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Re: Kiyosaki
Old 06-30-2006, 04:25 PM   #41
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Re: Kiyosaki

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Originally Posted by larry
This is why I cannot stand authors (or radio personalities for that matter) who only give half the story. Most investors are only astute enough for mutual funds so it doesn't help most investors to be telling them basically that you're getting screwed investing in mutual funds. "Give a man a fish...."

Charles Givens had some good advice, RK has some good advice, Dave Ramesy has some good advice but to have to sort through it all to find the good advice is almost a waste of time.

Sure, you've got to start somewhere but these people are not it.
Not to be nitpicky, but, I am more than astute enough to put together a portfolio of individual stocks - if I chose to. But, I choose to invest in index funds for many many reasons. Lack of knowledge is not one of them.
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Re: Kiyosaki
Old 06-30-2006, 05:15 PM   #42
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Re: Kiyosaki

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Originally Posted by Alex
Not to be nitpicky, but,* I am more than astute enough to put together a portfolio of individual stocks - if I chose to.* But, I choose to invest in index funds for many many reasons. Lack of knowledge is not one of them.
Then you probably don't fall in the majority, nor do most of the other contributors on this board.

I'm not speaking about the forum members as it's evident they're sophisticated enough to have already accomplished FIRE or are in the process.* This group constitutes a very small minority of the investing public.
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Re: Kiyosaki
Old 07-01-2006, 12:08 AM   #43
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Re: Kiyosaki



Law 27 -- Play on People’s Need to Believe to Create a Cultlike Following

People have an overwhelming desire to believe in something. Become the focal point of such desire by offering them a cause, a new faith to follow. Keep your words vague but full of promise; emphasize enthusiasm over rationality and clear thinking. Give your new disciples rituals to perform, ask them to make sacrifices on your behalf. In the absence of organized religion and grand causes, your new belief system will bring you untold power.



law 27- sounds like a "relegion" practice
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Re: Kiyosaki
Old 07-01-2006, 08:44 AM   #44
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Re: Kiyosaki

I am ashamed to admit that I got took by RK--the price of his book. It had a good rating from some ER site (might have even been this one).

It didn't take too many pages before my bs-ometer was pegged and I realized that I had contributed to someone ELSES financial success and not my own by buying it.

I don't believe a word he says.
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Re: Kiyosaki
Old 07-01-2006, 09:09 AM   #45
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Re: Kiyosaki

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Originally Posted by larry
Dave Ramesy has some good advice but to have to sort through it all to find the good advice is almost a waste of time. *

Sure, you've got to start somewhere but these people are not it.
I've recommended Dave Ramsey books to lots of people. He's the "go to guy" when you have $30,000 in credit card debt, two car payments and a mortgage you can't afford. The one thing DR pushes is "spend less than you make" or LBYM -- get that debt paid off. His message is pathetically simple to 99.9% of this forum. Unfortunately, the great unwashed masses of our coworkers, family and friends just don't get it yet.
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Re: Kiyosaki
Old 07-01-2006, 10:31 AM   #46
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Re: Kiyosaki

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Originally Posted by bosco
I am ashamed to admit that I got took by RK--the price of his book. It had a good rating from some ER site (might have even been this one).

It didn't take too many pages before my bs-ometer was pegged and I realized that I had contributed to someone ELSES financial success and not my own by buying it.

I don't believe a word he says.
I guess, no money if not satisfied after reading the book?
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Re: Kiyosaki
Old 07-01-2006, 01:57 PM   #47
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Re: Kiyosaki

Personally, Kiyosaki's books sparked the motivation that I needed to begin my financial education. Immediately after reading his book(s) I was hungry for more. I bought books (from an assortment of authors) on investing, on real estate, and a variety of other financial topics. Some were BS, some contained good advice.

I bought a $260K four-plex while attending college in 2001, for about $2K down. I lived in one unit and the cashflow was still positive.

Late 2002, I started a successful dot-com and sold it earlier this year for 10MM.

While I wouldn't say Kiyosaki is entirely resonsible for my success, he definitely sparked an intense interest in building my financial education.

Also, if you read TFA, he actually suggests investing in Index funds a la John Bogle. He suggests that non index mutual funds charge 2% per year or more, a lot of which is in hidden fees.

