The legendary author of 'Rich Dad, Poor Dad' says he's avoiding stocks as he braces for the next market crash — and warns mom and pop investors are being set up for disaster
"Well, if you don't believe it, look at what happened in 2008 when the subprime market came down," he said on "," an investing podcast. "Trillions of dollars were lost and Wall Street bankers were paid billions in bonuses."
Because of this phenomenon, he believes that savers are being punished for their prudence , while corporations are being unjustly rewarded for taking on excess debt and manipulating their stock prices higher. Kiyosaki thinks the confluence of cheap capital, increased corporate debt levels, and growing disparities between stock prices and fundamentals will result in a market crash with severe, widespread consequences.
For clarity, Kiyosaki uses the term "pensions" to describe defined contribution plans such as: 401s, RIAs, and superannuations.
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