In the past few years, there has been a river of intrigue surrounding financial freedom flowing through Australia. More and more people are interested in breaking out of the debt cycle, building their wealth and securing their financial futures. One of the most common books people turn to in getting started is Robert Kiyosaki’s Rich Dad, Poor Dad. It provides valuable advice for beginner investors, with its key lesson being “make money work for you”.
In the midst of our global pandemic, this lesson is more valuable than ever. Yet, several years have passed since the release of his bestseller. So I sat down and had a chat with Robert about his thoughts on the current investing landscape.
There’s no doubt that the rise of technology has changed the marketplace, with Robert commenting that “when he was a kid, we played Monopoly with fake paper money – but millennials play e-games with cyber-money”. That’s extended to investing too, with the rise of Bitcoin and other cryptocurrencies becoming available to investors when previously there were only paper cash investment options. For those of us who understand how cyber-money works, Robert recommends it: “If I was a millennial, if I understood cyber-cash and Bitcoin, that’s where I’d have my money today.”
That’s not the only way he invests his money, however. He’s also a big fan of gold. “Every time I’m in Australia, I’m in Perth buying gold from you guys. I even have kangaroos – the gold type.” Why gold? It’s simple. When the value of tradeable investments, such as stocks and bonds, declines, the value of gold increases. It’s also said to be a stable asset in the long-term, even if it may be volatile in the short-term.
That’s not to say we should start a gold rush. “Every individual is unique,” and differs in their situation. The important thing is to start developing your financial education. Do you currently have more liabilities than assets? Is a large amount of your income seemingly disappearing into thin air, or are you paying yourself first? If you’re unsure, you should pick up a copy of Robert’s Rich Dad, Poor Dad.
If you already have, then consider attending his live online Global Crisis Summit, happening across Australia on Sunday 30th August 2020. Registration is free and available at www.crisislivestream.com.