Not that I agree with everything Kiyosaki says, but some people do receive value from the motivational kick of enthusiam that his books provide.
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Re: Kiyosaki
Old 07-01-2006, 02:48 PM   #48
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Re: Kiyosaki

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Originally Posted by bosco
I am ashamed to admit that I got took by RK--the price of his book. It had a good rating from some ER site (might have even been this one).

It didn't take too many pages before my bs-ometer was pegged and I realized that I had contributed to someone ELSES financial success and not my own by buying it.

I don't believe a word he says.
I too, purchased and read his first book - Rich dad Poor dad. It makes a pretty good case for owning your own business due to tax reaons. That's it. No specifics. Just generalizations and rah rah bullsh*t. His wife is kinda cute though....I wonder how much he paid for her? I have heard that the whole rich dad poor dad story is pure bullsh*t too. Just made up crap to sell the books.
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Re: Kiyosaki
Old 07-01-2006, 02:49 PM   #49
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Re: Kiyosaki

I have read parts of virtually all of his books. I would never ever buying one of his books, but I sell used books and I get them quite often. Except for the South Beach Diet, not a single book ever ever sold that quickly.

Although Kiyosaki has a few good general concepts, it is mixed with a lot of advice that is just very dangerous for the average person to follow. Accumulating assets and making those assets make you accumulate wealth is good. However, a lot of that requires a huge commitment and/or knowlegde. One of his most scary recommendations is for young people not to get a good education.

According to Kiyosaki, all you got to do is start your own business, pile up rapidly appreciating real estate investments and make sure you don't get an education. Carrying out all of this stuff takes a bit more effort than he makes it sound like.

At age 37, I am not working for corporate America any more. After I was laid off I could not face this crap again. However, I do not feel that my two masters degrees in engineering were ever a waste - even though I do not officially use them any more. My husband and I decided that I would stay home and work on wealth accumulation. Although my engineering salary was not bad, he makes considerably more money and he has not gone completely crazy in the cube farm. When I was still an engineer, we had 2 fat W-2's for well over $200K, we were investing mainly in uncle sam. I don't have a dime in any of those index funds no more. Most of it is in short term LLC's which return me about 20-30%/year. I am running a small profitable home based business now which gives me tons of deductions and very little taxable income. We bought three rental houses now in the last few months. I got some very cheap folks to work for me, but I got to work with them otherwise stuff does not get done or gets expensive. It is about 95 degrees out here. Emergency plumbing repairs only happen on Sunday night (can't remember Kiyosaki indicating any of those things). We built a house last year that has appreciated by at least $100K. I had to learn a lot about taxes and shelters, contracts, real estate law, lawsuits and forming LP's and LLC's. Looks like I have to evict someone in a few days. I like it but I doubt that it is for most people. I also have this freedom because hubby brings in good cash and benefits and I don't have kids.

Most people are best of to stay in a W-2 job and just keep on stashing it away with their employer match. Instead, based on Kiyosaki's books they spent a few thousand bucks on a real estate seminar and then buy crap they don't understand.

Vicky
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Re: Kiyosaki
Old 07-01-2006, 03:33 PM   #50
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Re: Kiyosaki

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Not that I agree with everything Kiyosaki says, but some people do receive value
* manure has value too, but it's still horse sh*t
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Re: Kiyosaki
Old 07-01-2006, 04:32 PM   #51
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Re: Kiyosaki

How long do we keep this thread active before we read in one of RK's books, "My ideas are so thought provoking that I was one of the most talked about subjects in the Retire Early forum. Of course this was post my armed services stint."?
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Re: Kiyosaki
Old 07-01-2006, 06:31 PM   #52
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Re: Kiyosaki

My view of Rich Dad/Poor Dad is that it is an allegory designed to stimulate our thinking. It was not intended to be a step by step, paint by numbers manual on how to become rich.
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Re: Kiyosaki
Old 07-01-2006, 07:29 PM   #53
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Re: Kiyosaki

Kiyosaki isn't the only author or radio/TV personality who has pushed real estate and get-rich quick schemes in the last 20 years or so. Anyone remember Robert Allen? What about Carlton Sheets, who is still on late-night TV commercials. Everytime I see any of these guys, I just turn the channel. You don't have to listen to any of this stuff if you don't want to!

