Why Most People Never Act on What "Rich Dad, Poor Dad" Taught Them—Sharon Lechter | 626

Keith examines the shift toward a buyer-friendly real estate market and the concessions investors may be able to negotiate. He speaks with Sharon Lechter, co-author of Rich Dad Poor Dad and a financial education author, about scarcity versus abundance, building income-producing assets, and why action matters as much as access to information. They also explore women's investing groups, evaluating mentors and AI-generated advice, and doing careful due diligence in today's market. Sharon shares how her book Old Wealth, New Wealth, True Wealth broadens the conversation beyond money to include family, health, and lasting connections. Episode Page: GetRichEducation.com/626 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: [email protected] Invest with Freedom Family Investments. For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review" For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Keith Weinhold 0:01 Welcome to GRE. I'm your host Keith Weinhold. Don't live below your means. Expand your means. And other timeless wealth-building quotes are attributed to the landmark book Rich Dad Poor Dad. We had its co-author Robert Kiyosaki on the show earlier this year. Today, it's the other co-author of the original book. It is mindset and motivation today on Get Rich Education. 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Speaker 1 1:38 You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education. Keith Weinhold 1:54 Welcome to GRE from Montrose, Colorado, to Monterey, California, and across 188 nations worldwide. I'm Keith Weinhold, and you are inside Get Rich Education. Before we bring in this week's guest, Robert Kiyosaki's Rich Dad Poor Dad co-author, where you'll learn about the way women's investing differs from men's, the money relationship between parents and kids, and a whole lot more about how the 1997 book changed the world. I've got some real estate commentary first. Over the past month, that has turned into more of a buyer's market. Yeah, this environment has turned a little worse for sellers and a little better for buyers. A big part of the reason for this is that mortgage rates, although they're historically at normal levels, they have hit a two and a half year high. Now that part doesn't sound very buyer market friendly, but the reason it is in what's happened is that we already know that mortgage rate buydowns are perhaps the most common concession, especially among home builder sellers, but today, since fewer buyers qualify, you can ask for more concessions than just that. Along with the rate buydown, consider asking for closing cost help too. As a buyer, you can more aggressively negotiate repairs than you could a few years ago, as well. That's more appropriate that you ask. Now I don't know that you want to go as far as to ask the seller to throw in the fridge or the patio furniture, but you can request more concessions than you could previously, and yet it's not so bad for sellers because, depending on the measure that you use, home prices are still up one to 3% over the past year. Keith Weinhold 3:53 And like I discussed last week on the show, I dug into numbers and I pointed out why concessions like a rate buydown are better for buyers than a discounted price is. If conditions are right, make a move. If they aren't, don't. I know that today's esteemed guest talks about the importance of taking action. You need to have some risk capital in your life-it's the only way that you're going to make it big. All wealthy people have this. It doesn't need to be reckless risk, but you do need a bucket so that you can invest aggressively. Risk capital. Now Warren Buffett, though I don't know if he really said it, Buffett purportedly once asked somebody to show him a billionaire economist. Buffett is still waiting. He has never met a billionaire economist, and the point is that. That's because economists-they just build models. You need to do. You don't get paid for the model. You get paid for the move. With that in mind, let's meet this week's esteemed guest. If you're even a little familiar with the financial education world, this week's guest needs little intro because you know it's really hard to think of anyone more influential in this genre. She is a five-time New York Times best-selling author and has advised 2u.S. presidents on the topic of financial literacy. She was tapped by the Napoleon Hill Foundation to re-energize the Think and Grow Rich books. I happen to know that she was just serving Cardone Ventures shortly before we sat down to speak here. And you know, some people don't actually know that she co-authored the international bestseller Rich Dad Poor Dad, and 14 other books in the Rich Dad series. And you know, frankly, her accolades are too numerous to mention, or else we wouldn't have time for a conversation with her. It includes that she is the only woman ever inducted into the Personal Growth Hall of Fame because she's such a motivator. And today, she's quite an active philanthropist and the CEO of Pay Your Family First. Maybe we'll find out what that is. She has not been with us since 2015. Welcome back to GRE, the incomparable Sharon Lecter. Sharon Lechter 6:35 Thank you, Keith. I'm delighted to be with you, and I'm just as I said before we even started. I'm so proud of you