Kyosaki is a very shady individual, looking at all the things that he said/contradicted/failed it seems that the follows the school of 'get rich teaching others how to get rich'. He uses and abuses of the fact that people become dumb when it comes to big money/dreams and possibilities and just takes advantage of them. Its the same thing that Agora Inc does in the newsletter business and Tim Sykes does in the chatroom business. It just seems wrong to do to that
The principals he presents are sound and are a good introductory concepts for anyone who’s interested in financial intelligence. His biggest contribution is his cash flow game which takes very dry material and makes it accessible for kids and non-financially literate adults. As for his seminar business, like most seminar businesses, are mostly to handhold and entertain by reiterating everything he’s already presents in his books. As for him being shady, I don’t really have any references for that. His books led me to another info-entrepreneur’s nothing down RE investing. That material led me to buy three houses in three weeks with no cash nor credit to my name. The next deal led to the next, so on and so forth. For someone coming from a blue collar background, receiving big checks was an eye-opener. This especially underlined the value of acting on timely asymmetrical information to match very specific sellers to equally specific buyers. Even though I grew fond of working with distressed RE, the change of fortune I witnessed repeatedly with folks and their property had me realize I had inner issues around feeling predatorial in relating to peoples mis-fortunes. I stopped active involvement in the biz when I experienced the same unintended mis-fortunes and experienced the same distressed circumstances. It became clear that the ‘means are more important than the result’ at least for me.
Yep, I read Poor Dad Rich Dad in my mid twenties when I was in a very different financial position (cash and culture wise) and found it quite interesting, it's a long time ago but remember Kiyosaki stressing the need to create passive income while limiting one's tax burden, while also I think being careful on luxury expenses that can't be paid for by passive income. Very sensible. Note that I never looked much into RE, even when I could afford it, and still don't own any (own like 3.5% REIT in my overall portfolio though as well as some property related stocks) so that part of the book didn't stick, but the principles looked good outside RE as well.
The whole story of the two dads is a made up fabrication but it's not a bad book for a neophyte..I think he tried to claim he called the dot com bubble also so enough said. Him and Trump use to share the stage at those get rich quick Orgies.
Thats the part where I gave up on him, he refuses to even clarify if the story is real or fiction. That pretty much means the story is made up or that he exaggerated it a lot in order to get fame and money
All books are worth reading, in my opinion. -- If for nothing more, than just to get away from all your electronic devices and stimuli...and calm down, and open your mind with physical paper and words, Books and their author's widsoms and lessons are part art, part science...it's black and white, but also open to interpretation on multiple levels, My mind always feels like I just played a long chess game, after reading a physical book. -- the same can't be said with watching a movie, or reading a website or ebook. Everything is an indirect further stepping stone to success, even things that may initially seem useless or a waste of time,
Rich Dad Poor Dad helped me to think about finance, savings and building a financial future, but I could have done the same with dozens of other books. But the thing is, given that the story is fake and Kyosaki has been caught lying multiple times, that means he is not a reliable/belieavable person. Therefore if you get advice from him, you must be extremely careful. He will have no problem feeding you bs if he thinks it will get him richer. Thats the danger of relying on shady people that value money more than anything else like him
Here is a better book that can teach the same thing that Rich Dad Poor Dad does, without all the garbage and exposure to shady people: The Richest Man in Babylon
I have my share of major biz failures and successes. So I know part what Kiyosaki talks about. But I'm pretty new to investing and passive income. So I attended one of his seminars nearby to see if I could get inspired. But it was disappointing and the event organizer keeps sending me messages to buy their newly launched cryptocurrency. wtf But still I find many articles referencing Kiyosaki and his numerous new and old books, so I wondered if the content of his books itself might be accessible and worthwhile. I have Richest Man Babylon, will start reading. Thanks.