Here's an extensive list of all these types of "authors" and "personalities" at this web site, many of whom are graded and evaluated by Mr. Reed here:

http://www.johntreed.com/Reedgururating.html
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Re: Kiyosaki
Old 07-01-2006, 07:32 PM   #54
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Re: Kiyosaki

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Originally Posted by vic
Most of it is in short term LLC's which return me about 20-30%/year.
So where do I find these LLCs?
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Re: Kiyosaki
Old 07-01-2006, 07:48 PM   #55
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Re: Kiyosaki

RK is like any of the others "get rich" guru that talks alot about common sense and non-sense that 98% of the people in this forum already know but the only problem is.....

He is SUCCESSFUL period. when u get to that level, people will knick picking, exam and re-exam, scruntenized everything you said. RK's bunch of b.s makes alot of money for him and he got a couple of million books sold. So wether you agree or not, some of his got stuffs motivated and excite people.


enuff
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Re: Kiyosaki
Old 07-01-2006, 07:51 PM   #56
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Re: Kiyosaki

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Originally Posted by Enuff2Eat
RK is like any of the others "get rich" guru that talks alot about common sense and non-sense that 98% of the people in this forum already know but the only problem is.....

He is SUCCESSFUL period. when u get to that level, people will knick picking, exam and re-exam, scruntenized everything you said.* RK's bunch of b.s makes alot of money for him and he got a couple of million books sold. So wether you agree or not, some of his got stuffs motivated and excite people.


enuff
The problem people are pointing out is that RK has been SUCCESSFUL at peddling his BS to the unwashed masses, not at actually implementing the very advice he sells. He's never made much money from real estate...he's nothing more than a liar and a fraud.
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Re: Kiyosaki
Old 07-01-2006, 08:05 PM   #57
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Re: Kiyosaki

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Originally Posted by soupcxan
The problem people are pointing out is that RK has been SUCCESSFUL at peddling his BS to the unwashed masses, not at actually implementing the very advice he sells. He's never made much money from real estate...he's nothing more than a liar and a fraud.
Your making a statement based on facts not in evidence and then you slander the man.
How do you know how much he made in real estate. The truth is you dont. So why would you make a statement saying he hasnt made much . I am also not familar with the technical term "much" is that 100 dollars 100 thousand dollars.

Thats my biggest issue with the people who slam RK . Who the heck is John Reed. Oh yeah he is the guy that LOST money in real estate. Yet you post his link and quote him .
If you dont believe me then really read his website. He says he lost money in real estate and that he makes his money ...... Err on his website and writing books... The same thing you accuse RK of.
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Re: Kiyosaki
Old 07-01-2006, 08:53 PM   #58
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Re: Kiyosaki

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So where do I find these LLCs?
You will not find them. They are not advertised anywhere. We just know the guy personally. I was also wrong about the numbers, it is 35% and up/year. Just about to get into another one. It is all real estate development.

Vicky
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Re: Kiyosaki
Old 07-01-2006, 10:36 PM   #59
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Re: Kiyosaki

i am with spidey. i was inspired by RK. some of his stuffs are useful to me.

i can NOT say all of my "success" are the result of his advice but i do give him credit for letting me looking at life from a different angle other than 9-5 job, W2, punch in and punch out....

my wife and i are millionarie because of a lot of luck and some hard work (10-12hrs day) but i do get a little hint here and there from people like RK

enuff
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Re: Kiyosaki
Old 07-02-2006, 01:51 PM   #60
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Re: Kiyosaki

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Originally Posted by Toejam
Kiyosaki isn't the only author or radio/TV personality who has pushed real estate and get-rich quick schemes in the last 20 years or so. Anyone remember Robert Allen? What about Carlton Sheets, who is still on late-night TV commercials. Everytime I see any of these guys, I just turn the channel. You don't have to listen to any of this stuff if you don't want to!

Here's an extensive list of all these types of "authors" and "personalities" at this web site, many of whom are graded and evaluated by Mr. Reed here:

http://www.johntreed.com/Reedgururating.html
WoW The linked website (john t reed) has more valuable real estate information than all of Kiyoscumbags books combined. Thanks!
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