This article was originally published on May 14, 2022.
"Rich Dad, Poor Dad" and personal finance author Robert Kiyosaki says that the U.S. is facing a future of unprecedented economic pain.
During a recent video interaction, Kiyosaki says rising inflation, shortfalls in social security, and healthcare funding are the key factors influencing the economy. This is going to hammer a massive number of baby boomers.
"The biggest losers are people who have never lost. Those are the people sitting on their 401ks right now. My generation. The former generation. They're in serious trouble," says Kiyosaki.
He adds that the baby boomers will be the biggest losers because they've been taught not to make mistakes and haven't lost yet. This is because they've had it so easy.
"When they came into the market in the '70s, the stock market was taking off; the housing market was taking off. The U.S. came off the gold standard in '71. So the baby boomers will get the biggest shellacking of all generations. It's really sad. I can see it coming," Kiyosaki says.
Earlier in May, he warned that if inflation goes up, it will wipe out 50% of the U.S. population.
"America has stopped producing products; we produce bubbles," he said, adding that we now have bubbles in the real estate market, the stock market, and the bond market.
Recently speaking about the crypto market and, in particular, about Bitcoin (CRYPTO: BTC), he said he’s sensing an opportunity following the drop.
He tweeted that he was waiting for BTC to break down to $20,000.
BITCOIN CRASHING. Great news. As stated in previous Tweets I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are best times to get rich. Take care.
— therealkiyosaki (@theRealKiyosaki) May 12, 2022
Photo: Created with an image from Gage Skidmore via Wikimedia
