Yahoo Finance Robert Kiyosaki Warns of Impending ‘Baby Boomers Bust’ — What Should You Do?
Japanese-American businessman and “Rich Dad Poor Dad” author Robert Kiyosaki is warning that the biggest bubble in history will destroy baby boomers’ retirement savings because they are the “the first generation with flimsy 401(k)s.”
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Posting on X (formerly Twitter), Kiyosaki addressed a potential economic crash:
BABY BOOMERS BUST. Tragically biggest bubble in history will wipe out baby boomers because Boomers are the first generation with flimsy 401ks. Stock market set to crash. Time to get real is now. Buy real assets: gold, silver, Bitcoin before the biggest bubble in history goes…
— Robert Kiyosaki (@theRealKiyosaki) March 11, 2024
“BABY BOOMERS BUST. Tragically biggest bubble in history will wipe out baby boomers because Boomers are the first generation with flimsy 401ks. Stock market set to crash. Time to get real is now. Buy real assets: gold, silver, Bitcoin before the biggest bubble in history goes bust,” he wrote.
Not one to shy away from histrionics, Kiyosaki “is not entirely off base when it comes to the precarious state of baby boomers’ retirement savings,” according to Benzinga.
Back in 2022, researchers at the Center for Retirement Research at Boston College found retirees with pension plans tend to draw down their finances more slowly than those who rely solely on 401(k). The study suggested new retirees are at serious risk of outliving their retirement savings by the time they turn 85.
Kiyosaki’s investment strategy is based on acquiring assets that generate cash flow rather than accumulating liabilities. So, building assets and physical commodities like real estate, gold and silver. More recently, the investor and financial education advocate has been touting Bitcoin over fiat currency, predicting a growth of $100,000 by June and $300,000 by the end of the year, per Bitcoin.com.
A vocal critic of the current government administration, Kiyosaki has been bullish on buying and promoting gold, silver and cryptocurrency as protection against the current erosion of wealth and weakening of the U.S. dollar. Should you jump on board?
Here’s what Kiyosaki has to say about his preferred assets:
Gold and Silver
According to Kiyosaki, the financially educated rich rely on real money and that a worthless dollar doesn’t need to be saved. “Cash is trash,” claims his Rich Dad website. In Kiyosaki’s world, dollars should be used only to invest into assets that will go up in value, not down.
Gold and silver are “God’s money,” according to Kiyosaki, who is well known for his positive stance on precious metals as an investment and advocating for gold’s use as a hedge against economic uncertainty and inflation. Silver, much less valuable than gold, is a smart investing option for Kiyosaki too, because it’s becoming rarer due to its industrial usage. It’s a much easier buy than pricey gold, as well.
Bitcoin
It’s ironic that Kiyosaki recommends buying the historically volatile crypto in unstable times and abandoning “fake money.” But he believes whole-heartedly in Bitcoin, predicting 2024 values above and a $500,000 value in 2025.
Today, Bitcoin is trading at over $65,500, per USA Today. More importantly, the first cryptocurrency is up by 132.15% year-over-year and quickly approaching last month’s all-time high of $73,835.57. “BITCOIN on fire. The biggest mistake you can make is to procrastinate. Important to start, even if only for $500,” Kiyosaki posted March 6 on X.
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