To experienced investors, it makes him sound like more of a dilettante. One would have to inquire as to whether their real estate investments in Phoenix appreciated more than those owned by the average person. “If you’re the kind of person who has no guts, you just give up every time life pushes you. Interestingly, Rich Dad, Poor Dad was originally self-published in 1997. (Think about it. 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. He also pronounced their failures a success—typical Kiyosaki logic—because they learned from them. You can have such 20%-tax-rate gains in both the passive and portfolio categories. Both dads have different views about earning money, and Robert had … They just like the guy. Kiyosaki slogans like “Don’t work for money. It’s odd, but not impossible. Only against regional economic downturns and possibly rent control if the buildings are bigger than one family. But at the same time, buyers and users of advice still have to be careful. For the record, I created another page to address the jealousy issue. Market data powered by FactSet and Web Financial Group. We all know it does a heck of a job helping people out with stock market investing, personal finance, investor behavior, and even economics! I once investigated best-selling real-estate author Robert Allen who wrote Nothing Down. The 20% tax rate of which Kiyosaki speaks only applies to long-term capital gains. I own 10 rental buildings in Miami, Austin, and Phoenix. As you will read below, one of my readers checked Kiyosaki’s claim that he was a major shareholder out in a securities industry data base and found not a trace of him in spite of the fact that major shareholders are required by law to be identified. Actually, the 1992 book also identifies the second best teacher Kiyosaki ever had: F. Marshall Thurber. Actually, I believe I have the only books on absentee management: How To Manage Residential Property For Maximum Cash Flow and Resale Value and absentee purchasing: Checklists for Buying Rental Houses and Apartment Buildings. Whether or not it is effective investment advice appears secondary. One of my MBA classmates, Paul Bilzerian, became a very successful corporate raider for a time. 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). The guy owns “convenience stores, restaurants, and a construction company.” I guess I can imagine a guy who owns convenience stores and a construction company. Somebody needs to give Kiyosaki a book on how to be low profile. Robert Kiyosaki has drawn plenty criticism for his Rich Dad Poor Dad series. 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. Politicians try to be all things to all people. Basically, people want to get rich quick without effort or risk. Become the focal point of such desire by offering them a cause, a new faith to follow. ("You're a loser if you work at a job. The online personal finance community can be pretty critical of Robert Kiyosaki and his Rich Dad, Poor Dad book series. This is considered insider trading and is a felony. Finance titled "Only the Rich Survive" (again using cockiness in the headline, possibly to sell more books and self-help material, but nonetheless, something that should make you wary), he talks about a visit he made to the New York Mercantile Exchange this past June. I have received numerous emails about this analysis by me that you are currently reading of Rich Dad Poor Dad. "Rich Dad, Poor Dad" Fairy Tale Why Robert Kiyosaki's advice may be worth passing up. A bunch of yahoos on the Internet saying it means nothing. I just like the guy.” Politicians want to be judged by their personalities, not their character or policies. Is education as worthless as Kiyosaki says? These statements are meant to suggest that a person's behavior, surroundings and, indeed, their whole life, should reflect who that individual purports to be. Moreover, being educated about one's finances is extremely important, so in this regard advice-givers serve a vital purpose -- so long as their information and advice is honest, sincere, and dedicated to the people they want to educate. No, I’m not. Reportedly, Kim got the idea to invest in Phoenix real estate from a female fellow employee of Money and You who said the Phoenix market was going to be good. You can see all the laws at http://www2.tech.purdue.edu/cgt/courses/cgt411/covey/48_laws_of_power.htm. 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. Returns as of 12/19/2020. It has nothing to do with the product, really. The NYMEX happens to be the premier energy derivatives exchange in the world. In fact, I now lean to believing that there never was a “Rich Dad,” that Kiyosaki made the whole thing up. Give me an exact quote and the page number in Rich Dad, Poor Dad where it appears. Robert Kiyosaki emphasizes six key points through out the book. Why not own all ten rental properties in Phoenix, where he lives? I suggest my Succeeding and How to Get Started in Real Estate Investment as well as The Little Book of Common Sense Investing by John C. Bogle and Jane Bryant Quinn’s Smart and Simple Financial Strategies for Busy People. Without getting too deep into his rationale, I'll just say that it was full of contradictions. But I have no idea of what Robert Kiyosaki’s net worth is. Another made zero. The writer’s favorite quote by me was, “When everyone is digging for gold, sell shovels.” I thanked him for his compliments, but said, “I never said that.” He then wrote back that he searched all over my Web site, but could not find it. My rich dad on the other hand was planning for the future 50 years ago. 