Help me save yahoo finance...

[laurence]

o.k. I know they stink already, but this guy is a total scam artist, they really shouldn't have him on their site!

http://finance.yahoo.com/columnist/a...ichricher/1224

So who do we email do let yahoo know our displeasure?

In case you didn't know:

http://www.johntreed.com/Kiyosaki.html

[haha]

You are right; he is anabsolute phoney. But he sells books, and I guess Yahoo figures he will generate traffic. Kind of amazing seeing him on the same masthead with Ben Stein.

Anyway, I really don't see the justification of trying to remove him from the site. Isn't that censorship?

Ha

[laurence]

No, no, when others do it, it's censorship, but when I do it, it's consumer protection!

Well, I sent an email to yahoo saying I'm surprised you would want to associate yourself with this cretin individual and linked the site above. They probably will do nothing, but I just had to try and censor protect the consumer.

[wabmester]

I liked the article. Was there something bogus you found in the content, or do you just not like the guy?

[wildcat]

"Rich Kiyosaki Poor Book Buyer"

[laurence]

Originally Posted by wab

I liked the article. Was there something bogus you found in the content, or do you just not like the guy?

Oh, he's good at sucking people in, he did with me. He starts like that, then gets you to buy his books and go to his seminars. I knew he was crap just from the book, but I wish I had that 12 bucks back! The link above details his nefarious ways far better than I could. Bottom line, the guy is a liar and a con artist, who has almost no real advice in his books, except to some how find a way to commit insider trading (and not get caught, I assume?) and to tax evade with really questionable real estate transactions. His math is real fuzzy, too. He preys upon the lower middle class with dreams of quick wealth (think no money down real estate late night infomercials). I have a friend barely making ends meet who spent 3 grand on his conference. I know, buyer beware, but just because it's legal, doesn't mean it's right.

[wabmester]

OK, thanks. I won't buy his books or seminars, but I still liked the article.

[wildcat]

Nice link Laurence.* Pretty dirty to me.

Wab - read that guys review of the Kiyosaki

I saw that 'rich man poor man' dude on Public TV. I was so pissed that they even had a shyster like that on their network, I wrote them a letter.

[Nords]

Originally Posted by Laurence

Well, I sent an email to yahoo saying I'm surprised you would want to associate yourself with this cretin individual and linked the site above.* They probably will do nothing, but I just had to try and censor protect the consumer.

Originally Posted by Cut-Throat

I saw that 'rich man poor man' dude on Public TV. I was so pissed that they even had a shyster like that on their network, I wrote them a letter.

Guys, guys, you're just feeding the trolls. Meanwhile, at network HQ:
"VP, how much feedback did we get on the Kiyosaki test?"
"Boss, millions wrote in to tell us how much they hated him. We got more hate mail on him than Suze Moron Orman!"
"Well, great-- let's get him back on a mini-series!! See if we can partner him with Jim Cramer!!!"

If there's such a thing as karmic pressure, Kiyosaki's going to blow up like an old wad of bubble gum. In fact, considering how he's personally blown up over the years...

I hope he decides to form a public corporation and hold an IPO. It'll make Martha Stewart look like Barney the Dinosaur!

[HFWR]

Frankly, I think the same thing about Ben Stein...

Shields up, Scotty!!

[haha]

Originally Posted by Have Funds, Will Retire

Frankly, I think the same thing about Ben Stein...

Shields up, Scotty!!

No need to be shielded from me anyway. One thing I have learned from hanging around this board is that there is an infinity of opinions on anything.

Poll:

2+2=:
4
5
.01276

Ha

[wabmester]

Originally Posted by wildcat

Wab - read that guys review of the Kiyosaki

OK, I scanned it. His message seems to be that the Kiyosaki invents fictional characters to tell his story, that he wants to make money from you, and he doesn't agree with all of Kiyosaki's points.

My only comments are that I wish investors would scrutinize company management as much as they do authors, and I think that Kiyosaki's basic message is sound. Isn't it basically to put your money to work in appreciating and income-producing assets rather than interest bearing accounts?

[sgeeeee]

Originally Posted by HaHa

No need to be shielded from me anyway. One thing I have learned from hanging around this board is that there is an infinity of opinions on anything.

Poll:

2+2=:
4
5
.01276

Ha

That's rediculous. *2+2 = 4.75 x sqrt(7)/pi. *

Originally Posted by wab

OK, I scanned it.* *His message seems to be that the Kiyosaki invents fictional characters to tell his story, that he wants to make money from you, and he doesn't agree with all of Kiyosaki's points.

My only comments are that I wish investors would scrutinize company management as much as they do authors, and I think that Kiyosaki's basic message is sound.* *Isn't it basically to put your money to work in appreciating and income-producing assets rather than interest bearing accounts?

His message when I saw him on TV was "don't waste your time saving in a 401K account and investing in stocks and Bonds. Borrow all the money you can and invest in Real Estate and get rich. - Only morons get rich slowly" His message is always changing.

[justin]

Originally Posted by Cut-Throat

His message when I saw him on TV was "don't waste your time saving in a 401K account and investing in stocks and Bonds. Borrow all the money you can and invest in Real Estate and get rich. - Only morons get rich slowly" His message is always changing.

