Is anyone (preferably someone with lots of experience in this area), familiar with R. Kiyosaki? He has a couple books out, Rich Dad, Poor Dad. I was looking into his investment strategies which he says are very simple and anyone can implement them. Are his strategies integral? Do they work?
Still interested in clarifying the facts..thanks for any feedback.
I want to invest money but in a sound & solid way...
Hey @Kumba,
While I'm not super familiar with Kiyosaki's work and advice, I do know that he's been in a bit of legal trouble. In Canada, his seminars were determined to be a scam through an investigation by the Canadian Broadcasting Corporation.
The FTC has started cracking down on investment seminars lately for being predatory and not offering anything but very basic information for exorbitant prices. They did not name Kiyosaki specifically, but they published advice on how to spot a seminar scam & how they work.
The big things to look out for, according to the FTC, are:
You can read more about it directly on the FTC website: https://www.consumer.ftc.gov/a...ent-biz-opp-seminars
I started reading one of his books and I think he is a total charlatan, IMHO.
The entire premise for his books is very simple, but valuable. Spend money on things that give you a financial return/assets (stock, rental income) and less on things that take money out of your pocket/liabilities like cars, big houses for yourself, stuff. Also, he has his grid that you want to be an investor or a business owner vs a worker or self employed. The thinking here is that owning a business or being an investor is heavily tax advantaged compared to wage income.
I have found some value in his books and I listen to his podcasts from time to time to learn about different things going on in the financial world.
When it comes to investing, I believe it is something personal that we all have to figure out on our own what advice to follow and if it is something we are willing to commit to and take a risk on personally.
I don't believe one key person has the magic investment strategy to make all the money, I believe there are multiple factors that play a role in the investment strategy you choose.
I personally know a guy who followed Robert Kiyosaki's principles and is now a multi-millionaire but even he had to do some things differently based on his personal experiences.
When it comes to the seminars a lot of these "gurus" offer I have never considered it to be worth the money. I have gone to a free class once for one of those guys only to quickly realize its just about selling you on the next step up.
When it comes to investing, I believe that reading lots of books, researching and forming your own strategies is the best way to go.
My career was sales and most sales people are seminar/book junkies. I attended and read many and here's my take:
1. I always always took away at least 1 brilliant or motivating idea and usually it paid for the seminar or book; 85% fell in that category. 15% presented 2+ brilliant or motivating ideas and were jackpots.
2. I always wondered why the seminar teachers were teaching and authors publishing instead of doing whatever made them raving financial success stories. One can not have too much money, correct? And why would they train competition, sharing "success secrets"? That seems counter-productive.........so I always made obvious assumptions about their motives as teachers or authors. You might think they make more money teaching than doing.
3. A lot of the seminar/book success stories are only possible if you have a dynamic personality, strong drive and confidence.......and start money........ and emergency money if you have a slow or no start. Not in one seminar did I ever find a magic bullet.
I read Kyosaki’s “Rich Dad, Poor Dad” book a few years ago, and might have read another one of his books(I’m not sure). I believe he gives some excellent advise , such as invest in income producing areas, but I also take his advise with a grain of salt. The fact that he is (has been) investigates for fraud/questionable actions is a red flag, but always remember: innocent until PROVEN guilty. And keep in mind: many times, dov’t agencies are not always honest or competent while they investigate/prosecute people!!
Some of the comments so far have been excellent such as: “...I found some advice (of R.K.) to be excellent, while some is questionable...”, and “...a total charlatan...” which tells us to be very diligent in checking his advice and maintaining a degree of cynicism, and I think the best advice and most pertinent was “...much of his or anyone’s advice effectiveness FOUNDATIONALLY depends on our own motivation and salesmenship!! I personally struggle off and on with motivation and especially salesmenship. Training in how to sell may or may not be effective for an individual; what little I have taken in the past has not been very effective.
Hope this helps.
In Christ’s service and yours also, Bradley
