An interesting take on "credit-ism"

[Jake]

I always find Kiyosaki an interesting read, even if I would never want to get into real estate or debt like that
http://jetsetmag.com/categories/real-es ... m.html#nav

Excerpt:
In 1973, while most of my fellow pilots were preparing to fly for the airlines, I became a student of credit-ism. While still in the service, my credit-ism study began with a three-day weekend class on how to borrow money to finance real estate investments. It took me six months to find a condominium on the island of Maui that I could purchase for 100% debt — and still produce positive cash flow. In other words, I was using OPM (other people’s money), money from savers and bondholders, people who still believed in capitalism to get rich. Once I did that, I knew I would never need money again. I became a credit-ist rather than a capitalist. Today, I own thousands of properties, financed with credit (debt) and producing positive cash flow.

[FarmerD]

Good heavens Jake, are you serious or are you trying to be a troll here?

Kiyosaki is a despicable liar and con artist and i don't believe anything he says.  He owns thousands of properties? BullS**t!  He holds the distinction of writing perhaps the single worst financial advice article ever written since the dawn of man.  On Yahoo finance a few years ago he wrote that you have far better odds of making money in Las Vegas than in the financial markets. He said nobody makes money in stocks or bonds.  Then he went on about "diversification is for losers."  In the comments section to his article, a couple true believers tried to defend him but the other 99% of commenters expressed outrage at such patently absurd advice.  Yahoo finance eventually took down his article since they didn't want to become the laughingstock of the investment world.

I seriously doubt anyone has ever made any money by using his real estate "techniques" which involve fraud and other illegal activities like tax evasion. 

If you want to know the hard truth about this joker go here:
http://www.johntreed.com/Kiyosaki.html

[Jake]

Good heavens Jake, are you serious or are you trying to be a troll here?

Kiyosaki is a despicable liar and con artist and i don't believe anything he says.  He owns thousands of properties? BullS**t!  He holds the distinction of writing perhaps the single worst financial advice article ever written since the dawn of man.  On Yahoo finance a few years ago he wrote that you have far better odds of making money in Las Vegas than in the financial markets. He said nobody makes money in stocks or bonds.  Then he went on about "diversification is for losers."  In the comments section to his article, a couple true believers tried to defend him but the other 99% of commenters expressed outrage at such patently absurd advice.  Yahoo finance eventually took down his article since they didn't want to become the laughingstock of the investment world.

I seriously doubt anyone has ever made any money by using his real estate "techniques" which involve fraud and other illegal activities like tax evasion. 

If you want to know the hard truth about this joker go here:
http://www.johntreed.com/Kiyosaki.html

I am surprised by the strength of your sentiment in response to my post. As I stated in my post,  I personally don't agree with his ideas about the uses of debt or real estate. However, I can find it stimulating to read ideas that I disagree with.

As regards whether he bigs himself up a lot and misrepresents his true wealth or misrepresents other things, that may be, I don't know. I thought what he wrote about fiat currency and debt in this article was interesting irregardless of that.

[FarmerD]

Jake,
Sorry if I came off too strong -I am certainly not upset with you.

I do have a bone deep hatred of Kiyosaki.  I know of at least 2 people who bought into the Rich Dad shtick and promptly became followers.  They tried to convince my wife to also become a Rich Dad real estate speculator.  I immediately vetoed that idea.  Needless to say these people subsequently lost a lot of money.  Kiyosaki's books harm people, simple as that. 

I also like to read ideas and opinions that are contrary to my own opinions.  That's how I learn.  However, if some guy writes that stock and bond investing is dumb, saving money is dumb, and diversification is for losers, I don't see him providing a contrary opinion.  I see him as providing a stupid opinion.  Perhaps somewhere he stumbles and actually provides some decent advice.  But the occasional piece of decent advice is mired is a veritable forest of bad advice. 

Many people assume that since Kiyosaki's sold millions of books, appeared on TV many times, and had a regular Yahoo Finance column, that he must be a credible expert. As a fellow PP'er, I sincerely don't want to see you or anyone else reading Kiyosaki's articles without being fully aware of what he has written in the past.     

 

[AdamA]

Robert Kiyosaki makes me think of a guy at the top of an elaborate pyramid scheme.  I think his investing ideas, most of which involve leverage, are  very bad for most people. 

Nonetheless, I can see why Jake would find him interesting to listen to.  It's kind of like when I watch Dr. Phil. 

[l82start]

i actually enjoyed his first book when i read it, some of the philosophy of successful people stuff struck a cord, but the investing advice didn't sound right to me even as a non investor at the time, and when i heard the "there is no rich dad" story's and saw the multilevel marketing it turned me right off ever reading anything else he ever wrote.
i would recommend the millionaire next door over his books, they are a much more useful read..