World

‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Reveals He’s in $1.2bn Debt

Renowned businessman and author Robert Kiyosaki, famed for his ‘Rich Dad, Poor Dad’ series on personal finance, recently shared intriguing insights into his financial strategy, disclosing a significant debt burden of $1.2 billion.

In an unconventional perspective on debt, Kiyosaki explained, “…so all the money I make, if I buy something with debt, I am a billion too in debt. Because if I go bust, the bank goes bust. Not my problem.”

The 76-year-old entrepreneur and investor shed light on his rationale behind accumulating such substantial debt. Kiyosaki disclosed his practice of converting earnings into gold and silver, initiated after the detachment of the US dollar from the gold standard in 1971 during President Richard Nixon’s tenure.

Diverging from conventional financial wisdom, Kiyosaki emphasized that he uses debt not to acquire liabilities but assets. Illustrating his point, he cited examples of his luxury vehicles, labeling them as liabilities rather than assets.

Kiyosaki delved into his definition of ‘good’ debt, categorizing it as money used to acquire income-generating assets like real estate, businesses, and investments. He also advocated for investments in ‘real assets’ such as Bitcoin, gold, silver, and even Wagyu cattle. Bitcoin, in particular, holds a special place in his portfolio, viewed as a ‘hedge’ against the declining value of the US dollar.

Kiyosaki’s unconventional approach to debt and investment challenges traditional financial norms, reflecting his unique perspective on wealth creation. His willingness to share personal financial strategies has sparked discussions about alternative approaches to managing wealth in an ever-changing economic landscape.

Related Articles