Rich dad, Poor dad Author and property owner with over 8000 properties Robert Kiyosaki have issued a warning about an impending financial calamity and how Australians may avoid it.
Robert Kiyosaki, the author of Rich Dad, Poor Dad, has warned that an economic downturn worse than the 2008 crisis is on the way and that Australia’s negative gearing rules are a sort of “Marxism.”
The best-selling author stated in an exclusive interview with The Daily Telegraph that the globe was on the verge of a big transformation that will destabilize the global economy.
As big red signs, he referred to China’s growth, America’s diminishing clout, internal divides, and years of Western countries printing “too much money.”
Mr. Kiyosaki warned that China was on its way to supplanting the United States as the world’s economic leader, raising the risk of a deadly conflict.
He declared, “We are living in the most transformative period in economic history.” “Something is happening in the world that hasn’t happened before.“
“I am pessimistic about a crash… but it is also the best time to get rich,” he said. “Entrepreneurs are going to make it.”
However, Mr. Kiyosaki warned that property prices could plummet if another economic calamity strikes, and that sensible investors should be prepared to weather the storm.
“If you are counting on the property (always) going up, you could be wrong,” he stated, adding that the opportunity for investors would be a decline in value followed by a steady rebound.
Mr. Kiyosaki was speaking with News Corp Australia ahead of a property summit. He and local investor George Markoski were planning to hold. On January 22, a free virtual workshop will be given.
Mr. Kiyosaki has dabbled in Australian real estate, purchasing properties in Sydney and Brisbane, and has expressed dissatisfaction with various local government tax policies.
Negative gearing was added to this. He stated, “I don’t like government assistance.” “I am a capitalist; not a Marxist.”.
“My concern is that negative gearing is monetizing debt and inflating property values. It’s not real. It’s got to make economic sense.”
“If there is a crash, a lot of bargains will be available,” he remarked.
“I’ve been visiting since 1972.” I’ve seen them hike taxes every time. It makes things more difficult. “Aussies are worse than Californians.”
He claimed that most Australians’ school education failed to provide them with the tools they would need to create money.
“When I meet most Aussies, they’re punters. They just end up buying bitcoin hoping to get rich quickly. They look at the small picture. What I am talking about are Marco and historic pictures. We are on the verge of war right now.”
Robert Kiyosaki, author of Rich Dad, Poor Dad, will speak at the Masters of Wealth property event on January 22.