and the success and the generosity you have in helping people understand the power of real estate. So thank you. Keith Weinhold 6:47 That's kind of you to say. And you know, Sharon, nearly 30 years after Rich Dad Poor Dad, Americans have more financial content available than they ever have. So why do so many seem less financially prepared. Sharon Lechter 7:03 Well, I think it comes back to financial mindset, and and I know you agree with this. What happens is we're raised with these old ideas of pinch your pennies, save for a rainy day. Yeah, money doesn't grow on trees, so we we grow up hearing this money negative, money negative, and so we develop a scarcity mindset, and we have to really acknowledge it, and then start shedding it. Because if you think about, we can't afford it. That's a negative, right? So it really reinforces scarcity. And when people start getting successful and they have some money, they start worrying about losing it. And so we have to really, along with financial education, we actually have to help with the mindset change from scarcity to abundance. You know, the whole concept of go to school, get a job, and retire is a thing of the past. And so, there's nothing wrong with being an employee, but you have to realize it's not what you do for your paycheck that determines your financial future is what you do with your paycheck that determines your financial future. Keith Weinhold 8:07 Well said. You know, even if someone does get some formal financial education, their first teachers are usually their parents, and their parents do tend to reinforce that scarcity mindset. Money doesn't grow on trees, so even if you do get financial education later, you know it's during your formative years when you're impressionable that that scarce stuff sticks with you, Sharon Lechter 8:29 and you sit back and you watch other people. So all of a sudden you get FOMO, fear of missing out, and yet you still are too fearful to take action. And I think that's why what you do through Get Rich Education is such an incredible gift to people because you are who you hang out with, and if you're hanging out with entrepreneurs and successful people, you're going to have probably it's going to feed your drive and your desire to succeed. But if you're hanging out with people that are just like well, whatever, you know, as Napoleon Hill and outwitting the devil, I share drifting concept. If you're just kind of drifting through life, that's where you're going to stay. You're not going to achieve the goals you set for yourself because you're not paying attention to it and you're not driving towards them. Keith Weinhold 9:14 Yeah, and I think where scarcity might manifest itself once one grows up into an adult is a lot of times a person thinks they're doing the right financial thing, but it's often misdirected. People don't understand concepts like arbitrage and leverage, and they're concepts that we discuss a lot here. But those things are not complex or arcane. For example, a man will skip a family vacation and work overtime at, say, his medical job in order to make extra principal payments on a mortgage loan with a 4% interest rate. Well, now he and his whole family just lost leverage, arbitrage, and most importantly, lifestyle. Sharon Lechter 9:58 Time. It's all about time. You know, I talk about you're financially free when the income from your assets exceeds your monthly expenses, and what does that mean? You have your time back, and so you have the opportunity to either spend more time with your family or contribute to society, and that's what has been a lost element. I mean, rich dad, poor dad. When we built the rich dad brand globally. We kind of redefined how people looked at money, and then when I started teaching through the Pullman Hill Foundation and Pay Your Family First, I really wanted to focus people's mindset and start implanting the word asset, asset, asset, asset. Keith Weinhold 10:35 Yeah. Sharon Lechter 10:35 You know, and I say assets are sexy to get people to understand that instead of getting asking for overtime or looking for a second job, less buy, build, or create an income-producing asset because then it becomes this 24-hour economic engine working for you, and you don't have to be there. And the more of those you can get, the more that you'll get your time back, and that's the goal. The differential, if you think about the cash flow quadrant, our second book, the left side, employee self-employed. That's you exchanging time for money, and there's only so many hours in the day and so many days in the week. The right side of the quadrant, as a business owner and investor, you have businesses, systems, people working for you. You have your investments, your real estate investments working for you, and so the amount of money you can make on the left side is limited because of the time. The amount of money you can make on the right side is unlimited because we can always get more assets that are generating income to us, and that allows us to have that lifestyle that we deserve, Keith Weinhold 11:42 sort of assets that pay you versus work that drains you a lot of times, and with this wave of inflation, you know it seems Sharon like this has become even more relevant amidst the K-shaped economy, where I've often reinforced with people, boy, it's rarely been more apparent that capital compounds