193 of 211 people found the following review helpful
Get rich by writing horrible investment books,
This review is from: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! (Paperback)
The first 90 pages of this book gives solid philosophies about money such as knowing the difference between assets and liabilities and using your money to acquire assets.
Unfortunately, the second half of the book contains terrible, unrealistic advice and sounds like a typical real estate investment scaminar pitch. He recommends flipping real estate as a way of getting rich citing numerous personal experiences. (He brags about once making $40,000 in just 5 hours of work.)
He recommends inventing something as a great way to get rich. The example he gives is Alexander Graham Bell's invention of the telephone. Thanks, I'll get right on that.
He writes about how his personal stock investments are high risk small stocks that have sometimes grown from "$25,000 to a million in less than a year". Mutual funds are too "safe" and his advice is to take on lots of risk to make money.
He buys tax lien certificates and the "lowest yield I look for is 16%". A friend is derided who was willing to accept a CD yielding only 6%. If you find any of these 16% certificates, please let me know.
I wonder why he keeps writing all these books and doing seminars when he could be following his own advice and becoming insanely rich.
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Showing 1-5 of 5 posts in this discussion
Initial post: Apr 7, 2009 1:04:26 PM PDT
T. Santos says:
what a snakeoil salesman. his advice of taking on lots of risk is ingenious. Considering the laws of probability, a large number of people taking on excess risk, someone is bound to "win" out and will share their success story, while the majority will lose money, and the losers will most likely keep quiet about it. thus making kawasoki, look like a genius. or at least it will give people false hope that they too can get lucky and win out.
In reply to an earlier post on Jun 17, 2010 11:22:46 PM PDT
J. Nelson says:
In reply to an earlier post on Sep 30, 2010 2:05:52 AM PDT
Texan Cowboy says:
Are you the author's brother, relative? No need for personal name calling and suggest somebody is a loser!
In reply to an earlier post on May 26, 2012 1:25:58 AM PDT
I went to a seminar given in Kiyosaki's name, selling his books and ideas, and realized he is putting his name out to endorse a big scam. His books seem inspiring, as they have the "you can do it!" type attitude, however looking deeper, you'll find they give little concrete information and over and over say its just based on the kind of person you are. True - based on the kind of person you are, and you'll succeed just fine without his "help" while also saving yourselves thousands of dollars. Google "Rich dad poor dad scam" and learn about several more people, like me, that either almost went into the scam or did and lost thousands. Rich dad, Scam man !
Posted on Oct 16, 2012 8:19:43 PM PDT
M. Nolan says:
Regarding the 16 percent tax leins... I live in Iowa, and it is possible to obtain tax leins that charge 2% per month (24% per year) Unlike CDs of course, the time frame you get them, the interest rate, when you get your money back, etc. are going to be determined on a state-by-state basis and if you aren't careful you can buy a tax lein on a drainage ditch.
So yes, tax leins paying 16% or more are out there. However, it is not as easy as walking into a bank and buying one, and the asset may be illiquid for years depending on the state you are buying in. One thing I agree with Kiyosaki on is the importance of a team; you need someone with expertise in most of the investments Kiyosaki talks about because you can kill yourself if you don't know what you're doing, and the risks aren't highlighted in the book.
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