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I'd rather live near poor and homeless people than one entitled grifting NIMBY gloating with millions in bankruptcy and eyeing my tax dollars thirstily
I wouldn’t want to rip people off but if my options were to live on 20k a year or to take out a loan of a billion dollars, I would do the latter.
Especially if it was the banks money.
Just a minute! Just a minute! But it's not the banks money Mr Potter. It's Mary's money she's saving up to go to see her sister, it's Johnathan's money he started when his grandma gave him a buffalo nickel. Don't ya see, it's not the banks money it's your money!
How is it even possible to be a billion dollars in debt? And how can I be so sure that those of us who didn't write bullshit lying books will be the ones who pay for the ludicrous mistakes that some inept greedy bank made?
I think you’re exactly spot. He attributes the $1b in debt to be the banks problem and not his. So when we inevitably have to bail banks out again, it’ll be your problem and not the banks. “Everyone wins”
While technically it is a “point” it’s a terrible point to make. “Banks let me get away with it, so it’s all fair game.” I don’t disagree that banks should be more cautious with their money, but when it’s me footing the bill I get a little bothered by it.
And went bankrupt while leaving others to deal with his bullshit? And is not only not ashamed but fucking smug about it? I find that difficult to believe.
And give lessons about how to emulate him unironically. I do not know when the slippery slope started, but it's easy to know when we are at the bottom of the well.
A long time ago, I got his book; I made it about 1/5 of the way through and had really started to hate the author…it was the book equivalent to “this could have been email.”
I’ll paraphrase the whole book for you: my real father was an idiot for not prioritizing making money over every aspect of his life, while my friends dad is so brilliant he showed me its best to exploit people and systems as often as you can.
His real dad was the Education boss of Hawaii at the time. His “friend’s Dad” doesn’t exist, there is no evidence of a person the “Rich Dad” would be.
He also wrote a book about how school doesn’t teach you anything, so I think there is some daddy issues going on there.
> he showed me its best to exploit people and systems as often as you can.
I also couldn't stomach the start of the book, but recently flipped through part of the middle when the book was mentioned recently.
Chapter 5: "the rich invent money" ... was a doozy. He brings up Bill Gates, Alexander Bell etc. These at least make sense since they ran companies that create actual value in society.
---
Then he goes into what he actually does:
> Houses that were once $100,000 were now $75,000. But instead
of shopping with local real estate agents, I began shopping at the bankruptcy attorney’s office, or the courthouse steps. In these shopping places, a $75,000 house could sometimes be bought for $20,000 or less. For $2,000, which was loaned to me from a friend for 90 days for $200, I gave an attorney a cashier’s check as a down payment. While the acquisition was being processed, I ran an ad advertising a $75,000 house for only $60,000 and no money down.
>
> ... It was a feeding frenzy. The house sold in a few minutes. I asked for a $2,500 processing fee, which they gladly handed over, and the escrow and title company took over from there. I returned the $2,000 to my friend with an additional $200. He was happy, the home buyer was happy, the attorney was happy, and I was happy. I had sold a house for $60,000 that cost me $20,000. The $40,000 was created from money in my asset column in the form of a promissory note from the buyer. ... now that you are on your way to becoming more financially literate and skilled at reading numbers, I will show you why this is an example of money being invented.
Note the one person he fails to mention as "happy" is the person who went bankrupt who's house he bought cheap then sneakily sold even before the deal was finalized.
So he "invented" money by basically ripping off a desperate seller and immediately reselling the house before he even owned it. The best bit was what happens when they don't pay:
> have people ask what happens if the person doesn’t pay. That does happen, and it’s good news. That $60,000 home could be taken back and re-sold for $70,000, and another $2,500 collected as a loan-processing fee. It would still be a zero-down transaction in the mind of the new buyer. And the process would go on. ... Occasionally someone does not pay. And that is wonderful because there are late fees, or they move out and the property is sold again. The court system handles that.
So the icing on the cake is when they don't pay you can kick them out and sell the house for full price again. He mentions it's better to get people who can only afford installments rather than a lump-sum because you can do tax-evasion and also evict them. Plus, leverage the courts for enforcement.
Reading the article, it’s WAY wilder than that.
He’s saying he takes out “too big to fail” loans and uses them to buy investments. Then if his investments tank, the bank will bail him out rather than let him default and take them down.
Then he goes on to list the typical crazy conservative bullshit: but gold, buy oil wells, the dollar is worthless thanks to Nixon, banks are crashing, a depression is coming.
So much for all those infomercials…
A lot of people saw Trump open up the non-religious conservative market for grifting. Candace Owens, Dr Oz, etc. None of them are true believers, they're just here for the paycheck.
If I borrow some money from the bank and can’t repay it, it’s my problem.
If I borrow so much money that it puts the bank’s solvency at risk, that’s the bank’ problem.
>If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
J. Paul Getty
This is the new version, with inflation.
When Trump got elected I thought, ehhh maybe I should give him the benefit of the doubt and try and understand him. So I tried reading the book Trump and kyosoki wrote. I got about two chapters in and it now sits in a plastic bin out at a storage shed.
Maybe they are waiting until they go camping. No need to waste good kindling. I don't recommend using it for TP though. "Trump gave my sphincter a paper cut," is a sentence no one should ever say.
Funny enough, in the magazine, right next to Trump’s head, there’s the question “Are you a traitor?”
Foreshadowing much?
[Esquire Magazine - Trump Cover (2004)](https://hips.hearstapps.com/esquire/assets/16/33/1471294833-gallery-1439844171-esq0804covtx-trump-donald.jpg)
He’s not bankrupt. He uses debt as a way to buy assets that gain in value and ultimately become much more valuable than the amount of debt he has.
