Amid his long-standing warnings of a possible economic crash, Robert Kiyosaki, author of the best-selling personal finance book ‘Rich Dad Poor Dad’, has turned his attention to the banking system.
On August 18, the investor took to X to warn his followers about the dangers of keeping their savings in traditional banks.
Kiyosaki, known for his outspoken views on personal finance, advised his followers to reconsider their reliance on the banking system, which he labeled “corrupt.” His warning centered on banks’ vulnerability during financial panics, which he described as “invisible” to the average person.
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Kiyosaki’s post highlighted the role of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000. While the FDIC offers some protection, Kiyosaki questioned why people should risk keeping their money in a system he views as inherently flawed.
Cushion against ‘corrupt banking system’
The investor’s advice reflects his long-standing advocacy for alternative investments, particularly precious metals, and cryptocurrencies, which he calls “real money.” He urged his audience to “get smart” and protect their wealth from a “bankrupt money system.”
“Panics in banks are invisible. That means most people have no idea when their bank is in BANKRUPT. <…> WHY take the chance? Why not get most of your savings out of the corrupt banking system and save gold, silver, and Bitcoin?” he said.
This isn’t the first time Kiyosaki has spoken out against conventional banking and fiat currency. His latest remarks are likely to resonate with his followers, who share his skepticism about the global financial system’s stability, particularly in the face of economic uncertainty and inflation.
Wealth protection
Notably, Kiyosaki’s advocacy for gold, silver, and Bitcoin (BTC) aligns with his broader financial education and independence philosophy. For years, he has encouraged individuals to take control of their financial futures by investing in less susceptible assets to the risks plaguing traditional financial institutions.
Interestingly, Kiyosaki has maintained that an economic crash is already here and that investors should not rely on the Federal Reserve for solutions. As reported by Finbold, the financial educator stated that the Fed is part of the problem, and investors should opt for precious metals and cryptocurrencies to protect their wealth.
Overall, Kiyosaki has increasingly warned that the markets are on the verge of experiencing one of the worst crashes in history, with indices such as the S&P 500 potentially dropping by about 70%.
