Robert Kiyosaki, the author of the best-selling book “Rich Dad, Poor Dad,” has disclosed that he is $1.2 billion in debt.
Despite this staggering amount, Kiyosaki, who has a net worth of around $100 million, remains unfazed by his financial situation. His nonchalant attitude towards debt is rooted in his distrust of the dollar.
In an interview on the Disruptors podcast, Kiyosaki explained his perspective, stating, “I’m a billion dollars in debt because debt is money.” He expressed concerns about the stability of banks, suggesting that “our banks are crashing.” The 76-year-old businessman believes that those who possess gold and silver will ultimately emerge victorious in the current economic climate.
Kiyosaki, known for his unconventional financial advice, has often advocated for using debt to acquire assets. He considers this approach financially savvy, emphasizing the importance of hard assets over stocks. “I don’t own oil stocks – I own oil wells. There’s a very big difference,” he said, explaining how he profits from oil production.
He also warned about the pitfalls of bad debt, differentiating it from the strategic use of debt to buy assets. Kiyosaki pointed out that he fully pays off liabilities like his Ferrari and Rolls-Royce, as they do not generate income. His approach to debt is based on the belief that the dollar became debt after 1971, leading him to convert his cash into silver, gold, and some bitcoin.
Kiyosaki’s bold statement, “If I go bust, the bank goes bust. Not my problem,” reflects his confidence in his financial strategies and his skepticism of traditional monetary systems. His views on debt and investment continue to challenge conventional financial wisdom and spark debate among experts and the public alike.
