Want to be richer? ‘Rich Dad, Poor Dad’ author Robert Kiyosaki says, ‘AI will replace you’ IF…
Robert Kiyosaki, a well-known investor, financial literacy advocate, and author of the personal finance book Rich Dad, Poor Dad, has some advice for employees expected to be impacted by artificial intelligence (AI).
Amid news that Twitter co-founder and entrepreneur Jack Dorsey’s fintech company Block has laid off more than 4,000 of its 10,000 employees as it moves to embrace “intelligence tools” in operations, Kiyosaki shared a “Rich Dad Lesson” on social media.
‘Artificial intelligence will replace you’ IF…
“AI makes the rich richer,” according to Kiyosaki, noting Dorsey’s decision to lay off 4,400 people at the company, not because they needed the money, but because “AI can do their job.”
He noted: “Dorsey admitted that each employee made his company millions of dollars. (But) Dorsey fired 4,400 employees because the AI could do their job.”
Is the ‘rich dad lesson’ here? According to the businessman, “Think like an employee and AI will replace you. Think like an entrepreneur and hire AI to make you richer… like Jack Dorsey.”
About Jack Dorsey’s Block Inc.
Founded in 2009 as Square, Block has grown from a payment processor into a broader fintech player offering peer-to-peer transfers, merchant services and, increasingly, consumer loans. In July last year, it joined the S&P 500 index, replacing Hess Corp. in the indicator after Chevron Corp. acquired the energy producer for $53 billion.
The report stated that the company has reorganized its business model and staff since 2024, as it has reorganized its reporting lines and outlined a more efficient working plan.
Bloomberg added that Block is working to integrate its peer-to-peer payment tool Cash App with its merchant-focused service Square, while also growing other ventures such as Bitcoin mining business Proto and artificial intelligence (AI) tool Goose. It also owns Afterpay.
Will AI demand more jobs? Concerns are increasing…
Block’s shares rose as much as 27% in extended market trading following the announcement. According to a report prepared by ObserverThis is a “dangerous precedent” because it encourages CEOs, board members and investors to fire people for market rewards.
Dorsey hasn’t been shy about the reason for mass layoffs and believes more companies will follow suit. “Intelligence tools have changed what it means to build and run a company. We’re already seeing this internally. A much smaller team using the tools can do more and do better,” he said.
“I don’t think we’re too early to realize this fact. I think most companies are too late. I believe that within the next year the majority of companies will come to the same conclusion and make similar structural changes. I’d rather get to this point honestly and on our own terms rather than being forced into it reactively,” he added.
This trend seems likely. During Amazon’s Q3 earnings call, CEO Andy Jassy told analysts that the company’s layoffs were not due to artificial intelligence or financial reasons, but he attributed the layoffs to having more people than needed. Jassy said he expects the company’s corporate workforce to decrease as AI efficiency increases in 2025.
‘History shows people fail to predict impact’: Devina Mehra
Last week, First Global founder and CMD Devina Mehra said history shows that technology creates new jobs even as it disrupts the status quo. So for those worried about losing their jobs due to AI, Mehra has some comfort to offer in the unknown.
“Many jobs that existed at the time were predicted to disappear… and in fact did… but what happened next is the real story. Mankind has never been able to predict the ultimate impact of any new technology on employment. Never.” he said.
