Robert Kiyosaki, author of best-selling personal finance book “Rich Dad, Poor Dad,” revealed he was over US$1 billion in debt and advocated borrowing to invest in assets.
Unlike most people who would be devastated to find out they are drown in debt, Kiyosaki was nonchalant when he boasted about his debt on an Instagram reel.
He used the borrowed money to buy hard assets that are more resilient to market downturns and inflation, such as gold, he said in the reel.
Kiyosaki explained that utilizing debt allowed him to not save cash, which would get devalued due to inflation, and if he went bankrupt, it would be the bank’s problem to solve, not his.
In another reel, the author noted that living debtless is the worst personal finance advice one can give and that a banking crisis, high inflation and a stock market crash were approaching, making those who invest in hard assets richer.
As of January 5, Kiyosaki’s net worth was estimated to be $100 million, according to Celebrity Net Worth.