“Rich Dad Poor Dad” author Robert Kiyosaki shared his tips for millennials who want to get rich on Thursday’s “The Morning Blaze with Doc Thompson.”
Baby boomers tend to teach their kids the old system of carefully saving money, but Kiyosaki advocated for getting into debt in order to become an entrepreneur and build wealth for yourself. “Everything ‘Rich Dad Poor Dad’ said 20 years ago is even more true today,” he said.
As confident as he is, Kiyosaki never thought his book on personal finance and ways to build wealth would be quite so popular. He struggled to get it published but kept persisting.
“Most publishers are academics [like the poor dad] and they said, ‘You have no idea what you’re talking about when it came to money’ … so they turned me down and it took two years [to publish]. And it finally made the top of the New York Times’ bestseller list. And then there was this wonderful person named Oprah Winfrey who called and the rest is history.”
Kiyosaki contrasted the baby boomer and millennial generations when it comes to being able to build wealth and save money. He advised young people not to listen to people who emphasize hoarding money in a 401(k) because today’s interest rates are so low.
“We [baby boomers] had it really, really easy. … The real estate market took off, stock market took off, there were plenty of jobs, interest rate at 15 percent. It's a completely different world today, and yet young people are still following mommy and daddy’s advice and it’s getting them in trouble.”