our act is to protect your income, bend over and don’t pick up the soap ...”
  — Robert Kiyosaki (01:31)

• “CalPERS has been in trouble for the last 25 years. Up until about 2000, CalPERS was considered the ‘gold standard.’ ... All that started falling apart after 2000.”
  — Ted Siedle (08:40)

• “Pensions move in what we call a herd ... when the leader jumps off a cliff, all the other lemmings jump off as well.”
  — Ted Siedle (07:55)

• “There is not a single state in this country that requires these pension board members to have any financial experience.”
  — Ted Siedle (16:56)

• “Wall Street calls public pensions the ‘dumbest investors in the room.’”
  — Ted Siedle (17:24)

• “All these remember, the people contributing to these pensions ... are going to end up failing if these pensions are gambling on risky private equity and hedge funds and lose.”
  — Ted Siedle (23:29)

• “Forbes called the NEA, not the National Education Association ... the National Extortion Association.”
  — Robert Kiyosaki (24:57)

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Key Timestamps

| Timestamp | Segment Description | |:----------:|----------------------------------------------------| | 01:25 | Show introduction & topic setup | | 03:44 | Personal stories: lost pensions, the ERISA shift | | 06:08 | CalPERS investigation and scope | | 07:27 | Whistleblower history and scale of the problem | | 10:19 | Public pensions’ loopholes and political corruption| | 14:23 | Critique of “safe government jobs” & family anecdotes| | 16:56 | Lack of basic requirements for pension oversight | | 17:24 | Public pensions as “dumbest investors” | | 18:40 | Documentary project announcement | | 21:03 | What retirees must do to protect themselves | | 24:57 | NEA called “National Extortion Association” | | 27:13 | Grim choices for retirees: work longer or cut costs| | 29:31 | Final advice: learn sales, entrepreneurship | | 33:10 | Closing remarks: urgency of financial education |

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Episode Tone and Takeaway

The tone is candid, sometimes irreverent, and laced with dark humor about a very serious subject. Kiyosaki and Siedle challenge conventional wisdom, decrying the blind faith in government-provided pensions and exposing political and financial corruption. Their message is clear:
No one but you will save your financial future; get educated, get proactive, and don’t trust the herd.

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For more, pick up “Who Stole My Pension?” and take your financial education into your own hands.

Transcript

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Visit T mobile.com this is the Rich Dad Radio Show. The good news and bad news about money. Here's Robert Kiyosaki.

[Robert Kiyosaki]

Hello, Robert Kiyosaki, the Rich Dad Radio Show. I'm broadcasting from Phoenix, Arizona, where it's either heaven or hell. And right now is heaven is why people live here. Anyway, we have a very important show. I think all our shows are important, but this is especially important if you have a family member who is a boomer, baby boomer. And I forgot the years they were born between, but there's millions of them and especially so if they have a pension. And the reason this is important is when I was getting out of the Marine Corps in 1974, they had a thing called ERISA, Employee Retirement Income Security Act. And anytime the government says our act is to protect your income, bend over and don't pick up the soap, you know what I mean? Because they're going to get you. So my generation in 1974 was the first generation without what they call defined benefit pension. Defined benefit means you are guaranteed a pension no matter what. When ERISA kicked in in 74, it shifted to define contribution. And I remember coming out of the Marine Corps looking for a job in Hawaii. Station in Hawaii, my last station I flew out of. And I go to downtown Honolulu and every school teacher, I go to these meetings about the new, the new, what you call it, profession called financial planners. And so you too can be a financial planner going, oh, let me go check this out. So I go and I sit down these meetings for people who want to be financial planners because the shift went from defined benefit to defined contribution. So your contribution would depend upon what this financial Planner advised you. 401 or IRAs in America, RRSP in Canada, superannuation in Japan, I think. And anyway, stuff like that. So everywhere around the world, the boomer is the biggest generation in history is now at the point where those pensions are due. Very important subject because it's going to affect a lot of people. So as a friend of mine, Ted Siedel, he's a pension forensics expert, he wrote this book here, it's called who Stole My Pension? And so there's a lot of boomers my age who are going to wake up and said, huh, I don't have a passion, I'm now too old to work and you're out of time. So that's one of the reasons I founded the Rich dad companies. We have no financial education. And so people, I don't need a pension. You know, I invest for myself. I have a. We call a family office. I don't need a financial. I have advisors. But anyway, I was a pilot and most of my friends became pilots for the airlines. And they're all happy because they had job security, they had pensions, and guess what? Voila, their pensions disappeared. So here they are, they're now about 65 years old and they have no pension. And so that's why it's kind of personal to you, to my classmates, my fellow pilots, we flew in the Marine Corps, they were still working and then they had no pensions. So that's why Ted Sedell and I co authored this book here, who Stole My Pension? Because Ted is the number one forensics expert. He goes after the pensions and how they steal your wealth because they've been den of thieves. Most financial planners are nice people, but I wouldn't let them lead me to the toilet. I really have no respect for them because they're going to put me in stocks, bonds, mutual funds and ETFs. And I don't do those things. You can do what you want. I don't give financial advice, but I'd rather handle my own pension, thank you. My own retirement. So I retired years ago without a pension and I did it with real estate and investments. So, Ted, welcome to the program. It's been nice working with you all these years, but you know that old saying, cheer up, it could get worse. We all cheered up. And a lot of these guys in these pensions, like CalPERS, California PET, California personnel and all that stuff, they're smelling the coffee right now, right?

