Renowned Author Robert Kiyosaki Forecasts More Bank Failures

June 27, 2023

Robert Kiyosaki, the celebrated author of the best-selling book "Rich Dad Poor Dad," has issued a warning about the impending crisis in the banking sector and the American economy. Kiyosaki, who co-authored the 1997 book with Sharon Lechter, has seen it sell over 32 million copies globally, translated into 51 languages.

In his recent statements, Kiyosaki has expressed his concerns about the potential failure of more banks, with rumors suggesting that the mortgage giant Loan Depot is facing significant challenges. He has urged the public to exercise caution and not place their trust in President Biden, Fed Chairman Powell, or Treasury Secretary Yellen.

Kiyosaki's concerns are echoed by economist and gold enthusiast Peter Schiff, who attributes the looming crisis to monetary and fiscal policy mistakes made over the years. Schiff also fears that the current banking crisis could trigger a significant bank run, potentially the largest in history.

Kiyosaki has previously voiced his concerns about the Federal Reserve's policies, which he believes are detrimental to local banks across the United States. He has also warned about the impending collapse of the global economy, advocating for investments in gold, silver, and bitcoin as safe havens during "unstable times."

Becoming Your Own Bank (BYOB): A Growing Trend

In response to the instability in the banking sector, many everyday people are exploring alternatives to traditional banking. This trend, often referred to as "Becoming Your Own Bank" (BYOB), involves individuals taking control of their financial assets and transactions.

Cryptocurrency Storage

One of the primary ways people are becoming their own banks is through cryptocurrency storage. By storing their wealth in cryptocurrencies like Bitcoin, Ethereum, and others, individuals can bypass traditional banking systems. This method offers several advantages, including the potential for high returns and the ability to make transactions without the need for a bank.

Tranzact Card: A Visa Debit Card You Control

Another popular method is the use of the Tranzact Card, a Visa debit card that gives users full control over their finances. The Tranzact Card can be used for everyday purchases, and for every dollar spent, users earn a matching Z-Buck. These Z-Bucks can be redeemed in TranzactCard's Z-Club for virtually anything, from everyday items to exclusive vacation packages.

These methods represent a shift in how people manage their finances, moving away from traditional banking systems and towards more personal control and autonomy. As the banking sector faces increasing uncertainty, the trend of BYOB is likely to continue growing.

What’s your BYOB strategy?