The financial collapse has begun

Amid his numerous warnings about a coming financial collapse, famed investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad’ Robert Kiyosaki has now changed the narrative, stating that the collapse has already begun and listed his rules to remember during this time.

According to Kiyosaki, the bad news is that this collapse “it will be serious”but the good news is that “Collapses are the best time to get rich”given that “the bargains will come to light”according to X’s post that the popular financial educator published on May 3.

Additionally, he offered the top six rules to remember in a meltdown, including:

Do not catch falling knives

According to Kiyosaki, patience is a virtue and greed a flaw during a crash, even when bargains are falling left and right, so he advises “just because prices are falling, don’t get greedy” and “wait until prices have bottomed and no one wants the asset you want”.

For example, in late March, Kiyosaki highlighted that the price of silver at that time was still well below its all-time high (ATH), praising it as the best bargain since it was “not just a precious metal” but also “an industrial metal and a strategic metal” with increasing demand due to wars around the world.

Study

As someone who has always preached the importance of financial educationKiyosaki believes it is particularly important during a crisis, recommending YouTube as “a great source of real and imposter teachers” and to “invest time in getting into the teacher’s head”.

In fact, he previously warned that fiscal stupidity and a lack of financial education in the United States were the biggest threats to the country, referring to traditional teachers as bureaucrats who lack the competence to teach their students about finance and economics.

New friends

Furthermore, Kiyosaki urges his followers to “find new friends who are on the same path as you”. In other words, he advises staying away from the victims –“people who blame others for their problems”– and of the Marxists –“people who expect the government to solve their problems”.

Specifically, he has previously criticized the current government in the US, led by President Joe Biden, as ‘Marxist’, arguing that “they took control of the US in the 2020 elections [y] “They will increase property taxes, impose rent controls, as rising interest rates decrease property values.”.

Start a side business

Also, it praises self-sufficiency, which implies having “Your own business”especially when artificial intelligence (AI) “it will eliminate millions of jobs”. Therefore, it recommends start a small business and become an entrepreneur instead of being a “employee afraid of losing his job”.

In fact, Kiyosaki has argued that a side business can “provide you with income (…) as the economy collapses, stock markets crash, pensions collapse and unemployment rises” and could even “grow to become the next Amazon (AMZN) or Bitcoin (BTC)”as Finbold reported in late 2022.

Choose great teachers

Intimately connected to his rule #2, Kiyosaki believes that “YouTube has an abundance of teachers, some good, many bad”telling his followers to choose their own teachers, including Ken McElroy for real estateTom Wheelwright for tax strategy, John MacGregor for Actionsand Mike Mauceli for Petroleumadding:

“Be careful who influences your brain, your attitude and your spirit.”

As a reminder, he has previously admitted that his entire family were teachers, arguing that this is how he knew that “They are all basically bureaucrats.” [y financieramente] stupid”and that, as such, no one should trust school teachers or take financial advice from them.

Don’t save money

Finally, he argues against saving “fake money“ or fiat currencies such as the US dollar, euro, yen or peso, since “loses value”suggesting instead “save gold, silver, [y] Bitcoin“in other words, “real money that increases in value, especially in a market crash”.

In fact, Kiyosaki has previously noted that “The rich save gold, silver, Bitcoin” while “The poor and middle class want jobs that promise a steady paycheck but do not offer job security.”and “fake money”who invest in stocks, bonds, mutual fundsand [fondos cotizados en bolsa (ETFs)].

Conclusion

In short, Robert Kiyosaki has long warned of the imminent threat of a global financial collapseespecially in the US, where the “fake dollar” is eroding global dominance and pushing the American empire towards its end. However, only time will tell how accurate he was in his predictions.