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Robert Kiyosaki's claims are pretty hard to verify. Rich Dad, Poor Dad is not a good source for financial information. Edit: Forbes link (http://www.forbes.com

Robert Kiyosaki's claims are pretty hard to verify. Rich Dad, Poor Dad is not a good source for financial information. Edit: Forbes link (http://www.forbes.com/sites/helaineolen/2012/10/10/rich-dad-poor-dad-bankrupt-dad/ http://www.forbes.com/sites/helaineolen/2012/10/10/rich-dad-...)

benjaminwootton 13y ago
Even if it's true, property millionaires are outliers who simply used lots of leverage to accumulate property during a massive credit fueled orgy of speculation. They got lucky. Those conditions are not likely to return and the path is likely to be much more difficult for anyone trying to do the same today. I don't admire property speculators such as Kiyosaki. Recklessness rather than brains led many people down this path, and then they were subsequently bailed out with taxpayers money and ZIRP when it all went wrong. In addition, hoarding property is actually a massive net negative to society. (I am talking about our breed of buy to let investors here in the UK. I'm not sure if you have the same characters stateside.)
- koralatov 13y ago
  I couldn't agree more. It's because of buy-to-let `investors' that rents on one-bedroom flats start at about £550 per month in the city in which I live and only go up from there. That's up by about £250 in the ten years I've lived here, and has continued to climb even during the Recession. Prices to buy have more than tripled during the same period. The net effect of that is that some people got very, very wealthy, others got a little bit wealthier, and the majority got much poorer funding the wealth of the other two groups.
- scotty79 13y ago
  > In addition, hoarding property is actually a massive net negative to society. I think that progressive task on real estate could help with that. If you own one, two or even three houses, no tax, but if more, tax should grow very fast. Fast enough that it's more economical to sell property than keep it.
deleted 13y ago
[deleted]
tjr 13y ago
It's some fishy stuff. But reading that book was also the first time that I realized I could have income besides a paycheck from a job; I remember the book fondly, even if its specific advice (if you can call it "specific") is questionable.
- TDL 13y ago
  If that's the only take away you had from Kiyosaki then I would say you are ahead of the game. You've found the gem in his philosophy (probably the only gem.)
aymeric 13y ago
It doesn't matter. The concepts he teaches is what matters.
- Luc 13y ago
  Yes, it bloody well matters. What's the point in getting some high-level concepts correct if all the nitty-gritty detail is wishful thinking and fantasy? Instead, read Warren Buffett's letters to shareholders and take it from there.
  - TDL 13y ago
    As much as I have not been a fan of Buffett over the past dozen or so years, I can't vote this up enough. Even better, the shareholder letters are available for free on Berkshire's website (some pdf, some html.) A little searching and you can find his letters to his partners from his hedge fund days. Buffett & Munger are exceptionally good at what they do and they articulate their philosophy & the nuts and bolts of how they do it for free to anyone that is interested.
  - smrtinsert 13y ago
    I remember reading one and thinking that it was more insightful than most finance content that is actually supposed to provide actionable information.
  - scott_karana 13y ago
    The details aren't fantasty: they're history. Times change. He is even very clear that they were specific circumstances, and that it's not generalizable advice.
    - Luc 13y ago
      History is usually not made up. The guy is a huckster.
- steveinator 13y ago
  Agreed. I think that there was a lot of snobbery the way he says 'look at how I got rich, you're doing it wrong'. But some of his concepts are immensely valuable. I like how he pushes the idea of strong education in accounting, law, and other business essentials, as well as his use of networking and assessing of market conditions.
onebaddude 13y ago
Kiyosaki teamed up with Donald Trump to write a more recent book, titled, "We Want You To Be Rich!". That speaks volumes about their angle and market. That said, the core philosophy of Rich Dad, Poor Dad is a good lesson: make your money make money by buying "assets" and avoiding "liabilities".
- probablyfiction 13y ago
  Also, buy low and sell high.

benjaminwootton 13y ago

Even if it's true, property millionaires are outliers who simply used lots of leverage to accumulate property during a massive credit fueled orgy of speculation. They got lucky. Those conditions are not likely to return and the path is likely to be much more difficult for anyone trying to do the same today. I don't admire property speculators such as Kiyosaki. Recklessness rather than brains led many people down this path, and then they were subsequently bailed out with taxpayers money and ZIRP when it all went wrong. In addition, hoarding property is actually a massive net negative to society. (I am talking about our breed of buy to let investors here in the UK. I'm not sure if you have the same characters stateside.)

koralatov 13y ago
I couldn't agree more. It's because of buy-to-let `investors' that rents on one-bedroom flats start at about £550 per month in the city in which I live and only go up from there. That's up by about £250 in the ten years I've lived here, and has continued to climb even during the Recession. Prices to buy have more than tripled during the same period. The net effect of that is that some people got very, very wealthy, others got a little bit wealthier, and the majority got much poorer funding the wealth of the other two groups.
scotty79 13y ago
> In addition, hoarding property is actually a massive net negative to society. I think that progressive task on real estate could help with that. If you own one, two or even three houses, no tax, but if more, tax should grow very fast. Fast enough that it's more economical to sell property than keep it.

deleted 13y ago

[deleted]

tjr 13y ago

It's some fishy stuff. But reading that book was also the first time that I realized I could have income besides a paycheck from a job; I remember the book fondly, even if its specific advice (if you can call it "specific") is questionable.

TDL 13y ago
If that's the only take away you had from Kiyosaki then I would say you are ahead of the game. You've found the gem in his philosophy (probably the only gem.)

aymeric 13y ago

It doesn't matter. The concepts he teaches is what matters.

Luc 13y ago
Yes, it bloody well matters. What's the point in getting some high-level concepts correct if all the nitty-gritty detail is wishful thinking and fantasy? Instead, read Warren Buffett's letters to shareholders and take it from there.
- TDL 13y ago
  As much as I have not been a fan of Buffett over the past dozen or so years, I can't vote this up enough. Even better, the shareholder letters are available for free on Berkshire's website (some pdf, some html.) A little searching and you can find his letters to his partners from his hedge fund days. Buffett & Munger are exceptionally good at what they do and they articulate their philosophy & the nuts and bolts of how they do it for free to anyone that is interested.
- smrtinsert 13y ago
  I remember reading one and thinking that it was more insightful than most finance content that is actually supposed to provide actionable information.
- scott_karana 13y ago
  The details aren't fantasty: they're history. Times change. He is even very clear that they were specific circumstances, and that it's not generalizable advice.
  - Luc 13y ago
    History is usually not made up. The guy is a huckster.
steveinator 13y ago
Agreed. I think that there was a lot of snobbery the way he says 'look at how I got rich, you're doing it wrong'. But some of his concepts are immensely valuable. I like how he pushes the idea of strong education in accounting, law, and other business essentials, as well as his use of networking and assessing of market conditions.

onebaddude 13y ago

Kiyosaki teamed up with Donald Trump to write a more recent book, titled, "We Want You To Be Rich!". That speaks volumes about their angle and market. That said, the core philosophy of Rich Dad, Poor Dad is a good lesson: make your money make money by buying "assets" and avoiding "liabilities".

probablyfiction 13y ago
Also, buy low and sell high.