Chuck Jaffe takes on Robert Kiyosaki

[jnojr]

Quote:

Originally Posted by pj86 I don't understand why everebody dislikes RK on this forum.

Because he's a fraud and a charlatan?

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad

[Nords]

Quote:

Originally Posted by Webzter However, a co-worker, who absolutely loves RK and the book, bought a bigger house than he could afford because he thought that was RK's point on house buying... overbuy and wait for the appreciation.

You'd think it would be a lot more profitable to underpay than to overbuy...

[haha]

Quote:

Originally Posted by Webzter However, a co-worker, who absolutely loves RK and the book, bought a bigger house than he could afford because he thought that was RK's point on house buying... overbuy and wait for the appreciation.

This guy must really not like to think for himself. I cannot imagine doing anything, let alone something as large as buying a home, because I read about it in a book. Even if a proven winner like WEB wrote the book.

Ha

[Ready-4-ER-at-14]

I've got a lot of books from financial types that eventually crashed and burned in several types of financial vehicles. Some praised real estate, others bonds, others options, others oil holdings, others retail conglomerates. Usually I got at least one good idea from each author, although the concepts were dated or unusually effective in certain time windows.

All it takes is a tax change or interest rates or employment number or some other variable to make a great idea a horrible one. I read several others here give a pearl they learned by a person generally scorned now.

Partly I think this is because when we a new searching for financial nuggets of wisdom,
we attribute common investment wisdom we first are exposed to by that author and may not have enough sophistication to see what could burn us in other parts of the book.

I know this is an old thread, like 10 yrs old, but am curious who the new financial person of fame who is falling or fallen may be?

[Pilot2013]

I think it is a factor of the level of financial knowledge in general. In my plant, there are about 300 folks pumping out parts that 90% plus just don't have the drive, time, feel the need, whatever to understand beyond living paycheck to paycheck. If someone asks (I certainly don't go around meddling) or through my position I recognize that someone could use some help, I often recommend listening to Dave Ramsey, or getting his book. About as "basic" as you can get (don't spend more than you make, save first, etc), with at least a plan of how to get out of bad situations. I don't 100% agree with everything he says, but for that crowd in particular, I think it helps tremendously.

*He also gets/got rich off of being Captain Obvious to the masses

[jazz4cash]

Quote:

Originally Posted by Ready-4-ER-at-14 I've got a lot of books from financial types that eventually crashed and burned in several types of financial vehicles. Some praised real estate, others bonds, others options, others oil holdings, others retail conglomerates. Usually I got at least one good idea from each author, although the concepts were dated or unusually effective in certain time windows. All it takes is a tax change or interest rates or employment number or some other variable to make a great idea a horrible one. I read several others here give a pearl they learned by a person generally scorned now. Partly I think this is because when we a new searching for financial nuggets of wisdom, we attribute common investment wisdom we first are exposed to by that author and may not have enough sophistication to see what could burn us in other parts of the book. I know this is an old thread, like 10 yrs old, but am curious who the new financial person of fame who is falling or fallen may be?

I feel lucky to have some ability to objectively consume information, sort through it and analyze it in a fashion that works for me. I consume all kinds of info on TV and radio and attend free seminars, but rarely ever buy any books or "programs". Many of the people that have helped me greatly certainly have fallen out of favor, but the nuggets I learned from them have served me well. No guru could match the insight gained from this forum.

I nominate Suzy Orman for the flameout award with honorable mention to Jim Cramer (because I find him entertaining which will probably keep him on the air for awhile).

[Onward]

I think Suzy Orman has made the most from offering the least. Plus, I find her vaguely menacing and unpleasant ... girlfriend!

Dave Ramsey is the only one who offers a detailed, step-by-step plan to go from financial basket-case to financially independent. (Just don't trust his SWR's.)

Kiyosaki is sort of the anti-Ramsey, in that nothing in the Rich Dad books is detailed or concrete. Yet every hundred pages or so, if you can wade through all the fluff, he drops a glowing gem of non-obvious financial wisdom that makes the whole book worthwhile (esp. if you're new at this stuff).

Clark Howard offers good tips in a geeky sort of way, and makes you want to ask his forgiveness for beating him up in school.

Have I missed anybody?

[brucethebroker]

Quote:

Originally Posted by Onward I think Suzy Orman has made the most from offering the least. Plus, I find her vaguely menacing and unpleasant ... girlfriend! Dave Ramsey is the only one who offers a detailed, step-by-step plan to go from financial basket-case to financially independent. (Just don't trust his SWR's.) Kiyosaki is sort of the anti-Ramsey, in that nothing in the Rich Dad books is detailed or concrete. Yet every hundred pages or so, if you can wade through all the fluff, he drops a glowing gem of non-obvious financial wisdom that makes the whole book worthwhile (esp. if you're new at this stuff). Clark Howard offers good tips in a geeky sort of way, and makes you want to ask his forgiveness for beating him up in school. Have I missed anybody?

