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Rich Dad feels for financial advisers

Author of ubiquitous personal finance self-help book Rich Dad Poor Dad Robert Kiyosaki says he feels for financial advisers amid the COVID-19 pandemic - though he won't be taking their advice.

"They have a tough job, a very tough job," Kiyosaki said.

Kiyosaki's own financial adviser is John MacGregor who recently released his own book titled The top 10 reasons the rich go broke.

"He explains how tough it is to be a financial adviser even when you're talking to a rich person. Sometimes the rich person won't change," Kiyosaki said.

Aside from recommending the book to financial advisers, the founder of Rich Dad Company said he feels empathy for those in the profession right now.

However, that empathy came with a grain of salt.

"I don't like what they advise, I don't need to follow their advice," he said.

"I'm not against anybody, I'm just pro doing what you do and doing what you can to educate people. You know what it's like, when it comes to money everybody is an expert."

Kiyosaki says he is investing in gold, silver and bitcoin right now.

He is currently promoting a seminar for Australian audiences with The great depression ahead author Harry Dent.

Dent has a decidedly bleak view on the economic recovery post-pandemic.

"I don't think this virus is going be around that long but what we'll find is that we don't come out of this because the economy is so weak, so over stretched, so long that all it takes is this one punch to the gut," Dent told Financial Standard.

He believes the stimulus packages aiming to prop up economies around the world will have unforeseen consequences and may have many reliant on welfare for the rest of their lives.

Dent refers to the money handed to individuals and businesses around the world as creating a "coma economy".

Rather, he says, countries should "take their medicine" and cut costs and restructure debts during a recession.

Dent pointed to Margaret Thatcher's austerity measures as a shining example.

"Let businesses fail and let better businesses take over their assets," Dent said.

Read our full COVID-19 news coverage and analysis here.

Read more: Rich Dad Poor DadRobert KiyosakiHarry DentJohn MacGregorMargaret ThatcherRich Dad Company
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