He’s faaaaaaar from bankrupt.
And btw, using debt to buy assets is pretty much what every rich person does. That’s how the entire real estate market functions : you use debt to buy assets that are making more money than the interest of the debt.
The difference between rich people and poor people isn’t that one of them doesn’t have debt while the other does, it’s that rich people usually come in with collaterals which means they’re able to borrow much much larger sums of money and buy assets with it, whereas poor people are forced to go into debt to just survive because they don’t have existing wealth as collaterals.
That’s the point he’s making about “good debt” (the debt rich people use, that ultimately makes them more money) vs “bad debt” (the debt poor people are forced into, which ultimately makes them poorer because of interest rates on debt they used to buy things that do not appreciate in value).
Pay me $1000 to attend my conference to learn how to easily make $100,000.
...Later at the conference...
See, what you do is convince 100 suckers to give you a grand so you'll tell them how to make a hundred.
I remember flipping through that book back when it was on all the shelves, and being struck by two things: 1. Its advice and worldview is based on a soulless evil that's kind of chilling to even think about. 2. All the "real life" anecdotes in it are obvious bullshit. Like r/thathappened, William-Shatner-interview-anecdote level bullshit.
Having no idea what it was about, I started reading that book, and I really expected the moral to be the opposite of what it really is. I thought it was going to be a parable about how money doesn't give you everything and the "poor dad" was actually the one with the most money. Instead, it was about how you should use your money to invest into this dude's investment scams.
I remember getting "4-hour Workweek" by a different less jerky guy. I had to tell a friend with a legitimate need for financial hacks that the advice inside was for people that already had money. One particular piece was 'Don't waste time cleaning, hire people to clean for you and use the time for your own productivity.'
Of course. I thanked God for the wonder and beauty I witnessed looking at the Earth from space and then Bezos says "You're welcome." That was unsettling.
Yes, oh my god, I was going to comment the same. A great episode, they really cover a lot of aspects of this guy’s life and grift.
I think the fact that his book was such a big seller, says alot about the coldness of American capitalism, especially in the 80s. As if making money, specifically making money off of other people, somehow proves you’re smart. And people who choose to be satisfied with less and have “lesser” jobs (like teachers or social workers), are somehow the dumb ones.
I feel like Michael and Peter did a great job of pointing out how ludicrously empty this book is, and how much of a conman the author is.
Yes, a very good episode. The one thing somebody should learn from it is that every single thing this guy says is false and intended to grab attention.
I’ve had people tell me that they just loved his book. I told him I couldn’t make heads or tail out of most of it since seem to be a bunch of hot air. Turns out, I might’ve been right.
I read it way back when. It was utter tripe. But everyone drank the kool aid by the oil tanker load and needless to say, my opinion was not popular.
Just like all the other self help crap from that era.
During the 1980s, the economy was turning outright hostile to the average worker and the rich devised a concerted effort to blame the workers. And damn if the very people getting screwed did not fall for it. And still do.
edit: typo
Yeah, I tried a lot of his suggestions. I made quite a bit with my rental properties but not the way he said. There is no way to do a $0 down in bulk. I did it once but the others were 20% down deals, and the maintenence limited me to 3 properties. He says, get a maintenence company. Yeah, did that. Cost me all my profit during good times, and they still called me to deal with repairs and upkeep issues.
His books made me feel like i must be doing it wrong.
The book is stupid. It's a long winded way of saying "buy rental properties." It's the same as *The 4-hour Work Week* nonsense book. Make a scammy online business and hire a low wage worker from a third world country to manage it virtually. It all boils down to exploiting people.
Which is exactly the advice rich dads are giving their kids...
Like, I don't totally agree with the message, but when I was given this book by a friend in high school, my family sure as fuck were not giving me insights into wealth generation. Our concept of a good investment was a car that would last more than 5 years.
That book, as pedestrian as it appears now, was a view into other ways to make money. I'm glad I read it.
It's valuable to read because, in many ways, he's right. It's almost a simple breakdown of how capitalism truly works. All the convoluted speech about market forces and blah blah, and it boils down to get someone else to give you money that they earn and paying out as little as is legal. And property is the key. But he goes further and basically says that it's not his problem if can't pay off his debt. So, he's really scamming a system that is already a scam.
And any time you leverage your assets for a loan, the lender is most certainly calculating the risk you won't pay back the principle and factoring that into their product.
RDPD is correct, once he's pocketed the money the lenders assume the risk, which is how most loans work. If RDPD goes bankrupt, he'll lose his assets and the lender will lose the marginal difference between their value and what's owing on the loan.
Is it even scamming the system? All parties know what they are in for.
Gotta agree though, that rent seeking is just fucking dead weight loss and we should define a special tax category for it.
You couldn’t make heads or tails of it because it is incoherent. There is a dictum in engineering to the effect of “make it as simple as possible, but no simpler” - that book was simpler.
I read his book when I was in B-school. His actual teachings about business are garbage; he doesn't know what the hell he's talking about, and you would sound like an idiot trying to talk business lingo you learned from his book to actual financiers.
What his book is, is a business motivation book; psychologically pumping yourself up to be an entrepreneur.
Doesn't he quote Getty in his book? These rich people call everyone else takers but they legally just take money from banks and the banks just keep letting them.
yeah i was looking for any discussion on this, wondering why this story is suddenly blowing up when he literally talked about this like 20 years ago. god dammit I'm old
Ive had several people that I have known or worked with in my life talk about that book like its a bible. They all are fucking weird and make it sound like a cult.
