In a surprising turn of events, Robert Kiyosaki, renowned author of Rich Dad Poor Dad (1997), has recently claimed to be in a substantial debt of $1.2 billion. Despite the shockwaves this revelation sent through his community of followers, Kiyosaki seems unfazed, boldly stating that the burden is not his concern.
He emphasized this perspective in a November 2023 Instagram reel, declaring that if his financial situation were to collapse, it would bring down the banks with him.
In the reel, Kiyosaki disclosed ownership of a fleet of luxury vehicles, including Ferrari and Rolls Royce, which he asserts are fully paid off but categorizes as liabilities rather than assets.
He detailed his unconventional approach of utilizing debt to finance his assets, advocating for the strategic use of good debt while cautioning against bad debt. Additionally, he highlighted his preference for saving cash and investing in precious metals like gold and silver. However, this strategy appears to have contributed to his staggering debt of over one billion dollars.
The entrepreneur’s controversial advice on accumulating wealth through debt has garnered both admiration and skepticism. While some view him as a visionary entrepreneur, others criticize his methods as a way to amass wealth quickly without genuine entrepreneurial skills.
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Recently, Kiyosaki stirred further controversy by urging his followers to sever ties with their less affluent acquaintances in pursuit of wealth. Targeting the middle class, he asserted that cultivating relationships with rich individuals is crucial for climbing the ladder of success. Notably, he promoted the use of Bitcoins in this context. His message concluded with a call for his 2.4 million followers to be selective in choosing their social circles.
As news of Kiyosaki’s billion-dollar debt spread across the internet, reactions were swift and varied. Memes flooded social media platforms, capturing the online community’s mixed sentiments towards the financial guru’s precarious situation. Whether seen as a cautionary tale or a testament to the risks of unconventional financial strategies, Kiyosaki’s predicament has certainly ignited a digital discourse on the intricacies of wealth accumulation and financial management.