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While it's true that the prime motivation for any author writing a book is to sell more books, it doesn't mean that all books are worthless.

Kiyosaki's books are excellent in my opinion. I don't agree with everything he says about real estate but his Cash Flow Quadrant is so true it hurts.

Reading self help books will not make you rich, but putting in to action the principles portrayed in the books will take you many steps closer.
 
Considering the guy is more or less deemed a fraud by a few sources, I really don't have the time or patience to pick thru the 'wheat' from the 'chaff' to look for a snippet of a good story.

Kind of like this guy.
 
Kiyosaki? A fraud?

He really has made millions in the real estate field.

First I've ever heard of him being a fraud!
 
Mr_Creepy said:
First I've ever heard of him being a fraud!
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Read Doug's post.

First of all, I like his -- don't invest in mutual funds, they're too risky nonsense. They're as risky or safe as you want them to be.

Tell you what -- compare the returns on the S&P 500 over the past, oh, 100 years, versus the returns on anything else, and see what comes out on top.
 
Mr_Creepy said:
Kiyosaki? A fraud?

He really has made millions in the real estate field.

First I've ever heard of him being a fraud!
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According to a few websites, he's made "millions", not millions in real estate.

Wasn't he also the guy that talked about doing a re-fi on your primary home to an interest-only loan because real estate 'always appreciates' and use the equity in your home to invest in individual stocks -- so when the real estate bubble bursts in some areas, not only have you gotten burned on your Pets.com stock, you've also wizzed away your equity in a get rich quick scheme.

Then that interest-only balloon payment hits and you can't refinance because your credit is wrecked, you have no liquidity and Greenspan raised the prime lending rate.

Genius.
 
I dislike authors, i.e., Kiyosaki, whose prime definition of success is how much money you make and how rich you can get. He totally disses his teacher father as a failure because he never made any money. BS!!! His father may have been a brilliant, successful teacher who touched untold lives...providing a high level of satisfaction and enough money to live comfortably. Pretty successful in my book.

Success is the self satisfaction than comes from reaching your potential....performing at a level that you call your best...knowing you've done the best that you are capable of performing.

I know many brilliant, successful people...who live quite modestly...who are only interested in doing their jobs to the best of their abilities and quietly raising a family.

He and his kind...the one's whose sole motivation is getting rich...I don't have much use for.
 
B767Driver said:
I dislike authors, i.e., Kiyosaki, whose prime definition of success is how much money you make and how rich you can get. He totally disses his teacher father as a failure because he never made any money. BS!!! His father may have been a brilliant, successful teacher who touched untold lives...providing a high level of satisfaction and enough money to live comfortably. Pretty successful in my book.

Success is the self satisfaction than comes from reaching your potential....performing at a level that you call your best...knowing you've done the best that you are capable of performing.

I know many brilliant, successful people...who live quite modestly...who are only interested in doing their jobs to the best of their abilities and quietly raising a family.

He and his kind...the one's whose sole motivation is getting rich...I don't have much use for.
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Bingo. Too many people use material possesions for their definition of "successful." I bet many of those people with the new cars, new houses, and pools are also swimming in boatloads of debt. Success, to me, is saving enough to retire while also being able to afford a few small pleasures. It is raising good kids and being a good husband/father.

Stop focusing solely on the material things in life and stop and smell the roses!!!
 
tonyw said:
Read Doug's post.

First of all, I like his -- don't invest in mutual funds, they're too risky nonsense. They're as risky or safe as you want them to be.

Tell you what -- compare the returns on the S&P 500 over the past, oh, 100 years, versus the returns on anything else, and see what comes out on top.
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I read Doug's post. What about it?

Kiyosaki has some strange ideas about real estate I grant you, but tell me this - what good is equity in your home? I think I'd rather have the cash in 9 out 10 disaster scenarios.

If I get injured and can't work anymore, who is going to lend me money on my home equity? Hear that hollow echo?

I don't recall RK blasting mutual funds. I believe his example was like this.

If you invest 10k in stocks/funds and you get a 10% increase over 1 year you've made 1k.

On the other hand, if you use the 10k as a down payment on a rental property, rent it out to cover the closing costs and payments, and sell it 1 year later at a 10% increase, you have made 10k, or doubled your money.

Great illustration of how using Other People's Money (OPM) really works.

Granted, one has more risk, but without risk there is no gain.

As for success not being defined as more money, well you're right but consider this:

It's a lot easier to stop and smell the roses when you have a substantial residual income and don't have to bust your ass 10-12 hrs a day just to make the bills.

Best lesson to learn from RK and others like him? Success is not about working hard, but about working smart.

Thanks for the soapbox!
 
""Now why do guys like you and me know what a duvet is? Is it essential to our survival, in the hunter-gatherer sense of the word? No."

"Right. We're consumers. We're by-products of a lifestyle obsession. Murder, crime, poverty -- these things don't concern me. What concerns me is celebrity magazines, televeision with five hundred channels, some guy's name on my underwear. Rogaine, Viagra, Olestra."

"The things you own, end up owning you. But do what you like, man."

"We were raised on television to believe that we'd all be millionaires, movie gods, rock stars, but we won't. And we're starting to figure that out."
 
Yeah. Because we all know that real estate always only goes up. And there are no such thing as bubbles that burst.

Maroons like this joker take advantage of idiots with no financial education to say, you, too, can get rich.

Yeah, whatever. The only one who's getting rich from the schemes he promotes is him.

If you look at the link from Doug's post, you will see that he's a liar. I don't like liars. And I sure as hell don't turn to them for financial advice.
 
tonyw said:
Yeah. Because we all know that real estate always only goes up. And there are no such thing as bubbles that burst.

