(Kitco News) - Robert Kiyosaki, best-selling author of Rich Dad Poor Dad, has only one piece of advice for investors of all ages seeking to build wealth: buy "real" money.
"I always say the same thing...right now, people say 'well, I can't afford gold,' then buy silver. Silver is so undervalued today. I can buy silver for two bucks, I can go to a coin dealer and buy a dime for two bucks, ten cents for two bucks, so everybody can do something to get what I call real money, not fake money," Kiyosaki told Kitco News.
Kiyosaki noted that current fiat money has not had "real" worth ever since the abandonment of the gold standard.
"In 1971 the U.S. dollar became fake when Nixon took us off the gold standard, and as I write about it in my book 'Fake' in 1972, I was flying behind enemy lines and I went to buy my first gold. The trouble is, Americans don't know what gold was...".
He cited gold's track record in the past few decades as reason to own the yellow metal.
"In 1972 I finally bought my first Krugerrand for about $50 in Hong Kong and I became a criminal because I had to smuggle that Krugerrand into the United States because it was illegal for Americans to own gold," he said. "That Krugerrand that I paid, let's say, $50 for, today it's worth $1,500. Now who was smarter, the guy who saved money, or the person who saved gold."
Silver is in the same category, Kiyosaki added, and the white metal has great upside potential at current prices.
"So anybody who says 'I can't afford gold or silver', I don't know what rock you're living, but get real stuff not fake stuff, that's all I'm saying," he said.
More from Kiyosaki on Kitco.com