and labor doesn't. Sharon Lechter 12:06 Oh, you're so true, Keith. And I think one of the other issues that's really been talking a lot about lately, trying to open people's eyes. There's a difference between being frugal mindset and a scarcity mindset. All right, a frugal mindset is a choice. You're choosing to spend less and keep more. Factual, right? Frugal. I'm just going to fly coach instead of first, so I don't have to spend so much money, right? Scarcity is all fear. It's all fear based. Is I'm never going to have enough, right? And that fear, high emotion, low intelligence. That fear just feeds in us and creates that first step is even harder to take because you're afraid. And so there's nothing wrong with being frugal, if you align yourself with what you keep, how you invest it. Are you investing it in your future? Are you putting in a savings account so you're actually walking backwards instead of forward, and you're investing? And so that's what so many people are doing, particularly women. I had a stat last week: 70% of the holdings for women investors are held in cash. Keith Weinhold 13:18 I'm not surprised. Women are better than men at some things that might even include investing. But in my experience, I think with what you're touching on is women do tend to be more conservative. They don't think about the opportunity cost of maybe their purchasing power diminishing by 5% annually with money in a quote-unquote safe savings account. Sharon Lechter 13:39 Yeah, women investing groups actually outperform men investing groups, but that's because the power of the group. Okay, again, your environment, and I think alone, women that fear base comes up, and they're afraid to pull the trigger. They're afraid they're going to lose it, and we find that in every aspect in the business world. Woman makes a mistake and she takes it as a definition of herself, and she carries that mistake around with her forever. Men, oh, that happened. Okay, let's move on. So it's really important to look in in the mirror and say, you know, we each have all the tools we need to be successful. God created us to be perfectly who we are, not someone else, and you have to make the decision. There are three things we can control, Keith, and I know you agree with this: your thoughts, your words, your actions. And when you start with a negative mindset, it impacts what you say, and it impacts what happens to you. Particularly when you're worrying about something, you are causing a physical onslaught to your body. Your negative thoughts you start losing your health, and so when you think about I can't afford it per se, that's a negative statement. Yeah, you just want to go to bed and turn off the lights. Sharon Lechter 14:57 But instead, if you change the philosophy. And instead, say, "How can I afford it? Do you feel the difference? It opens your mind. It triggers your subconscious mind to go to work figuring out how you can afford it. So, by just changing the thought and how you express it, you change the results. My mother was the queen of worry, so I got a lot of practice, and I still have what I call my little worry storms. But I stop myself, and I go, "Okay, Sharon, instead of focusing on what I'm afraid is going to happen, what I'm worrying about, let's change my thought process, put on a different perspective, and say, I want to focus on what I do want to have happen? It changes everything. It makes you optimistic. It shows you brightness of future. And the world we're living in right now, we all need a little brightness of future. So, Keith Weinhold 15:51 Don't say I can't afford it. It turns off your mind. Instead, ask how can I afford it. That activates the mind, and that's how something good can happen. You said something so interesting there. I think Sharon that women's investing groups outperform the results from men. Tell us more, including why do you think that is? Sharon Lechter 16:12 Well, they don't pull the trigger as fast as men do, but because they're together, they do a group analysis and they've got somebody doing the deep dive, somebody who likes to look at the facts and the history, and so because together they feel more powerful, they feel more confident because they're not doing it alone, and the fact that they're looking at that, they're making decisions based on knowledge and information, they tend to outperform. So Keith Weinhold 16:42 why don't men do that? Do men take on the mindset of more like, "Hey, I'm a rugged individual. I don't need anyone else. Sharon Lechter 16:48 There's a lot fewer men investment groups. Men tend to invest more individually, or have somebody do it for them, and that you know it's really an issue more as from a women's lens than anything else, but they do outperform typical men's investments. Keith Weinhold 17:06 Well, Cher, we're talking about a scarcity mindset versus an abundance mindset. I've got to bring up something. Don't live below your means; expand your means. That is a quote attributed to the rich dad world, and I absolutely love it. Tell us more about what is meant by "don't live below your means, expand your means. Because to me, Sharon, it seems like that articulates what people think but don't know how to say. Sharon Lechter 17:32 And don't know how to do. That's the problem. Keith Weinhold 17:34 Yeah. Sharon Lechter 17:35 You know, I was given an incredibly