Maroons like this joker take advantage of idiots with no financial education to say, you, too, can get rich.

Yeah, whatever. The only one who's getting rich from the schemes he promotes is him.

If you look at the link from Doug's post, you will see that he's a liar. I don't like liars. And I sure as hell don't turn to them for financial advice.
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I don't think he's a liar. He is correct that ownership dollars are the way to grooming extreme riches. However, I don't like his tone towards those interested in other ambitions that are as noble as becoming filthy rich. To listen to him...a pastor, for example, that might find personal riches from helping people through personal trauma...is nothing more than a scumbag who'll always be a low form of life. His tone turned me off right away.

"Own Your Own Corporation", a book written by a separate author under his brand of 'Rich Dad' books was very informative...and actually saved me a ton of money in legal fees when I incorporated several years back. Thank goodness, that all I had to read from him was something in the intro...which I promptly skipped over.
 
tonyw said:
Yeah. Because we all know that real estate always only goes up. And there are no such thing as bubbles that burst.

Maroons like this joker take advantage of idiots with no financial education to say, you, too, can get rich.

Yeah, whatever. The only one who's getting rich from the schemes he promotes is him.

If you look at the link from Doug's post, you will see that he's a liar. I don't like liars. And I sure as hell don't turn to them for financial advice.
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Look just because one Mr. John T. Reed can't prove that there was a Rich Dad doesn't make RK a fraud.

For every successful person there's hundreds of jealous critics whining about them.

He sells books, he makes money. What you get from the books is your own business.

However, accusing someone of being a fraud in a public forum like this could be a serious matter.

Let's keep it professional
 
Dude, you're starting to sound like one of 'those guys' that were hawking the book!

Ya know what I'm talking 'bout! :)
 
B767Driver said:
I dislike authors, i.e., Kiyosaki, whose prime definition of success is how much money you make and how rich you can get. He totally disses his teacher father as a failure because he never made any money. BS!!! His father may have been a brilliant, successful teacher who touched untold lives...providing a high level of satisfaction and enough money to live comfortably. Pretty successful in my book.

Success is the self satisfaction than comes from reaching your potential....performing at a level that you call your best...knowing you've done the best that you are capable of performing.

I know many brilliant, successful people...who live quite modestly...who are only interested in doing their jobs to the best of their abilities and quietly raising a family.

He and his kind...the one's whose sole motivation is getting rich...I don't have much use for.
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:yeahthat:

When I read it, that was definitely the impression that I got.
 
It's easy to 'get rich'.

- Sell crack!
- Become a CEO and continually screw your employees.
- Run pyramid schemes but get in early

The real question should be, "How does one build sustainable wealth"?
 
I guess it depends on how you define "wealth". Is it (insert figure here) million dollars, cars, houses, etc or is it faith, family, a comfortable lifestyle, and cold beer?
 
Somebody on here said that the book, "The Automatic Millionair," is pretty decent and so far I've got to agree! It's really more about how to not screw yourself with you're retirement and has nothing to do with getting rich quick. In fact I don't think the guy has recommended any ways to obtain a signifigant amount of wealth in under 30 years, which I figure it about the only way to do it (unless you get lucky that is).
 
John, John, John.

Fool me once, shame on you. Fool me twice, shame on me.

How does this apply to this book?

If he'll lie about his background, his history, etc, he'll lie about how successful his schemes are.

When there are plenty of sources of material on how to create wealth written by people who actually don't make stuff up, I'll stick to them.

Can you make money in real estate? Sure. But you can also go broke in real estate, as some people are going to find out when the bubble bursts.

767, I think you hit it right on the head. If you measure your life by how much money is in your bank account, you've got some issues. I agree with you 100 percent on how it's so sleazy. To me, it's so unfulfilling. I don't define myself by my wallet.

I won't be worth the $50 to $100 million that Mr. Rich Dad Poor Dad claims to be worth, but I can live with that. Poor ole liburl me is tapping into the stock market and even with a relatively low return on my investments, let's put it like this. If I hook up with an airline, it won't matter if the retirement age is 60 or 65, because I should be able to retire before that and live decently.

And that's all I need.
 
fender_jag said:
I guess it depends on how you define "wealth". Is it (insert figure here) million dollars, cars, houses, etc or is it faith, family, a comfortable lifestyle, and cold beer?
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Clearly the latter, but some will argue about the "comfortable lifestyle" part.

Having a wife and kids is the ultimate goal of our being. Some of you guys out there with said wife and kids should really appreciate that stuff (like um, how could you ever leave your kids and wife to go get a job somewhere? That'd destroy me! Your kids are only kids once. And it's just a job.)

Uhono, just an outsider's opinion. I'd love to have a wife with a smile on her face, and a house that keeps me warm. Guess I'm a simple folk. Maybe I'll get a sailboat one day :)
 
Chris_Ford said:
I'd love to have a wife with a smile on her face, and a house that keeps me warm. Guess I'm a simple folk. Maybe I'll get a sailboat one day :)
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If you're not worried about keeping up with the Jones, you'd be amazed at how much less money you've got to spend. For example, someone I know just traded in his five year old car, which nothing was wrong with, to buy another one.

Hey, his life, he can do what he wants.

Until he says to me, man, Tony, how old is your car? It's a 1998, don't you want a new one?

I said, nah, why?

Well, geez, man, there are so many new cars out there, why not get one of those?

Mine's paid for, that's why.

Why not take out a new loan, then?

Because there's no reason to?

But don't you think people will think it's cool for you to have a new car?

I just shrugged at that point. But what I was thinking is, man, dude, if you've got to rely on your vehicle to make people think you're cool, that's pretty sad.
 
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