'Rich Dad, Poor Dad's' Robert Kiyosaki Says He's $1.2 Billion In Debt Because 'If I Go Bust, The Bank Goes Bust. Not My Problem'

No bank in the world is going to hand anybody millions (never mind over a billion) without some reasonable assurance it can be paid back one way or another.

If he was in real estate, they’re taking his property.

IIRC, the advice was basically a recipe for overleveraging yourself in debt trying to make money with “throw everything and see what sticks” (and then blaming them for not being “savy” enough when it becomes apparent they can’t manage the debt.)

Which is what happened to a friend of mine that kept bouncing from one self help book to the next (he was a big fan of what’s-his-but-zero-debt-guy until his church group read it.)

“It really resonated with what you said… I have a responsibility to my kids!”

“Uhm, I was talking about not having a third when you already need help with two.”

“No no. I get it now…” (and now we’re not friends because he asks for advice, doesn’t listen to it and blames you for when it doesn’t work. It also wasn’t about finances per se.)

Thank you, I always assumed it was more capitalism pearl clutching and to know it's another 'get a mortgage' flip answered all my questions.

Aspirational propaganda. You're only poor because you're not as smart as me and I've found all of the secrets to being rich! Why isn't everyone rich, this is crazy to me.

The part is greatly disliked about his books is how he glosses over the fact that he had a TON of resources at his disposal. A father figure that's already in business, that tutored him specifically, gave him many connections in the business world, and also let him sit in on business meetings for nearly a decade. The man had more exposure, teaching, and connections than most business majors before he even set foot into the business world.

For a normal person that would take years of schooling and a really tough time making those connections and is an entirely unrealistic comparison.

TL;DR You are right, basically impossible for a normal person to achieve because the resources at his disposal.

It depends on the type of investing you want to do. The working class can absolutely invest in ETFs at varying risk profiles and build a retirement. They can't drop $100k on an online startup and hope it explodes. They can invest in starting their own business.

It's really hard to go from thousandaire to billionaire, but you can absolutely hit millionaire.

He blocked me on facebook because I called him out for being a grifting motivational speaker.

My wife is from a developing country so we invest through her family. I doubt we will ever be rich from it but it does add up. Obviously not an option for everyone but if it is for you might want to look into it.

Another article says his net worth is 100m, so that would mean he might have 1.2b in debt but 1.3b in assets.

I'm not sure that suggests he's a scammer on the surface.

One of them is a billion in debt. But the other one has a billion. Now I'm broke.

His two dad's should get a room

Doesn't believe in fiat currencies because they're not real, but is all in on Bitcoin.

Old man going senile.

How can he be rich if we don't give him money?