Robert Kiyosaki, the author of 1997 book Rich Dad Poor Dad, might've taken too much of his own financial advice.
The 76-year-old entrepreneur and personal finance author surprised his Instagram followers, sharing in a post that he's more than $1.2 billion in debt. Seemingly dismissive about his financial state, Kiyosaki detailed in a Nov. 30 IG reel his unorthodox approach to separating assets and liabilities, writing off luxury vehicles, like his Rolls-Royce and Ferrari, in full.
Kiyosaki also made a stance against saving cash, noting the United States abandoning the gold standard in 1971 under President Richard Nixon's presidency. Kiyosaki instead converts his earnings into silver and gold, also saving the latter which he admitted led him to his hefty debt. "If I go bust, the bank goes bust. Not my problem," he said in the video.
Categorizing "good" debt from "bad" debt to enhance his wealth, Kiyosaki has shown an affinity for "real assets" in his portfolio like Bitcoin, silver, Wagyu cattle and gold. He values the latter over cash, which he calls "trash," as he doesn't "trust the frickin' dollar."
The revelation echoes Kiyosaki's interview with Stockpulse at the Vancouver Resource Investment Conference in 2022, where he shared that silver and gold are two of his long-term investments. As Kiyosaki founded a silver mine in Argentina that he sold to the Canadian mining company, Yamana Gold, he added that gold mining is a "tough business" that has a "higher risk."
Kiyosaki's debt breakdown may fall on deaf ears after making distasteful and since-deleted comments about Black Lives Matter protests in 2020, shortly after the murder of George Floyd. “WTF. Why do we worship felons, losers, weirdos, and people without power or success?” he wrote in one X post.
He continued, “Why do we attack our police who protect us from these losers? “Why do our gutless leaders kiss the losers [sic] asses? The police should take a month off. Let the losers and leaders kiss each other’s asses.”
Kiyosaki went even further with what he called his "idea of hell." “How to end inequality. Free college [degrees]. No test required [sic]. Free mansions. Free Ferrari’s. Free healthcare," he wrote. "All police fired. Fed prints trillions so shoppers can shop till they drop. Free food.End taxes. Shut Washington down. The Elites dream of utopia. My idea of Hell."
Since its release, Rich Dad Poor Dad has sold 70 million copies.
