Look at The Motley Fool, for instance. Many small businesspeople adopt grandiose company names, like Pritchco Interplanetary, that make them sound much larger than they really are. But I also find the mix of business unlikely. He implies he has money. Stock Advisor launched in February of 2002. Somebody needs to give Kiyosaki a book on how to be low profile. He stood silent while others claimed he was a wiz who had made $150 million in Florida real estate before age 30. I have often found that it's the little details about a person that give away a lot about who that individual really is. Incredibly, Kiyosaki throws in crude, gasoline, and other energy contracts as a mere afterthought. How could he care if he has no qualms at all about telling you pork bellies are traded on NYMEX?). Look up rich dad poor dad scam and you'll see what I'm talking about. That female Money and You employee is the one who should have written us a book on real estate investment. He also pronounced their failures a success—typical Kiyosaki logic—because they learned from them. In it, Kiyosaki says a number of things that imply he is rich. You can see it at http://starbulletin.com/2000/07/10/features/story1.html. Money and You was a seminar company started by Marshall Thurber, an est graduate. I guess it would be too much to ask for him to admit, “Gee, I guess my advice was of no value to these three.”. Although his family was not rich, he attended a predominantly wealthy elementary school because of an anomaly in the school-district boundaries. A story came across the news this weekend about Robert Kiyosaki, the author of Rich Dad, Poor Dad, and how his company went bankrupt last month. He claims to have sold 26 million books. I thought you might be interested in the following quote, which I feel is particularly apt in describing the power strategy that gurus like Kiyosaki like to follow: "Law 27 - PLAY ON PEOPLE'S NEED TO BELIEVE TO CREATE A CULTLIKE FOLLOWING. In addition, he offers affiliate programs on his website that allow other people with websites to sell his products or get paid by directing Web traffic to his company. Although a lawyer who searched the federal case management system on line says he could find no bankruptcy filing for Kiyosaki. One of my MBA classmates, Paul Bilzerian, became a very successful corporate raider for a time. Since then, the Dow has risen 60%, and the S&P has risen 73%. The "products" they offer merely provide the salesperson with an entry point to the customer, but the real goal is to recruit the customer as a salesperson, who will then go on and recruit someone else as a salesperson, and so on and so forth. The ABC 20/20 story ends with, “Which begs the question: Does anyone really need 18 books to learn to fail?”. She may be right. To members of Kiyosaki’s cult, it matters not how many false or probably-false statements I find in Kiyosaki’s writings. Nope. Or get Kim’s surviving relatives, like Kiyosaki’s friend Mike, to say it. Rich Dad Poor Dad slaps them up side the head and tells them to clean up their acts. Since I posted this analysis, a number of Kiyosaki “cult members” have contacted me to denounce me for “missing the point” of Kiyosaki’s book. It is “dedicated to Ralph H. Kiyosaki, former Superintendent of Education, State of Hawaii, the best teacher I ever had.” This would be “Poor Dad.” But Rich Dad Poor Dad, which came out in 1997, says quite emphatically that Rich Dad was the best teacher he ever had. “Getch yer programs right here! Can the ordinary person get rich? I once got an email complimenting me on my writings. Clichés that have been around since way before Kiyosaki claims “rich dad” originated them. Give me an exact quote and the page number in Rich Dad, Poor Dad where it appears. Kiyosaki is just the latest in a long line of con men who pander to that fantasy. You know why that is? Eager to find such a guru, I bought his book, Rich Dad, Poor Dad, in a bookstore. For example. In addition to the Fool, I give advice on my radio show, in my daily research report, and in the things I talk about when I make appearances on Fox News. So which is it—Kiyosaki will not talk about his wealth because he doesn’t want to be sued or he will give figures, locations of his properties, and the nature of his corporations as he does in the Meet the Street interview? It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred. If you like philosophy and are willing to take a vow of poverty, you ought to study philosophy. He owned the home in which the Kiyosaki family lived. They are loath to admit mistakes -- when they flubbed up -- though we all know this can happen from time to time in the markets. Well the author is actually a failed Amway rep who had a knack for writing books that supported Amway’s corporate goals, and he was soon promoted to the selling force as a credible info source. Those come from selling assets at a profit after holding them for a specified number of months. Is education as worthless as Kiyosaki says? I also think about my finances frequently when I pay bills or receive income. My rich dad taught me this when he started playing Monopoly with me and his son. Actually, the 1992 book also identifies the second best teacher Kiyosaki ever had: F. Marshall Thurber. Finance. How many people on that one street in Honolulu could possibly fit that description? What Kiyosaki is really doing is operating a cult of personality. It combined the wish-fulfillment appeal of The Secret with what could be … Rich Dad Poor Dad Review. You'll learn the facts as well as the 9 central lessons of this popular financial publication that will enjoy its 23rd Anniversary in 2020. That requires them to say nothing (amorphousness), but to sound like they are saying something (“the point”). In a 4/18/06 Yahoo! In fact, Kiyosaki is spouting nonsense. Please read reviews on other sites and you'll see what I mean. Actually, yes. What you are buying cannot just cause you to waste or lose the money spent; it can end up costing you much, much more -- perhaps all of your life savings. This is considered insider trading and is a felony. Rich dad turned playing Monopoly into an education opportunity. In this post, I summarize and review the bestselling book Rich Dad Poor Dad by Robert Kiyosaki. I felt like it changed my mindset – mostly the way I thought about money and college. Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. People who are unhappy with their financial lives—which is the typical Kiyosaki fan—probably think about their finances every time they get into their shabby car or return to their unsatisfactory home (e.g., living with parents, bad neighborhood, too small, etc.). Most likely, they made the same return on their properties as Joe and Jean Average Phoenix homeowner. Kiyosaki is, in fact, shouting from the rooftops that he has money. Its success has led Kiyosaki to expand his literary and business career into his own company CASH FLOW Technologies, Inc. Rich Dad Poor Dad was written by Robert to be an all in one guide to wealth. What is really going on is a lot of people are schlepping along doing a half-ass job of managing the financial aspects of their lives. These are books that actually have what Kiyosaki falsely claims to provide. It gets even worse. His restaurant went out of business. It advocates financial independence and building wealth through value investing, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence to improve one's business and financial aptitude. Kiyosaki’s real father (“Poor Dad”) was named Ralph Kiyosaki. Money and You was reportedly a useful seminar. The most common favorable comment I get about Kiyosaki from those who generally agree with my analysis is that “At least he got me to think about my finances.” That’s pretty lame. Kiyosaki slogans like “Don’t work for money. You'll find nothing in the way of "buy here, sell there," advice that is common on TMF, for example. You can read their story about it at http://abcnews.go.com/2020/story?id=1982669&page=1. Robert Kiyosaki emphasizes six key points through out the book. Selected emails from visitors to this page. Kiyosaki says he is rich, that he “makes millions of dollars,” and is about as high profile about his wealth as you can get about it—best-selling how-to-get-rich books, appearances on TV shows like Oprah, interviews to daily papers and national magazines. There were a number of points in that Meet the Street interview that deserve a response. If my net worth dropped in half in one day, I would be pretty upset about it. However, I've always had the candor to say so, and I think the same can be said for other serious professionals in this field. there are three different types of income: earned, portfolio, and passive. It lists 111 people, none of whom appears to be “Rich Dad.” That is, none are singled out except for his “Poor Dad” parents, in-laws, business partner, and editors. A man who says he has known Kiyosaki since the military in Hawaii says Kiyosaki got his start in the “tell other people how to live their lives” business as a result of taking then becoming a speaker in the Money and You organization. Formal education is a waste of time if you want to get rich. A bunch of yahoos on the Internet saying it means nothing. A number of people have accused me of being jealous of Kiyosaki—I guess because they think he has more money than I have. I just like the guy.” Politicians want to be judged by their personalities, not their character or policies. Paul subsequently was the subject of a Forbes story. Every pertinent study has shown that the more education you have, the higher your net worth and income. He later got into trouble with the law and was the subject of a 60 Minutes segment about his mansion in Florida that creditors could not get at after he declared bankruptcy. One would have to inquire as to whether their real estate investments in Phoenix appreciated more than those owned by the average person. She was talking about politicians and said they seek to elicit the words, “I don’t know why. Then the volume of sales to those MLM guys made him a “best-selling author,” which caused normal non-MLM people to think the book must be good. They said they investigated his purported Florida real-estate profits and could not find a “trace” of him in Florida real estate. So maybe “Rich Dad” was the second best teacher he ever had. Kiyosaki’s 1992 book has an unusually long acknowledgment section. See my book How to Write, Publish, and Sell Your Own How-To Book for the details on how to do that. At first, he claimed to own his home. After you found out it was a lie, would you think I was a great guy for having thus motivated you to get all that healthy exercise? Judgment - People have an overwhelming desire to believe in something. To experienced investors, it makes him sound like more of a dilettante. The “poor dad” of Kiyosaki’s narrative was his father, a college administrator. Rich Dad Poor Dad by Robert Kiyosaki and found at richdadcoaching.com, is a business coaching & mentoring program. His lack of understanding about money and how it worked is the reason why I call him my poor dad. Rich Dad Poor Dad is a lobotomy by book reading. The idea behind Kiyosaki’s title is that his real father was upper middle class. A bunch of people have told me “Rich Dad” was a now-dead guy named Kim or Kimi. But I have no idea of what Robert Kiyosaki’s net worth is. I'll be the first to admit it. Yes Is it as easy as Kiyosaki makes it sound? What must he be invested in to enable his net worth to double or halve in 24 hours? Fine. I know approximately what my net worth is. Another compliment readers often pay Kiyosaki is along the lines of, “Well, at least he motivated me.”