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'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's in $1.2 Billion debt

Renowned businessman and author Robert Kiyosaki, famous for his bestselling 'Rich Dad, Poor Dad' series on personal finance, recently shared intriguing insights into his financial strategy, disclosing that he currently carries a debt burden of $1.2 billion.

Robert Kiyosaki

Explaining his unconventional perspective on debt, Kiyosaki asserted, "...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, who is also an investor, shed light on the reason behind accumulating such a 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, such as a Ferrari and a Rolls Royce, labelling them as liabilities rather than assets. "So I drive a Ferrari. Guess what? It's paid off 100% because it is a liability. I drive a Rolls Royce. It is paid off 100%. Because it is a liability," he explained.

Kiyosaki further delved into his definition of 'good' debt, categorizing it as money used to acquire income-generating assets like real estate, businesses, and investments. Additionally, he 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, as he views it as a 'hedge' against the declining value of the US dollar.

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

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