Fake Money: The World Is About To Change
In 1971,President Richard Nixon took the U.S. dollar off the gold standard. In 1971, the U.S. dollar became “fiat money”, government money. Rich dad called government money,”fake money.”
He also said: “Fake money makes the rich richer. Unfortunately, fake money also makes the poor and middle class poorer.”
That is why:
Lesson #1: “The rich do not work for fake money.”
Lie #1: Saving money will make you rich.
Image Source: Congressional Budget Office
Fake Teachers: What did school teach you about money?
For most people, the answer is “nothing.” Most teachers are great people. But, our educational system is broken, obsolete, and fails to prepare students for the real world.
In school many teachers were fake teachers. Simply said, they did not practice what they taught.
Student loan debt is over $1.2 trillion and is the number one asset of the U.S. government. In the criminal world, this is called extortion.
First we need to define and understand the difference between an asset and a liability.
1.Assets put money in your pocket. Liabilities take money out of your pocket.
2. The author’s poor dad always said, “Our house is our biggest asset."
3.The author's rich dad said, “Your house is not an asset – it’s a liability.”
4.Millions of people believe their house is an asset.
For most people, their “assets” are taking money from their pockets.
Warren Buffett calls derivatives “financial weapons of mass destruction.”
In 2008, almost $700 trillion in derivatives exploded, nearly bringing down the world economy. Many people blamed the “subprime real estate” buyer for the real estate crash. The reality was the elites were manufacturing fake assets called derivatives. That was the real problem.
Today, there are three types of modern money. They are:
1.God’s money: Gold and silver
2.Government’s money: Dollars, Euros, pesos, etc.
3.People’s money: Bitcoin, Ethereum, ZipCoin, etc.