Poor Dad - corporate bankruptcy

22 replies
Just one of the 'rich dad, poor dad' corporations is filing for bankruptcy, so I'm not sure how serious it is overall.

'Rich Dad, Poor Dad' author files for corporate bankruptcy | azfamily.com Phoenix

At least from the article it also seems as if some dishonesty is involved.

What do you think? Was the book just gamesmanship from someone who learned how to press the right buttons, or is it still valid?
#bankruptcy #corporate #dad #poor
  • Profile picture of the author KimboJim
    I never trusted him, especially when you read into his past. For example, he never really made the fortune he kept talking about in his book UNTIL AFTER he was selling the book, he didn't really have the whole rich/poor dad life he keeps claiming, etc. The thing that surprises me is that he's filing bankruptcy this late. I assumed the game would be up years ago for him.
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  • Profile picture of the author SasaIlic
    I assume that now everyone will start talking how they are not surprised and they always knew he was lying etc, and still he made millions selling that book, so who was buying the book if everyone knew?
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  • Profile picture of the author KimboJim
    One of my friends bought the book, but he was the type to fall for any get rich quick scheme. I looked at it and told him it was nonsense.
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  • Profile picture of the author Don Grace
    I never read the book, but this does fall into the category of the typical complaining people do in these markets... "You make money by selling how to make money stuff", or "You make money by selling Law of Attraction stuff", or if you remember Seinfeld the character Kramer selling a coffee table book about coffee tables...

    I say who cares! A product is a product. No different than the coffee at Starbucks or the gas at Chevron. In this case it's a book. As long as it has accuracy, I don't care if I buy from someone who doesn't use the suggestions. It's the same thing as saying Amazon doesn't do the Rich Dad thing so why do they sell it? Because they are a distributor and in other cases a publisher.

    I think this limiting belief is what holds many back. I do know that part of his philosophy is investing in precious metal especially silver and I agree 100%.
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  • Profile picture of the author Odahh
    the difference is that this is one of his companies.. he has several ..

    but yeah they did get rich teaching people how to get rich and investing those profits in assets ..
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  • Profile picture of the author Sarevok
    Haha.

    Me and my good friend listened to the audio book not too long ago.

    It's actually a great book.

    The question is: is the dude really broke, or is this a mere strategic move?



    Guy is tricky.

    Remember to read between the lines.
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  • Profile picture of the author Ernie Lo
    Robert K is a genius and the book is life changing.

    He is a hard worker and had made something out of his life. We don't know if he is a fraud or not, but his information for the most part is helpful.
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    • Profile picture of the author JTzor
      Originally Posted by Ernie Lo View Post

      Robert K is a genius and the book is life changing.

      He is a hard worker and had made something out of his life. We don't know if he is a fraud or not, but his information for the most part is helpful.
      Well, define fraud.

      He mentions his "Rich Dad," yet no one can quantify, identify or verify the existence of the person who took him under his wing and taught him how rich people think.

      Furthermore, prior to joining up with, amongst other companies, the learning annex, there is no record of him having attained any wealth whatsoever, he was certainly no millionaire prior to his books or his "wealth training."

      Now if you have read his material, there is a good amount of information in there that is at the very least borderline illegal, and I include his tips on "insider trading."

      Let the reader be the judge - I have read his books and that is my "interpretation."

      Robert G. Allen (author or multiple streams of income) once said that he sold entertainment, not money management or wealth instruction series; he, Russ Whitney, Kiyosaki, and folks of his ilk run in the same circles. Hard as it is to stomach and bring up, many of these guys get by using late night infomercials, but when the jig is up (reference the mortgage backed securities and real estate crash of the last 8 years) they disappear. Has anyone heard from Russ Whitney or Robert G. Allen, or even Carlton Sheets - same circles, same media companies. I think they all fancy themselves entertainers at our expense.
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      • Profile picture of the author Ernie Lo
        Originally Posted by JTzor View Post

        Well, define fraud.

        He mentions his "Rich Dad," yet no one can quantify, identify or verify the existence of the person who took him under his wing and taught him how rich people think.

        Furthermore, prior to joining up with, amongst other companies, the learning annex, there is no record of him having attained any wealth whatsoever, he was certainly no millionaire prior to his books or his "wealth training."

        Now if you have read his material, there is a good amount of information in there that is at the very least borderline illegal, and I include his tips on "insider trading."