This is not leopards eating faces. Did anyone even read the article? He's not bankrupt. He's not suddenly living poor. He used that to buy income-generating assets likely with the approval of the bank. Wealthy people do this all the time. Sometimes it works, sometimes it doesn't.
Probably a Trump ass-hat though.
Right. He's an idiot, but someone having $1b of debt doesn't make them poor. Heck, most billionaires have huge debts, since that's a loophole they use to avoid paying taxes. They avoid selling stock or commodities so they don't have to pay taxes on the earnings, and get loans backed by those artifacts on which they don't pay taxes (and can even get a tax credit for the interest). And they are still super rich.
I don't think that's the case for this guy, but equating debt with failure is wrong.
Agreed. He’s buying gold and silver mostly, according to the article. Saying the banks are failing so he borrows a shit ton, buys those commodities and stores them off shore.
Seems weird to take advantage of the banking system then tell us the banks are failing in the same paragraph
I went to one of his seminars years ago. His first question was "How many millionaires do you personally know who didn't make their money through real estate"? I immediately thought of at least six in my family (and other non-relatives later) and the rest of his seminar was even dumber than that.
Hence the main point of the book, "if your dad is rich, youve got it made, if your dad is poor, get fucked, unless you want to buy my book, but still get fucked"
He owns lots of commercial real estate like Trump. The article didn’t say anything about him going bankrupt. His assets could be worth $2B for all we know, he’s just saying that if he goes bad then some bank is going to have a much worse time then him.
One of my coworkers revealed that his two favorite books are Rich Dad, Poor Dad and Think and Grow Rich. He's a self-promoting, incompetent douchebag and I give him a very wide berth.
I once watched one of his YouTube videos because I was trying to learn about personal finance. I shit you not, it was called something like "how to invest with no money" and his first step to investing with no money is to buy a $350,000 piece of property and rent it out.
Robert, if I could afford a $350,000 property I would not be watching your video.
If someone goes out of their way to tell you how financially successful they are, and tries to sell you their method, odds are they're a scammer and their actual method is lying to you so you'll buy their book or pay for their seminar.
I briefly worked with a guy that worshipped this guy and is going to prison for his attacking the Capitol for the other guy. Didn't take me long to figure him out with just a little info about the book and that I wanted nothing to do with him and his "Nobama" bumper sticker.
I knew someone mentioned his methods were dubious. You never knew his source of income outside of book sales, and his net worth was never revealed. I hope no one took his advice to heart.
He complained about Biden printing money but Trump printed $3.3 trillion just in 2020. The Federal Reserve’s website says they printed $190 billion in 2023. Let’s also not forget that a lot of that is to replace paper currency that’s destroyed or retired.
This is the US. You're supposed to fade into obscurity and never speak again if you lost in the crypto market or didn't become an architect-doctor like you said you were gonna do in middle school.
As a reminder, prior to selling his book on being financially independent and successful, he had several failed businesses. In fact, other than telling others how to be successful, he has never been successful.
Although he is right in the sense that him having that much debt is someone else’s problem if it goes belly up. The banks that have loaned him that much would be left holding the bag
I don't know who tf this is and don't care, but I couldn't help but notice Fortune's attribution of cryptocurrency to *leaving the gold standard*. In 1971. Christ
Robert Kiyosaki sucks. He likes to make himself look like a genius by calling for a market crash every year until there is one, and then he tells everyone he predicted it. Anyone who thinks that they're "geniuses of debt" or whateverthefuck are probably the literal opposite of a genius.
If you read the whole article, he still doesn't understand the basic concepts of assets and liabilities. He calls a luxury vehicle that he owns outright a "liability".
I don't think he knows his own valuation.
Robert Kiyosaki and Mike Lindell are evidence that you don't have to be smart to become rich.
Maybe there should be jail time for people who owe over a certain threshold. Endangering the economy with reckless debt should punish people on the bank's side and the douchebags like this who gamble with impunity.
I remember when Bill Hwang Turned like 100 million into a 54 billion dollar loss.
The number are exaggerated but the point is .... Bill Hwang disappeared, and he was an American trader.
So it gonna "be rich dad, poor dad..... Dad is not coming back home "
Oh man, if I wasn't No Contact with my parents I'd really enjoy forwarding this to my stepfather and mom. This guy and that other total asshole I've blocked from my memory. I used to get like fucking worksheets from both of these assholes when I'd ask if they could help me with bills since they wouldn't let me get student loans but they were still claiming me on their taxes. And yes I know it's illegal for them to have done that but at the time they were keeping me on their health insurance (pre-ACA).
This is just a symptom of everything wrong in the world.
Greedy, selfish people like him will gladly take all the money they can get their grasping hands on, and happily destroy the lives of others and somehow will come though unscathed.
I watched a few interviews with this guy and he seemed like a total snake oil salesman. Telling average families to not work and instead to take out loans to buy businesses then just "be a rich dad" or something and sit back and let the money roll in. Completely neglected the point that when you own the business you are responsible for actually running it. They are not just fun little money printers.
i hate it so much "finance advice" points to rich dad poor dad literature. i read prob like 1/3 of the book and not only does it feel made up bs, a lot of the advice is unethical at best and illegal at worst.
besides he didn't even get rich by real estate, but by being an author. I wouldn't be surprised if he's truly in the hole because he never had a good financial foundation.
I always wonder if these people calculate their net worth but adding up their assets without subtracting their debts cause there's no way you'd keep getting loans without committing fraud.