. However, I have less ability to picture a restaurateur who also owns a construction company. (p. 215). The main thing in managing an investment is stock picking. I have always felt that implying you have money was worse than revealing your net worth. Obviously, Kiyosaki has sold 26 million books on the promise that they would help you succeed. He was bankrupt and homeless in 1985 by his own admission. That's where we come to the MLM aspect of what he is doing. I've been critical myself. You may wonder if I just criticize or have I written a better book. This strategy is the well-known business model embraced by all multi-level marketing (MLM) operators -- I'm sure we all know companies that operate in this way. Furthermore, the vast majority of the book has nothing to do with that point and some of the book contradicts that point, like Kiyosaki bragging about his Rolex. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred. It is truly an interesting and thought-provoking study in human nature. I do not know how I would have done that if I had been given the money. "Rich Dad, Poor Dad" Fairy Tale Why Robert Kiyosaki's advice may be worth passing up. He graduated from Stanford, Chicago, and Northwestern Universities, all on full scholarship, ultimately earning a Ph.D. The problem is not that he is short on specifics, it is that the book is a bunch of bull, including when he gets specific. For example, in “Rich Dad Poor Dad” he advocates asking rich friends for advice on trading stocks based on non-public information. Only against regional economic downturns and possibly rent control if the buildings are bigger than one family. But you don't have to be a member to know that pork bellies are not traded on the NYMEX, and while orange juice is traded in the same building, it is not a NYMEX contract. And some, like Kiyosaki, who are merely married to people who invested in real estate during a bull market, claim that they (the non-investing spouse) are geniuses as a result. The best advice dished out is a generic "buy income properties.". That's why you need to be very careful. Through his vehicle, Cashflow Technologies, Kiyosaki markets dozens of products, from home courses to books to videos to board games (his "Cashflow 101" game sells for $200). Would that motivate you? Not even close. I have intellectual property companies.” But he won’t identify any of them. Having decided two years ago to stop using any debt – including for investment – I was very happy to find out about Dave recently. Gold and silver both pay you nothing. I have used “earned income” to describe money you make from your salary or business. Have these people all had lobotomies? Click here for an email I received along those lines. In some cases, much of what they do is about recruiting other advice-givers, rather than actually honing and giving quality advice. Which brings me to Robert Kiyosaki, best-selling author of the book Rich Dad, Poor Dad and king of a vast self-help empire. Which exchange are you talking about?I'll start with the advice he provides, which is often very condescending. It was filed on 10/12/07. column, Kiyosaki now says the best teacher he ever had was Buckminster Fuller. Rich Dad Poor Dad is a book written by American businessman, author and investor Robert Kiyosaki in 2000. There's no escaping the impression that the emphasis seems to be entirely on sheer marketing, rather than on the quality of the information, much less whether it is consistently providing thoughtful, credible, and actionable investment advice. They promptly emphasized the Australian and New Zealand markets which have, at times in their history, overvalued products and services from the U.S. Their run in Australia ended when the Australian equivalent of 60 Minutes did an exposé about Money and You. This week, The Simple Dollar is deconstructing five top personal finance and investing pundits and asking the big questions about their track record and their message. One said that one of the things they love about employers is when they keep earnings secret. He suggested that Robert ask the father of his next-door playmate, Mike. The guy who called me has the impression that Kiyosaki’s tortured psyche and insecurities stem from growing up as an obese kid in Hilo in the 1950s. Robert Kiyosaki, the financial expert and author of the famous book “Rich Dad, Poor Dad,” has come out to criticize billionaire investor Warren Buffett over the latter’s take on crypto. Despite the critics, the success of ‘Rich Dad Poor Dad’ vaulted Kiyosaki into stardom, allowing him to expand his brand into various areas. Good salesman is the universal description of all the expensive so-called real estate investment gurus. I’m a major shareholder in oil and mining companies, plus real estate companies. I'm sure you've all heard expressions like "walk the talk" or "speak softly and carry a big stick" (the latter made famous by America's 26th president, Teddy Roosevelt). It’s odd, but not impossible. He told Meet the Street that he has never been back to Hawaii. He is also a radio show host at BizRadio Network. No problem. I also note that in eight years, this is the only person who thought that was the point of the book. Others have said they are going to follow him because he is fabulously wealthy and that’s what they want to be. It's a shame there's people out there who scam others. Their aptness is self-provided. I don’t. No. It is possible to do transactions where there is no tax due at