A person who taught the way of becoming rich; Now in $1.2 billion debt: Author ‘Rich dad, Poor Dad’.

Robert Kiyosaki; bankruptcy.

A person who taught the way of becoming rich; Now in $1.2 billion debt: Author ‘Rich dad, Poor Dad’.
  • It is not a myth that everything has a limited lifespan, as the author of "Rich Dad, Poor Dad" - Robert Kiyasoki, is in debt of $1.2 billion. However, he admitted that if he went into bankruptcy, then the bank would also suffer. "If I go bust, the bank goes bust. Not my problem," Kiyosaki said in an Instagram Reel on November 30.

  • In the reel, Kiyosaki also said he was skeptical about saving cash, referencing the U.S. dollar's detachment from the gold standard under President Richard Nixon in 1971. Elaborating further on the reason behind the debt, Kiyosaki said that the money had been used to buy assets. Instead of saving cash, Kiyosaki saved gold and converted his earnings into gold and silver. This strategy, according to him, led to the accumulation of such a large debt. "I don’t own any copper. I own a lot of silver. I found a silver mine in Argentina and Yamana Gold (a Canadian mining company) bought it from me. I do own tons of gold and silver," Kiyosaki had said in an interview with Stockpulse at the Vancouver Resource Investment Conference in 2022. "I got my start as a startup at the VRIC 25 years ago. I will be there. I invite you to join me at the VRIC, and be part of the coming boom in the investment world, and resources," Kiyosaki said.

  • In the podcast "Disruptors," Kiyosaki admitted to being in debt of a billion dollars again. "I'm a billion-dollar debtor because money is debt," he declared. Kiyosaki has distinguished debt into good debt and bad debt, and the former, according to him, helped generate wealth, such as loans used to acquire income and, thus, assets such as businesses and real estate, according to him. He also advocated using debt as leverage in investments, especially in real estate and saw it as an efficient way to tackle market fluctuations. Kiyosaki's "Rich Dad, Poor Dad" was released in 1997 and has sold over 40 million copies. In the book, Kiyosaki disputed the notion that earning big was the only route to wealth generation and vouched for the advantages of calculated risk-taking and entrepreneurship.

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(pic source- TV9kannada)