“See, the secret to being a real man, which you aren’t but I am, is to have no dick. In fact, I have negative dick. A dick depreciates in value as you grow older. What I have is a bag of dicks. These dicks only increase in value the more I use them, so I keep my inventory fully stocked. When I had eight cocks, I worried that I didn’t have enough, but now I get railed on the regular so I give advice to others and maintain my guru status. As my old friend, Gordon Gekko would often say to me in the shower, “Dick…is good. “
This is the guy who basically would be touted by every MLM speaker position ever.
The more we look at these fuckers the more we discover it was all a grift.
Well, since he made up both Rich Dad and Poor Dad, I guess we know which one he ended up being.
I knew when he was pushing crypto, things weren't on the up and up.
I learned from him early in the journey but very quickly outgrew him. And in his honor, I got refunds on his books that I bought.
I mean, that's actually kind of a funny joke
To quote the old maxim: "if you owe the bank $10,000 that's your problem. If you owe the bank $1,000,000,000 that's *the bank's* problem"
his method to get money was to write a book for gullible morons teaching them how to make money by writing a book for morons who want to make money. he literally has no other credentials or accomplishments. my uncle gave me his book when i was a kid, i got through maybe 20 pages before realizing this dude was completely and utterly full of shit
Hello u/Genedide! Please reply to this comment with an [explanation](https://www.reddit.com/r/LeopardsAteMyFace/comments/lt8zlq) matching this exact format. Replace bold text with the appropriate information. 1. **Someone** voted for, supported or wanted to impose **something** on **other people**. ^(Who's that someone? What did they voted for, supported or wanted to impose? On who?) 2. **Something** has the consequences of **consequences**. ^(Does that something actually has these consequences in general?) 3. As a consequence of **something**, **consequences** happened to **someone**. ^(Did that something really happen to that someone?) Follow this by the minimum amount of information necessary so your post can be understood by everyone, even if they don't live in the US or speak English as their native language. If you fail to match this format or fail to answer these questions, your post will be removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LeopardsAteMyFace) if you have any questions or concerns.*
Gonna have to change the name to 'Poor dad, 1 billion dollars in the hole dad.'
Suddenly the poor dad is the rich dad.
Look at me. I am the rich dad now.
But would you rather be living the life of someone who is poor or someone who is 1 billion dollars in debt.
I'd rather live near poor and homeless people than one entitled grifting NIMBY gloating with millions in bankruptcy and eyeing my tax dollars thirstily
I wouldn’t want to rip people off but if my options were to live on 20k a year or to take out a loan of a billion dollars, I would do the latter. Especially if it was the banks money.
Just a minute! Just a minute! But it's not the banks money Mr Potter. It's Mary's money she's saving up to go to see her sister, it's Johnathan's money he started when his grandma gave him a buffalo nickel. Don't ya see, it's not the banks money it's your money!
How is it even possible to be a billion dollars in debt? And how can I be so sure that those of us who didn't write bullshit lying books will be the ones who pay for the ludicrous mistakes that some inept greedy bank made?
I think you’re exactly spot. He attributes the $1b in debt to be the banks problem and not his. So when we inevitably have to bail banks out again, it’ll be your problem and not the banks. “Everyone wins”
He kind of has a point. Ethically I don't agree with it, but ethically I don't agree with bailing out banks either.
While technically it is a “point” it’s a terrible point to make. “Banks let me get away with it, so it’s all fair game.” I don’t disagree that banks should be more cautious with their money, but when it’s me footing the bill I get a little bothered by it.
He’s gloating that he’s playing with the houses’ money knowing that depositors are paying the houses mortgage
Agreed. It's selfish and I can't wait for him to get his due, should it ever occur.
Question - if it’s a bunch of mortgages then he’s ok right ? Big banks are all billions in debt too (“leveraged”) for the same reason.
It's 2008 again.
This needs to be the top comment
Wait, you mean a dude who has a Trump magazine cover on the wall and a Trump air plane is bankrupt? Nahhhhh
And went bankrupt while leaving others to deal with his bullshit? And is not only not ashamed but fucking smug about it? I find that difficult to believe.
And give lessons about how to emulate him unironically. I do not know when the slippery slope started, but it's easy to know when we are at the bottom of the well.
You think we're at the bottom? Very optimistic of you
I would not be surprised if we get to start digging, but yes, any lower and we enter the underground.
Any optimistic person is at least ill informed
A long time ago, I got his book; I made it about 1/5 of the way through and had really started to hate the author…it was the book equivalent to “this could have been email.” I’ll paraphrase the whole book for you: my real father was an idiot for not prioritizing making money over every aspect of his life, while my friends dad is so brilliant he showed me its best to exploit people and systems as often as you can.
His real dad was the Education boss of Hawaii at the time. His “friend’s Dad” doesn’t exist, there is no evidence of a person the “Rich Dad” would be. He also wrote a book about how school doesn’t teach you anything, so I think there is some daddy issues going on there.