        Let the reader be the judge - I have read his books and that is my "interpretation."

        Robert G. Allen (author or multiple streams of income) once said that he sold entertainment, not money management or wealth instruction series; he, Russ Whitney, Kiyosaki, and folks of his ilk run in the same circles. Hard as it is to stomach and bring up, many of these guys get by using late night infomercials, but when the jig is up (reference the mortgage backed securities and real estate crash of the last 8 years) they disappear. Has anyone heard from Russ Whitney or Robert G. Allen, or even Carlton Sheets - same circles, same media companies. I think they all fancy themselves entertainers at our expense.
        Regarding Roberts prelife before his books took off, I don't know the truth. I suspect what you're saying may be true but its just one side vs the other.

        What I do believe is that, once he got famous he has done well and had some great investment advice such as buying Silver which he was right on the money with. I personally only care what he can do for me so thats why I think there is value in what he has shared with us.

        Is he a saint? Did he make the whole rich dad poor ad story up? Maybe and while yes nobody likes a liar, in the end I believe his material and advice can help others.

        I'll never meet the guy in real life , so what I'm saying is I don't particularly care a whole lot if he did lie about his period pre-fame. I would really like to hope he hasn't lied and I would be annoyed of course but it doesn't take away the good material and overall positive message he is trying to portray.

        Having said this, I don't know how I would feel if we do find out he is a liar, I may never want to deal with him again but I can't say that for sure.

        LOL hows that for a mess of a post
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        • Profile picture of the author JTzor
          Originally Posted by Ernie Lo View Post

          Regarding Roberts prelife before his books took off, I don't know the truth. I suspect what you're saying may be true but its just one side vs the other.

          What I do believe is that, once he got famous he has done well and had some great investment advice such as buying Silver which he was right on the money with. I personally only care what he can do for me so thats why I think there is value in what he has shared with us.

          Is he a saint? Did he make the whole rich dad poor ad story up? Maybe and while yes nobody likes a liar, in the end I believe his material and advice can help others.

          I'll never meet the guy in real life , so what I'm saying is I don't particularly care if he did lie about his period pre-fame. I would really like to hope he hasn't lied and I would be annoyed of course but it doesn't take away the good material and overall positive message he is trying to portray.
          The problem is he is an entertainer who is giving financial advice to folks like you and me - although you trivialize his experience pre-fame, there should be some grounding in fact for someone such as him before he can spout off some of his "advice." Ultimately, just as with McDonalds and other fast food chains, it is up to the consumer what he or she chooses to do with the information that is consumed.

          Btw, calling his father, an educator and fairly successful man, his "poor dad" is not what i would call painting an overall positive message, especially since he is comparing him to an imaginary entity - but hey, to each his own.

          JT
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          • Profile picture of the author Ernie Lo
            Originally Posted by JTzor View Post

            The problem is he is an entertainer who is giving financial advice to folks like you and me - although you trivialize his experience pre-fame, there should be some grounding in fact for someone such as him before he can spout off some of his "advice."
            JT
            No necessarily. His advice for the most part is correct. One can give good advice even though they have not acted on that advice especially if the book is fiction (which I don't know if it or not)

            . Where I agree with you, is pretending you are rich and making outright lies and claims about him personally earning X amount, that is very wrong if that's the case. I don't know the real truth unfortunately.
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            • Profile picture of the author JTzor
              Originally Posted by Ernie Lo View Post

              No necessarily. His advice for the most part is correct. One can give good advice even though they have not acted on that advice especially if the book is fiction (which I don't know if it or not)

              . Where I agree with you, is pretending you are rich and making outright lies and claims about him personally earning X amount, that is very wrong if that's the case. I don't know the real truth unfortunately.

              Well, thank you for emboldening me - for the new year, prepare to feast your eyes on my new book "Rich Geek, Poor Geek, how my next door neighbor, an anti-social uber-intelligent super programmer divulged to me mobile app building secrets that made me a mega-trillionaire, and how you can benefit from my forthcoming sage advice and wisdom."

              In it will be advice on building websites, and getting all kinds of rich creating mobile apps and selling them to offline businesses and the like, cause that is where the money is at. How is that for prescience?

              PS - Doing the above will without question make you more money than investing in any REIT or Silver based Index Fundz!