[Ted Sedell]

Yeah, they certainly are. And I've just been hired a few months ago to do a forensic investigation of CalPERS, which is nearly $600 billion between CalPERS and CalSTRS, which is the teacher, state teacher's pension, you're talking about a trillion dollars. And so if that money is being mismanaged, that's like, you know, a global, a sovereign country. I mean, it's a trillion dollars there in those pensions. So I was hired recently to do a forensic investigation of CalPERS on behalf of the State Retiree Association, RPEA. And that's what I've been doing. And it's for the last few months and it's been in NBC News and on in the Financial Times and all over the country. They've been even internationally writing about this investigation because CalPERS is the largest.

[Robert Kiyosaki]

So. And you've also been awarded the biggest reward for taking it to these pension crooks.

[Ted Sedell]

I mean, yeah, I won the largest SEC award, whistleblower awards in history, nearly $100 million for the investigations I've done. So I got the largest award from the sec, then the largest award from the cftc, and then another one from the sec. So, yeah, the federal government has confirmed my findings over the years and I've done over a trillion of these investigations. But anyhow, CalPERS is big news because they are the largest. And pensions move in what we call a herd with a herd instinct. So when the leader jumps off a cliff, all the other lemmings jump off as well. So it's really important that the leader be leading and not misleading.

[Robert Kiyosaki]

Yeah. So Kelp, what, what Ted is talking about is called the bellwether or the, you know, the cow with the bell on their neck. So whatever CalPERS is doing, the rest of the herd is following close behind. And what you're saying is Calpers is in trouble?

[Ted Sedell]

Yeah, Calpers has been in trouble for the last 25 years. Up until about 2000, Robert Calpers was considered the quote, unquote, gold standard. You know, all the Other pensions, look to them, they were the model for effective governance and transparency. All that started falling apart after 2000. One board member went to prison, another board member committed suicide before he was being sentenced. They've just been hit with scandal after scandal and they're now pretty much a poster child for poor governance. And they champion things like you're familiar with ESG or DEI, a lot of these progressive investment strategies. CalPERS was the, the originator of so and the herd followed the leader. Right. So it's pretty wild. Anything you can imagine.

[Robert Kiyosaki]

This is the book here. You know, if you're young enough, please read this book. If you're old, like over 50, you might be in serious trouble because. Explain why they were committing suicide. Well, these guys who are the so called leaders of these pensions, these teachers and things like that, they were on the take also. They were getting commissioned on both sides. The toast was buttered on both sides.

