By Micheal Chukwuebuka, Reporting
POPULAR author Robert Kiyosaki, known for his bestselling ‘Rich Dad, Poor Dad’ series on personal finance, has disclosed that he currently carries a debt burden of $1.2 billion.
While sharing his view on debt, the businessman revealed by saying, “….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.”
Our source, Pulse Nigeria, reported that the 76-year-old entrepreneur, who is also an investor, shed light on the reason behind accumulating such a substantial debt.
Kiyosaki revealed 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.
Kiyosaki further stated that he uses debt not to acquire liabilities but assets, citing examples of his luxury vehicles, such as Ferrari and Rolls Royce; he labeled 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 said.
Kiyosaki defined good debt as a category of money used to acquire income-generating assets like real estate, businesses, and investments.
He also advocated for investments in real assets such as Bitcoin, gold, silver, and even Wagyu cattle.
According to reports, 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.
Kiyosaki’s willingness to share his personal financial strategies sparked discussions about alternative approaches to managing wealth in an ever-changing economic landscape.
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