Inflation transfers wealth from the poor and middle class to the rich. Since the dollar left the gold standard in 1971, savers lose money. Real estate is the hedge that works, not savings accounts or your primary home.
Please understand, ladies and gentlemen, inflation makes the rich extremely rich. The middle class will pay higher taxes, and the poor will get poorer because they're the ones who can't afford the $25 Wagyu steak that my friends are selling. If you understand what's going on, the problem is the US dollar, because in 1944 it stopped being money. It was stopped, you know, it just became the reserve currency of the world. And then '71 Nixon took the dollar off the gold standard. And so when Kim and I wrote Rich Dad Poor Dad 25 years ago today, we said savers are losers. Your house is not an asset. And so, oh, I bought a property. What do you think? I can't even talk to him because this to me is 2007 all over again. And this is where we are today.
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