Amid mounting warnings of a major financial crisis looming, the prominent investor and author of the best-selling personal finance book ‘Rich Dad, Poor Dad’ has repeated his bleak predictions and shared some advice on how to survive the upcoming market crash.
Specifically, Robert Kiyosaki used his own experience to discuss the best ways to protect oneself during a recession with his wife and fellow investor Kim Kiyosaki and Wall Street certified financial planner John MacGregor in a podcast streamed on June 21.
Problem with education
According to Kiyosaki, one of the key ways to become less vulnerable to unfavorable macroeconomic factors is to take control of one’s own finances instead of letting “some college-educated person from Stanford or MIT do it for you,” who may or may not have proper knowledge of finances.
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As he specified, many college-educated people lack proper financial training, and a “rising market made stupid people think they’re smart” because “they think they’re better than us,” using the example of his ‘Poor Dad’ character who had a Ph.D. and thought was superior to everyone “although he was flat broke.”
On the other hand:
“My ‘Rich Dad,’ who had no financial education (…), was one smart dude. So that’s why I’m happy talking to the Rich Dad’s world and all this because what happens in a market crash, the really smart people get really rich.”
Ways to prepare
Furthermore, the financial educator pointed out that “you’re going to see a huge real estate crash coming up just like gold and silver will crash,” and the only way to protect oneself is to get ready for it (…), start practicing, start learning (…), start preparing today.”
As one of the ways to do this, Kiyosaki mentioned his Cashflow board game that uses the Montessori method of learning, which goes by the maxim that “what the hand does, the mind remembers” to teach players about finances. On top of that, both he and his wife have suggested seeking out coaches and mentors as a “shortcut to learning.”
Earlier, Kiyosaki had also alerted his followers of the strong possibility of the “greatest real estate crash ever” and that the 2023 crisis would overshadow the Great Recession of 2007-2009, advising them to invest in gold, silver, and Bitcoin (BTC) to protect themselves, as Finbold reported on June 8.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
