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Robert Kiyosaki Billion Dollar Debt: Robert Kiyosaki, author of the popular self-help and personal finance book 'Rich Dad Poor Dad', has a huge debt of $1.2 billion. The 79-year-old self-help guru, who made a fortune from sharing the secrets of financial success, most notably his 1997 book, which has sold more than 44 million copies, said his real-estate empire was built on a loan of about $1.2 billion.

In several podcasts and interviews, Kiyosaki has cited this figure as evidence that borrowing to buy income-yielding assets is the way the rich work.

Kiyosaki considers the amount received from loan as tax-free income

“So, I'm two billion in debt,” Kiyosaki said on the 'Get Rich Education' podcast over the summer, according to the New York Post. Kiyosaki's method involved borrowing against properties as their prices increased. After this, he treats the loan amount as tax-free income and does not sell the underlying asset. He also makes personal investments in different LLCs to protect himself from the impact of another deal if one deal goes bad.

However, Kiyosaki cautioned listeners against copying his method without understanding the risks. Shouldn't do what I do, right? But I have studied it since 1974. If you want to learn how to use debt, you better get some education.

What did Kiyosaki's ex-wife say on the numbers?

Robert Kiyosaki's ex-wife and business partner, Kim Kiyosaki, has objected to how this number is disclosed publicly. Speaking with Vanity Fair, Kim said the debt relates to approximately 1,500 apartment units co-owned with partners, and does not affect Kiyosaki's personal liability.

She further said that her ex-husband deliberately used the billion-dollar figure to draw attention to himself, before explaining why investing in debt can be a great financial strategy. According to VF, if Kiyosaki's self-reported annual income of $3 million is correct, his actual share of the debt could be between $30 million and $60 million.

The post Robert Kiyosaki: The author of Rich Dad Poor Dad is in debt of 1.2 billion; Ex-wife told the whole story behind the figures appeared first on Tezzbuzz.