[Ted Sedell]

And well, the main problem, the main problem with public fund public pension plans like city, county, state public pension plans are first of all, they are not governed by erisa. Erisa, the comprehensive federal law that you talked about earlier that provides important protections for participants. Well, when they created that law in 1974, they made a huge loophole. All state and local pensions are not subject to erisa.

[Robert Kiyosaki]

So could you explain how these leaders were stealing from the, you know, the people they trusted to run the pension? How were they stealing? What, what were some of the nefarious tricks they were up to?

[Ted Sedell]

Well, one of the things your viewers need to understand about public pension, state and local government pensions is they're political animals. These funds, these investments, retirement funds are not being selected, managed based upon what's the best investment, based upon the best performance or merit, their political considerations. Who's giving to whose political campaign? So basically there are no rules anymore on Wall street, giving to politicians and politicians are running these funds. Here in Florida, the state pension fund is 203, $300 billion. It has three board members overseeing it. The governor, the attorney general and the state chief financial officer, none of whom have any experience. You may recall, Robert, I just finished last year investigation, what you're saying, what.

[Robert Kiyosaki]

You'Re saying, the people running the pensions and deciding what they're going to invest in have no idea what they're doing.

[Ted Sedell]

None whatsoever. Last year I, I did an investigation of the state of Minnesota pension and I completed the investigation right before the election. And one of the things we discovered was that Tim Walsh was the chairman of the state pension. And you may recall in his Election disclosure, he admitted from the get go he had never bought a stock or bond in his life. In his financial disclosure, as soon as he was nominated, which was the very week I released my findings about how he'd been mismanaging the pension, he admitted that he'd never. He did not own a stock or bond. Never had owned a stock or bond. And yet this is the guy overseeing the. I think it was $250 billion of Minnesota State pension. Same here in Florida, we have Ron DeSantis. Doesn't know anything about him investing stocks or bonds. I think he had a net worth of a couple hundred thousand dollars before he got a book deal, but. And in California, it's the same thing. You've got elected officials who need campaign contributions to fund their political campaigns. And what's the biggest contract, most lucrative contract a state can hand out? A money management contract.

[Robert Kiyosaki]

Yeah.

[Ted Sedell]

Can be worth billions.

[Robert Kiyosaki]

The reason I'm cracking up is in my family, they still can't get that mantra out of their head. Now, you go to school, but you get a good, safe job with the government because the government has a pension. And what Ted is saying, what I'm saying in this book here, you're up the river, you know, without a paddle. And that's what's going to happen right now. It's happening all over the world. So we come back, Ted. I mean, I shouldn't be cracking up, but I think it's absurdly stupid that my. I mean, my family go to school so you can get a good government job or my father was happy. I could have flown for the airlines because I would have got a good pension. They're gone. We'll be right back with Ted Sedell.

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[Robert Kiyosaki]

Welcome back. Robert Kiyosaki, Rich Dad Radio Show. And remember, we don't give financial advice. Behind me is a cash flow board game so you can learn about money. You know, cash flow, income statements, financial statements, so you can learn. And I think the people that play cash flow know more than most of the people running these pension boards that Ted is after. So. So Ted, what requirement does a person have to have to handle billions of dollars in money? Like this guy Waltz, who was Kamala Harris's running mate for vice president. How much experience did he have running about investing?

[Ted Sedell]

0. There is one of the things that my investigations show is there's not a single state in this country that requires these pension board members to have any financial experience working whatsoever. So you've got people running 6 point. There's 6.5 trillion in public pensions in America. And the boards watching over these funds are laymen. And then you've got, on the other hand, you've got the sharpest Wall Streeters out there selling high risk private equity, private credit, alternative and hedge funds to these cops, firefighters, school teachers who have no training whatsoever. It's, that's why Wall street. Yeah, Wall street calls public pensions the quote unquote, dumbest investors in the room.

[Robert Kiyosaki]

And they are, they don't know what.

