Leading investor Robert Kiyosaki urges people to take cash out of their bank accounts now, here's why

In the run-up to Christmas, a lot of Brits are a bit more strapped for cash than usual. As temperatures are expected to drop once again, the government may issue more Cold Weather Payments but some are concerned that the UK’s economy faces a much larger problem.

The 2008 financial crash, brought to a head by the collapse of the Lehman Brothers investment bank, led to the worst recession since the 1930s. Now, a leading investor has warned people that they should ‘get cash out of banks’ that are headed, he believes, for a similar disaster.

Who is Robert Kiyosaki?

Robert Kiyosaki is a Japanese-American businessman and author. He is the founder of Rich Global LLC and the Rich Dad Company, a financial guidance site. According to its homepage, Robert Kiyosaki and his wife Kim created this site to solve a certain problem:

The problem we set out to solve was that there was little-to-no financial education being taught in the school system…worldwide. So we took on the task to provide real financial education to people all over the world.

Kiyosaki’s book on the same subject, Rich Dad Poor Dad, is one of the best-selling personal finance books of all time. So, it’s fair to say that he has some authority on the matter of money.

Kiyosaki warns 'biggest crash in history' set to hit

Kiyosaki has now warned that people should take their money out of banks; he believes that a bank credit sell-off may signal the start of a financial crisis. He explained:

Bank credit just sold off like 2008. Get some cash out of banks as you need cash. This may be the start of the biggest crash in history. Hope I am wrong yet no time to play Russian Roulette with your life.

Bank credit is the amount of money an individual or business can take out as a loan from the bank. This is not the first time that Kiyosaki has warned of a crash, and he is a big advocate of investors getting into bitcoin. Time will tell if he is right to be worried!

Read more:

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⋙ Here is what you should do if you find money on the street

⋙ Save £100s on your energy bills this winter by following these tips from Martin Lewis

Sources used:

Richdad.com

Express: 'Get cash out of banks!' Warning world faces 'biggest crash in history just like 2008'