Don’t Listen to Robert Kiyosaki
First of all, go to this link to read about Robert Kiyosaki
That link should tell you everything about the dangers of listening to every word of Kiyosaki. I’ll add some of my thoughts.
Kiyosaki is a good motivational speaker and a salesman (his board game is pretty fun too!). He does give good mindsets and inspirations to become rich. But his advices are pretty bad and even dangerous to people who mis-interpret his messages. Here are some of the advices he gives that people might mis-interpret:
Quit your job now and start a business—Starting a business is hard work. I know because I tried to start my own business. I’ve also worked with a few start-ups. It takes several years to get the cashflow needed to live. Because of that, quitting your job—your only source of income—wouldn’t be a very wise idea. In Kiyosaki’s books, he advises people to quit as soon as possible. The reasoning is that having no income forces you to make your business succeed. It’s a great motivator, but I disagree on that.
Mutual Funds Make no money-This is a ridiculous claim. They do make money. It won’t happen in the short term but it’s pretty much proven that in the long term it has great returns. instead, Kiyosaki recommends options and other super risky investing. I can say that unless you start investing full time and really know the business, options and other risky trading practices is a fast ticket to losing your money.
School sucks, they don’t teach anything-I agree that a higher degree isn’t necessary as long as you have the skills. But I can see some slacker thinking, “Cool! I don’t have to go to school because Robert Kiyosaki says that I can go into real estate and become a billionaire!” School isn’t necessary, but you might still need it. Sure he gives examples of Bill Gates and others who dropped out of school that made it big. But there are other ppl who didn’t make it big when they dropped out.
Real Estate is the way to go—Probably, but many people have gotten rich without using real estate. His products don’t give much of the harsh reality of real estate. He makes it sound it’s too easy. And now, a lot of people have jumped on the bandwagon. I’m not sure if Kiyosaki is the culprit of the real-estate bubble we’ve seen so far, but I’m sure he had some hand in it.
Now, Kiyosaki has “walked the talk.” He has tons of books, expensive seminars, and boardgames (Cashflow 101, 102). So he is rich. But maybe that’s how he gained most of his wealth instead of real estate. Who knows.
Overall, most of his advices are not solid. So ignore Robert Kiyosaki. The best book about how the is Millionare Next Door
Stumble it!
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Yah, getting in on the first floor is always helpful. Now there are ten thousand people waiting to buy property at the foreclosure sales and it’s only the insiders who get to buy it for $2,000 (borrowed) and sell for $100,000 in 30 days.
Same as it ever was.