“Rich Dad, Poor Dad” author reveals he’s $1 billion in debt

Kiyosaki uses debt to buy assets, like gold, which can withstand market crashes and spiraling inflation—unlike cash saved in the bank.

Transcript

00:00 The author of Rich Dad Poor Dad just revealed he has $1 billion in debt but says going bust

00:05 wouldn't be his problem. "If I go bust, the bank goes bust," Robert Kiyosaki recently said on

00:10 Instagram. Kiyosaki says he uses debt as money and doesn't save cash, citing the economic changes

00:15 since the Nixon shock in 1971 when the former president ended the convertibility of the U.S.

00:20 dollar into gold. Kiyosaki says that living debt-free is the worst advice and advises people

00:24 to use debt to acquire assets like gold. He thinks having certain debt is a good thing but says there

00:29 are some things that should not be put on a credit card. For example, he says he drives a Ferrari

00:33 and a Rolls Royce but both are 100% paid off since they are liabilities.