Cut-throat,

I am amazed that you could actually discern a message from what he was saying. And you are able to summarize it so succinctly. Usually when I read something from Kiyosaki, I reflect back on what I read and I am completely clueless as to what Kiyosaki's point is. Oddly enough, I think Kiyosaki's article last week on Yahoo Finance was about how bad 401k's are for you from a tax standpoint. He's got some strange logic.

[usc_et]

I was surprised to see Kiyosaki on Yahoo Finance, but not that disappointed. He is certainly not a Finance academic, or former corporate or government type, but he writes about money in a compelling fashion, agree or disagree. I read his first two books, and quickly realized that I didn't want to read the books that actually tried to give investing/real estate/business advice. I didn't agree or see him as an expert in any of these areas.

He writes in a way to change everyone's thinking about money. There's nothing wrong with that. There's nothing wrong with using fictional characters to make a point, even if you say they are real. I don't see him as a scam artist or scheister. He doesn't promise anything. If he said, "buy this from me, and I guarantee you will be a millionaire" he would be a scam artist. He sells information and opinion. Go to the business section of any bookstore or library and you will find dozens of others doing the same thing.

For some, it may be a nudge needed to start their own business, or begin investing in stocks or real estate. Again, don't learn HOW to do all of that from him.

[justin]

USC_ET,

I admit Kiyosaki brings diversity to the finance discussions. I just think diversity like this can be dangerous.

My beef with Kiyosaki is that he puts himself out there as an expert. I personally think he made all his money from selling how-to-get-rich books, tapes, seminars, and board games. Sure, he's dabbled in real estate and other businesses (if you believe him).

If you follow his advice, it can be very damaging. He doesn't know what he is talking about in regards to many financial and business decisions. I've seen people close to me fall for his "advice", until I showed them the light. Take, for example, the average person who isn't able to get a good job or make passive investments in the stock market via index funds or the like. Will this person be successful in running a start-up business or flipping real estate like Kiyosaki advocates? Probably not. They'll use up all their credit and savings (if any) on some crazy business or real estate deal. Then they're broke, looking for the next "financial guru" to get advice on how to get rich quick.

Kiyosaki's one redeeming quality is that I think he is on to something when he discusses things such as houses and cars as being "liabilities" instead of "assets" (his rationale: cars and houses have carrying costs that are paid by the owner: loan interest, insurance, maintenance, etc. and they don't produce income. Income production is the defining characteristic of an "asset" in Kiyosaki parlance). I think of "things" in the same terms. For items from a car to a toaster oven there is usually a cost to acquire, cost to maintain, cost to insure, cost to operate, cost to store, cost to upgrade, cost to dispose, and the opportunity cost of all these other costs. This way of looking at "stuff" helps me buy less of it.

[usc_et]

Justin,
I hear what you are saying, and agree that he advocates venturing into areas that are far riskier than most individuals are suited for. I agree that most people shouldn't follow his advice, and those who chose to should do considerable research outside the Rich Dad materials before beginning their ventures.

I agree that for most of us the passive investments, long term focus works best. However, take a look at the Forbes 400, and look for how many of them followed this method. Now, before everyone jumps on me, I know that none of us will ever be on that list (pretty certain of this), and we need to do things in a way that works for us, not chasing some pie in the sky. Just a reminder that it's not the only way to do things.

I know a young lady who, despite many people urging, had resisted beginning a career in modeling. After reading Rich Dad, realized that it could be a very good "side business" and pursued it. She has since incorporated her modeling career and makes a good (not supermodel like) living out of it, in addition to her day job. They don't all need to be high start up cost ventures.

I too liked his classification of assets and liabilities, which is why his latest article on Yahoo Finance surprised me. I stopped reading after this line, "Prior to 1971, the U.S. dollar was real money linked to gold and silver, which is why the U.S. dollar was known as a silver certificate. After 1971, the U.S. dollar became a Federal Reserve Note -- an IOU from the U.S. government. Instead of our dollar being an asset, it was turned into a liability."

The piece of paper that we call dollars was always an asset to the holder and a liability to the US Govt. The only difference is that it used to be a secured asset, now it is unsecured.

[justin]

Originally Posted by usc_et

... Just a reminder that it's not the only way to do things...


...I too liked his classification of assets and liabilities, which is why his latest article on Yahoo Finance surprised me. I stopped reading after this line, "Prior to 1971, the U.S. dollar was real money linked to gold and silver, which is why the U.S. dollar was known as a silver certificate. After 1971, the U.S. dollar became a Federal Reserve Note -- an IOU from the U.S. government. Instead of our dollar being an asset, it was turned into a liability."

The piece of paper that we call dollars was always an asset to the holder and a liability to the US Govt. The only difference is that it used to be a secured asset, now it is unsecured.

It's good to hear other ways of building wealth, but I think Kiyosaki provides just enough information to make one dangerous.

Re his statement that US dollars are liabilities: 98% of what Kiyosaki says isn't worth anything. This statement falls within the 98%. Good luck ciphering the other 2% out from his ramblings! Maybe Nostradamus is a financial guru too, assuming you can interpret his predictions.