This Piece of Financial Advice Never Work

It’s standard advice for people who need to save: Cut your credit cards. Or maybe freeze them in a block of ice.

But that’s a temporary fix, not a permanent solution. Robert T. Kiyosaki, author of the “Rich Dad” series of financial advice books, says that cutting your cards might not help, or even make the problem worse.

People buy stuff to make themselves happy. Kiyosaki’s insight is that when you stop spending money on stuff you like, you’re bound to feel less happy. Dissatisfaction doesn’t come from irresponsible spending so much as the problem of not being able to pay down debts.

His advice? Focus on making more money rather than cutting spending. Debt can be a powerful tool in your quest to become wealthy—if you know how to use it wisely. 

Learn all about good debt and financial health in our Instaread on Rich Dad’s Guide to Becoming Rich

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