Ask Robert Kiyosaki

Robert Kiyosaki (richdad.com) is an investor, entrepreneur and educator and author of the Rich Dad series of books. Translated into 51 languages and available in 109 countries, the Rich Dad series has sold over 27 million copies worldwide and has dominated best sellers lists across the USA, Asia, Australia, South America, Mexico and Europe.

Robert At A Glance:

• Author of nationwide bestseller, Rich Dad Poor Dad.
• Creator of CASHFLOW 101®, an educational board game that teaches financial and investment strategies.
• Retired at the age of 47, and then wrote Rich Dad Poor Dad
• There are 26 books in the Rich Dad series.

He writes a monthly column for Entrepreneur called, “Rich Returns” and his perspectives have changed the way people think about money and investing.

Prior to writing Rich Dad Poor Dad, Robert created the educational board game CASHFLOW 101® and he founded an international education company in 1985 that taught business and investing to tens of thousands of students throughout the world.

On Ask Robert, he will field questions on a variety of subjects, such as increasing profits, investments, HR and management issues.

Entrepreneur: As a successful entrepreneur, what would you do to build wealth today? Is real estate a part of it? If so, how can entrepreneurs build wealth in a slowing housing market?

Kiyosaki: When I talk to most people about real estate, they’re thinking about owning a house. That’s not what I’m talking about. I’m buying commercial buildings and large tracts of land. I own thousands of acres of land in China, and I bought a mining company to make that land viable mining gold. That’s my formula.

Do you see changes in how entrepreneurs view success? Do they want more flexibility and other nonfinancial benefits, or are they focused mostly on monetary wealth?
The [entrepreneurs] I talk to are more concerned about their purpose and mission. Making money is just a game to them. People are looking at the meaning of work now. There’s plenty of money.

Who would you elect as the most inspiring entrepreneur?
That’s really easy. My hero’s Steve Jobs. I’ve never met the guy or talked to him, but I just resonate with him. I like everything about him. I know he’s a jerk at times, but I admire his style.

Is this a good era for entrepreneurs to grow companies and build wealth?
Technology is making it so much easier to grow big, expand quicker, reduce costs and expand revenue. The more I can use electronic or digital means of transacting business, the more I can grow wealth.

In your book, Why We Want You To Be Rich, you talk about thinking expansively as a way to grow wealth. Are there any added risks associated with this? How can you temper ambition with prudence?
When I undertake any kind of effort, I know I’m going to fail at it. I don’t expect to succeed. To me, failure is part of success. So I think big. The only way we will learn what we don’t know is by doing something. It’s feedback.

What other advice do you have for entrepreneurs today who dream not only of growing their businesses, but also of building wealth?
There’s a difference between building wealth and building a company. If my company needs me to operate, I’m a small-business owner. But my company can operate without me, and that’s why I’m wealthy. If [most business owners] stop working, their incomes stop. The key to being an entrepreneur is leveraging other people. So I surround myself with really smart people.