Rich Dad, Poor Dad Author Robert Kiyosaki Discloses Staggering $1.2 Billion Debt
In a recent revelation, bestselling personal finance author and entrepreneur Robert Kiyosaki disclosed that he is currently over $1 billion in debt, a situation he asserts is “not my problem.” The financial maverick shared his unconventional debt philosophy in an Instagram reel, emphasizing a crucial distinction between assets and liabilities.
Kiyosaki highlighted that while many individuals use debt to acquire liabilities, he employs it to invest in assets. Notably, he pointed out that his luxury vehicles, including a Ferrari and a Rolls Royce, are fully paid off, classifying them as liabilities rather than assets.
In a video clip, Kiyosaki expressed skepticism about saving cash, citing the detachment of the US dollar from the gold standard during President Richard Nixon’s era in 1971. Instead of saving in cash, he opts for storing gold and converting earnings into silver and gold, a strategy he attributes to his staggering $1.2 billion debt, a sum he openly acknowledges.
Kiyosaki nonchalantly stated, “If I go bust, the bank goes bust. Not my problem.”
During a recent appearance on the “Disruptors” podcast, Kiyosaki reiterated his billion-dollar debt status, emphasizing his belief that debt equals money. He distinguished debt into good and bad, citing good debt as a tool that helped him generate wealth, such as loans utilized for income-generating ventures.
Advocating for the strategic use of debt as leverage in investments, particularly in real estate, Kiyosaki shared insights into his financial approach. Notably, he has become a notable figure in the personal finance arena, with his 1997 book “Rich Dad, Poor Dad” achieving extraordinary success, boasting sales exceeding 40 million copies worldwide.