Ray Lucia, author of Buckets of Money, charged by SEC as misleading.Donald Trump’s company declaring bankruptcy 4 times.Suze Orman launching a prepaid credit card.There are even more people out there that have hypocritical moments (I’m sure I have as well). There are hundreds of financial hypocrites out there. The sad fact is that Robert Kiyosaki isn’t the only one.
But how could $45,000 be reasonable for any personal finance class? Furthermore, would you ever pay that given the credibility issues raised by the teacher? Kiyosaki Isn’t The Only One If you’re trying to help someone get rich, and provide value, $495 could be reasonable. However, it is important to be reasonable for your services. If you’re a financial planner, I think it is fair to charge for advice. Class #3 – Paid Advice $45,000 (Yes…that’s not a typo).Class #2 – Paid Advice, $495 (However, very little education and more marketing for class #3).But then he started preying on his followers – He then tacked on a class, which was free, which is also honorable. Robert Kiyosaki wrote and sold his book, which I consider to be honorable. If you’re selling yourself as a model for something (values, wealth creation, business, or even how you coach your kid’s soccer team), don’t use your followers and believers – empower them. Don’t Prey on Your FollowersĪnother big red flag for me is preying on your followers. In the end, this “non-fiction” story is just fiction, and so it calls into doubt the advice he gives to readers and followers.Įven though his advice may sound good: be an owner, invest in cash flow investments, etc – the fact that he (or his business) didn’t maintain solid financial health is sad. There really wasn’t a rich dad, even though his book specifically claims there was one (Smart Money Magazine, February 2003).Prior to his 1997 publication of Rich Dad, Poor Dad, Robert Kiyosaki never had any documentation of the wealth he supposedly amassed ( Forbes).He talks about life lessons learned, and how that allowed him to do great things in real estate and other ventures. His Rich Dad, Poor Dad book made him famous because of the practical advice that he pretended to gain throughout his life. What upsets me the most is that Kiyosaki is portrayed by many as a financial guru.
In the end, the story crumbles, and it just makes him a hypocrite. This guy made a living on selling “his story” and encouraging others to fork out tons of money to hear it. However minor you may consider it, I find it appalling as a personal finance writer. And when your name is attached to a company, and your business is built around creating wealth, the word bankruptcy associated with it usually isn’t a good thing. However, a corporation with money should be able to pay up for a minor royalty dispute (only $23 million compared to $400+ million in revenues). It wasn’t a personal bankruptcy, rather, a corporate bankruptcy. 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. All products and services are presented without warranty.Ī 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. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. strives to keep its information accurate and up to date.
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