Stanley and Danko, the Millionaire Next Door.
Although it would help if there was a summary at the end of the book saying "Millionaires use these principles, so do this." Lots of info to wade through, but very, very interesting.

[Onward]

Quote:

Originally Posted by brucethebroker Stanley and Danko, the Millionaire Next Door

So many forum members rave about this book that I sometimes wonder if I read the wrong one? I got very little out of it other than the notion that rich people don't flaunt their riches. That's an important idea, but IMO it could have been said sufficiently in a page or two.

Same with another perennial favorite around here, Zelinski's How to Retire Happy, Wild, and Free. I got almost nothing out of it.

So which books opened the heavens and really showed me the path to FIRE?

Cashing in on the American Dream inspired me.

Your Money or Your Life gave me the proper brain-adjustment.

A Random Walk Down Wall St. showed me how not to invest.

Bogleheads' Guide to Investing showed me how to invest.

[Winemaker]

I read a bunch of RK's books; I just found them to be a motivator to get into rental real estate. It has w@rked out very well for my family.

The best guy I ever listened to was Bruce Williams (IIRC), he was on the radio station WOWO out of Indiana. I listened to him on my 90 minute commute to the mine on midnight shift.

DW and I retired at 56, members of the double comma club.

[Scrapr]

Quote:

Originally Posted by Winemaker I read a bunch of RK's books; I just found them to be a motivator to get into rental real estate. It has w@rked out very well for my family. The best guy I ever listened to was Bruce Williams (IIRC), he was on the radio station WOWO out of Indiana. I listened to him on my 90 minute commute to the mine on midnight shift. DW and I retired at 56, members of the double comma club.

I remember Bruce Williams. I really enjoyed him. Listened for a few years as i was driving truck on the late shift. gave me enough confidence to start my business shortly after

[RobbieB]

I've never read any financial or "self help" books. I spent the dough on beer.

[garyt]

Quote:

Originally Posted by Onward So many forum members rave about this book that I sometimes wonder if I read the wrong one? I got very little out of it other than the notion that rich people don't flaunt their riches. That's an important idea, but IMO it could have been said sufficiently in a page or two. Same with another perennial favorite around here, Zelinski's How to Retire Happy, Wild, and Free. I got almost nothing out of it. So which books opened the heavens and really showed me the path to FIRE? Cashing in on the American Dream inspired me. Your Money or Your Life gave me the proper brain-adjustment. A Random Walk Down Wall St. showed me how not to invest. Bogleheads' Guide to Investing showed me how to invest.

I never even read "The Millionaire Next Door" but it shaped my thinking as a younger guy to save like a madman and LBYM. I had read a review of the book and got enough out of it to know that I could save some serious money over time. For that, I'll be grateful to the author.

[eleighj416]

The following quote is attributed to PT Barnum; "There's a sucker born every minute". IMHO, both Kiyosaki and Robbins have figured out how to exploit it.

[exnavynuke]

Quote:

Originally Posted by eleighj416 The following quote is attributed to PT Barnum; "There's a sucker born every minute". IMHO, both Kiyosaki and Robbins have figured out how to exploit it.

Just an FYI, your signature currently says you retired debt free 89 years in the future in 2106..

[MuirWannabe]

Quote:

Originally Posted by Scrapr I remember Bruce Williams. I really enjoyed him. Listened for a few years as i was driving truck on the late shift. gave me enough confidence to start my business shortly after

+1
I remember Bruce Williams as well. Hadn't heard him in years and had forgotten until the mention in this thread. I still remember his voice. Don't remember much detail, except he seemed to possess good common sense and offered decent advice to callers. Just looked it up and he quit broadcasting in 2010 but is apparently still alive at age 85.

[Nightcap]

Quote:

Originally Posted by Winemaker I read a bunch of RK's books; I just found them to be a motivator to get into rental real estate. It has w@rked out very well for my family. The best guy I ever listened to was Bruce Williams (IIRC), he was on the radio station WOWO out of Indiana. I listened to him on my 90 minute commute to the mine on midnight shift. DW and I retired at 56, members of the double comma club.

Bruce Williams was good. So was Bernie Meltzer of happy memory.

My particular favorite has always been Andrew Tobias. I earnestly disliked The Millionaire Next Door, I trust Tony Robbins only as far as I can fire-walk him, and Dave Ramsey inserts too much religion into his advice for my taste. (I also don't trust the franchise operation he's set up.)

[ncbill]

You'll get a better version of the same message from Carnegie or Hill than from newbies like Tony Robbins, RK, etc.

[Onward]

Quote:

Originally Posted by Nightcap Andrew Tobias

He's also one of my favorites.

[YVRRocketSurgery]

Quote:

Originally Posted by RobbieB I've never read any financial or "self help" books. I spent the dough on beer.

I used to buy the odd book but I've kind of rediscovered my library card. I've taken out a few books but the real magic is that our library system has a great collection of online newspapers and e-books too.