Amid warnings of an incoming massive crash of multiple markets, renowned investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad’ Robert Kiyosaki has most recently singled out the stock market, specifically the S&P 500 index, which he believes will snuff out millions in retirement plans.
As it happens, while reiterating his previous warnings, the ‘Rich Dad’ author also told his followers that the next one would be about the S&P, which “will toast millions of 401ks and IRAs,” alluding to the two popular pension savings vehicles in the United States, as he explained in an X post he published on December 11.
S&P and retirement accounts
Notably, he referred to the employer-based pension account, a.k.a. the 401(k), and the individual retirement account (IRA). In the former, an employer deducts a sum from an employee’s paycheck to invest in mutual funds, stocks, and bonds of the employee’s choice, while the latter lets an individual invest alone.
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Specifically, this means that, due to the close relationship between these two retirement accounts and the stock market, particularly the S&P index, Kiyosaki assumes that the looming crash of the S&P 500 would wreak havoc across both employer-dependent and independent retirement plans of millions.
Global banking crisis
At the same time, the ‘Rich Dad’ author has warned about a “global banking crisis” and that the banking system in the US was corrupt, urging his followers to direct their attention at buying Bitcoin (BTC), gold, and silver “while you still can” detailing his previous crash predictions that came true.
Indeed, these included his predictions of the Lehman Brothers collapse in 2008 and Credit Suisse crashing in 2023, while he voiced his current opinion that UBS, the United Bank of Switzerland, could be the next banking giant to go bust after its purchase of Credit Suisse in March helped avert a bankruptcy.
Featured image via Ben Shapiro’s YouTube.
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