'Rich Dad' author: Invest in gold and silver

Posted at 12:32 PM, Jan 29, 2016
and last updated 2016-01-29 18:08:47-05

He knows a little something about money.

Millionaire author Robert Kiyosaki wrote the famous Rich Dad Poor Dad personal finance series. The Scottsdale businessman said he predicted a 2016 crash nearly two decades ago and wrote about it in 2002.  He stands behind what he said today. He points to Central Banks printing money as one reason for the potential meltdown and the recent market volatility as an indicator.

"I don't like spreading bad news, but there's also a responsibility to warn people to be careful at this time," said Kiyosaki. "If you bought the idea - invest for the long term, that could be the worst idea possible in today's economy." 

He has long spoken out against 401k plans. Kiyosaki said today, you're better off buying precious metals like gold and silver.

"Purchasing power of the dollar has been coming down," he said. "That's why we say savers are losers.  When you print money and you save money, that's insane."