[Ted Sedell]

The hell they're doing and there are no requirements anywhere. So I'm Gonna, this California CalPERS investigation I'm very excited about for a couple of reasons. One is that two, two former board members are part of the group that hired me. So I've got their decades of insight into how the board Operates from behind the scenes. The other thing that you'll appreciate is I also, from the get go, there's a documentary filmmaker who's been filming the investigation. So I'm very excited that the film will get out to people. People watch the film who maybe won't read 150 page forensic report.

[Robert Kiyosaki]

What film is this?

[Ted Sedell]

It's a documentary film, but by a fellow named Doug Orchard. The trailer will be out next week, but I can't tell you anything more. It's his film. So the name was tentatively Broken Promises, Stolen Pensions. But that will be coming out and I'm hoping a lot of people will watch the film because there are tens of millions of people who have these pet who are participating in these pensions that like I said, they're not going to read 150 page expert report, but they might see an hour and a half documentary film. And the third thing that I'm really excited about here is about this investigation is the fact that I'm able for the first time to use AI to help. And man, I gotta tell you, it's a game changer. Really exciting.

[Robert Kiyosaki]

I shouldn't be laughing, but I got. As a kid, I was pounded by my whole family's academics. The only reason you wanted a college degree was to get a government job with a pension. Why don't you study money? So that's why, you know, Rich dad company was created to teach cash flow and investing and things like this that everybody says is risky. But now I hate to say this, I shouldn't laugh, but homelessness is about to explode and there's going to be a lot of hardworking firefighters, school teachers, you know, government workers whose pensions are stolen, which is why I wrote this book here. So Ted, any suggestions you have for people of my age? I'm a boomer who, who are suspicious or suspect. You know, they're losers. Right now they're going to be big time losers, but they're out of time. You know, I'm saying they, they, they drank the Kool Aid of go to school, get a job and get a pension. But now they're out of time. What? What? When you investigate these pensions that are stolen and looted and robbed by incompetence, what do the pensioners do? I mean, how do they survive? I know my pilot friends had to go back to, they had to get other jobs. At least people would hire them for a certain time. But what do people do when they lose their pension?

[Ted Sedell]

Well, the main thing that they need to do right now is start looking at their Pensions, instead of expecting that they're just going to be there miraculously, they really need to start looking. And the first thing they'll encounter is all these state pensions are subject to state Freedom of Information act laws. They are supposed to be state pensions are supposed to be the most transparent of all pensions, far more transparent than corporate pensions because of these state Freedom of Information act laws. And the first thing that, that, that pensioners are going to discover when they start looking is start asking for questions is that none of these pensions is is following transparency law, Freedom of Information act laws. They will shut you down. They I've done over a trillion in these investigations. Never once, Robert, in the last 13 years have has a single pension given me the documents they're required to give me under law. I note it in every one of my reports and you know, life goes on. They just refuse to give you the information. And they're more secretive now than they.

[Robert Kiyosaki]

Ever so Ted, we understand that these guys with pensions and the reason I shouldn't laugh, but when I was in high school, my poor dad was head of the teachers union, Hawaii State Teachers Associates, hsta and he would have meetings with all these school teachers in there. And you think the Hawaii State Teachers association, we're talking about education. They don't. They talked about pensions and pay raises. They didn't give a crap about the kids. And now, you know, I hate to say, I have two sisters and one brother. I don't know if they have a pension. I retired years and years and years ago. I didn't need a pension. But that was my rich dad saying to me, he says, you better because of arrests in 74, I was getting out of the Marine Corps. He says, you better start cya, cover your ass right now. So that's why I wrote rich dad, Poor dad to create the cash flow board game so people can save themselves. So what happens to these people whose pensions are gone? Does anybody bail them out? Does the government? You know, they bailed out the banks. Can't they bail out the firefighters?