              Warmest Regards

              JT
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              "The Path to success is not a straight line but a jagged, broken road which we must piece together & make our own."

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  • Profile picture of the author eugenedm
    I never bought his book. Anyway, even if I purchased his book, if there's an idea there that I think will work I would use it. Any break through idea that works always helps.
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  • Profile picture of the author Odahh
    one of the things he teaches.. is to have several different companies to protect your wealth so if you get a huge lawsuit in one that puts it out of business you do not lose everything ..
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  • Profile picture of the author betsyanne
    Whoa! I will have to read more about this. I bought the book because it looked really good. I have not read it yet.

    Thanks for the heads up!
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  • Profile picture of the author ExquisiteMedia
    Too bad there has to be those to pretend that they're a poor dad when there are real ones like me out here.
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  • Profile picture of the author GerryMedia
    It's just a media hype to sell ratings.

    Will you stop reading a book by a health expert who dies of a disease?

    Absolutely not.

    Nothing is permanent in this world. Not wealth. Not health.
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  • Profile picture of the author ElliotBerg
    I still don't understand why people are not using their intelligence.

    He operates several companies under his name and it's just one of his companies that's gone under.

    It's like, if you have $1000 and you lost $200 bucks.. I don't think it hardly matters. But certainly, his reputation will take a beating but he has earned a lot and he would be earning in the years coming also.
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    • Profile picture of the author JTzor
      Originally Posted by peerless2acme View Post

      I still don't understand why are people not using their grey matter. He has many many companies under his name and it's just one of his companies that's gone insolvent. It's like, if you're having $1000 and you lost $10 .. I don't think it hardly matters. Just that his reputation will take a beating but he has earned a lot and he would be earning in the coming years too.

      I don't give a damn who was his dad or that he made a rather interesting story, as all that matters to me is, he has inspired a million individuals and showed them path towards entrepreneurship. If I am not wrong, he's still having more than $80 million worth assets and that certainly doesn't make a bankrupt. People have bought his books and those who are now insulting him were the ones who sometime praised him for his philosophy. Success has many fathers. Failure has none.
      So you are ok with someone passing fiction along as reality and using that as their basis for launching their success and wealth, so long as his books are purchased; and you are fine with these individuals, who have virtually zero foundation in what they are giving advice in passing that advice along and possibly putting those that take that advice in jeopardy. I see - perhaps you should reevaluate who is or isn't "using their grey matter."

      Feel free to read here Deconstructing Robert Kiyosaki | The Simple Dollar - In Pertinent Part, here is one excerpt: "[Kiyosaki changes fundamental parts of his story to fit the situation. For example, he claimed for years that Rich Dad was real in order to get Rich Dad, Poor Dad accepted as nonfiction, but in the February 2003 issue of SmartMoney magazine, Kiyosaki said “Is Harry Potter real? Why don’t you let Rich Dad be a myth, like Harry Potter?” In other words, the entire premise under which Rich Dad, Poor Dad was sold was a complete fabrication. Kiyosaki misrepresents the facts and gives advice that directly contradicts both common sense and his own background.
      The bottom line: Robert Kiyosaki’s “knowledge” is highly flawed and his material has all of the integrity of James Frey. He completely undervalues risk, which is the trap that so many failed businesses and bankrupt individuals fall into."]

      Again I could care less if anyone out here loves him, hates, him, etc., just be mindful who you praise and whose advice you follow is all. I was born and raised in Manhattan and moved to Brooklyn when I was young and knew quite a few wealthy folks, and many had assets and wealth that would qualify them as wealthy, but not all of them were anywhere remotely what I would call role models.
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  • Profile picture of the author WeavingThoughts
    No matter how knowledgeable you are, there is always a substantial element of luck involved. It varies to different extents in different people's lives. Two people with everything including mindset and background being the same are likely to fall dot on for everything they do. This is the Law of Karma whether you like it or hate it and complain.
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  • Profile picture of the author docmac
    There may actually be a lesson from Mr. Kiyosaki despite his not having the 24 million lying around it is claimed he owes
    Structure your business to protect your personal assetts.
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  • Profile picture of the author CoachJohn
    The Rich Dad products have made lots of people think differently about their finances, which has to be a good thing.
    Everything has its time, and it's season to flourish. Nothing lasts forever - not even a business started by a successful marketer. It's just how things are and it doesn't necessarily 'mean' anything significant.
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