Robert Kiyosaki, the author of the best-selling book Rich Dad Poor Dad, recently revealed in an interview that he is in debt to the tune of $1.2 billion. Yes, you read that right. The man who teaches millions of people how to get rich and avoid debt is himself drowning in it.
But before you start feeling sorry for him or laughing at his irony, you should know that he is not worried at all. In fact, he claims that his debt is a part of his wealth-building strategy.
He says that he uses debt to leverage his investments and generate more income. He also says that he pays very little taxes because of his debt.
According to him, most people are afraid of debt and only see the negative side of it. They do not understand the difference between good debt and bad debt. Good debt is the one that helps you buy assets that produce cash flow. Bad debt is the one that makes you buy liabilities that consume cash flow.
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