Rich Dad Fraud Dad

Buy my book to learn the secrets of becoming wealthy by selling courses on selling books...

I think that's what Warren Buffet meant by the circular economy!

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Music Courtesy of: Epidemic Sound

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#finance #richdadpoordad #personalfinance

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Even people who know nothing about personal finance or self-development will have heard of Rich Dad Poor Dad and its author Robert Kiyosaki.

The enigmatic businessman was THE original financial influencer building a huge and loyal audience decades before the internet made it possible for anybody with a webcam and a Robin Hood account to grow a following.

There are just two problems…

His advice was never that good to begin with… and it’s only gotten worse over time…

[NoMoreCrumbs]

Remember, if someone has an easy way of actually making money they would never tell you about it. Why would they create their own competition?

[flamingburitto]

The fact that he made it big in this industry just goes to show how even if you're a failure people will believe whatever you say as long as you're selling them hope.

Edit: Writing this here because it's getting annoying. Yes I know religion also has this similar trope of selling hope. That's why I am agnostic. Please stop commenting about it as if it's a gotcha.

[edbrewington]

My wife and I read his books and what we got from them was to know the difference between assets and liabilities, using debt to your advantage, and starting your own business. Yeah....most of his stuff is fluff with no details, but he does say you need to improve your financial education and there's some truth to this. We were able to buy properties after the 2008 crash, start a business, and buy other started with nothing and saved a lump sum in order to buy our first property. Do I believe everything he says? Oh...hell no. Like anything you read, you must do your own due diligence, but it got us to take action and I think that's the most important part. The best education is to actually learn from trial and error instead of doing nothing at all.

[NicO-cmxo]

I read his book 25y ago and it was golden; I took the leap of faith but success is still elusive. What the book does is to wake you up. Success on your choices is another chapter and journey.

[RextheRebel]

I love how Robert calls the ppl who create value in society "suckers" while the ppl who extract said value created are the smart and intelligent winners who deserve what they have despite what they have not being capable of existing without the "suckers".

[ScarletJohansson-rgjr]

Every family has that one person who will break the family financial struggle, I hope you become the one

[PAlt-py]

He's the epitome of taking one small (factually) true statement and really taking it too far.

[bobholly]

I can't speak for things outside of the first book, but when I read the book, i didn't see it as him trying to tell me HOW to get rich in a specific way. The main idea i pulled from it is to increase your financial literacy & way of thinking. How you do it is left up to you.

He's even described it as like playing sports. You play the sport you like. There are different types of sports & rules to each game. Same with ways to make money.

[mbank]

I ll have to be frank, his book did teach me something about finance. That is a fact.

[edh]

I went to one of his seminars about 20 years ago, it was the biggest scam going. Spent most of the time talking about how you must grab opportunities when they arise, then low and behold he offered this amazing opportunity. Seeing old ladies go to the back of the room to pay thousands to attend the next seminar was heart breaking.

[DonkiDonkey]

Education on scams is part of financial education. A university lecturer once told me that no one will ever share their secret sauce. But the recipe they share will have some of the ingredients. Pick out the good stuff and discard the rest.

[WizoML]

The reason personal finance is complicated is because

1. What you can do depends heavily on your personal situation, so you can help yourself best, or have to pay up front for a financial advisor to do that for you (usually too expensive for a normal person)
2. If someone has something going for them, it makes no sense for them to recommend it to everyone and split the profits.

Though if you hang around on personal investing channels/forums enough and spend some dedicated time thinking about it and take decisions and watch them play out, you can manage your own money and become better at finance over time. What no one will tell you is it may take a long time upto years. That's because telling people discipline takes years to build isn't a good way to sell anything. But nothing, especially financial success comes easy.

[saiv]

That's quite ironic that other grifters are referencing that particular book like it is the Bible.

[Soy_Lilith]

I recall 20 years ago, when I was job hunting, I attended a Herbalife presentation. They were heavily promoting his book, “Rich Dad, Poor Dad.” That’s how I first discovered Kiyosaki’s existence.

[tonysilke]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.

[kagepoker]

While I disagree with his disdain for higher education, I found some value in his book Cashflow Quadrant and Rich Dad Poor Dad. He certainly is an eye-opener for the uninitiated. His perspectives are not taught in the traditional academe because we mostly learn technical stuff there. All of us are students in life and we should learn as much as possible from wherever. A wise man learns more from his foes than a fool from his friends.

[smirkdogeface]

Thankfully I majored in accounting in my college days, and prior to that I’d never come across rich dad poor dad, so when I actually read that book I already have some basic understanding of asset and liability. I understands that leverage comes with both high return and risk, and his suggestions, without context, can be wrong. Knowledge doesn’t make you rich, but at least it helps you think about things more thoroughly.

[Micro-Econ-YT]

Buy my book to learn the secrets of becoming wealthy by selling courses on selling books...

I think that's what Warren Buffet meant by the circular economy!

[JaneJasper-py]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[bicyclist]

I've read Rich Dad, Poor Dad. It's a good book. It's not a guide to getting rich, but explains how the rich think. He's a good salesman. Not all of his advice is good. Thank you.