Rich Dad, Poor Dad. Unless you have been living under a rock, you would know of this book. Some people like it, some people hate it but one thing is for sure, it’s a successful book with some great investment and business concepts.
The author, Robert Kiyosaki, has a current net worth of $100Million. Yes, $100 million personal net worth. Now, his old company Rich Global, LLC did file for bankruptcy back in 2012 after a lawsuit was filed against him for not paying a percentage of his speaking engagements.
I know some of you will frown at this but note that he owned several companies and it wasn’t him that filed for bankruptcy, it was his company.
Long story short, Kiyosaki knew how to protect his personal finances. That’s exactly what we all need to do, build our wealth and know how to protect it.
He has since published several books, launched a YouTube channel, continued investing, and entered more business ventures. He seems to be doing more than ok. So, say what you want with one of his company’s bankrupt, he’s still taking plenty to the bank and laughing all the way there.
Now, even he is getting into crypto. He predicts that a massive market crash is coming in October. He said that the treasury and Fed are short of T-bills.
He is suggesting that people hold on to their gold, silver and bitcoin positions and use cash to bargain hunt to buy more when the crash happens.
Kiyosaki also talked about the looming U.S. debt crisis and the dangers of a government shutdown if the debt ceiling is not raised this week.
He said that the US Gov is out of money. There’s a shutdown looming. Evergrande, China’s biggest property developer with 800 projects in 200 cities, is out of money.
However, he does think that the Evergrande disaster is an opportunity for smart investors but fatal for foolish investors.
Regardless of your opinion on Kiyosaki, you can’t deny he has some sound investment and financial foundation. So sound that despite direct legal challenges to one of his companies, he remains in the 9-figure net worth club.
There is merit in looking at what he is saying. Sure, there might not be a crash but challenges like the Evergrande are obviously affecting the market.
We should look at this as an opportunity to invest, not as a reason to panic. Balance your risks with assets that are more stable. Gold can be one of them.
