Robert Kiyosaki | Rich Dad Poor Dad : From wealth to debt: The shocking revelation by 'Rich Dad, Poor Dad' author (2024)

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Robert Kiyosaki | Rich Dad Poor Dad : From wealth to debt: The shocking revelation by 'Rich Dad, Poor Dad' author? ›

Synopsis. Renowned author Robert Kiyosaki shocks by admitting $1.2 billion debt, defending it as a strategic move. He views luxury vehicles as liabilities, challenges conventional savings, and advocates leveraging good debt in investments, particularly in real estate.

“Success is a poor teacher. We learn the most about ourselves when we fail, so don't be afraid of failing. Failing is part of the process of success. You cannot have success without failure.”

Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing.

Robert Kiyosaki said that the money had been used to buy assets. Instead of saving cash, Kiyosaki saved gold and converted his earnings into gold and silver. This strategy, according to him, led to the accumulation of such a large debt.

Robert Kiyosaki was already a millionaire before he wrote his book, "Rich Dad, Poor Dad." According to Kiyosaki, he had already made his fortune through various business ventures, including real estate investing, prior to the publication of his book in 1997.

His primary income sources are book sales, speaking engagements, real estate, precious metals, cryptocurrency investments, financial education programs, and business ventures. He founded Rich Global LLC in 1977, a conglomerate specializing in manufacturing, retail operations, and financial education.

Great read for those stuck in life or financially struggling and looking for direction or a way out. Would recommend to everyone. Easy to relate to and somewhat easily applicable if youre already financially woke. Empowering Financial Wisdom - "Rich Dad Poor Dad" is a Must-Read!

Lastly, "Rich Dad Poor Dad" teaches about having the right mindset – not being scared to make mistakes and take chances. That's a great lesson for life in 2023 and beyond. So, yes, the book is still worth reading. A good starter kit for understanding money and setting you on the right path to financial success.

Robert Kiyosaki, the author renowned for his bestselling book “Rich Dad Poor Dad,” recently shared insights into his personal life and financial strategies during an interview with Vlad TV. Kiyosaki and his wife have made a deliberate choice not to have children, a decision he openly discusses.

What is Robert Kiyosaki's debt strategy? ›

Kiyosaki's strategy is to leverage his wealth by using good debt. He borrows money at a low interest rate, invests it in an income-generating asset that can serve as collateral for a larger investment or provides a return above the borrowing rate and then uses the income to service the debt.

Some critics argue that using an anonymous and potentially fictional character to convey financial advice can erode trust among readers. Critics argue that “Rich Dad, Poor Dad” promotes a “get rich quick” mentality and encourages readers to take substantial risks without fully understanding the potential consequences.

Kiyosaki's approach to wealth and debt contrasts with more traditional financial advice. He believes that leveraging debt is a key driver of his wealth because of the tax advantages it provides.

Get a financial education

The most important lesson from Rich Dad, Poor Dad is that financial literacy is crucial to financial success. He argues that school education fails in this regard and needs to effectively teach financial literacy, including the basics of financial management and wealth building.

Rich Dad Poor Dad is a good book for beginners. It introduces a lot of concepts, views and rules that most people have never encountered before. And packages this into a story which makes it easy to understand.

'Think and Grow Rich' by Napoleon Hill

Often regarded as the ultimate success book, Napoleon Hill shares the secrets of the most successful people of his time. Its lessons on positive thinking, setting clear goals, and persistence align with Kiyosaki's beliefs on achieving financial success.

The love of money is the root of all evil." The lack of money is the root of all evil. Robert Kiyosaki, Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and the Middle Class Do Not!

“When something is important enough, you do it even if the odds are not in your favor.”

He defines them as: Assets are things that bring in money, such as real estate, stocks, and businesses. Liabilities, on the other hand, drain money from your pocket. These include home or car loans, credit card debt, and more.