Robert Kiyosaki, a best-selling author and seasoned investor, has a distinct philosophy on debt and investment. In a Nov. 30 Instagram reel, Kiyosaki elaborated on his debt philosophy, highlighting a critical distinction between assets and liabilities. He said many people use debt to buy liabilities, while he uses debt to purchase assets. To illustrate his approach, Kiyosaki said his luxury vehicles, like a Ferrari and a Rolls Royce, are fully paid off, categorizing them as liabilities rather th
  • fine_sandy_bottom@lemmy.dbzer0.com
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    10 months ago

    So, ah, that’s not how that works.

    If he “goes bust” and can’t make repayments the bank will take his cars and silver and gold.

    This guy is a great author, and those four words “rich dad, poor dad” are masterfully crafted. The book basically says borrow money to buy houses not boats. It’s not revolutionary, it’s just packaged in a way which is appealing to… poor dads.

    • FunkyMonk@kbin.social
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      10 months ago

      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.

      • fine_sandy_bottom@lemmy.dbzer0.com
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        10 months ago

        Yeah it’s the common sense stuff we all know to be true. “Save and invest your money! Compound interest magic! Investments increase in value!”

        IIRC he makes a case for ripping off his employees. Justification is that if he have them more money they would just waste it, but he will invest it.

    • dangblingus@lemmy.dbzer0.com
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      10 months ago

      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.