Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Yaël Bizouati-Kennedy  Sun, July 21, 2024  GOBankingRates

Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” has argued — against conventional wisdom — that “the historical advice to ‘save’ is no longer a sufficient way to prepare for retirement.”

According to the “Rich Dad” blog, you won’t be able to retire if you rely on saving money alone. Instead, Kiyosaki said adjusting your mindset is the key to preparing for retirement in the right way.

That, in addition to investing and creating steady cash flow, is his preferred method of staying financially secure during retirement.

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401(k)s Are the Problem

According to Kiyosaki, the biggest problem with the 401(k) is that it requires people with no financial education to be in charge of their retirement investing.

His blog read, “Because people had no financial education, a whole new industry was created — financial planning. The problem with financial planners is that they’re salespeople, not investors. They push the products of their employers, usually paper assets.”

How To Prepare for Retirement — the Right Way

According to Kiyosaki’s blog post, Americans need to shift their mindset. For instance, instead of saying, “I can’t afford that,” ask instead: “How can I afford that?”

To read more:  https://www.yahoo.com/finance/news/robert-kiyosaki-why-saving-money-120024273.html