Rich Dad Poor Dad self-help author Robert Kiyosaki is $1.2 billion in debt: report

“Rich Dad Poor Dad” author Robert Kiyosaki — the self-help guru who has made a fortune preaching the secrets of financial success — has amassed a staggering $1.2 billion in debt tied to his sprawling real-estate investments, according to a report.The 79-year-old scribe has repeatedly touted the eye-popping figure while arguing that borrowing money to buy income-producing assets is a strategy used by the wealthy.“So, I’m a billion two in debt,” he told the “Get Rich Education” podcast over the summer.He added that people “[s]hould not do what I do, right?”“But I studied it since 1974… If you’re going to learn to use debt, you’d better take some education.”His ex-wife and business partner Kim Kiyosaki recently told Vanity Fair that the $1.2 billion figure has been widely misunderstood — and does not represent money the best-selling author personally owes.“We have a lot of apartment houses with our partners,” Kim told the magazine, putting the portfolio at some 1,500 units.“So technically, yes, we have all this debt,” she said, adding that the borrowing is attached to real estate and that Kiyosaki’s personal share is small.The enormous debt pile is a product of Kiyosaki’s investment strategy.As his properties rise in value, he borrows additional money against the increased equity and treats the loan proceeds as tax-free income, according to Vanity Fair.He also puts individual investments into separate limited liability companies, insulating them from one another if one runs into trouble, the magazine reported.“If it all comes to hell, you can talk to my attorney,” Robert Kiyosaki told the magazine.“Firewalls — that’s the way the rich play the game.”Vanity Fair estimated his portion of the debt could be around $30 million to $60 million if Kiyosaki’s claim that he pulls in roughly $3 million a year is accurate.“He loves to say things that shock,” Kim told the magazine, saying Kiyosaki uses the billion-dolla...