Robert Kiyosaki, author of the best-selling personal finance book ‘Rich Dad, Poor Dad’, has confirmed being in $1.2 billion worth of debt. The widely followed entrepreneur who is popular for his advice on building up wealth and managing finances, claimed this on a podcast named “Disruptors.”
Kiyosaki talked about his unique way of dealing with debt and money. His book from 1997 has sold over 40 million copies. He says that there is a difference between “good debt” and “bad debt,” and that “good debt” can be used to make money. This includes loans for buying things that will make money. Luxury cars like Ferraris and Rolls-Royces, which he owns but has already paid for, he sees as liabilities instead of investments.
His bold saying, “If I go bust, the bank goes bust. Not my problem,” reflects a debated stance on his substantial debt. He repeated this remark in his podcast appearance, where he shared his view of debt as money.