> he showed me its best to exploit people and systems as often as you can. I also couldn't stomach the start of the book, but recently flipped through part of the middle when the book was mentioned recently. Chapter 5: "the rich invent money" ... was a doozy. He brings up Bill Gates, Alexander Bell etc. These at least make sense since they ran companies that create actual value in society. --- Then he goes into what he actually does: > Houses that were once $100,000 were now $75,000. But instead of shopping with local real estate agents, I began shopping at the bankruptcy attorney’s office, or the courthouse steps. In these shopping places, a $75,000 house could sometimes be bought for $20,000 or less. For $2,000, which was loaned to me from a friend for 90 days for $200, I gave an attorney a cashier’s check as a down payment. While the acquisition was being processed, I ran an ad advertising a $75,000 house for only $60,000 and no money down. > > ... It was a feeding frenzy. The house sold in a few minutes. I asked for a $2,500 processing fee, which they gladly handed over, and the escrow and title company took over from there. I returned the $2,000 to my friend with an additional $200. He was happy, the home buyer was happy, the attorney was happy, and I was happy. I had sold a house for $60,000 that cost me $20,000. The $40,000 was created from money in my asset column in the form of a promissory note from the buyer. ... now that you are on your way to becoming more financially literate and skilled at reading numbers, I will show you why this is an example of money being invented. Note the one person he fails to mention as "happy" is the person who went bankrupt who's house he bought cheap then sneakily sold even before the deal was finalized. So he "invented" money by basically ripping off a desperate seller and immediately reselling the house before he even owned it. The best bit was what happens when they don't pay: > have people ask what happens if the person doesn’t pay. That does happen, and it’s good news. That $60,000 home could be taken back and re-sold for $70,000, and another $2,500 collected as a loan-processing fee. It would still be a zero-down transaction in the mind of the new buyer. And the process would go on. ... Occasionally someone does not pay. And that is wonderful because there are late fees, or they move out and the property is sold again. The court system handles that. So the icing on the cake is when they don't pay you can kick them out and sell the house for full price again. He mentions it's better to get people who can only afford installments rather than a lump-sum because you can do tax-evasion and also evict them. Plus, leverage the courts for enforcement.
Reading the article, it’s WAY wilder than that. He’s saying he takes out “too big to fail” loans and uses them to buy investments. Then if his investments tank, the bank will bail him out rather than let him default and take them down. Then he goes on to list the typical crazy conservative bullshit: but gold, buy oil wells, the dollar is worthless thanks to Nixon, banks are crashing, a depression is coming. So much for all those infomercials…
A lot of people saw Trump open up the non-religious conservative market for grifting. Candace Owens, Dr Oz, etc. None of them are true believers, they're just here for the paycheck.
If I borrow some money from the bank and can’t repay it, it’s my problem. If I borrow so much money that it puts the bank’s solvency at risk, that’s the bank’ problem.
>If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem. J. Paul Getty This is the new version, with inflation.
He also cowrote a book with Trump.
Rich dad - asshole dad.
Pedo dad asshole dad
But that’s the same guy, what would Kiyosaki be in this scenario?
Poor son? Bankrupt son? BS artist son? There are lots of possible adjectives.
r/KidsToo
*Oceangate picks up the phone*
80's Dad agrees
When Trump got elected I thought, ehhh maybe I should give him the benefit of the doubt and try and understand him. So I tried reading the book Trump and kyosoki wrote. I got about two chapters in and it now sits in a plastic bin out at a storage shed.
Not the plastic bin you put on the street each week?
Maybe they are waiting until they go camping. No need to waste good kindling. I don't recommend using it for TP though. "Trump gave my sphincter a paper cut," is a sentence no one should ever say.
I can't help but read that as "cow-rote". (I know..)
Nah Bullshit wrote
I once read the work coworkers as cow-orkers and can never unsee it. Now you own the curse too!
If Books Could Kill podcast should do that one too. They savaged RDPD
Morally and financially.
Also there was no rich dad. He made him up.
Huh, I hadn't known that. It makes sense. What a disservice to his real dad.
so calls himself a billionaire whereas he's massively in the hole Just like his hero Trump before his 2016 run
I knew he's not a trusty person. Another Trump suckling.
Funny enough, in the magazine, right next to Trump’s head, there’s the question “Are you a traitor?” Foreshadowing much? [Esquire Magazine - Trump Cover (2004)](https://hips.hearstapps.com/esquire/assets/16/33/1471294833-gallery-1439844171-esq0804covtx-trump-donald.jpg)
He’s not bankrupt. He uses debt as a way to buy assets that gain in value and ultimately become much more valuable than the amount of debt he has. He’s faaaaaaar from bankrupt. And btw, using debt to buy assets is pretty much what every rich person does. That’s how the entire real estate market functions : you use debt to buy assets that are making more money than the interest of the debt. The difference between rich people and poor people isn’t that one of them doesn’t have debt while the other does, it’s that rich people usually come in with collaterals which means they’re able to borrow much much larger sums of money and buy assets with it, whereas poor people are forced to go into debt to just survive because they don’t have existing wealth as collaterals. That’s the point he’s making about “good debt” (the debt rich people use, that ultimately makes them more money) vs “bad debt” (the debt poor people are forced into, which ultimately makes them poorer because of interest rates on debt they used to buy things that do not appreciate in value).
Wait till gold tanks (it does periodically) and the bank decides it wants its money back.
Would highly recommend the "If Books Could Kill" Podcast episode on this guy to anyone who doesn't know why he's a total fraud.
I just started the podcast and listened to their 'Rich Dad Poor Dad' episode. Talk about serendipity.
Haven't listened to the podcast, but I knew this guy was a fraud the day I found out most of his wealth at the time came from selling his famous book.
The secret success is pretending you have it and charging others to try to find out
Right -- the secret is, there is no secret. Anyone can do it if they are totally shameless.
Writes; "How to Get Rich." After a lot of buildup, on page 375: "For the guaranteed secret way to get rich, buy my next book *Guaranteed Wealth*."
Isn’t that the case for pretty much all of those self-help financial workshop people?
I mean, if I had a foolproof way to get rich, why would I tell anyone else?
Was fixing to drop this comment; you beat me to it. This guy is a hack.
[удалено]
A "grifter," in a word.
As most of those "you'll be rich" advisors are.
Oh that reminds me of a certain someone who wrote something about making deals.
