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Re: Rich Dad Poor Dad? - Posted by Mr. Big
Posted by Mr. Big on July 05, 2005 at 08:11:34:
I don’t dislike Kiyosaki because he is a cheerleader. In fact, I like that. What I dislike is that he has no clue what he is talking about. If you read RDPD and try to follow his advice - any of it- you will get hurt, and you may get hurt badly.
Here are 2 examples. He describes trying to “make money” as a child, by melting down lead toothpaste tubes and pouring the molten metal into plaster of paris molds. He describes the process, but neglects to bake the molds to drive out the moisture. If you try this experiment without baking the molds bone dry, the moisture will flash into steam and cause the mold to explode, showering you with molten metal.
If he had actually done this he would certainly have remembered that. I don’t suppose any of his fans have tried it but if they did, they would get hurt badly.
Another thing he mentions, is that his “rich dad” is involved in all kinds of unrelated businesses. Construction, a convenience store, something else, 4 or 5 separate unrelated business at least.
Having 4 or 5 businesses is one of those things that impresses people who know nothing about business, but I have never seen it work. I have known people who tried this model and all have failed. The people I know who succeeded, started with one business and stuck to it. After they had succeeded and made a lot of money, they may have branched out into a related business very reluctantly, almost being forced to. Good example, Donald Trump who made millions in renovating old buildings in Manhattan, then started doing more or less the same thing in Atlantic City, by buying an abandoned casino project, because it was such a smashing bargain. The real estate part was in his line, although running a casino wasn’t. He got in on the first one slowly and reluctantly, because the real estate was a steal. That’s what I mean by branching into a related business. You don’t go out and start a convenience store, a construction company, a dress shop and a muffler shop all at the same time.
There are 2 examples off the top of my head, of phony or bad advice in RDPD. Please don’t tell me why they don’t count. Tell me one specific thing he taught you that made money. I don’t mean tra la la la la, let’s all get rich and be happy. I mean something specific and concrete.
Re: Rich Dad Poor Dad? - Posted by IB (NJ)
Posted by IB (NJ) on July 02, 2005 at 16:12:31:
Great post Michaela and I totally agree. He really doesn’t go into details with his RDPD books. However, his board game Cashflow 101 does give a more specific plan on becoming financially independent. More specific but still not too many details.
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Re: Rich Dad Poor Dad? - Posted by IB (NJ)
Posted by IB (NJ) on July 02, 2005 at 16:21:15:
Skip I respect yours too. Sorry if I was a little strong with mine.
As an African American Investor who works closely with the AA community to teach and encourage economic empowerment, I find it hard to accept most of the criticism thrown at Kiyosaki. I find his materials to be very straighforward and elementary enough for people who have lived through generations of poverty (like most AA’s have) to understand it and change their lives for the better. I even use his materials in my workshops. I haven’t gotten into the particulars of Rich Dad’s existence because I really haven’t thought them to be important. What was important to me was that the man was creative enough to develop the RDPD concept so that poor and middle class people willing to listen could learn and benefit. So I’m forever grateful for that.
I feel that folks who have had the blessing of growing up in wealthy families lob a little too much criticism at the man without understanding or caring about what he has done for the under and middle classes of people in this country.
My opinion of course Skip and again I apologize for my strong approach to this discussion.
Ib
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Re: well, who’s the bullsh*tter here? - Posted by Mr. Big
Posted by Mr. Big on July 05, 2005 at 06:24:31:
I don’t differentiate myself from the Kiyosaki fans. I read his first book with great anticipation thanks to the buildup it had from his fans, and I enjoyed it thoroughly. Only afterwards when I analysed what he was really saying, and tried to figure out how to apply it, did I realise that he didn’t know what he was talking about.
What scares the H out of me , is the thought that some people might take him literally and try to follow his advice, and get hurt badly. But now I don’t think that is likely. Many will get inspiration from his book but 99 out of 100 of his readers will never actually try to copy him. The rest will quickly learn better.
If you think I am full of it please tell me one specific piece of advice, not moonshine but practical advice, that you have used to make money. Michaela you especially should be experienced enough to see through his smoke and mirrors if you read his books with a critical eye.
I must add, that he seems to have picked up some savvy after he got in the chips. His succeeding books are not as sappy as RDPD.
I thought exactly the same thing (nt) - Posted by IB (NJ)
Posted by IB (NJ) on July 03, 2005 at 09:12:41:
nt
Re: well, who’s the bullsh*tter here? - Posted by Asparruh
Posted by Asparruh on July 03, 2005 at 01:49:44:
Who cares? He spoke his mind. It is free country anyway … or at least what many claim.