precious gift. I had parents who talked about money at the dinner table? You know, they didn't have a lot, but they built a lot because I often share that I've been a real estate investor since the age of 10. Because my dad had real estate investments, I had to go scrub out bathrooms between tenants. He never learned the power of outside management. He always did it himself. But he also had orange groves, and he said, "Sharon, the oranges give me cash flow every year, but that property will increase in value. And today, that property is part of Sea World in Florida, so he was proven right. He had his own business; he was retired Navy, and so we talked about building assets. And it's interesting because my husband and I we just celebrated 46 years of marriage and our parents. That's actually, yeah. Thank you. We're similar ages. His parents had that scarcity mindset and frugality. You know, his father I think had every penny he ever saw when he passed. He would not spend any money. Now my parents, my father's would you know if he wanted something, he figured out a way to buy it, right? He didn't go into debt except for real estate. He was of the mindset that if I want something, I'm going to figure out a way to get it, and that concept we carried over into rich dad poor dad, and we actually carried that into our business relationship when we first started cash flow, I mean, we needed to buy a printer, and it was $300 or $400 at the time. We said, "Well, how are we going to make extra money? What kind of product are we going to sell to get that money? Because it's a matter of really understanding the power of creation, and if you want something, create a way to get it. Figure it out. Figure out how. When I talk about I can't afford it versus how I can afford it, it's so important for you parents out there to understand. Sharon Lechter 19:31 When you say to your kids, "We can't afford it, you're continuing a generational impact of scarcity mindset. And so, if your kids ask for something, you say, "Johnny, Mary, how can you afford it? Because I can tell you, kids get very creative about ways to make money. You know, and as long as it's legal, let them do it and let them earn it, reach their goal, buy what they want, celebrate it with them. Because that's not the greatest dividend you have. The greatest dividend from that process is you see their self confidence grow, because they did it on their own. And once a child knows how to make money on their own, there's no stopping them. Financial education is the gift of a lifetime. It doesn't go away once you learn it. And you made the comment about the words arbitration or leverage, people don't understand those words because they've never heard them. They've never heard it, right? Yeah, they've never heard them. They don't know what it means. Leverage. Oh, that's like a rock and a board, right? That's leverage. You know, you have to say, well, if you turn that into money, yeah, that's what it is. That's what we're talking about. That's the problem, and that's when we wrote Rich Dad Poor Dad. I wrote it at the fifth grade level because I did not want it to be intimidating. Because when it comes to money, money and fear are together, and so by the time you understand more about money, all of a sudden that fear is going down, and your self confidence grows. Keith Weinhold 21:00 Wrote Rich Dad Poor Dad at the fifth grade level. Hey, maybe that's pretty close to the average adult educational level. You know, you probably were on the right track there with that one. But yes, how valuable! If you're a parent and your child wants that Matchbox toy or that Star Wars action figure, don't say we can't afford it. Ask your child, okay, how could we afford this? And sure, they might want to start mowing the lawn or what have you. And yeah, when it comes to living below your means versus expanding your means, I'm thinking about the mindset of instead of moving into a cheaper apartment to save 300 bucks a month, how about trying to acquire a rental property again? How can we afford this that produces an additional $300 in monthly cash flow, and then that asset probably pays you in additional ways as well. You listen to Get Rich Education. We're talking to Pay Your Family Firsts, Sharon Lecter. More when we come back, including Rich Dad Poor Dad in an AI world. I'm your host Keith Weinhold. Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? Keith Weinhold 22:08 A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. 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Robert Kiyosaki 23:36 This is our Rich Dad Poor Dad author Robert Kiyosaki. Listen to Get Rich Education with Keith Weinhold. Don't quit your daydream. Keith Weinhold 23:53 Welcome back to Get Rich Education. I'm your host Keith Weinhold. We're talking with Sharon Lechter, one of the most influential memes in the financial education space, anywhere and ever today, she runs Pay Your Family First, and she's still an active author. We'll learn about that before we're done today. But Sharon, talk to us about what might have changed over time, if anything, and if these sort of rich dad poor dad principles are really holding up in today's world of AI in the modern era. Sharon Lechter 24:25 Access is the biggest issue. I mean, when we released Rich Dad Poor Dad, and as you said, we're coming up on our 30th anniversary. There