Robert Kiyosaki, the famed author of “Rich Dad, Poor Dad” and creator of The Rich Dad Channel on YouTube is making a bold statement.
In his video, “Why Most People Stay Poor (and How to Change It),” he claimed that most people will never be rich. At the 1:51 mark, Kiyosaki said, “Millions and millions of people are finding out they’re poor. They may have done all the right things. They went to school. They got a job. They work hard. You know they live below their means. They save money … but they can’t change.”
Despite that declaration, Kiyosaki said there is hope — but it comes with change. How do you make those changes so you can become rich? Here’s what he advised.
Why People Won’t Get Rich
Kiyosaki said a big challenge for most people when they think about acquiring wealth is that they’re following traditional wisdom. He said that typical routes of making money like working for a boss, buying a home, investing in the stock market and paying off debt are not the surefire ways to financial freedom. “They work for money and then they try and reduce their expenses,” Kiyosaki said at 6:30 in the video. “That’s poor people thinking.”
Trending Now: 6 Money Moves Wealthy People Always Make Before New Year’s
Discover Next: 6 Subtly Genius Moves All Wealthy People Make With Their Money
What Should People Do Instead?
Kiyosaki said that, in order to make money, people need to prioritize investments in precious metals like silver rather than the stock market. At 17:26, Kiyosaki said “I believe $100 in silver today could be worth $500 within a year. So, here’s the choice: you can wait for Wall Street to sell you another fairytale or you can act right now.”
Kiyosaki also encouraged investing in Bitcoin. “I like Bitcoin because Bitcoin is people’s money,” he said at 30:43. “The thing I like about Bitcoin is as every government in the world prints more money, Bitcoin prints less.”
Aim To Be on the Inside
In the video, Kiyosaki repeatedly emphasized how it’s important to be an “inside investor.” Instead of being an employee or a small business owner, create something that can become a brand.
“If I want to start a big business like Apple or Facebook or Google, then it becomes a brand — and those are the richest people on earth,” he said. He also defines the inside investor path as buying real estate, Bitcoin or precious metals.
Don’t Be Afraid of Failing
It can be challenging to go out on a limb financially and Kiyosaki cautioned that it might not always work out the first time you try it, but that shouldn’t stop you. He likened failing to his time flying in the Marine Corps.
“I went down three times,” he said. “The reason I could crash and come back was because I practiced crashing. We practiced crashing every single day in flight school [ … ] If you want to live, you’ve got to practice crashing.”
More From GOBankingRates
- Mark Cuban Warns 4 Key Industries Could Crumble in the Next Recession
- How Much Groceries Cost Americans 10 Years Ago vs. Today
- How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
- 6 Safe Accounts Proven to Grow Your Money Up to 13x Faster
This article originally appeared on GOBankingRates.com: Robert Kiyosaki Says Most People Will Never Be Rich — How To Prove Him Wrong