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. One lost all he money. For example, in “Rich Dad Poor Dad” he advocates asking rich friends for advice on trading stocks based on non-public information. Gimme a break! Rich Dad, Poor Dad is a book that educates readers about financial literacy. Rich Dad, Poor Dad was one of the first books I read on finances. What must he be invested in to enable his net worth to double or halve in 24 hours? See my book How to Write, Publish, and Sell Your Own How-To Book for the details on how to do that. Yet he won't disclose any details because he doesn't want people to know he has money. If Kiyosaki claims to be a competent real estate investor, he needs to show addresses of properties he bought that reveal greater returns on those properties than were earned on similar properties at the same time by persons who claim no extraordinary expertise. These are books that actually have what Kiyosaki falsely claims to provide. But it is a highly inappropriate criterion for evaluating Kiyosaki’s advice, because he’s not going to let you hang around with him and your family’s finances are serious business. More about that later.) OK. Basically, the company didn’t pay the proper royalties on its seminars, and when they lost in court, they didn’t have enough money to pay at all. You have to think about your finances whenever you fill out a loan or credit-card application. Clichés that have been around since way before Kiyosaki claims “rich dad” originated them. Good salesman is the universal description of all the expensive so-called real estate investment gurus. 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). My rich dad taught me this when he started playing Monopoly with me and his son. 401(k)s have tax benefits that are hard to ignore. You can see it at http://starbulletin.com/2000/07/10/features/story1.html. I know approximately what my net worth is. 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. 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. That’s like me telling you I buried $100,000 in your backyard which is yours for the taking. Of course, he'll tell you the crash is still coming. How many people on that one street in Honolulu could possibly fit that description? The IRS makes you think about your finances every April 15th. In it, Kiyosaki says a number of things that imply he is rich. In fact, I discussed the matter of his definitions of assets and liabilities squarely and repeatedly in this review. Others have said they are going to follow him because he is fabulously wealthy and that’s what they want to be. When I was in grad school, I took a labor relations course where actual union leaders were in every other seat with us MBAs. You should not own rental property in three states unless you have a specific reason for doing so. Robert Kiyosaki, the author, has two dads – one rich and one poor, although the rich dad is not his, but his friend’s dad. I've been critical myself. As I have said in many articles in my newsletter Real Estate Investor’s Monthly, extraordinary performance in real estate is measured by the degree to which your returns exceed those of ordinary homeowners who claim no expertise. Employees who invest primarily in static asset allocations of low-cost, broadly diversified index mutual funds tend to be especially critical while entrepreneurs and real estate investors tend to be less critical. It is truly an interesting and thought-provoking study in human nature. It is generally run by union bureaucrats who graduated at the bottom of their college classes. Their aptness is self-provided. There are lots of books that do a better job of getting you to think about your finances. 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. Since I posted this item with huge letters saying I did not say he was short on specifics, the quantity of emails I get “agreeing” with me that he was short on specifics is unabated. Rich Dad Poor Dad by Robert Kiyosaki and found at richdadcoaching.com, is a business coaching & mentoring program. He also says he was bankrupt and homeless in 1985. Why? Rich Dad Poor Dad is the first and most popular book written by Robert T Kiyosaki. So maybe “Rich Dad” was third. Also, educated people live longer, have fewer divorces, better health, and so forth. I presume that’s a shameless effort to impress people who are really ignorant about the world of finance. However, it is a useful one, because it fulfills most people's need for information and education. 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. 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. 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. This should raise some red flags. So maybe “Rich Dad” was the second best teacher he ever had. If and when you eventually take out your profit by selling your rental property, you will be taxed on the gain that you had when you exchanged. Kiyosaki’s implying he is wealthy, but refusing to disclose how wealthy, will almost certainly cause would-be litigants and others to overestimate his net worth, thereby increasing the chances of his being sued over what they would be if he were more forthcoming. There is an unauthorized Web site about Amway at www.amquix.info. Here are U.S. Bureau of Labor Statistics figures on education that were released on 8/17/07: On the other hand, the public-school system is an easy target for criticism. The price of candorLet me be honest: I understand that nobody's perfect, especially when it comes to market forecasting. If you have money, you get sued.”