was no internet. There was no Amazon. I know that's hard to believe. And so we literally had to get books into stores, and I would wake up in the morning and have faxes from bookstores all over the country, and have to ship out books to bookstores. But we did it because we knew we wanted to get the information out, and so now access to the information is easy-a stroke of a key on your laptop or on your computer or in ChatGPT. You can ask them a financial situation and get all kinds of information. The issue is taking action, so that hasn't changed. You know, taking action back in the early days of rich dad poor dad meant reading the materials, understanding it, attending a seminar, and actually going out and applying it. And today, you still have to take the action. I have something called your personal success equation that I have available. is an ebook that I give away. So you go to personalsuccessequation.com. But it really talks about your passion and your talent. So your passion could you've heard do what you love, love what you do. Well, I actually my passion came from the fact that we weren't teaching our kids about money. So my passion came from anger, and I still that way. When I get mad about something, I start another company. Sharon Lechter 25:45 But your passion and your talent—I had years as a CPA, years in publishing, and so I could combine that. And that's where most of us stop. We try to do everything on our own. But true success is having that P plus T, and then times A, the power of association. You know, I really value our association, Keith. But do you have people on your team who are strong where you are weak? Do you have the right mentors in today's world? If we compare it to 29 years ago, it's more important than ever to have mentors because speed market is everything. Have someone there that can help you open doors and help you speed away and be there to be counsel for you. And then times a taking action. Again, you know a lot of people have read the book but not done anything. You have to take action. You have to apply it. And then all of it you wrap with a plus F: faith, faith in yourself, faith in what you want to do, faith that you can do it, and faith that you will succeed. And where most of us fail is that F is actually fear, and that fear paralyzes us because fear either paralyzes you or motivates you. And 98% of people are paralyzed by that fear. And so I talk about that, how each element and how you can find your roadblock? What's keeping you back from creating success? Sharon Lechter 27:05 Power of association. Again, who are you hanging out with? You know, in Cashflow Quadrant, we talked about what quadrant are the people that hang out with you in. But really, think about: Are the people around you supporting you, encouraging you, pushing you, or are they trying to pull you back from doing what you know that you need to do? And that advice is such an incredible issue today, even more so than ever, and because of social media, which was not there 29 years ago. And so that's the difference. Yes, the information is accessible, but you have to take the action to put yourself in the right room, in the right opportunity, in the right environment to find the information you need. Because because it's so accessible, you need to take another step, and you need to make sure that the person you're watching or listening to has earned the right to talk to you. There's so many people that are making lots of money teaching something that they've never done. Keith Weinhold 28:06 Right? Sharon Lechter 28:06 And so it's very important to validate the teacher, validate the source, even more so in AI, right? Because AI can make things up. Make sure you're getting the right information to help you make that decision. But above all else, take action because you are the CEO of your life. Nobody else. It's up to you to make the decision and to take that first step. Keith Weinhold 28:29 I'm hearing a lot there as far as the company you keep elevating your standards, and then there's something about the Dan Sullivan quote in there as well. When you're trying to get a task done, you know sometimes you want to ask who, not how, and understand that that is taking action as well, outsourcing it, and realize you're not going to be the best at absolutely everything out there. Are there anything else that have changed with foundational principles from Rich Dad Poor Dad or Napoleon Hill in today's environment? You touched on AI, of course. More expensive housing is a concern for some people. More persistent inflation, higher government debt than we've ever had. Is there anything else that that's changed, or any principles that you apply to those modern day issues? Sharon Lechter 29:13 Well, I think it's really so much more important today to do really diligent due diligence. Right, I'm using that word twice because I mean it as it relates to interest rate, the inflation. And back in the you know teens, high inflation was very high, but you could still find a cash flowing deal. And the biggest issue for people today is understanding you want to make sure the numbers work. You got to do the numbers. You got to put your pen to the paper and make sure the real estate deal you want to acquire is going to cash flow in the right direction. Let your tenant pay the debt. You know, with inflation, where we've you