Op, who are you talking about here? It would be nice if you gave a link to whatever it is you're referencing, because not all of us are in on who this guy is or what his significance is.
Own assets not liabilities is pretty much all you need to take away from him.
That's smart advice for anyone. I see a lot of my friends maxing out their credit cards in order to fill up their home with expensive furniture and other knick knacks, and what they end up owning is a very expensive debt and possessions that only depreciate in value. Not sure if that's what your man meant, but it's what I immediately think of.
This is the guy telling everyone they could get rich buying real estate in 2008.
Okay, that was stupid advice but that was the feeling a lot of people had back then. I remember people were flipping houses for profit right up until the whole thing crashed. That was a crazy time.