In a recent interview, Robert Kiyosaki held up a dollar bill and declared that “this” is over. He is known for calling the dollar a fiat currency or a counterfeit counterfeit dollar, and for encouraging his followers to seek alternative assets.
“Every empire comes to an end,” Kiyosaki says. “It's the end of the American empire. It's explosive.” He predicts that when “cash” runs out there will be war. Mr. Kiyosaki said in a video interview that he hopes he's wrong, but when the author of the “Rich Dad Poor Dad” financial empire started waving red flags, he was alerted to the possibility of a depression. He said it was time to pay up. As it turns out, Mr. Kiyosaki accurately predicted the collapse of Lehman Brothers and the 2008 financial crisis.
Warren Buffett's advice to investors: The “incredible era'' for the American economy is coming to an end.
here it is: 8 ways to get rich without investing in stocks
now? He says equity marketing is once again on the brink of a 1930s-style crisis. While some financially savvy people will be able to prepare and weather the storm, financial crises turn into more doom and gloom for some people than others.
Kiyosaki suggests what you can do to arm yourself for the impending storm.
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How to get rich during economic recession
Here are some ways to prepare for economic adversity in 2024 and 2025 and take advantage of it to become a millionaire before it's too late, according to Kiyosaki.
Get ready for gold
Buying gold is a trend Kiyosaki has capitalized on since 1972, when the price was $50 an ounce. Kiyosaki predicted that gold would rise to $2,100 an ounce in 2023. Currently at $2,055 an ounce, he still recommends it because he “doesn't trust the Fed,” and historically gold remains immune during economic turmoil around the world. That's why investors prefer gold as an asset even in times of crisis. Gold tends to maintain its value.
buy silver
The precious metal is another currency Kiyosaki recommends people invest in, which he calls “the biggest investment bargain right now.” It also makes it a more affordable investment for people than gold. Silver can be purchased in the form of coins, jewelry, bullion, or his ETFs that track silver trends.
invest in bitcoin
Kiyosaki is known for holding up dollar bills and calling them “toilet paper” in interviews. He said that our educational system says that the dollar is money, so why doesn't it say that gold and silver are also money? “I don’t invest in anything that can be printed,” he declares. (like a dollar)
“I own Bitcoin because it is the people's money,” Kiyosaki said in an interview. Despite its volatile history, he predicts that Bitcoin could soar to $135,000. At the time of this writing, Bitcoin is trading at $43,647.
Whether you believe Kiyosaki's predictions or not, one of his seven steps to achieving your financial goals is to improve your financial literacy. We stand by that advice 100%.
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This article originally appeared on GOBankingRates.com: 'Rich Dad' Robert Kiyosaki Reveals 2024 Master Plan and Advice on Becoming a Millionaire