know we've just seen rates go up again, been going down now they're up again. We have to take into account what that's going to. Impact on us, and there may be a dip in the value of the property, but if it's still positive cash flow, you'll lose the money only if you sell, because the value of real estate goes down and up, and over time it goes up, and so it's really important to make sure that the underlying asset is still generating a positive cash flow, so that you can continue building wealth from that perspective, and so today it's harder because so many factors have to be assigned to that. As far as inflation, as far as the price of homes, we've seen right now. You know, we've seen that tension between sellers and buyers for the last few years because the interest rate was high and the home values were high, so we had frustrated buyers and we had frustrated sellers. They couldn't find that piece, and so we look at where that margin is coming during that time. If you had complexes, you were you know in like Flint because you could actually increase your rents because the demand was higher, and so understanding the market variations that happen based if this happens, this is going to happen, and creating your real estate portfolio so that you can benefit from those changes. And I think that's even more important today than it was 29 years ago. Keith Weinhold 31:17 Diligence is the opposite of negligence, and yeah, to your earlier point, Sharon, you know, don't say I can't afford it or I can't get a cash flowing property. Ask how can I, and we've been talking here about how there are a few strategies, something called the Burr strategy, where it's a great time to buy new build property because these builders are motivated to buy down your mortgage rate, often into the fives, to make that property cash flow for you. Answering that question, how can I do it? Well, Sharon, you're so prolific with everything that you're involved in, and despite all these initiatives that you undertake, you are still quite an author. Tell us about the book you're working on now. Sharon Lechter 31:57 Well, I just in January released my 29th book, and it's called Old Wealth, New Wealth, True Wealth. And as you indicated, after the 15 rich dad books I wrote, I did four books with the Napoleon Hill Foundation. I did a book with Ink Magazine called Exit Rich, which I'm very proud of. And of course, with Napoleon Hill, I released Outwitting the Devil, Thinking Girish for Women, Three Feet from goal, and success is something greater. And then I also wrote a book called "How Money Works for Women, which I'm very proud of. It was with WealthWave, a company that does personal financial support. But it really, we took women from every decade of life and talked about the financial issues they face. It's just wonderful, and it's like a comic book. It's a four-color graphic novel, basically, and we talk about a woman that is in her 30s with two children, and she has to leave an abusive marriage and start over again, or another woman that has a very high-profile career, and she has to change her career because she has a special needs child. Somebody else that has wants to get married, wants to start a business. Another woman that was married 25 years, looking forward to a beautiful retirement, and her husband trades her in for a younger wife, and she hasn't taken the steps to create her own credit, and nothing's in her name, and that happens so often it just breaks my heart. Or you've been married 40 years, and your husband passes away suddenly, and nothing was prepared for it to transfer to you, and so you again you're left with no credit. So these are things that you know through stories we share the power of stories that help people open their eyes to things that could possibly happen to them, and how to find the resources and the support to handle with them, and so then my latest book, Old Wealth, New Wealth, True Wealth. Sharon Lechter 33:49 After really changing how the world talks about money, you know, my runway is a little shorter ahead of me than it has been behind me, and I realize we have to talk about true wealth. We have so many Type eight personalities out there. We're striving to be a billionaire or multimillionaire, and along the way we lose our family, or we have our third or fourth spouse, right? Or we lose our health because we are working so hard we're not taking care of ourselves, and that's something that I experienced. It's so important for all of us to realize that true wealth is yes, having the financial resources to have the lifestyle you want, but who are you going to share that lifestyle with? Hopefully, my spouse of 46 years, my children who just celebrated 22 years. So where you have the depth of spirituality and love and connection, so your relationships, but also I have a nine-year-old granddaughter, and I want to be around them, and she gets married while I'm 72, so I better do something about taking care of my health, and so all of these aspects I talk about in old wealth, new wealth, true wealth, because old wealth is really the slow and steady. Accumulation of money, right? Sharon Lechter 35:02 New wealth is understanding alternative investments, understanding, and a lot of that is like this quick, fast new money that people can't keep because they haven't learned the old wealth concepts. But then, true