. He was bankrupt and homeless in 1985 by his own admission. With regard to his 26 million books, he is not a businessman. Which brings me to Robert Kiyosaki, best-selling author of the book Rich Dad, Poor Dad and king of a vast self-help empire. Yet somehow, on close inspection, they are just not walking the talk. There is also more value to education than just its financial rewards. People on the Internet see Elvis at their 7-11. Some readers have said that if I am going to criticize Kiyosaki’s book, I must offer a version of how to better yourself that does not have the flaws of Rich Dad Poor Dad. Otherwise, it’s a crap shoot. After taking a closer look at Kiyosaki's work, I think his "advice" is both inaccurate and patronizing. Finance. ], On page 92, he tells of his “rich dad” keeping him waiting for long periods—when he was nine years old!! Much of the wisdom can be best described as simplistic, unsophisticated and in some cases, totally absurd. Some are very low risk. Here it is. My Succeeding book is more similar to the actual subject of Rich Dad. When I write something, I want to make sure everyone gets the point—the same point. They are correct for my edition, which says published by TechPress, Inc. and has 1997 and 1998 copyrights. Ignorant readers love them. He implies that causes him not the least bit concern. The highly successful book, the investments of the wealthy are managed well, Laymen think that. But when I checked the address which appeared on IRS liens filed against him, it was nonexistent—no house at that address. On the other hand, Rich Dad has a lot of specifics—as you will see below in this analysis. In a 4/18/06 Yahoo! 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. I suspect such a visit would rid him of these demons from his childhood. Rich Dad, Poor Dad is an absolute juggernaut of a book–it’s been on the bestseller lists for as long as I remember. (p. 215). My educated poor dad never had time for games. That boy's father was a successful local businessman. Rich Dad, Poor Dad is considered one of the best-selling personal finance books of all time. I doubt it. A number of people asked me about Robert T. Kiyosaki and his book Rich Dad, Poor Dad. Old clichés. Have these people all had lobotomies? It would be a bit of an understatement to say that Fuller was not an eighth-grade dropout who owned convenience stores. Since then, the Dow has risen 60%, and the S&P has risen 73%. The idea behind Kiyosaki’s title is that his real father was upper middle class. The ABC 20/20 story ends with, “Which begs the question: Does anyone really need 18 books to learn to fail?”. On the other hand, I get nervous when I see advice-givers who lack humility. But rent-control risk is better dealt with by staying out of multifamily and states that do not have a rent-control preemption in state law. It gives the cynical lowdown on increasing and maintaining one's power over others. In effect, their cryptic obscurity provides a random set of ‘answers’ that the devotee fabricates into something seemingly appropriate and useful.…psychologists count on the amorphousness of Rorschach ink blots to elicit evidence of a person’s core concerns. My Succeeding book tries to get you to always keep in mind the paramount importance of living a balanced life with emphasis on friends and family and doing the things that you find rewarding for reasons other than mere monetary income. There have been numerous studies proving this, most notably the classic book, a. If he is a “major” shareholder, it is in minor corporations so small that their shares are not traded publicly. How could he care if he has no qualms at all about telling you pork bellies are traded on NYMEX?). His father said he had not made much money and did not know how to make it. 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. Please read reviews on other sites and you'll see what I mean. She may be right. When you consider these criteria, Robert Kiyosaki fails the test. You can read their story about it at http://abcnews.go.com/2020/story?id=1982669&page=1. Let me get this straight. Rich Dad, Poor Dad is one of the best-selling financial books in history, selling over 35 million copies. Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. On page 154, Kiyosaki says “the reason you want to have rich friends” is to get inside stock market information that you can make low-risk profits. Another compliment readers often pay Kiyosaki is along the lines of, “Well, at least he motivated me.”. In addition, his infomercials, lectures, books, classes, and other material reach millions. It has left many people feeling that it provides questionable results. Then, when people who have been personally coached by him fail, he blames them and, like the Queen in Alice in Wonderland, declares their failures to be successes. He said I should read the article in the Wall Street Journal carefully. Also, what’s this “depending on the day” nonsense? The best advice dished out is a generic "buy income properties.". “Getch yer programs right here! Rich Dad writes articles published on Yahoo! I recommend that you read an article I wrote on how to take title with regard to privacy and other aspects of money. See you at the top! What happened to the lawsuit threat? It was filed on 10/12/07. They are loath to admit mistakes -- when they flubbed up -- though we all know this can happen from time to time in the markets. Shortly after Kiyosaki went to mainland U.S. from Hawaii to run away with Thurber’s circus, Thurber decided to shut it down. Based on the article, it sounds like about all he did was whine about the three would-be entrepreneurs, the short time frame, and so forth. Not only does Kiyosaki’s hypnotic effect on many people result in their seeing things in his book that are not there, now they are seeing things in my analysis that are not here. Stock Advisor launched in February of 2002. Kiyosaki is just telling lazy and/or stupid students a line of bull that lets them avoid responsibility for their poor academic performance and gives them a convenient scapegoat to blame for their lousy financial situations. So where was “Rich Dad” in 1992 when Kiyosaki was so diligent at identifying the people who had been important in his life? Although a lawyer who searched the federal case management system on line says he could find no bankruptcy filing for Kiyosaki. Make money work for you,” are amorphous in their actual meaning, but have the effect of “spinning” the reader into thinking he has just gotten good advice. 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