Robert Kiyosaki: 5 Things Boomers Must Do Before the Stock Market Crashes

Robert Kiyosaki, famed financial advisor, money expert and author of “Rich Dad Poor Dad,” isn’t known for being shy about dispensing money advice. He frequently takes to social media, namely X, to share pithy, on-point takes on the economy.

Check Out: Warren Buffett’s Berkshire Hathaway Bought Over $73 Million in Shares of This Tech Company — Here’s Why

Invest in Gold

American Hartford Gold: #1 Precious Metals Dealer in the Nation

Learn More

Thor Metals Group: Best Overall Gold IRA

Learn More

Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase

Learn More Powered by Money.com - Yahoo may earn commission from the links above.

For You: 7 Things You'll Be Happy You Downsized in Retirement

Whether it’s investing for the long term, understanding dollar-cost averaging or just assessing your risk tolerance, here are his latest personal finance recommendations for the baby boomer generation when it comes to weathering any bear or bull market.

Rethink What Financial Independence Means to You

Kiyosaki suggests that a market decline or even crash could wipe out some traditional income streams that boomers may be counting on for a self-reliant retirement. The key here is to proactively approach whatever may unfold and adjust your financial plans and asset allocation to anticipate coming changes.

Instead of solely relying on a 401(k) or an individual retirement account (IRA) for financial independence, boomers should consider focusing on increasing their savings and developing new income streams other than buying stocks that don’t rely as strongly on the overall economic performance of the S&P 500.

Up Next: Robert Kiyosaki Is Dumping Gold and Silver: Here’s What He’s Buying Instead

Re-Evaluate Your Portfolio

Kiyosaki makes it no secret that he thinks America is headed for a historic stock market crash. If he’s right, the traditional investment vehicles and asset classes boomers have depended on could change from safe havens to risky bets overnight, thanks to market volatility.

Kiyosaki says traditional buy-and-hold assets may become unreliable in a significant market downturn. Savvy retirees will want to plan ahead by examining what they’re currently invested in and making appropriate changes while they have time.

Limit or Ditch Your Real Estate Holdings

This one might surprise some people, but Kiyosaki recommends getting out of real estate while the getting’s good. Though housing prices may be at all-time highs, this is another market that Kiyosaki sees going belly up in the near future.

“I am not counting on my home to be an asset,” he said, suggesting that these traditional retirement investments should be sold now while the prices are still high. This might be a tough pill to swallow for a generation that prizes home ownership and is resistant to renting, but the advice comes from Kiyosaki’s conviction that the housing bubble is going to pop.

Story continues

Buy Gold, Silver and, Yes, Bitcoin

Precious metals have often been considered wise investment options for uncertain market conditions, and Kiyosaki recommends boomers take heed and redirect their savings to these kinds of material assets.

He also suggests investing in Bitcoin, and while cryptocurrency is still a comparatively new investment option, Kiyosaki thinks it could provide greater returns and more opportunity for growth. Though crypto investments may not be for the faint of heart, they may offer protection from the crash Kiyosaki is predicting, especially if other investors move their assets into Bitcoin as well.

Don’t Push Your Luck

Kiyosaki believes boomers have been lucky, which is a sentiment most economists would agree with. He points out that the kind of market prosperity boomers saw during the real estate, stock and bond markets of the 1970s was tied to that generation’s first home purchases and 401(k) plans. Now that they’re getting older, all that is likely to change.

“In the 2020s, boomers’ old age will cause real estate, stock and bond markets to bust,” he said.

Kiyosaki’s view is that it’s time to cash out of the economy boomers built before it slips away from them. “If I were a child of a boomer, I would nudge my parents to sell their home, stocks and bonds now while prices are high, before the crash that is coming.

Caitlyn Moorhead contributed to the reporting for this article.

More From GOBankingRates

• 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025

• 4 Things You Should Do if You Want To Retire Early 

• Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why

• 7 Luxury SUVs That Will Become Affordable in 2025

This article originally appeared on GOBankingRates.com: Robert Kiyosaki: 5 Things Boomers Must Do Before the Stock Market Crashes