Updated January 4th, 2024 at 21:57 IST
Billionaire in debt: Author Robert Kiyosaki Reveals $1.2 Billion Debt
Kiyosaki, a best-selling author and prominent figure in personal finance, gained fame through his 1997 book "Rich Dad, Poor Dad," sold over 40 million copies.
- 2 min read
Renowned personal finance author and entrepreneur Robert Kiyosaki has recently disclosed that he is over $1 billion in debt, asserting that it's "not my problem." In a candid Instagram reel, Kiyosaki expounds on his unique debt philosophy, emphasizing the crucial distinction between assets and liabilities. He highlights the tendency of many to use debt for acquiring liabilities, contrasting it with his strategy of leveraging debt to acquire assets. For instance, he reveals that his luxury vehicles, including a Ferrari and a Rolls Royce, are fully paid off and categorized as liabilities, not assets.
In the video, Kiyosaki expresses skepticism about saving cash, citing the detachment of the US dollar from the gold standard during President Richard Nixon's tenure in 1971. Instead of hoarding cash, he opts to store gold and convert his earnings into silver and gold, attributing this approach to his accumulated debt of $1.2 billion, a figure he openly acknowledges.
During a "Disruptors" podcast, Kiyosaki reaffirms being a billion dollars in debt, asserting, "I'm a billion dollars in debt because debt is money."
Further delving into his financial philosophy in the podcast, Kiyosaki distinguishes between good debt and bad debt. He shares that good debt has been instrumental in his wealth generation, citing loans used to acquire income. Kiyosaki advocates for using debt as leverage in investments, particularly in real estate.
Published January 4th, 2024 at 21:57 IST
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