‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Admits to be in $1.2 Billion Debt
Well-known financial writer and businessman Robert Kiyosaki revealed recently that he had debt totaling more than $1 billion, but he views it as a manageable part of his overall financial plan.
The well-known author of “Rich Dad Poor Dad,” Kiyosaki, presented his concept in an Instagram clip, emphasizing the significance of differentiating between assets and liabilities.
He stressed that, in contrast to people who accrue debt for non-appreciating products, he places more emphasis on acquiring assets than obligations. According to Kiyosaki, his expensive cars are paid for and categorized as liabilities.
His unorthodox strategy includes his disbelief in carrying currency and preference for gold as a safe haven. Although the debt is significant, Kiyosaki thinks it is manageable because of his strategic asset-focused approach to investing.
Robert Kiyosaki, a successful businessman and best-selling author of personal finance books, has revealed that he owes more than $1 billion, but he says it’s “not my problem”.
Mr. Kiyosaki discusses his debt philosophy in an Instagram montage, emphasizing the importance of distinguishing between assets and liabilities. He clarifies that whereas many utilize debt to purchase liabilities, he purchases assets. Using the example of his totally paid-off expensive cars—such as a Rolls-Royce and a Ferrari—he described them as liabilities rather than assets.
In the video, Mr. Kiyosaki expressed skepticism on the practice of saving cash by citing the US dollar’s 1971 detachment from the gold standard, which occurred under President Richard Nixon. He chooses to store gold instead of putting money away and turns his profits into both silver and gold. Mr. Kiyosaki freely admits that he has accumulated a $1.2 billion debt as a result of using this method.
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In the “Disruptors” podcast, Mr. Kiyosaki once more acknowledged that he owed a billion dollars. “Because debt is money, I owe a billion dollars,” he declared in the podcast.
Mr. Kiyosaki went on to distinguish between good and bad debt in the episode. He disclosed that prudent debt, such as loans taken out to obtain revenue, enabled him to amass riches.
Additionally, he advocated using debt as leverage when making investments, particularly in real estate.
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One of the best-selling authors and well-known figures in personal finance is Mr. Kiyosaki. The book “Rich Dad, Poor Dad,” which he wrote in 1997, has sold over 40 million copies.
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