Rich Dad, Poor Dad author reveals he's $1.2 billion in debt
Niamh Shackleton
Featured Image Credit: Matt Carasella/Patrick McMullan via Getty Images / Timothy A. ClaryAFP via Getty Images
While most of us aspire to be debt-free in our lives, Robert Kiyosaki isn't worried about the money he owes.
The Japanese-American businessman is the brains behind the best-selling book, Rich Dad, Poor Dad.
According to Celebrity Net Worth, Kiyosaki has a staggering net worth of around $100 million, but it turns out he's actually in a lot of debt.
This would probably concern a lot of people, but Kiyosaki doesn't see it as a bad thing.
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His blasé attitude towards it is down to the fact he 'doesn't trust the dollar'.
"I’m a billion dollars in debt because debt is money," Kiyosaki revealed on the Disruptors podcast.
He went on to claim that 'our banks are crashing'.
With this in mind, 76-year-old insisted that 'the people who will win are people who have gold and silver'.
Elsewhere, in a reel shared to Instagram, the businessman claimed that being debt-free is 'the worst advice you could give anybody today'.
This is because he believes that using debt to buy assets is a good and financially savvy thing to do.
"The key is hard assets," he said.
"I don't own oil stocks - I own oil wells. There's a very big difference.
"Every time that [the pump] goes up and down like this and pumps out a gallon or a barrel of oil, I get paid."
For those who have stocks, he said that the problem with that falls down to interest rates.
As they go up, stock market rates come down - and the value of gold and silver goes with it.
"Those with hard assets like cash flowing real estate and oil and stuff like that, money just keeps coming in," Kiyosaki went on.
While he isn't worried about the debt he's in, Kiyosaki did explain that there is such thing as bad debt as well.
"A lot of people use debt to buy liabilities,” he said in a separate Instagram reel.
"I drive a Ferrari. Guess what? It’s paid off 100% because it’s a liability. I drive a Rolls-Royce. It’s paid off 100% because it’s a liability."
Kiyosaki continued: "I use debt as money and I don't save cash because in 1971, the dollar became debt."
"If I go bust, the bank goes bust," he went on. "Not my problem."
Kiyosaki converts all his cash into silver and gold, but also has some money in bitcoin as well.
"I just don't trust the frickin' dollar," he shared.