cross-posted from: https://lemmygrad.ml/post/3374610

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

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

  • supafuzz [comrade/them]
    ·
    10 months ago

    taking the bank's money and turning it into stuff on a scale that makes them afraid to foreclose on you just sounds like winning at capitalism

  • Fishroot [none/use name]
    ·
    10 months ago

    Kiyosaki also based the “poor dad” on his own dad. The book states the poor dad is an unsuccessful person because he decided to work in an actual job, paid his debt and never teach his child the grind.

    In actuality his dad was a school teacher who at the end of life is well respected within his community and plays a role in Hawaiian politics.

  • theposterformerlyknownasgood
    ·
    10 months ago

    If you're a thousand dollars in debt you have a problem, if you're a billion dollars in debt they have a problem.

  • ClimateChangeAnxiety [he/him, they/them]
    ·
    10 months ago

    How the fuck does that even happen? Who was loaning this man money? Why? Was no one looking at anything before giving him more money? No one asked how much debt he already had?

    Why can’t I get a loan for $1,200,000,000? Hell no one would even give me a loan for $500k to buy a house. And my net worth is apparently much higher than this dude with it being slightly above $0 rather than negative $1.2 billion.

    I feel like there should be a limit on individuals that you can have like, let’s say $1 million of debt total. Any more than that and everyone tells you “Nope, pay up.”

    Also shouldn’t having more loans mean no one will loan you money? The person most deserving of a multi million dollar loan is certainly not the guy with millions of dollars in debt, it’s someone who’s never had a loan in their life. For some reason having more debt makes banks seemingly more willing to give you money and I cannot comprehend it.

      • ClimateChangeAnxiety [he/him, they/them]
        ·
        10 months ago

        Exactly though; Why on earth would any bank ever lend that kind of money, given this is the case? The banks are creating their own problem by giving “rich” people money seemingly without even bothering to check their finances

    • Rom [he/him]
      ·
      10 months ago

      Also shouldn’t having more loans mean no one will loan you money?

      That rule only applies to us poors

    • Ufot [he/him]
      ·
      10 months ago

      Loans are given out for 1 reason, to receive interest payments.

      If he's making the interest payments, then they're going to keep loaning him money.

      Lenders often make stupid decisions and risky loans but at its core, a loan is determined by two(three) things.

      1. Does the lender believe the borrower has enough income to pay the minimum monthly payments?

      2. Does the lender believe the borrower has enough assets, which if liquidated could pay off the remaining debt?

      3. Is it worth the risk?

      I'm no finance expert and there's a lot of specifics between different types of loans that have different reasons. Like a personal loan, mortgage, car loan, business loan. Way more than that idk.

      There's also reasons banks will or will not loan money that are a little more vibe based, ie racism, classism.

      But the lenders, either correctly or incorrectly, have determined he has the income streams and the assets(sounds like he owns lots of property), that risking 1.2 bil made financial sense. A lot of thst probably is tied to real estate.

      Having said all that holy shit that's a lot of money. Assuming he's paying only the interest at 3% apr that's $36,000,000 a year. Fuck.

  • Umechan [he/him]
    ·
    10 months ago

    This guy is so insufferable. From the videos I've seen of him summarizing his book, he thinks people who are struggling pass bad financial habits onto their children whenever they say they can't afford something, while a rich person would ask "how can I afford this?". He claims statements close off the mind while questions open it. Clearly the question he was asking himself was "why am I under any obligation to pay back my creditors?"

    • booty [he/him]
      ·
      10 months ago

      Clearly the question he was asking himself was "why am I under any obligation to pay back my creditors?"

      critical support

        • booty [he/him]
          ·
          10 months ago

          of course not, why would i burden my brain with the task of reshaping itself to retain facts about this guy

          • Umechan [he/him]
            ·
            10 months ago

            You should at least remember who is and isn't a landlord for when the revolution comes.

            • PeeOnYou [he/him]@lemmygrad.ml
              ·
              10 months ago

              not everyone needs to know who is a landlord.. all landlords will be known by at least some people and that will be sufficient for filing the head baskets

    • The_Walkening [none/use name]
      ·
      10 months ago

      It's this - even if he really is a billion dollars in debt (doubtful), the body of the piece is just gold+bitcoin boosterism. It's an ad enabled by journalism essentially being stenography now.

  • DickFuckarelli [he/him]
    ·
    10 months ago

    Open a for-profit comic book library. It's in your own fucking book, you idiot! You literally say it's that easy.

  • Blep [he/him]
    ·
    10 months ago

    Has he considered working for free? Surely thatll make him rich