‘Who is right?’: 'Rich Dad, Poor Dad' author Robert Kiyosaki claimed that being over $1 billion in debt is better than ‘friend’ Dave Ramsey’s mantra of living debt-free

Precious metals

Precious metals, like gold and silver, are widely favored as safeguards against inflation and economic instability. Kiyosaki agrees with this, acknowledging the U.S. dollar’s disconnection from the gold standard since 1971 during the presidency of Richard Nixon.

In October, Kiyosaki predicted, “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop, gold $3,700.”

Currently, gold is sitting at roughly $2,429 an ounce.

If you want to diversify your portfolio with gold, consider opening a gold IRA with help from Thor Metals.

Instead of being made up of stocks and bonds, a gold IRA allows you to directly invest in precious metals and merges the tax advantages of a traditional retirement account with gold’s capacity to hedge against inflation and market volatility.

Thor Metals has partnerships with top-tier, IRS-approved depositories to ensure the safe storage of precious metals as well as experienced specialists to help you navigate the complexities of setting up and managing a Gold IRA.

Fill out your name and email to get a free 2024 Wealth Protection Guide to help you determine if this investment is right for you and your retirement.

Discover how a simple decision today could lead to an extra $1.3 million in retirement

Learn how you can set yourself up for a more prosperous future by exploring why so many people who work with financial advisors retire with more wealth.

Discover the full story and see how you could be on the path to an extra $1.3 million in retirement.

Read More

Who’s right?

If you’re not an expert like Kiyosaki and Ramsey, deciding how to handle debt or what portfolio moves you should make can be a challenging task.

If you are seeking an easy way to get the latest market insights and picks from experts, Motley Fool Stock Advisor is worth considering.

Motley Fool’s Stock Advisor is a subscription-based service that offers market insights and expert picks. With a variety of valuable resources and a community of roughly half a million investors, Motley Fool’s Stock Advisor provides the guidance you need to make informed investing decisions with confidence.

If you’re unsure about where you fall on the debate between Kiyosaki and Ramsey, it might make sense to get a take from a qualified financial professional.

Kiyosaki often urges his followers on X to be cautious when choosing a financial advisor. Urging people to be cautious of the intentions of their advisors, part of a February post from Kiyosaki reads: “Don’t be a loser. Choose your financial advisors carefully.”

There are free online services that are designed to match you with experienced professionals based on your unique needs.

WiserAdvisor, for example, can pair you up with a pre-screened advisor to match your financial needs.

You don’t have to navigate your financial strategy alone, and you definitely don’t have to do it without a vetted financial adviser at your side.

Once you're matched, consult for free with no obligation.

Managing high-interest debt

While Kiyosaki advocates using debt to acquire assets, it’s important to remember that this approach carries many inherent risks. For example, high-interest credit card debt is not the kind you want hanging over your head, as it can quickly become unmanageable.

If you are buried in this type of debt, an online marketplace called Credible can help you consolidate to tackle it more efficiently.

Credible helps you to find the lowest interest rates on loans up to $100,000. Instead of throwing away your hard-earned money on multiple interest payments, Credible allows you to combine all your debt into one monthly payment, instead of juggling multiple lenders with different interest rates.