Robert Kiyosaki, famed financial advisor and author of “Rich Dad, Poor Dad,” isn’t known for being shy about dispensing money advice. He frequently takes to social media, namely X to share pithy, on-point takes on the economy. Here are his latest personal finance recommendations for the baby boom generation.
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Kiyosaki suggests that a market crash could wipe out some traditional income streams boomers may be counting on for a self-reliant retirement.
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The key here is to proactively approach whatever may unfold and adjust your financial plans to anticipate coming changes.
Instead of solely relying on a 401(k) or an individual retirement account for financial independence, boomers should consider focusing on increasing their savings and developing new income streams that don’t rely as strongly on overall economic performance.
Kiyosaki makes it no secret that he thinks we’re headed for a historic stock market crash. If he’s right, the traditional investment vehicles boomers have depended on could change from safe havens to risky bets overnight.
Kiyosaki says traditional buy-and-hold assets may become unreliable in a significant market downturn. Savvy retirees will want to plan ahead by examining what they’re currently invested in and make appropriate changes while they have time.
This one might surprise some people, but Kiyosaki recommends getting out of 21 Affordable Small Cities To Retire on the East Coast while the getting’s good. Though housing prices may be at all-time highs, this is another market that Kiyosaki sees going belly up in the near future.
“I am not counting on my home to be an asset,” he says, suggesting that these traditional retirement investments should be sold now while the prices are still high. This might be a tough pill to swallow for a generation that prizes home ownership and is resistant to renting, but the advice comes from Kiyosaki’s conviction that the housing bubble is going to pop.
Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck have often been considered wise investment options for uncertain market conditions, and Kiyosaki recommends boomers take heed and redirect their savings to these kinds of material assets.
