Rich Dad Bankrupt Dad

[cu@thetop]

Just saw this:

http://www.news.com.au/business/you...es-for-bankruptcy/story-fn9evb64-122649443869

I would be interested to know the full story.

I though RK was a good educator (unlike many spruikers) and I'm sure he's OK individually on a finance level. Just goes to show that one bad (court) decision can do a lot of damage.

 

[JennD]

Just saw this:

http://www.news.com.au/business/you...es-for-bankruptcy/story-fn9evb64-122649443869

I would be interested to know the full story.

I though RK was a good educator (unlike many spruikers) and I'm sure he's OK individually on a finance level. Just goes to show that one bad (court) decision can do a lot of damage.

Also an interesting angle...http://finance.yahoo.com/news/rich-dad-poor-dad-bankrupt-163736677.html

 

[Ideo]

Also an interesting angle...http://finance.yahoo.com/news/rich-dad-poor-dad-bankrupt-163736677.html

That sums up my feeling on the matter to be honest.

 

[Aaron Sice]

he's already declared that he has been on the bones of his a r s e many times before, and the fact he keeps coming back shows there's method in his madness; and clearly proof of concept.

i dont see this as news, sorry.

 

[lizzie]

Well - respect just plummeted.

It may be legal - but it surely ain't ethical and, at the end of the day, your "word" is all you really have.

 

[wategos]

The guys associations & "financial advice" were always dodgy, & I didn't like the way he puts down his own father.

This guy tears him apart:
http://www.johntreed.com/Kiyosaki.html

 

[Sunfish]

I'm surprised so many people took him seriously. He's like Paris Hilton: Famous for being famous.

 

[MarkB]

Big deal, a company he is associated with goes Bankrupt.

It's America.

Donald Trump or companies that bear his name, have declared bankruptcy four times.

Don't get me wrong, I'm no fan of RK - though I do acknowledge he did alot (made a lot of money doing it, of course) to raise the awareness of financial matters among the general public by creating a powerful brand and writing in a manner that pretty much anyone can understand.

My wife was (before I met her) a journalist and she interviewed him way back when. A long interview with several pages of notes which she said could all be boiled down to about 1/2 a page as his basic message was just repeated and rehashed througout the interview. And I think when you look at his books you can see that also - a lot of repetition between them.

 

[Truly Exotic]

After deciphering through the 200 company names mentioned, I am not 100% familiar with US law but it seems its just a case of Kiyoasaki being bankrupt on paper but still has at least $80m stashed away

 

[dan c]

After deciphering through the 200 company names mentioned, I am not 100% familiar with US law but it seems its just a case of Kiyoasaki being bankrupt on paper but still has at least $80m stashed away

No, it's a corporate entity that he has an interest in that has asked for bankruptcy protection. Not him personally.

 

[Player]

On one level, he's walking his talk......"Own nothing, Control everything"

 

[BayView]

The guys associations & "financial advice" were always dodgy, & I didn't like the way he puts down his own father.

I've got, and read all his books several times over.

He has never ever put his father down. He has merely illustrated his father's upbringing, his mindset and his movements.

His fathers' story is a sad one of course; went broke in a later-life business venture after losing his job as a highly qualified teacher.

He then compared them to the guy who became rich in the same lifetime, from the same base level, but with a different mindset, is all.

 

[Scott No Mates]

he's already declared that he has been on the bones of his a r s e many times before, and the fact he keeps coming back shows there's method in his madness; and clearly proof of concept.

i dont see this as news, sorry.

Obviously knows how to make money but not how to keep it.

 

[redwing]

Obviously knows how to make money but not how to keep it.

A riches to riches story doesn't sell as well as a rags to riches

 

[Graemsay]

It looks like it's been a long running dispute. I found an older article (from 2011) on Google that mentioned a $15 million judgement.

Sounds like there was an agreement to do a TV show, but that fell through. I'm not sure if a contract was in place, as that article claimed, as another article spoke of a letter of intent.

'I took Kiyosaki's brand and made it bigger. The deal was I would get a percentage and he reneged,' Zanker said.

'We had a signed letter of intent. The Learning Annex is the greatest promoter. We put his 'Rich Dad' brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said no.'

If there wasn't a contract in place, and a deal fell through, then $24 million worth of damages strikes me as being somewhat excessive. Though there was a prior relationship, look at the dedication in this book for example.

That said, I'm of the opinion that Kiyosaki, Zanker and that whole get-rich-quick industry are a nest of vipers, and you're better off avoiding them all.

 

[DaveM]

That said, I'm of the opinion that Kiyosaki, Zanker and that whole get-rich-quick industry are a nest of vipers, and you're better off avoiding them all.

And yet many investors hold up RDPD as the bible of successful investing as though its something original or amazing