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Re: Rich Dad Poor Dad? - Posted by Chuck Rosenberg
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Re: Rich Dad Poor Dad? - Posted by IB (NJ)
Posted by IB (NJ) on July 05, 2005 at 20:40:24:
The books aren’t really designed for those who are looking for specifics. His courses are but not his RDPD books. I know of a married couple who credit his REI course along with Robert Allen’s for making them millionaires.
The RDPD helped me to open my mind as to the BASIC THEORY of how wealth creation works. I then understood a little more of the details of this theory after playing his Cashflow 101 board game. There I learned not only about the importance of your ‘financial report card’ (income statement and balance sheet) but how to create one for myself. I also learned the practice of using small REI deals and other investments to catapult yourself into bigger REI deals.
Bottom line: There are millions of people who have been raised, educated and conditioned to allow themselves to be sucked up into this consumerism culture. The RDPD books are perfect for these folks who don’t have a clue. There’s nothing wrong with not having a clue, only not wanting to have a clue. Many folks looking to improve their financial situation feel that Kiyosaki is a godsend and so do I. It’s hard to understand that when you don’t come from a background that has experienced generational poverty like I and many poor people have.
Re: Rich Dad Poor Dad? - Posted by Sean
Posted by Sean on July 05, 2005 at 15:26:21:
Look, Kyosaki has made a gold mine off his Rich Dad/Poor Dad construct, but the reality is, there were no Rich Dad/Poor Dad… just literary license… a HOOK if you will to sell more books which leads to more books and tapes and seminars… and well you get the idea…
More power to Kyosaki, but if anyone actually believes that he had a “rich dad” and a “poor dad”… and they aren’t just works of fiction for dramatic effect… well, I have some oceanfront property in Pittsburgh, PA I’ll sell to ya for a steal.
Kyosaki is probably worth it to you if you don’t have any remote understanding of basic economic theory… otherwise its a complete waste… I certainly wouldn’t use it as a road map to wealth.
Re: Rich Dad Poor Dad? - Posted by michaela-ATL
Posted by michaela-ATL on July 05, 2005 at 08:38:29:
It’s been years since I’ve read RDPD, so I don’t remember teh ltitle things. I doubt, that he wrote about the melted metal in order for people to copy it. I’m sure this was meant as an example of his ‘out of the box thinking’. Again, it’s about getting the ‘big picture’ and you’re getting too hung up on the details.
Branson, who runs the Virgin Conglomerate is not doing to bad with his diversification. I believe, that Trump also has several businesses, like Developing, casinos, voice-overs for office depot or staples, tv ads, tv show and I’m sure other things, that we don’t know about. I don’t remember Kyosaki ever writing, that Rich Dad started with lots of different businesses, but rather, that he had several businesses at the time, that he knew him. A lot of people, that made it very rich, were inspired by the challenge of the business and to take it beyond it’s current scope. So, what’s wrong about searching for new challenges once something is working. I would be bored to tears, if I had to deal with the same thing over and over.
Michaela
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Re: Rich Dad Poor Dad? - Posted by Skip
Posted by Skip on July 03, 2005 at 05:25:05:
No apology necessary. By CRE standards your reply was tame. I always read everything you post because I respect your knowledge and experience. Keep up the good work! I still don’t agree with you about Kiyosaki, though …
Re: Rich Dad Poor Dad? - Posted by John Sheridan
Posted by John Sheridan on July 02, 2005 at 17:21:48:
quote:
“I feel that folks who have had the blessing of growing up in wealthy families lob a little too much criticism at the man without understanding or caring about what he has done for the under and middle classes of people in this country.”
Well, I grew up in a family of 4 where my dad was a disabled WWII veteran. All we had to live on was social security and his VA benefits, which put us well below the poverty line.
Today I am very well off, and I got that way by doing all the things Kiosaki says are worthless – namely, I got a college education (master’s degree), entered a good career, lived below my means, saved my money and learned how to invest my savings wisely.
From my own experience, I can verify that Kiosaki knows absolutely nothing about financial markets and how to make money in stocks and bonds, as another poster mentioned.
He is a charlatan, plain and simple. His books are dangerous because he makes everything sound so easy. Just look at the e-mails on Reed’s website. Some people quit their jobs after reading RDPD and now they are hurting. A doctor’s son decided to quit high school and not go to college because “education and careers are worthless”. And so on.
If you want really useful books, read Clayson’s “The Richest Man in Babylon” and Stanley’s “The Millionaire Next Door”. Those two books alone will do 100 times more good when it comes giving people the financial knowledge they need to better their lives than all Kiosaki’s books put together.
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