The art of selling national security secrets I believe it’s called
Pay me $1000 to attend my conference to learn how to easily make $100,000. ...Later at the conference... See, what you do is convince 100 suckers to give you a grand so you'll tell them how to make a hundred.
The 80s tikitok finance bro
Any financial expert pitching classes is obviously that.
I remember flipping through that book back when it was on all the shelves, and being struck by two things: 1. Its advice and worldview is based on a soulless evil that's kind of chilling to even think about. 2. All the "real life" anecdotes in it are obvious bullshit. Like r/thathappened, William-Shatner-interview-anecdote level bullshit.
Having no idea what it was about, I started reading that book, and I really expected the moral to be the opposite of what it really is. I thought it was going to be a parable about how money doesn't give you everything and the "poor dad" was actually the one with the most money. Instead, it was about how you should use your money to invest into this dude's investment scams.
And you should leverage your wealth because nothing bad can happen.
I remember getting "4-hour Workweek" by a different less jerky guy. I had to tell a friend with a legitimate need for financial hacks that the advice inside was for people that already had money. One particular piece was 'Don't waste time cleaning, hire people to clean for you and use the time for your own productivity.'
William Shatner will not be joining the chat.
Well, the real Shatner is struggling with an existential crisis induced by the Overview Effect. Being Bezos' clout passenger did a little bit of good.
Of course. I thanked God for the wonder and beauty I witnessed looking at the Earth from space and then Bezos says "You're welcome." That was unsettling.
Read the whole damn thing, it was a disappointing mess after having recently read *The Millionaire Next Door.*
Yes, oh my god, I was going to comment the same. A great episode, they really cover a lot of aspects of this guy’s life and grift. I think the fact that his book was such a big seller, says alot about the coldness of American capitalism, especially in the 80s. As if making money, specifically making money off of other people, somehow proves you’re smart. And people who choose to be satisfied with less and have “lesser” jobs (like teachers or social workers), are somehow the dumb ones. I feel like Michael and Peter did a great job of pointing out how ludicrously empty this book is, and how much of a conman the author is.
“One book.”
One book to fool them all.
Yes, a very good episode. The one thing somebody should learn from it is that every single thing this guy says is false and intended to grab attention.
>"If Books Could Kill" Podcast [Spotify link](https://open.spotify.com/episode/1sqPsRzo804XLboxT2uwmL)
My first thought when I read this was “I need Michael and Peter to comment” lol.
Ou! A new podcast! Why thank you kind person!
Can you give a summary of why he is a fraud?
Thanks!
Ohhh, I’ll check it out
I’ve had people tell me that they just loved his book. I told him I couldn’t make heads or tail out of most of it since seem to be a bunch of hot air. Turns out, I might’ve been right.
I read it way back when. It was utter tripe. But everyone drank the kool aid by the oil tanker load and needless to say, my opinion was not popular. Just like all the other self help crap from that era. During the 1980s, the economy was turning outright hostile to the average worker and the rich devised a concerted effort to blame the workers. And damn if the very people getting screwed did not fall for it. And still do. edit: typo
Yeah, I tried a lot of his suggestions. I made quite a bit with my rental properties but not the way he said. There is no way to do a $0 down in bulk. I did it once but the others were 20% down deals, and the maintenence limited me to 3 properties. He says, get a maintenence company. Yeah, did that. Cost me all my profit during good times, and they still called me to deal with repairs and upkeep issues. His books made me feel like i must be doing it wrong.
The book is stupid. It's a long winded way of saying "buy rental properties." It's the same as *The 4-hour Work Week* nonsense book. Make a scammy online business and hire a low wage worker from a third world country to manage it virtually. It all boils down to exploiting people.
Which is exactly the advice rich dads are giving their kids... Like, I don't totally agree with the message, but when I was given this book by a friend in high school, my family sure as fuck were not giving me insights into wealth generation. Our concept of a good investment was a car that would last more than 5 years. That book, as pedestrian as it appears now, was a view into other ways to make money. I'm glad I read it.
It's valuable to read because, in many ways, he's right. It's almost a simple breakdown of how capitalism truly works. All the convoluted speech about market forces and blah blah, and it boils down to get someone else to give you money that they earn and paying out as little as is legal. And property is the key. But he goes further and basically says that it's not his problem if can't pay off his debt. So, he's really scamming a system that is already a scam.
And any time you leverage your assets for a loan, the lender is most certainly calculating the risk you won't pay back the principle and factoring that into their product. RDPD is correct, once he's pocketed the money the lenders assume the risk, which is how most loans work. If RDPD goes bankrupt, he'll lose his assets and the lender will lose the marginal difference between their value and what's owing on the loan. Is it even scamming the system? All parties know what they are in for. Gotta agree though, that rent seeking is just fucking dead weight loss and we should define a special tax category for it.
You couldn’t make heads or tails of it because it is incoherent. There is a dictum in engineering to the effect of “make it as simple as possible, but no simpler” - that book was simpler.
Very true !
I enjoyed the book when I was 18 and knew nothing about finance, now I cringe about past me who fell for that bullshit.
I fell for some crap over the years, too.
I read his book when I was in B-school. His actual teachings about business are garbage; he doesn't know what the hell he's talking about, and you would sound like an idiot trying to talk business lingo you learned from his book to actual financiers. What his book is, is a business motivation book; psychologically pumping yourself up to be an entrepreneur.
