“Rich Dad, Poor Dad” author Robert Kiyosaki reveals he's $1 billion in debt

“I use debt as money and don't save money because in 1971 the dollar became debt,” said “Rich Dad Poor Dad” author Robert Kiyosaki. Matt Carasella – Patrick McMullan/Getty Images

To the average Joe, being in serious debt can seem like a heavy burden — but it's not Rich father poor father Author Robert Kiyosaki. The financial guru has a somewhat jaded attitude toward borrowing large sums of money from banks and recently bragged about having more than $1 billion in debt hanging over his head.

He added, “I use debt as money and I don't save money because in 1971 the dollar became a debt,” referring to the Nixon Shock, in which the former president ended the conversion of the US dollar into gold, devaluing the currency and, ultimately, leading to the emergence of cryptocurrencies.

Instead, Kiyosaki uses debt to buy assets, such as gold, that can withstand market crashes and rising inflation — unlike cash saved in the bank.

He added: “If I go bankrupt, the bank will go bankrupt.” “Not my problem.”

Living debt-free is 'the worst advice you can give'

While living debt-free is a pipe dream for many, it is “the worst advice you can give anyone today,” Kiyosaki insisted in another article. Instagram reel last week.

“Biden printed $10 trillion, and oil prices are rising… Why should I save money?”

He has also issued several warnings in recent interviews about a coming banking crisis, inflationary pressures, and a stock market crash.

He claims that's why he buys oil wells, rather than oil stocks, and hoards gold and silver coins, keeping them in banks outside the United States.

He also explained during an interview on the channel, “Our banks are collapsing.” The disruptors podcast, adding that it leads to banks being unable to lend money, causing the economy to collapse.

“The people who will be victorious are the people of gold and silver.”

But beware: there is such a thing as bad debt

While Kiyosaki largely believes that having certain debts is a good thing, that doesn't mean you have his approval to put anything and everything on your credit card.

While he recommends leveraging debt to purchase assets, he does not approve of taking out a loan to purchase physical goods that will not increase in value or pay dividends.

“A lot of people use debt to buy liabilities,” he said. “I drive a Ferrari. Guess what? It's 100% paid off because it's a liability. I drive a Rolls Royce. It's 100% paid off because it's a liability.”

His advice inspired me recently love is blind Reality TV star Nancy Rodriguez is getting rid of her “bad debt” and instead shifting her investment into real estate that she can finally pay for herself.

“Knowing I had $100,000 to my name was probably one of the scariest things,” she said. luck.

“I think it was really understood that I needed to feel uncomfortable for a temporary moment so that I could find long-term fulfillment, which amounted to debt relief.”

luck Robert Kiyosaki has been contacted for comment.