Robert Kiyosaki, author of the bestselling personal finance book Rich Dad Poor Dad, says he’s more than $1 billion in debt.
“I’m a billion two in debt,” he says in an Instagram reel posted on November 30 and recently picked up by finance sites including MarketWatch and Fortune.
However, Kiyosaki adds in the video, he doesn’t think debt is a bad thing.
“I use debt as money and I don’t save cash,” he says. “If I go bust, the bank goes bust. Not my problem.”
Kiyosaki also says he uses debt only to buy assets, not liabilities, like cars, for which he pays in full.
He adds that he converts all his cash to silver and gold and has also invested in Bitcoin.
“I don’t trust the dollar,” he says.
“While Kiyosaki's methods have been successful for him, they come with risks, as illustrated by his past financial troubles, including filing for bankruptcy in 2012 after a legal dispute over royalties,” notes financial news website Benziga.
Amy Reiter is a writer in Brooklyn.
