Robert Kiyosaki, author of “Rich Dad, Poor Dad,'' said, “I use debt as money, and I don't save cash, because the dollar became debt in 1971.'' Matt Carasella—Patrick McMullan/Getty Images
For the average Joe, having a lot of debt may feel like a burden, but for Joe, it's not. rich dad, poor dad Author Robert Kiyosaki. The financial guru has been quite blunt about taking on large amounts of money from banks, recently boasting that he was over $1 billion in debt. .
“I use debt as money, I don't save cash, because the dollar became debt in 1971,” he added, noting that the former president ended the convertibility of the US dollar with gold, devalued the currency and This led to the rise of cryptocurrencies.
Instead, Mr. Kiyosaki uses debt to buy assets such as gold that can withstand market crashes and rising inflation, unlike cash in the bank.
“If I go bankrupt, the bank will go bankrupt,” he added. “It's not my problem.”
Living debt-free is 'worst advice'
Living debt-free is a pipe dream for many, but Kiyosaki claimed in another Instagram reel last week that it's “the worst advice you could give someone today.”
“Biden is printing $10 trillion and oil prices are rising…why save money?”
He has also warned several times in recent interviews about upcoming banking crises, inflationary pressures and stock market crashes.
That's why, he argues, they buy oil wells instead of oil inventories, accumulate gold and silver coins, and store them in banks outside the United States.
“Our banks are failing,” he further explained in a TV interview. destroyer The podcast added that as a result, banks would be unable to lend money and the economy would collapse.
“So the people who win are the ones who have the gold and silver.”
But be careful: Bad debts do exist.
Kiyosaki mostly believes that having a certain amount of debt is a good thing, but that doesn't mean he approves of putting everything on your credit card.
Although he recommends using debt to buy assets, he opposes taking out loans to buy physical goods that do not increase in value or pay dividends.
“A lot of people are using debt to buy debt,” he says. “I drive a Ferrari. Guess what? It's a debt so it's 100% paid off. I drive a Rolls Royce. It's a debt so it's 100% paid off.”
His advice recently: love is blind Reality TV star Nancy Rodriguez liquidates her “bad debts” and instead invests in real estate that will eventually pay for itself.
“Knowing I had $100,000 to my name was probably one of the scariest things,” she said. luck.
“I think I really understood that I needed to experience some temporary discomfort in order to find long-term satisfaction, and that was what brought me closer to being debt-free.”
luck Robert Kiyosaki has been contacted for comment.
