Renowned personal finance author and entrepreneur Robert Kiyosaki revealed his debt surpassing $1 billion, asserting that it is not a concern for him. In an Instagram Reel, he states “If I go bust, the bank goes bust. Not my problem,”. Kiyosaki acknowledges that if he went bust, the bank would be in jeopardy.
Kiyosaki clarifies that while many individuals accumulate debt for purchasing liabilities, he opts for assets. As an example, he mentioned that his paid-off luxury vehicles, such as a Ferrari and a Rolls Royce, fall into the category of liabilities rather than assets.
Kiyosaki, an investor, expressed his views on debt while discussing his financial philosophy. He attributed his significant debt to a strategy of saving in gold and converting earnings into gold and silver. He adopted this practice after the US dollar was detached from the gold standard in 1971 during President Richard Nixon’s tenure.
In the “Disruptors” podcast, Kiyosaki openly acknowledged being in a billion-dollar debt. “I’m a billion dollars in debt because debt is money,” said Kiyosaki during the podcast. In the later part of the podcast, Kiyosaki distinguished between good and bad debt, highlighting that good debt, like loans used to generate income, played a role in building his wealth.
Moreover, Kiyosaki endorsed investments in ‘real assets,’ including Bitcoin, gold, silver, and Wagyu cattle. He emphasized Bitcoin as his preferred choice considering it a ‘hedge’ against the declining value of the US dollar.
Kiyosaki’s 1997 book “Rich Dad, Poor Dad” has achieved sales exceeding 40 million copies.