wealth is understanding how to apply that to build generational wealth, and true wealth is generational wealth and having family to leave it to, having the family that's close to you, and being able to have longevity by making sure that you have true wealth in your health as well. I'm very proud of it. I co-authored it with a client of mine who, at the age of 16, he was a nationally ranked cyclist, and everybody anticipated he would be at the Olympics. He was within the top one or two in the country, and he was practicing in New Mexico. Got hit by a car going 60 miles an hour. He actually was pronounced dead on impact. In fact, his mother got the phone call that he died. Luckily, they were able to revive him. But so many people, young and old, that experience something like that, they lose the drive to live and give up. Sharon Lechter 36:10 But this young man was basically in a coma for a while. Took him a long time to learn to eat and walk. While he was in the hospital, he read Rich Dad Poor Dad, and so he took that same drive and discipline and started investing in real estate. So at age 25, he was a multimillionaire in real estate. And so he reached out to me. Didn't think he actually get to me. He talked to my office, and they said, "You want to talk to this guy? And he wanted to become a spokesperson to help other people in his generation because he sees them seizing opportunities for themselves, really doing the drifting, whatever. And I'm always looking for those younger generation spokespeople that can help encourage and inspire their generation to take the action to create that wealth, and that's why I'm so proud of what you're doing. My husband and I own a ranch here in Arizona called Cherry Creek Lodge, and go to cherrycreeklodge.com. It's out in the middle of the Tonto National Forest. It is a survival property. It's all solar powered. We have our own lake. We raise 500 head of cattle. Sharon Lechter 37:18 We've got 42,000 acres of grazing rights, and so we have a beautiful retreat center that we built there, and we have business retreats a couple times a year. And he came to one of those, and we started talking about him writing this book, and he asked me if I would co-author it because he wanted my name on it, and I said, of course. When he sent me the first draft, I was like bowled over because it's set as a parable of three brothers: old wealth, new wealth, true wealth, and is set in the exercises and the things that we do at our ranch for our mentoring clients, talking about understanding leverage, understanding assets, understanding. You know, I show a picture of my ranch and the cows are walking along. I go. You see cows. I see assets, right? So getting that concept of cash flow and building multiple streams of income, and so I'm really proud of the book. It's all about the importance of mentorship and understanding buying, building, creating income-producing assets. And I'm known kind of worldwide with my line, assets are sexy, and the older you get, the sexier they become, so. Keith Weinhold 38:28 Old wealth, new wealth, true wealth from Sharon Lechter. Check that out. Oh, it's been such a pleasure and valuable to have you back on the show. Sharon Lechter 38:39 Well, it has been an absolute honor, and if they come to my website sharonlechter.com, anything you buy, I will autograph before we send it. Keith Weinhold 38:53 Oh, so good to talk to Sharon, and on her website sharonlechter.com, there's a section that's prominently shown where you'll see why not take the road less traveled. I happen to know that Sharon has paid one-on-one mentoring there. She takes 15 mentees max. Like we were saying, knowing is not the same as doing. Some people don't take action, and you know, I really first learned this right before I started this show back around 2014 when I still had a day job. My coworkers at the State Department of Transportation, you know, they would often ask me like how I'm taking another vacation that they deemed as lavish. Back then, it seemed like I was always going to Hawaii. I told them that I owned rental properties, and at that time I had rental single-family homes, fourplexes, and apartment buildings. And it wasn't just that these things produced residual income for me, but I could also take a. Cash out refi on a property totally tax-free, and spend that money on a vacation to Hawaii or as a down payment on another rental property. And you know, as fascinated as those former coworkers seemed to be, virtually nobody took action. Now, maybe part of that, just a small part, is because they had a pension, not a 401k. So a lot of those state DOT workers just felt like it was worthwhile to allocate 30 years of their lives there. They were not willing to take the path less traveled, and shortcut that down to five or 10 years in real estate. I told you before that it took me 12 years because it took me a few years to really devote myself to it. But yes, you've got to act. To Warren Buffett's point, I have still never met a billionaire economist. Big thanks to the terrific educator and motivator Sharon Lechter today. Until next week, I'm your host Keith Weinhold. Don't quit your daydream. Unknown Speaker 41:16 Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively. Keith Weinhold 41:44 The preceding program was brought to you by your home for wealth building, getricheducation.com