[Ted Sedell]

Well, all these remember, the people contributing to these pensions are the employers, state agencies, the employees, state workers and taxpayers. So everybody loses when these pensions go down. Taxpayers have to put more money in, you know, basically. So you're going to end up failing if these pensions are gambling on risky private equity and hedge funds and lose. And at the end of the day, the participants and the stakeholders stakeholders include participants and taxpayers are going to have to put more money in. And you brought up a good point. When you're talking about your personal experience, these teachers unions. I just this week disclosed that the nea, the powerful teachers union is being investigated by Congress, the House of Representatives for getting selling costly financial products to teachers that are terrible, terrible investments. Most people don't realize the NEA is a money manager. They are registered with the sec. They're a union posing as a money manager or a money manager posing as a union, which however you want to look at it. But they've been doing this for years, selling financial products to teachers and really crappy ones at that.

[Robert Kiyosaki]

Well, the organization you wrote for was Forbes or is Forbes. And Forbes called the NEA, not the National Education Association. Forbes called the teachers union the National Extortion association because our education standards go down further and further and further. But the teachers get richer and richer simply because they're a bunch of Marxists. You know, I'm not saying they're bad people, but the definition of a Marxist is an intellectual who thinks people should follow what they do, they should be told what to do. And in my family all the smart guys said you should listen to me because I have a college degree and you don't. I wouldn't listen to you anyway. We're in serious trouble. But I'm glad to hear the NEA is going to be held accountable because oh my God, they're a nasty organization. They're horrible.

[Ted Sedell]

Well the NEA has been taking advantage of teachers and undermining. In the old days there was a time in America where unions fought to improve the retirement security of their membership. Whereas the NEA has for the last 30 plus years been undermining the financial retirement security of their membership by selling them high cost variable annuities that are just not a good investment at all. So I feel badly that the teachers have been taken advantage of by their own union. Should have never happened. A union should not be a money manager registered with the Sec. 1 or the other be a money manager, be a union. But you can't be both in my opinion.

[Robert Kiyosaki]

And that's why I say in my family they're all educated, poor dad's family, be sure to get a job as a teacher because they have a good pension. It wasn't about be a good teacher, be a, have a good pension. And when the NEA like Forbes finally, Forbes been on them for years but they finally sorry, you're finally going after them, which is really good news. So once again I'm asking the same question. What did some of the people do who lost their pensions late in life? Any, any ideas? I Mean, what do they do?

[Ted Sedell]

Well, you know, go back to work, basically this or you know, there are only two things you can do. Either bring more money in or cut your cost of living. One of the two is you're really forced to choose from. You know, like was it Warren Buffett said the difference A man who makes a hundred dollars and spends 99 is happy, makes a hundred dollars and he spends 101, he's unhappy. You know, so there are really only those two things that you can do. Or either go back to work or cut your standard of living or do both. You know, do a bit of both.

[Robert Kiyosaki]

I hate to say this, but even McDonald's is letting people go, Joe. I mean the economy is being hit so bad, poor people can't afford to find dine at McDonald's or these fast food places. So it's not a good time to be looking for a job at 65 and AI is going to wipe the rest of them out. So that's why this is kind of why I started Rich dad. Part of that 30 something years ago, cash flow board games that people can teach themselves. I just quick, what I did was that when I get out of the Marine Corps, the first thing my rich dad said to me I had to do is two skills I had to have. Number one is I had to learn how to sell. So I got a job with Xerox because I couldn't sell. You know, I was terrified of rejection. And then I kept saying, I don't, I don't want to sell. I don't want to sell. I don't want to sell because in my family, the poor dad family salesman was scum and so rich that finally looked at me, says robert, how's your sex life? I said, it's non existent. He says, because you can't sell. So that kind of convinced me, get a job with Xerox. And the second thing he says, you have to take real estate. I said, why real estate? Because you have to learn how to use debt. Because as you know, the dollar became debt in 71 under Tricky Dick Nixon. So that's kind of what I did. So I retired a long time ago because I have no stocks, bonds and mutual funds, ETFs. I don't follow Warren Buffett's plan. So I just have real estate, a gold and silver period. And they produce income. Real estate produces income. That's what I do.