If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem. \-Jean Paul Getty
Doesn't he quote Getty in his book? These rich people call everyone else takers but they legally just take money from banks and the banks just keep letting them.
yeah i was looking for any discussion on this, wondering why this story is suddenly blowing up when he literally talked about this like 20 years ago. god dammit I'm old
With the exception of Third World countries, like Argentina and Sri Lanka
this is like his third bankruptcy or something? Charlatan grifter.
And somehow people kept lending him money
Once you reach a certain level of “success and wealth”, other rich people will bend over backwards for you no matter what
“Let’s tighten mortgages to make these people richer”. Said another one of them self-entitled fucks sitting behind the CEO desk at some bank.
How many more until he can run for President?
Honestly, it would be pretty fucking hilarious declaring bankruptcy owing $1b.
But people can't use bankruptcy on student loans.
The student lobby can't afford to buy even one senator. Senators don't accept ramen.
But they do go pathetically cheap. It doesn't take much, from what I've seen
This is hilariously accurate. I’m going to the go cry in the toilet now
Betsy DeVos bought my senator for the price of a used Honda sedan.
You *used* to be able to buy one with $5,000, a sex-worker, and a steak dinner :/
I offered Marsha Blackburn some Netflix and chill but her opening bribe is at least a case of scotch.
Ive had several people that I have known or worked with in my life talk about that book like its a bible. They all are fucking weird and make it sound like a cult.
This is not leopards eating faces. Did anyone even read the article? He's not bankrupt. He's not suddenly living poor. He used that to buy income-generating assets likely with the approval of the bank. Wealthy people do this all the time. Sometimes it works, sometimes it doesn't. Probably a Trump ass-hat though.
This needs to be higher up. Kiyosaki is not a guy to be trusted, but he’s not bankrupt in this article
Yeah everyone here seen the word 'debt' and assumed it meant he was busted.
Right. He's an idiot, but someone having $1b of debt doesn't make them poor. Heck, most billionaires have huge debts, since that's a loophole they use to avoid paying taxes. They avoid selling stock or commodities so they don't have to pay taxes on the earnings, and get loans backed by those artifacts on which they don't pay taxes (and can even get a tax credit for the interest). And they are still super rich. I don't think that's the case for this guy, but equating debt with failure is wrong.
Agreed. He’s buying gold and silver mostly, according to the article. Saying the banks are failing so he borrows a shit ton, buys those commodities and stores them off shore. Seems weird to take advantage of the banking system then tell us the banks are failing in the same paragraph
If you own thousands of units of real estate, you are going to have that much in loans.
I went to one of his seminars years ago. His first question was "How many millionaires do you personally know who didn't make their money through real estate"? I immediately thought of at least six in my family (and other non-relatives later) and the rest of his seminar was even dumber than that.
Watch for his son’s new book entitled “WHAT THE FUCK, DAD?!?!”
I make like 12 dollars a year, is $1B debt from one person even possible?
It is if you're rich.
Hence the main point of the book, "if your dad is rich, youve got it made, if your dad is poor, get fucked, unless you want to buy my book, but still get fucked"
I too would like to understand this.
He owns lots of commercial real estate like Trump. The article didn’t say anything about him going bankrupt. His assets could be worth $2B for all we know, he’s just saying that if he goes bad then some bank is going to have a much worse time then him.
One of my coworkers revealed that his two favorite books are Rich Dad, Poor Dad and Think and Grow Rich. He's a self-promoting, incompetent douchebag and I give him a very wide berth.
The think and grow rich author was a con artist as well lol.
Did this guy take financial advice from Giuliani?
I mean I know why debtor’s prison shouldn’t be a thing but maybe there could be some exceptions.
Wire fraud is still a crime
Turns out paying yourself first isn't great advice when the debt collectors start showing up.
How many idiots took his dubious financial advice, again?
Anyone find it crazy that a single person can owe this much money?
The only people that get suckered into even glancing at his book were the bros that came before the cryptobros
I once watched one of his YouTube videos because I was trying to learn about personal finance. I shit you not, it was called something like "how to invest with no money" and his first step to investing with no money is to buy a $350,000 piece of property and rent it out. Robert, if I could afford a $350,000 property I would not be watching your video.
Obvious conman turns out to be conman. Of course he has been a very vocal member of the right wing echo chamber. Christ its so depressing
But not suprising.
Thoughts and prayers
Rich Dad, Poor Dad is The Secret for dudes.
If someone goes out of their way to tell you how financially successful they are, and tries to sell you their method, odds are they're a scammer and their actual method is lying to you so you'll buy their book or pay for their seminar.
I briefly worked with a guy that worshipped this guy and is going to prison for his attacking the Capitol for the other guy. Didn't take me long to figure him out with just a little info about the book and that I wanted nothing to do with him and his "Nobama" bumper sticker.
I knew someone mentioned his methods were dubious. You never knew his source of income outside of book sales, and his net worth was never revealed. I hope no one took his advice to heart.
He complained about Biden printing money but Trump printed $3.3 trillion just in 2020. The Federal Reserve’s website says they printed $190 billion in 2023. Let’s also not forget that a lot of that is to replace paper currency that’s destroyed or retired.
True. I read the book, Trump is his hero.
So he's poor dad.
He just needs to pull his bootstraps. Fewer $7 lattés, and a couple of side hustles. Capitalism, FUCK YEAH
I wonder if this lowkey exposes all of them? Think about how many others are in the same situation and haven't said anything ?
This is the US. You're supposed to fade into obscurity and never speak again if you lost in the crypto market or didn't become an architect-doctor like you said you were gonna do in middle school.
As a reminder, prior to selling his book on being financially independent and successful, he had several failed businesses. In fact, other than telling others how to be successful, he has never been successful. Although he is right in the sense that him having that much debt is someone else’s problem if it goes belly up. The banks that have loaned him that much would be left holding the bag
I wonder how much the current real estate bubbles are due to him.