present, like IRC §1031 exchanges, but the tax-free nature of such transactions stems from the fact that you received no income. But the oddest thing was why he offered up that advice in the first place, because it goes against the core principle of what he has been trying to teach investors over the years: Invest in things that bring you passive income. The Honolulu Star Bulletin—the newspaper where Kiyosaki grew up—wrote a puff piece about him. I encourage readers in Hawaii to try to research Ralph’s home ownership when Kiyosaki was nine years old (1955) and try to figure out which adjacent or nearby homeowner might have been “Rich Dad.” If we can find a person who fits the description, and he is either a public person or dead, I will publish the identity. Apparently Kiyosaki is yet another example. Kiyosaki developed a father-son relationship with the neighbor. So he would be 83 to 98 now. Est was a notorious seminar company in northern California run by Werner Erhard. You want the property in the same region—preferably where you live—so you can use the same people to work on all the properties and save on air fares, hotels, and so forth. With Kiyosaki, I suspect he thinks having property in three states makes him sound like more of a tycoon. A reader suggested that Rich Dad Poor Dad is nothing but a collection of clichés about money. Gimme a break! Become the focal point of such desire by offering them a cause, a new faith to follow. It would be interesting for 20/20 or a similar program to give $1,000 to Kiyosaki himself and let he himself show how to turn it into a profit using some method open to his readers. The distinction between the different types of income involves whether the losses from one category can be deducted from income of another category. In fact, predicting market-wide appreciation in real estate values is impossible to do. It is noteworthy that Kiyosaki refuses to identify “Rich Dad” and the Honolulu Star-Bulletin was unable to figure out who it was, in spite of the rather obvious “next-door neighbor Mike whose father owns convenience stores, restaurants, and a construction company” clues. Lawsuits. A similar argument helps clarify why inane I Ching sayings or ambiguous horoscopes seem to many to be so apt. Rich Dad writes articles published on Yahoo! Another made zero. My Succeeding book is more similar to the actual subject of Rich Dad. He says these types of income are taxed at 50%, 20%, and 0% respectively. The reader further said that Kiyosaki then appears to have simply made up a bunch of accompanying phony stories to fill the cliché collection out to the length of a book. Indeed, in an interview at that Web site, he says his net worth is “between $50,000,000 and $100,000,000 depending on the day.” (I don’t believe that. To say that the only fault of the book is that it lacks specifics is ridiculous. The wealthy kids had newer toys and refused to invite Kiyosaki and his friend to parties, telling Kiyosaki it was because they were “poor kids.” Sounds like he was scarred deeply by that humiliation and has lived his whole life since trying to prove to some rude nine-year olds from the 1950s that he now has the money to be worthy of their party invitations. However, it is a useful one, because it fulfills most people's need for information and education. It is generally run by union bureaucrats who graduated at the bottom of their college classes. (Actually, the employee probably was just guessing and her having guessed right is meaningless. Here Are 3 Stocks to Consider Buying Right Now, Here's What Investors Need to Know About Pfizer and BioNTech's Vaccine Launch, Copyright, Trademark and Patent Information. You can have such 20%-tax-rate gains in both the passive and portfolio categories. The date on the Internet story is May 19, 2006 so the story must have been aired on 20/20 around then. Kiyosaki is a salesman and a motivational speaker. Kiyosaki went by Bob for most of his life. Rich Dad, Poor Dad should be viewed as a general starting point — a investment/startup summary, rather than a list of specific items to do as an entrepreneur. In a recent column on Yahoo! Also, educated people live longer, have fewer divorces, better health, and so forth. Most investors use more specific terminology like “apartment complex” or “office building” or “shopping center.” Investors usually use the phrase “rental building” to hide the fact that their properties are mere rental, Convinces people that college is for suckers, Recommends tax fraud by deducting vacations and health club dues, Brags about using a partner weasel clause in which his cat is his partner, His "best teacher ever" changed repeatedly, The blueprint to becoming a "Financial Genius", Oprah needs to confront Kiyosaki about calling a fiction book non-fiction just like she did with James Frey, He asks why Rich Dad has to be any more truthful than Harry Potter, Admits fictionalizing on copyright page of Rich Kid, Poor Kid, Admits to 20/20 that he doesn't teach people how to get rich, "Marine corps made him what he is today" - he was laterally transferred to the Marine Corps from the Merchant Marine and Navy, he, Became a helicopter pilot to "lead men" (platoon leaders and company commanders lead men; pilots lead machinery), Rich Dad, Poor Dad triggers the following items on my, It was much smaller before he got rich from his book than his followers imagine, He did not get it the way he implies—for example, his wealth may come almost entirely from telling people how to get wealthy and he may not have been wealthy himself, He achieved wealth in an unethical or illegal way. 20 days in his life the matter of his purported wealth is either is. 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