input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

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Sandtrap
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input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by Sandtrap » Tue Oct 10, 2017 11:26 pm

I have a retired neighbor who is head over heels over this book after attending a free financial investment seminar with his DW.
He and his wife can't stop talking about it. Apparently the helpful advisors at the free seminar are also offering other material and also programs for various levels of financial advice at various prices.
I have passed on the Bogleheads website as well as books by Bogle and Swedroe but I think they will gather dust.
Anyway.

Book:
Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!
By Robert T. Kiyosaki

About the Author
"Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. With perspectives that often contradict conventional wisdom, Robert has earned a reputation for straight talk, irreverence and courage. He is regarded worldwide as a passionate advocate for financial education."

Kiyosaki seems to prosper from a lot of books and seminars, as well as spinoff endeavors. (my observation)
Is his approach to financial prosperity legitimate?

Please share your thoughts so others can learn whether or not to take this book or Kiyosaki's approach seriously.
Thank you
j

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stemikger
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by stemikger » Tue Oct 10, 2017 11:34 pm

Do they want your advice? If not, you may have to watch them make this mistake. You can pass these videos on to them.

Good Luck.

https://www.youtube.com/watch?v=HE6nT0oyPt8&t=87s

https://www.youtube.com/watch?v=dv6feHB0AE4

https://www.youtube.com/watch?v=9iimvyVCEGA
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

AlohaJoe
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by AlohaJoe » Tue Oct 10, 2017 11:35 pm

I think John T Reed is the usual place to start when considering Robert Kiyosaki's works. Here's one example: https://johntreed.com/blogs/john-t-reed ... dad-part-1 but he's written a lot more.

itstoomuch
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by itstoomuch » Tue Oct 10, 2017 11:47 pm

I'd read his books rather than buy the mentoring program.
Yes, I did attend the introductory seminar. I did not buy the program. I had other fish.
Yes we do own rentals and property.
Yes I also do options on occasion (another seminar).
Yes, financial education is important.
I am the risk taker in our family. I found my own path. RK's theory of IMO is basically valid.
IMO, its almost too late to get good property for rentals.
YMMV
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

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Sandtrap
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by Sandtrap » Wed Oct 11, 2017 7:02 pm

OP:
Thanks everyone for your kind help.
I have forwarded the links to my neighbor and his DW.
The rest is up to their discretion. :shock:
Thanks again,
j :D

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dratkinson
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by dratkinson » Wed Oct 11, 2017 8:12 pm

Everything that's old in new again.

I made this same mistake after reading the book by Charles Givens. Then attending the free seminar, and buying the hawked products. Some people just can not learn but in the school of hard knocks.
See: https://en.wikipedia.org/wiki/Charles_J._Givens



Your friends would be much better off by coming here and reading a few of the BH-recommended books. Then asking for a portfolio review.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

WanderingDoc
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by WanderingDoc » Wed Oct 11, 2017 10:53 pm

What Robert Kiyosaki teaches is valid. [OT comment removed by admin LadyGeek] Thats business. If you are dealing with thousands or potentially millions of people in business, you cannot or should you be expected to keep everyone happy all the time.

Wake up. Its 2017. You do not need to pay money for a seminar or course to be wealthy. I have already learned the real estate game through the internet, mentors, and books (all were free) long before I read "Rich Dad Poor Dad" a few months ago. Real estate is THE vehicle to wealth that makes intuitive sense to me. Buying stocks or starting the next Uber are not viable options.

One thing that Kiyosaki conceptualizes which I take to heart is if you think like everyone else, and do what everyone else does, you will get what everyone else gets (ie. a work a day job for corporations who couldn't care less about you or your well being, until age 65 or 70, and maybe get rich when you are too old to enjoy it.
One day it suddenly dawned on me that I had won the real estate lottery. | I'm not looking to get rich quickly. I'm not looking to get rich slowly. I'm looking to get rich for sure.

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Sandtrap
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by Sandtrap » Wed Oct 11, 2017 11:06 pm

WanderingDoc wrote:
Wed Oct 11, 2017 10:53 pm
What Robert Kiyosaki teaches is valid. [OT comment removed by admin LadyGeek] Thats business. If you are dealing with thousands or potentially millions of people in business, you cannot or should you be expected to keep everyone happy all the time.

Wake up. Its 2017. You do not need to pay money for a seminar or course to be wealthy. I have already learned the real estate game through the internet, mentors, and books (all were free) long before I read "Rich Dad Poor Dad" a few months ago. Real estate is THE vehicle to wealth that makes intuitive sense to me. Buying stocks or starting the next Uber are not viable options.

One thing that Kiyosaki conceptualizes which I take to heart is if you think like everyone else, and do what everyone else does, you will get what everyone else gets (ie. a work a day job for corporations who couldn't care less about you or your well being, until age 65 or 70, and maybe get rich when you are too old to enjoy it.
Absolutely true if done correctly, prudently, and with a bit of grit and a bit of luck. :D
Not the only path, but certainly a viable one.

HenrysPlan2
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by HenrysPlan2 » Tue Oct 24, 2017 10:34 am

The sure thing successful small business will earn n much more. The problem is what kind of business and how?

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unclescrooge
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by unclescrooge » Tue Oct 24, 2017 11:10 am

I have four of rich dad's books.

Stopped after that as they got repetitive.

The books are fantastic, at least they were to me when I was 25.

But no need to waste money on trainings or seminars.

Use that money to invest instead.

itstoomuch
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by itstoomuch » Tue Oct 24, 2017 11:26 am

He sure knows how to milk the franchise of Rich Dad/Poor Dad. :annoyed :oops:
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by Pajamas » Tue Oct 24, 2017 11:37 am

itstoomuch wrote:
Tue Oct 24, 2017 11:26 am
He sure knows how to milk the franchise of Rich Dad/Poor Dad. :annoyed :oops:
That's how he makes money, by selling ideas to "sheep", not by applying the ideas he is selling them himself. There are many others like him.

That is always a red flag. If their ideas are so valuable, why are they selling them so cheap? Why are they wasting their time selling them instead of applying them?

itstoomuch
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by itstoomuch » Tue Oct 24, 2017 11:45 am

Even sheep needs to learn how to defend themselves against wolves and if the are really smart they would become a wolf themselves... The wolf in sheep's clothing
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by Toons » Tue Oct 24, 2017 11:54 am

I would suggest he go to his local library and
Check Out
https://www.amazon.com/Only-Investment- ... b_title_bk

Been around since the mid-seventies,,,updated periodically,,timeless,basic,common sense fundamentals :happy
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Re: input needed on this book by Robert T. Kiyosaki in the "Rich Dad" series. Helping a friend.

Post by nedsaid » Tue Oct 24, 2017 12:45 pm

Robert Kiyosaki does make some good points in his books. My sense was that he understates the difficulties involved with small business and with real estate. There is the old saying that when you are in business, you are in trouble; when you are out of business, you are out of trouble. There is also some doubt as to how he made his money, his doubters say that it came from his seminars and book sales. I do like his focus on cash flow. Again, he does a good job at a 40,000 feet overview but I wonder about the specifics. Other than his general advice on small business and real estate, his advice otherwise on investing is not very good. A very skilled marketer and promoter, but hard to say how good he really was at small business and real estate.
A fool and his money are good for business.

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