'The biggest crash in history': Robert Kiyosaki warned that millions of 401(k)s and IRAs will be 'toast' — here's what he likes for protection
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The U.S. stock market has made a strong recovery in 2023, with the S&P 500 surging 23% year to date. However, “Rich Dad Poor Dad” author Robert Kiyosaki is sounding the alarm about potential dangers ahead.
“Bank Credit just sold off like 2008. Get some cash out of banks as you need cash,” he said in a recent post on X. “This may be the start of the biggest crash in history.”
In another X post, the author referred to his 1997 book’s predictions, which later came to fruition.
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“Watch for my next warning. The S & P is next, which will toast millions of 401ks and IRAs.”
Given the extensive exposure many people have to the stock market through their retirement savings, a severe downturn in the S&P 500 could be devastating. During the market sell-off in 2022, CBS News reported that 401(k) and IRA plan participants experienced an estimated loss of around $3 trillion.
Despite these ominous predictions, Kiyosaki has offered some advice for navigating the potential crisis.
Let’s look at the assets he believes can help you.
Gold and silver
Precious metals — particularly gold and silver — have long been considered a popular hedge against inflation. The reason is simple: They can’t be printed out of thin air like fiat money.
In October, he 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.”
Kiyosaki likes silver, too. “Silver from $23 to $68 an ounce,” he said, projecting major upside for the gray metal.
The price of gold climbed about 11% in 2023, while silver has remained relatively unchanged.
One way to invest in precious metals that also provides significant tax advantages is with a gold IRA through American Hartford Gold.* This retirement account can help you stabilize your finances by allowing you to invest directly in physical precious metals rather than stocks and bonds.
One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – American Hartford Gold* has delivered more than $2 billion in gold and silver.
Read more: This Pennsylvania trio bought a $100K abandoned school and turned it into a 31-unit apartment building — how to invest in real estate without all the heavy lifting
Bitcoin
The world’s largest cryptocurrency is making a comeback, finishing out 2023 at about $42,000.
But investors should not forget just how volatile it can be. Kiyosaki, however, doesn’t seem bothered by the massive swings. When the virtual currency was testing $30,000 in October, he predicted, “Next stop Bitcoin $135,000.”
If Kiyosaki is right in his prediction, it would imply an upside of 227% from where the cryptocurrency sits today.
If you’re looking to pick up some Bitcoin, be warned: some crypto exchanges can charge hefty commission fees, so look for ones that charge low or even zero commissions, like Robinhood.*
Robinhood’s online platform makes investing in crypto* simple. For as little as $1, you can set up recurring buys without having to think twice. Plus, their suite of trading tools is equipped with price alerts, market trend tracking and advanced trading options that make it easy to stay on track and make the most of your investments.
You might also consider seeking out professional advice to help you with the right asset allocation mix and prepare your portfolio for Kiyosaki’s predicted crash.
WiserAdvisor* makes this easy by matching you with fully-vetted professional financial advisors that suit your needs.
With no fees to get started, you can browse your advisor matches with WiserAdvisor’s comparison tool and book a free consultation* to make sure that your matched advisor works for you.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
