Latest news with #RichDadsProphecy
Mint
19-05-2025
- Business
- Mint
‘Who will bail you?': Rich Dad Poor Dad author sounds financial crisis alarm, asks people to buy ‘gold, silver, bitcoin'
Bestselling personal finance book, Rich Dad Poor Dad author Robert Kiyosaki on Monday issued a warning about an imminent global financial crisis, sounding an alarm on how the economy functions. In a post on X, Kiyosaki gave the example of the collapse of hedge fund LTCM and how the Wall Street bailed it out in 1998. He then talked about how central banks got together to bail out the Wall Street. However, he asked who would step in to rescue central banks like the US Federal Reserve, urging investors to take matters in their own hands and 'bail' themselves out. 'In 2025, long time friend, Jim Rickards is asking who is going to bail out the Central Banks?' he said in his X post. He blamed former US President Richard Nixon for the compounded crisis that the world faces in the present. 'In other words each crisis gets bigger because they never solve the problem….a problem which started in 1971 when Nixon took the US Dollar off the gold standard,' Kiyosaki said. The Rich Dad Poor Dad author said that the next financial crisis will be triggered due to a collapse concerning student debt. 'According to Jim Rickards the next crisis will be triggered by the collapse of $1.6 trillion in student loan debt,' he said. He asked individuals to bail themselves out. 'As I have been warning for years the best way to protect your self is not by saving fake fiat money. As I stated over 25-years ago, in Rich Dad Poor Dad, 'The rich don't work for money' and 'Savers are losers,'" he said. 'For most people the best way to protect yourself is by bailing yourself out.' Kiyosaki said advised people to save real gold, silver and Bitcoin, saying that the crash that he warned about in his book has started. 'You bail you and your family out by saving real gold, silver, and Bitcoin…. No ETFs. The crash I warned about in Rich Dads Prophecy in 2012 has begun.,' he said. 'If Jim Rickards is correct in asking: 'Who will bail out the Central Banks, like the Fed….a more important question is: 'Who will bail you out?' Please take care… bail yourself out…by saving real gold, silver, and Bitcoin,' Kiyosaki reiterated.
Miami Herald
06-05-2025
- Business
- Miami Herald
Rich Dad Poor Dad author warns U.S. on Social Security, 401(k) panic
Business Rich Dad Poor Dad author warns U.S. on Social Security, 401(k) panic As they approach retirement, many U.S. workers naturally worry about Social Security and the degree to which it will support their financial well-being in their post-career years. Robert Kiyosaki, author of Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, once made a big statement on Social Security, 401(k)s and the importance of knowing the true difference between assets and liabilities - and it still applies today. Don't miss the move: Subscribe to TheStreet's free daily newsletter Staffing shortages, which can result in long wait times and inefficiencies in federal services, are a growing concern for current and future Social Security recipients. Additionally, worries about long-term financial sustainability persist. Without legislative intervention, Social Security's trust funds are expected to be depleted by 2033, potentially leading to a reduction in monthly benefits to roughly 80% of current expectations. Related: Shark Tank's Kevin O'Leary sends strong message on Social Security Although cost-of-living adjustments (COLA) aim to increase Social Security payments, they often fail to keep pace with inflation. Economic uncertainty - particularly during recessions or market downturns - only heightens these anxieties, leaving some individuals fearing they will rely on Social Security more than they originally anticipated. Kiyosaki highlights the financial insecurity facing many Americans about retirement and warns of the importance of understanding a key financial principle. Rich Dad Poor Dad author Robert Kiyosaki is seen with a model Trump jet. Kiyosaki offers some strong words about Social Security, 401(k)s and understanding the difference between liabilities and assets. Getty Images Rich Dad Poor Dad author warns Americans on 401(k) plans and Social Security Before discussing his statement on Social Security and 401(k) plans, it's worth noting Kiyosaki's very recent words that understandably have the potential to make current retirees and those saving and investing for retirement nervous. In a May 4 post on X, referring to a prediction he made in his book Rich Dads Prophecy, Kiyosaki wrote about his belief that his prediction of the biggest stock market crash in history is happening now. "I hope I am as I biggest market crashes in stocks, bonds, and real estate….are about to happen in the very very near future," he wrote. "This is why I have been investing in gold, silver, and Bitcoin." More on retirement: In Rich Dad, Poor Dad, Kiyosaki had a warning for U.S. workers about 401(k) plans and Social Security that continues to be relevant. "Company pension plans are being replaced by 401(k) plans," he wrote. "Social Security is obviously in trouble and can't be relied upon as a source for retirement." "Panic has set in for the middle class." Related: Dave Ramsey sends strong message to Americans on 401(k)s Beyond Social Security and 401(k)s, Robert Kiyosaki discusses assets and liabilities Rich Dad Poor Dad illustrates two opposing financial mindsets Kiyosaki encountered growing up. His "Poor Dad," his biological father, valued job security and formal education but struggled financially. In contrast, his "Rich Dad," his best friend's father, was a self-made entrepreneur who emphasized financial literacy and investing. The book urges readers to follow the "Rich Dad" philosophy to achieve financial independence. A big part of that, Kiyosaki explained, is understanding the true difference between assets and liabilities. "An asset puts money in my pocket," Kiyosaki wrote. "A liability takes money out of my pocket." He recalled his "Rich dad's" words: "Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets." Looked at from that perspective, assets include things that generate income or grow in value, such as stocks and bonds, rental properties, businesses that generate passive income and real estate that appreciates over time. Liabilities involve things that drain money through expenses or debt, such as mortgages on personal homes, car loans, credit card debt and student loans. Related: Veteran fund manager unveils eye-popping S&P 500 forecast "You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know," Kiyosaki wrote. "It is rule number one. It is the only rule." "This may sound absurdly simple, but most people have no idea how profound this rule is," he continued. "Most people struggle financially because they do not know the difference between an asset and a liability." The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc. This story was originally published May 6, 2025 at 6:03 AM.
