Millions of people have sought Robert Kiyosaki’s advice on investing in real estate. The author of Rich Dad, Poor Dad believes America’s financial dilemma is directly related to the rest of the globe.
” I think the world economy is contracting which is why oil is coming down, gold is coming down, property is coming down all over the world,” said Kiyosaki.
When it comes to investing, Kiyosaki said too many people get their advice from someone trying to sell them something.
“So you’ve really got to be careful who you take financial advice from because ultimately that six inches between your ears is your greatest asset so be careful what you put in there.”
Kiyosaki has made his money in real estate – primarily commercial real estate like apartment buildings. And his decision about what to buy might surprise you.
“Real estate is based upon jobs. If the jobs are good, real estate’s good. If jobs are bad, real estate’s bad – it is that simple.”
Good jobs, he says, indicate economic stability.
“It really has to make basic business sense. So I’m buying real estate, apartment houses in Oklahoma. Why Oklahoma? Oil. That’s the number one reason – it’s a pretty stable economy, oil is always there.”
If you are thinking of investing in real estate, Kiyosaki says there are three important considerations.
“Number one, you have to have good partners, that’s smart partners. Number two you have to have good financing and the sub-prime was bad financing. And three with real estate you have to have good management.”
He also stresses the importance of financial literacy.