In this podcast, John MacGregor, author of 'The 10 Top Reasons Why Rich People Go Broke,' shares his insights on the financial pitfalls that many face, particularly with 401k and IRA plans. He and Robert Kiyosaki emphasize the urgent need for financial literacy and proactive education. They critique traditional financial advice and highlight the importance of understanding personal finance independently. MacGregor also discusses alternative strategies, including real estate investments and behavioral changes, to foster financial stability amid economic uncertainty.
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insights INSIGHT
Inexperienced Leading the Uninformed
Robert Kiyosaki observed a trend of school teachers becoming financial planners after the 1974 ERISA act.
He foresaw a potential financial disaster due to the inexperienced advising the uninformed.
volunteer_activism ADVICE
Be Proactive, Not Reactive
Be proactive and educate yourself about personal finance.
Don't rely solely on traditional financial planners; create your own passive income streams.
question_answer ANECDOTE
The Flat-Screen TV Anecdote
John MacGregor shared an anecdote about clients agreeing to financial plans but immediately reverting to old spending habits.
This led him to realize that information alone doesn't change behavior.
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Robert Kiyosaki, host of The Rich Dad Radio Show, is joined by John MacGregor, author of 'The 10 Top Reasons Why Rich People Go Broke.' They discuss the severe financial challenges many people, particularly those relying on 401k and IRA plans, might face due to systemic flaws and lack of financial education. The episode emphasizes the importance of being proactive, educating oneself, and understanding how to manage personal finances independently instead of relying on traditional financial planners or quick-fix solutions. Kiyosaki and MacGregor stress the significance of the 'Cashflow' game and personalized strategies for financial stability. 00:00 Introduction 01:39 The Birth of 401k and Financial Planning 03:55 The Problem with Financial Advice 05:43 The Importance of Financial Education 06:11 John McGregor's Financial Journey 07:06 The Flaws in Traditional Financial Planning 08:27 The Role of Behavioral Change in Financial Success 19:53 Discussing Money Strategies with Friends 20:31 The Simplicity of Trading Options 21:54 The Importance of Financial Education 22:48 Investing in What People Need 26:24 The Reality of Financial Advisors 33:53 The Problem with Quick Fix Solutions ----- Please read carefully. This is not financial advice. You may be asking, “what does that mean?” Let me explain… Do not just do what I, my team, or my guest says. That would be stupid and irresponsible. Take the education, then use your own brain and make your own decisions. YOU must take responsibility for your future and your success. That is why you are here. Neither I, or my team, or my guests, know your risk levels, prior education, emotional maturity, or how much money you can afford to lose. We are only telling you what we believe to be smart moves. But you must decide for yourself. There are NEVER guarantees. Also understand that we are REAL teachers. We practice what we preach. With that in mind we often invest in the very projects that may be mentioned on this show. While it is never our intent, we could possibly profit from others investing in our recommendations. Take the education we provide but then determine your own actions. If it does not make sense to you, get more education before you invest. We will continue to provide education and there will always be more opportunities.
Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business