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If you've been reading this series this week, you've probably noticed a gradual change in tone: I was quite positive about
Jim Cramer and
Dave Ramsey, pretty positive about
Suze Orman, and then yesterday gave a middling review to
David Bach. In other words, I started off with the people I had the most confidence in and moved in the direction of people I had less confidence in.
Today, I'm going to write about the one personal finance guru that I actually feel is fraudulent. Even worse, his advice has some very serious flaws to it that can lead people down a very dangerous path. Today, I'm going to discuss the author of one of the most well known personal finance books ever,
Rich Dad, Poor Dad:
Robert Kiyosaki. It won't be pretty.
Background
It is very difficult to find a clear, reliable background on Robert Kiyosaki, but here's what's easily verifiable about him. He was involved in several business deals (most notably, nylon Velcro wallets) in the
1970s and
1980s which fell apart, leaving him bankrupt in the mid-1980s. In this timeframe, he became heavily involved with
Amway, a multi-level marketing system, and began to cultivate relationships with many of the "top" members. In
1985,
Kiyosaki founded
Cashflow Technologies, a company that was designed to pitch a series of books and other educational materials that eventually evolved into Rich Dad, Poor Dad.
By the mid-1990s, Kiyosaki had self-printed Rich Dad, Poor Dad and it was starting to appear in wide distribution among members of the
Amway/Quixtar organization, as individuals higher in the pyramid would recommend it to people further down the chain looking to get ahead. Kiyosaki took these "sales" numbers to major publishing houses and before you know it, Rich Dad showed up on shelves everywhere and spawned an army of similarly-packaged books, board games, and so on.
More
Resource: http://silvergolddaily.com/
Gold: http://en.wikipedia.org/wiki/Gold
Silver: http://en.wikipedia.org/wiki/Silver
IRA Account: http://en.wikipedia.org/wiki/Individual_retirement_account
Gold Backed IRA: http://en.wikipedia.org/wiki/Gold_IRA
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- published: 28 Jun 2014
- views: 98337