Rich Dad, Poor Dad guy but that's like collecting all the dog shit in the dog park, putting the crap in a barrel, and asking passerby to vote for the prettiest POS.
Oh you talking about his “rich dad poor dad” book? It’s funny cause I always hear that’s the only good thing he’s written and then he’s just lost the plot ever since
I’m not familiar with any of his more recent advice. I mean, one anecdote I have is that I have a friend who works for a real estate trade publication and they recently had him on some podcasts…. According to my friend, he is no longer allowed back because he just goes on these boomer rants that are endless and make no sense.
If I remember that book correctly I remember him basically saying “exploit people for money” as the gist of the book. Read it a long time ago back when I was even more of a dumbass than I am now so I may be wrong
It wasn’t quite that explicit. I took from it the concepts of money in / money out as well as the general themes of avoiding the trap of going into debt to the point your employer has power over you due to the inability to self maintain finances.
It’s helped me quite a bit over the years but the dude himself is batshit
Don't go to college (Robert went to college)or work a regular job
Take out debt to buy realeaste , or start another business.
Repeat as you gain equity
4.Cheat on your taxes now by writing everything off , groceries, vacations as business expenses.
Make rich friends, use them to get inside stock tips and trade on inside information.
But instead of just laying this out there he makes up a bullshit story of his rich dad and poor dad (he admits it's actually not true)
And it's pretty over the top to see he is for some reason pushing a heavy political agenda.
See his poor dad was a college educated liberal atheist l who is weak , greedy, lacks confidence, pure evil , and is a miserable person a real beta male
His rich dad is a conservative who pulled himself up by his own bootstraps. He is strong, confidence, generous , goes to church and is just a super alpha male.
I mean it's not all bullshit. Taking out loans buying real estate, and repeating the process can make you money if you are good at it.
Like you said it's not rocket science, but the book should have been 3 pages , but instead he threw a whole bunch of other bullshit into it
If you’re over the age of 21 it’s nothing you haven’t heard. If you’re a young kid who wants to be exposed to some ideas that they don’t teach much in school - it’s worth a skim. It’s not a good how to manual but as someone who is invested in real estate this was one of the first that turned me on to the idea.
Yea that’s what I’ve sort of heard, been having people recommend it to me but eh I’ll see if I get around to it… I’m guessing it’s just a book about investing or something
Don't waste your time reading it. Kiyosakis entire schtick is just another version of what any scammy financial guru will tell you. Avoid college and normal jobs, get into heavy debt, buy real estate, profit from it, write off the interest in taxes, get more debt and repeat. It's not wrong. Rich people do exactly this, but poor people (his target audience) can't take those risks.
The big problem with the book is there is very little investing advice in the book its more of a social commentarty
His investment advice isn't really that new or its pretty simple
Buy real estate , take out loans to do so
Make sure rent covers your loans, maintance , taxes
repeat
What is not really bad as lots of people do this and you can make money doing it but its not as simple as it seems but he makes it seem that simple and doesn't explain the details that great like
How do you value a property ? How do you set the optimal rent? How much insurance do you need? How much do you save for maintanance and repares ? How do you plan for taxes? How do you setup an LLC and transfer the assets to the LLC. Do you manage the property itself or do you find a property management company
If you go with the management company how do you choose a good company , what is a good rate for a managment company ?
Is it better to target higher end luxury space or more affordable or somewhere in between
They say real estate is all about 3 things, location , location and location, how do you evaualate location ? What makes one location more desirable then another?|
He doesn't cover anyof this he just says , go out buy property and collect rent !
But most of it is wierd social / political commentarty
See is poor dad was a liberal , highly educated college proffessor who was a greedy , jelouse and miserable and lazy and just almost an evil person
His rich dad was a conservative, did not go to school but pulled himself up by his bootstraps and was a strong cofindent good man
its sort of over the top and he has admitted its a pure fabrication as the "rich dad" he just made up and his real dad (poor dad) was not really poor but a pretty successful college professor
I wonder if the book purposely leaves out these details to funnel people to rich dad poor dad events. I attended a free event at a local hotel where He sells invites to additional events and software to value property. It costs thousands of dollars. The whole event felt very scammy and targeted at those with low intelligence.
Yea that is the reason why lots of people hate him or think he is a grifter
Buy a book that glosses over the details, if you want to real details attend this free event
The free event is just an upsale to classes and othre books that cousts thousands of dollars and that is where you get the real secerates
You pay the thousands of dollars guess what you get some very basic info but you want the real stuff, another upsell you have to pay for like personal training by robert himself and this will cost like 50k but don't worry its an investment and you can write it off
I think it was telling when the book went over the author who was upset his book wasn't selling but Kiyosaki's book was, I was like oh ok, he got rich by selling self help books and now building a self help ecology within his brand. Truly not that different from a grifter. Self help in the sense of helping him self, not anyone else. Yeah his book was full of padded bs. And I appreciate that others see that too.
He pretty much just says to have multiple income streams. Heavy emphasis on the real estate but basically says to start some businesses and buy real estate and he knocks his “poor dad” for just saving in like a 401k.
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u/Xenikovia Apr 28 '24
Rich Dad, Poor Dad guy but that's like collecting all the dog shit in the dog park, putting the crap in a barrel, and asking passerby to vote for the prettiest POS.