Robert Kiyosaki, the well-known author of “Rich Dad Poor Dad" and self-proclaimed "billionaire in debt," has once again warned about the future of traditional retirement savings plans. In a recent post on X (formerly Twitter), Kiyosaki predicted, “The S&P is next which will toast millions of 401ks and IRAs.” This statement has sparked a mix of reactions from financial experts and the public alike.
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Kiyosaki’s post reflects his long-standing skepticism about conventional financial systems. He reminisced about past predictions, stating, “If you can find me on Wolf Blitzer's program on CNN, I am [ ...] calling for the crash of Lehman Brothers in 2008 before it crashed.” More recently, “In 2023 I am on Neil Cavuto's show on Fox Business calling for the crash of banking giant Credit Suisse, which it did.” He advises his followers to invest in alternative assets: “Buy gold, silver, and Bitcoin while you still can.”
However, many financial advisors are critical of Kiyosaki’s predictions. According to a post by Go Banking Rates, Robert R. Johnson, Ph.D., a professor of finance at the Heider College of Business at Creighton University, described Kiyosaki’s advice as “irresponsible and dangerous."
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Sean Casterline, a wealth manager at Delta Private Wealth, also voiced his concerns, stating, “Kiyosaki is ‘right’ like a broken clock." Casterline emphasized the importance of a balanced investment portfolio, noting that both bitcoin and gold have experienced significant volatility.
Kiyosaki advises against traditional retirement plans and invests in gold, silver, and Bitcoin because he believes these assets offer better protection against economic instability. He has long criticized 401(k) plans and IRAs, arguing that they are unsafe places to park money.
He appears well aware of the criticism and backlash, stating: "Laugh all you want into a global banking crisis." Regardless, he stands firm in his opinions and despite the controversy, Kiyosaki’s predictions continue to resonate with a segment of the investing public.
As he points out in the X post, his book "Rich Dad Poor Dad," published in 1997, has been influential in shaping the financial mindset of many readers, particularly with its assertions that “Savers are losers” and “Your home is not an asset.” These ideas were initially met with skepticism but gained credibility after the 2008 financial crisis.
Financial experts, however, urge caution. According to an article on WTOP, Kiyosaki’s track record in predicting stock market crashes has been mixed. While he has made some accurate calls, many of his dire warnings have not come to pass, and those who followed his advice to avoid the stock market missed out on substantial gains. Since his April 2011 prediction of an economic crash, the S&P 500 has generated a total return of 280%.
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This article 'Laugh All You Want' – Robert Kiyosaki, Rich Dad Poor Dad, Warns Millions Of 401(k)s And IRAs Will Be 'Toast' originally appeared on Benzinga.com
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