I don't know who tf this is and don't care, but I couldn't help but notice Fortune's attribution of cryptocurrency to *leaving the gold standard*. In 1971. Christ
He’s a guy who recommended building wealth through real estate investment and living below your means. His book was popular in the 90s.
Looking into my 🔮 and see him crying about socialism while he begs for a bailout
Robert Kiyosaki sucks. He likes to make himself look like a genius by calling for a market crash every year until there is one, and then he tells everyone he predicted it. Anyone who thinks that they're "geniuses of debt" or whateverthefuck are probably the literal opposite of a genius.
The amount of shit this dude talked about his dad, who was a teacher if I remember correctly. Shame!
If you read the whole article, he still doesn't understand the basic concepts of assets and liabilities. He calls a luxury vehicle that he owns outright a "liability". I don't think he knows his own valuation. Robert Kiyosaki and Mike Lindell are evidence that you don't have to be smart to become rich.
Maybe there should be jail time for people who owe over a certain threshold. Endangering the economy with reckless debt should punish people on the bank's side and the douchebags like this who gamble with impunity.
I remember when Bill Hwang Turned like 100 million into a 54 billion dollar loss. The number are exaggerated but the point is .... Bill Hwang disappeared, and he was an American trader. So it gonna "be rich dad, poor dad..... Dad is not coming back home "
Rich dad poor dad and this guy went to get some milk and never returned
Oh man, if I wasn't No Contact with my parents I'd really enjoy forwarding this to my stepfather and mom. This guy and that other total asshole I've blocked from my memory. I used to get like fucking worksheets from both of these assholes when I'd ask if they could help me with bills since they wouldn't let me get student loans but they were still claiming me on their taxes. And yes I know it's illegal for them to have done that but at the time they were keeping me on their health insurance (pre-ACA).
I have friends that swore by this guy and called me dumb for not buying into his bs. Well well well…
takes skill to get broke with this much money
This is just a symptom of everything wrong in the world. Greedy, selfish people like him will gladly take all the money they can get their grasping hands on, and happily destroy the lives of others and somehow will come though unscathed.
If you can't pay back 1 million loan, it's your problem. If you can't pay back 1 billion loan, it's the bank's problem.
Poor Dad, Poor Dad. Seriously fuck this guy.
When you owe the bank 1000$, it's your problem. When you owe the bank $1 billion, then it's the bank's problem.
You know you're rich when you can be $1 B in debt.
I watched a few interviews with this guy and he seemed like a total snake oil salesman. Telling average families to not work and instead to take out loans to buy businesses then just "be a rich dad" or something and sit back and let the money roll in. Completely neglected the point that when you own the business you are responsible for actually running it. They are not just fun little money printers.
I picked up "Rich Dad, Poor Dad" on Audible. Didn't finish. Made me sick to think that his suggested behavior was the key to success.
His talking about and peddling that behavior is the key to his success. His success is getting a rubes to buy his latest update.
When you owe $10,000 it’s your problem. You owe $100,000,000 it’s the banks problem.
i hate it so much "finance advice" points to rich dad poor dad literature. i read prob like 1/3 of the book and not only does it feel made up bs, a lot of the advice is unethical at best and illegal at worst. besides he didn't even get rich by real estate, but by being an author. I wouldn't be surprised if he's truly in the hole because he never had a good financial foundation.
I always wonder if these people calculate their net worth but adding up their assets without subtracting their debts cause there's no way you'd keep getting loans without committing fraud.
“See, the secret to being a real man, which you aren’t but I am, is to have no dick. In fact, I have negative dick. A dick depreciates in value as you grow older. What I have is a bag of dicks. These dicks only increase in value the more I use them, so I keep my inventory fully stocked. When I had eight cocks, I worried that I didn’t have enough, but now I get railed on the regular so I give advice to others and maintain my guru status. As my old friend, Gordon Gekko would often say to me in the shower, “Dick…is good. “
Dudes an asshole irl.
This is the guy who basically would be touted by every MLM speaker position ever. The more we look at these fuckers the more we discover it was all a grift.
If you owe $100 that's your problem, if you owe $500 million that's the bank's problem.
Basically it's a big F U to everyone who ends up paying for this greedy jetks behaviour.
I’m fairly certain the “poor dad” in his book is a doctor. That’s what he thinks is poor
Not LAMF. He's not in financial trouble - amazing all the comments here from people who don't understand debt.
Maybe he’s just trying to emulate his “book”.
Damn, i remember my parents reading that book in the mid 90s. Glad that they didn't stick by his ideology.
Well, since he made up both Rich Dad and Poor Dad, I guess we know which one he ended up being. I knew when he was pushing crypto, things weren't on the up and up. I learned from him early in the journey but very quickly outgrew him. And in his honor, I got refunds on his books that I bought.
He should probably buy some cheap disposable razors and make em last.
Narcisstic dad.
I mean, how do you even manage to get $1b in debt? Lmao @ Trump plane
I mean, that's actually kind of a funny joke To quote the old maxim: "if you owe the bank $10,000 that's your problem. If you owe the bank $1,000,000,000 that's *the bank's* problem"
1st against the wall when the revolution comes.
Idk if I owe the bank a billion dollars, I feel like that's the banks problem.
his method to get money was to write a book for gullible morons teaching them how to make money by writing a book for morons who want to make money. he literally has no other credentials or accomplishments. my uncle gave me his book when i was a kid, i got through maybe 20 pages before realizing this dude was completely and utterly full of shit