“Becoming a Billionaire Through Debt: Robert Kiyosaki, the Inspiring Author behind Rich Dad, Poor Dad”
Robert Kiyosaki, the best-selling personal-finance author and entrepreneur, has achieved the remarkable feat of becoming a billionaire despite having incurred more than $1 billion in debt. In a recent Instagram reel, Kiyosaki revealed that his debt wasn’t necessarily a bad thing. “If I go bust, the bank goes bust,” he stated. He explained that his debt has been used to purchase assets, rather than liabilities like cars and TVs. On top of that, Kiyosaki has used his cash earnings to purchase precious metals, which he believes will retain their value over time.
Good Debt vs. Bad Debt
Kiyosaki has long preached the importance of differentiating between good debt and bad debt. According to his website, good debt is used to purchase assets such as real estate which ultimately puts money into your pocket. On the other hand, bad debt pays for liabilities that cost money each month. Put simply, Kiyosaki encourages using debt to get rich instead of poor.
Kiyosaki’s Ultimate Advice for Making Your Fortune
Kiyosaki’s 1997 classic Rich Dad, Poor Dad argued that a high income can’t be the sole measurement of your wealth. He suggested that investors should consider taking calculated risks and putting their money into ventures that will generate passive income. In addition to these conventional financial tactics, Kiyosaki also recommended investing in assets such as gold, bitcoin, and Wagyu cattle, along with consistently warning of an impending market crisis.
Kiyosaki’s approach to wealth creation has long been a source of contention. In 2012, the author’s own company, Rich Global LLC, filed for bankruptcy amidst a lawsuit from a private lender providing debt to the company. Subsequently, critics have accused Kiyosaki of failing to follow through with promises made on his seminars and have urged others to boycott a Rich Dad book following his 2020 tweet related to Black Lives Matter.
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