[Ted Sedell]

Well, it's really amazing to me. I believe that everybody, young person should get involved in sales because we're all involved in Sales, whether we know it or not. But I hear the same thing universally. If I say to a younger person, get some sales experience, they, they, you know, to them it's like drinking urine or so it's like, this is. I don't want to be in sales. That's beneath me. It's like, it's not beneath anybody. I mean, we're all in sales. Whether we're lawyers, doctors, whatever we do, we're. We are involved in sales. I would encourage anybody to. To get involved in sales. That's the best entree to becoming an entrepreneur again.

[Robert Kiyosaki]

This is our book called who Stole my Pension? It's not a funny subject, but I kind of find it entertaining right now that it's going to get worse. That's the problem. And homelessness will spread simply because these hard working people have no financial education. And Ted knows that. These, the leaders of their pensions, a lot of them are on the take, right, Ted? I mean, they got bonuses from the people they bought from, securities from.

[Ted Sedell]

Yeah. In every state. The pension investment staff, they're the most highly compensated state workers in any state. More than the governor, more than many of them, more than the President of the United States. They get paid, you know, million dollar salaries or three quarters of a million dollars. State workers.

[Robert Kiyosaki]

Yeah. And the firefighters, school teachers, you know, police officers, they get screwed. Anyway, Ted, it's been great being your friend because I get to talk to you all the time about what's really happening. Because Ted. Ted is a bloodhound out there. Ted, thank you very much and keep up the good work.

[Ted Sedell]

Thank you. Great to be here.

[Robert Kiyosaki]

And when I come back with a final word from Robert, we'll be right back. Thank you.

[Ted Sedell]

Oh, hey.

[Gift Wrapping Host]

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[Ted Sedell]

Whoa.

[So Saldana]

So is Saldana.

[T Mobile Salesperson]

Hey, can you wrap these, please?

[Robert Kiyosaki]

Wow.

[Gift Wrapping Host]

IPhone 17s, you splurged.

[T Mobile Salesperson]

At T Mobile, you can get four iPhone 17s on them. The new center stage front camera is amazing for group selfies. It's the perfect gift for everyone.

[Gift Wrapping Host]

I'm the worst. I only got my mom a robe.

[T Mobile Salesperson]

Well, it's better than socks.

[Gift Wrapping Host]

So I have to trade in my old phone, right?

[T Mobile Salesperson]

No, AT T mobile. There's no trade ins needed when you switch. Keep your old phone or give it as a gift.

[Gift Wrapping Host]

Incredible.

[T Mobile Salesperson]

In fact, wrap up my old phone too, for my aunt Rosa.

[Robert Kiyosaki]

Forget that.

[T Mobile Salesperson]

Aunt Liz will be jealous.

[Gift Wrapping Host]

Sounds like my family drama.

[T Mobile Salesperson]

Oh, I got it. I'll give it to my abuela. I'll take reindeer paper with. Hey, where are you going?

[So Saldana]

To T mobile.

[T Mobile Commercial Voice]

The holidays are better at T Mobile.

[So Saldana]

Get four iPhone 17s on us. No trade in needed when you switch plus four lines for just 25 bucks a line. And now T Mobile is available in US cellular stores with 24 monthly bill credits if we're eligible for ins on essentials for well qualified customers bought okay plus taxes, fees and $35 device connection charge credits and imbalance due if you pay off earlier. Cancel Contact Us Finance Agreement 256 gigabytes $830 required Visit T mobile.com today we'll.

[T Mobile Commercial Voice]

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[Robert Kiyosaki]

Welcome back. I want to thank my friend and co author Ted Sedal for this book here. I shouldn't have been laughing, but all my years of being an academic family, you know, go to school, get a job so you can get a pension is coming to roost now. And it's really sad because many of these firefighters, police officers and my fellow pilots and all that, they'll be homeless without a pension. So please take care of yourself. That's why Rich dad was created. That's why the board game Cash Flow sits behind me is that if you educate yourself, you might have a better chance of success into the future and a happier retirement. So thank you for being a fan of Rich Dad. Thanks.

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This podcast is a presentation of Rich Dad Media Network.

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