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Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's in $1.2 billion debt. (lemmygrad.ml)

submitted 8 months ago* (last edited 8 months ago) by SovietReporter@lemmygrad.ml to c/us_news@lemmygrad.ml

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https://www.livemint.com/money/personal-finance/rich-dad-poor-dad-author-robert-kiyosaki-acknowledges-he-is-1-2-billion-dollar-in-debt-if-i-go-bust-the-bank-goes-bust-11704369035314.html

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[–] miz@lemmygrad.ml 20 points 8 months ago

if you owe the bank a hundred thousand dollars, you have a problem

if you owe the bank a billion dollars, the bank has a problem

[–] davel@lemmygrad.ml 18 points 8 months ago

I read RDPD twenty years ago. I got better. The 'Rich Dad Poor Dad' Mirage: Unmasking the Myth

[–] zifnab25@hexbear.net 16 points 8 months ago* (last edited 8 months ago)

You don't get $1.2B in credit by being poor.

[–] bleepingblorp@lemmygrad.ml 16 points 8 months ago

Being in debt doesn't make you poor. Loads of millionaires/billionaires are in debt. There are reasons why a millionaire/billionaire would choose debt over just paying outright.

If the interest/capital gains of their assets is higher than loan interest rates, then paying outright would be a net loss.

Invested assets: 10% annual gains Loan interet rate: 5% APR

In the above case, keeping the assets invested and taking on the debt would still net gain the remaining 5%.