Honestly if you’re a billion in debt, you’re fucking baller mate
If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.
– J. Paul Getty
If you owe the bank a thousand dollars you have a problem. If you owe the bank a billion dollars the bank has a problem.
I couldn’t go that hard if I tried.
He’s told his followers that “cash is trash” and that he doesn’t trust the U.S. dollar, calling it “fake.” Instead, he’s recommended investing in assets like precious metals, bitcoin or Wagyu cattle
Hah
Maybe he’s just doing research for his hit sequel: “Rich dad, 1 billion dollar in debt dad”
Kiyosaki has continued to espouse those financial views (and has explored extreme political perspectives, including adopting right-wing-media talking points in his call for the impeachment of President Joe Biden).
Not all morons support the baseless impeachment, but rich people who support the baseless impeachment are all morons.
And they never want to impeach him for the right reasons, like going around Congress to send weapons to an ally committing a genocide.
Committing genocide would be the reason conservatives vote for a candidate, not impeach a candidate.
Yeah, still not even remotely impeachable, and would be an incredibly bad reason too. They could, you know, just use their powers to pass a law and stop him.
If Books Could Kill had a brutal episode on this chucklehead: https://podtail.com/en/podcast/if-books-could-kill/rich-dad-poor-dad/
All he knows how to do is pedal-to-the-metal on scams. It’ll catch up with him eventually, but too late for all the people he’s hurt along the way.
Just finished listening to the podcast! Many thanks for the recommendation!!!
Sounds like president material to me
It makes him smart
“the greatest president in American history, no president has been greater than him”
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Sooo… poor dad.
No, just leverages the crap out of debt, like most wealthy people.
So… is he the rich dad or the poor one?
Yes
Both, the title of his book is his situation, first he’s rich dad, then he become poor dad.
Being able to leverage massive debt is squarely a rich dad thing
I’ve read his book a few years ago, and he was pretty bullish on risky investments, so…
I wonder if he has assets the bank could seize? If they gave him loans without collateral, then they are idiots.
banks don’t offer a billion in loans without collateral.
even with the NY trump fraud case… the core of the problem is that his collateral was over valued and inflated. there are definitely assets the bank will be seizing. they may or may not be way over inflated because this dude is a grifter, but details.
Yeehaww it’s bankruptcy court for me!
He blatantly said in an interview, proud at that too, that he doesn’t pay tax and everyone should avoid paying too.
Kiyosaki’s investment strategy is multifaceted. He is known for his stance against fiat money, labeling it in derogatory terms and instead advocating for investment in what he calls “real assets” like Bitcoin, silver, gold and Wagyu cattle. Bitcoin, in particular, is a favorite of his, perceived as a hedge against the deteriorating value of the U.S. dollar. Kiyosaki views gold, another key component of his portfolio, as more stable and reliable than cash, which he calls “trash" because he just doesn’t “trust the frickin’ dollar.” He has expressed a willingness to increase his gold holdings even if prices drop significantly
Via https://finance.yahoo.com/news/rich-dad-poor-dads-robert-193714809.html
what’s hilarious, is that BTC is only worth something because people pay fiat for it.
Everything is only worth something because people pay fiat for it. But the value of many things increases over time, whereas fiat decreases. This isn’t revolutionary stuff, this is basic rich people economics. Assets grow, cash shrinks.
You have the cart before the horse. Anything of value can be traded in fiat, not the other way around.
lol.
So when the banks collapse and hyperinflation sets in, cash is useless and you’re needing to eat… you’re saying that food has no value in of itself? It’s only value is that you pay fiat for it?
Can’t eat bitcoin. Can’t process it into raw materials. Can’t make tools out of it, or clothing, or entertainment devices….can’t burn it for heat (which… when dystopia hits… officially makes it worth less than bullshit,)
Sure some places you can use btc to buy stuff, but ultimately, that’s just fiat with more steps and more fees.
Bitcoins sole value is derived from how much people are willing to pay for it. The demand goes away, it loses value. when people are trading favors for food, demand will go away.
I’m not really considering an apocalyptic scenario where everything not used for survival uses value. I’m obviously speaking in the context of economic value in today’s world… Sure, food retains it’s value in a life or death situation better than other things, but it’s a pretty obviously bad investment from an economic perspective. Unless you think the apocalypse is tomorrow… But then perhaps your money would be better spent trying to prevent that apocalypse?
Well? Maybe not tomorrow… good news always comes out on Mondays….
(/s. But you do have to admit the world has gotten increasingly volatile.)
BTC is a poor currency, and it’s merely a store of value. It’s like a different kind of FOREX, more than anything else. It’s price compared to fiat is only set by what people are willing to pay fiat for it.
Sure, you can mine crypto all you want, but it has no value until it’s sold. Until it’s sold, it just represents wasted energy.
People have bought goods like pizza with BTC before. Not to mention so many drugs (but a lot less drugs than bought with $)
So this isn’t really true, it’s more true that USD is only worth something because people trust the US government not to fail tomorrow.
and how did they get BTC?
Either mining it by burning electricity running through GPUs or buying it with fiat on-ramps.
Its value is determined solely by what people are willing to pay- in fiat or some other crypto for it. But even then, that other crypto’s value isn’t directly compared to btc… that other crypto’s dollar value is matched to BTC’s dollar value. and that other crypto’s value is again established by what people are willing to pay fiat for it.
Further? The dollar’s real value in what it can buy. BTC’s gas fees together with its valuation relative to fiat ensure that its purchasing power will never exceed that of fiat.
no vendor is currently selling goods for btc (that I know of), merely integrating a btc off-ramp into the POS. (Maybe the vendors in El Salvador. But they don’t really have a choice and last I heard are unhappy with it’s volatility which is why vendors that do have a choice … don’t.)
The point I was making is that btc is merely a store of value, it’s basically identical to fiat in that respect. It has no inherent value on its own, in the same way that a loaf of bread is valued for being food; or steel is valued because it can be made into wrenches and nuts and bolts;
BTC’s sole function is being a faux-currency and a store of value,
How did they live? Buying food with fiat, checkmate buttcoiners
Value of anything is determined by what someone is willing to pay. But you are wrong about the value of other crypto, it’s traded by bots against Bitcoin, so when Bitcoin goes up it affects all the other crypto because they have a much closer correlation to BTC than to the dollar.
I agree that BTC is a fiat currency. The point is over a longer time frame it will store more value if there are more services like the lightning network that rely on eventually doing transactions on the main net.
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That’s all ridiculous but if the price of gold tanks that’s kind of the right time to buy it if you have the opportunity.
Yet the dollar is strong…
I lost 25% of the value of my cash in just a few years, it’s only strong in relation to the yuan, euro and pound
It’s weak in relation to gold and stock shares
So he finally chose one, huh? Why did he pick poor dad though?
