Anyone who listens to the podcasts and or researches the recommended reading for Real Estate Investing, Rich Dad/Poor Dad is at the top. Currently I have been listening to it and I have to say, I wish I had listened to it years ago. I have definitely learned alot from this book and attitude about creating passive income to create the life you want. However when I brought it up to my father(who loves to read these kinds of books)he went into a tirade on how Robert K is a scam artist, that his story isn't real. That he stole the story and on & on. So I did some investigation and there are some haters out there. But you will always find haters. And my thoughts and point is....who cares? I think his book offers great information on how to look at things differently. To face your fears and follow your goals and this is how to do it. I couldn't find much info on whether he really was a scam artist or not. And like I said at the end of the day what matters is what I get out of it. What are your thoughts?

Rich Dad Poor Dad Fake or Not?

Contractor · Valparaiso , IN · Member since 2013 · 604 posts · 327 votes

12y

I agree, who cares. The point of the book is to change the way a person thinks about finances in life and it does a great job of that.

I would tend to believe its not a fact based book. But I listen to it about once a year because the content is fantastic. Try the "E-myth revisited" also, by the title I thought it was about e-commerce, but its not.

1 Reply

Account Closed

Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes

12y

Yes, Robert Kiyosaki is fake and a con artist. The stories in his book are made up. However his book has a lot of good general information on which quadrant you want to be in and some good insights on how leverage and finance work. I think Robert Kiyosaki is more of a motivational speaker than anything else. You have to give the guy credit for being able to BS his way to the top and made a good living out of it. Could it be that your dad lost money on Robert Kiyosaki's real estate coaching program? :)

I will never spend another nickel on RK's stuff because he's a fake. That's just my thought on him.

2 Reply

Mark Podolsky

Investor · Scottsdale, AZ · Member since 2008 · 281 posts · 113 votes

12y

I think the motivational aspect is great, but the fact that he blatantly dismisses the need for higher education is at best ignorant and at worst dangerous and reckless. Every pertinent study has shown that the more education you have, the higher your net worth and income. Also, educated people live longer, have fewer divorces, better health, and so forth.

The marketing story being "real" is of no real consequence. Most marketers have a "story" to engage and entertain an audience. The real issue is if his content is based on a successful track record in real estate investing. I don't believe he has any verifiable track record.

Honestly, I think if you got something out of this material then that's great. I personally know there are more substantial books on real estate investing that give you a more realistic notion on what it takes to make money in real estate.

No one on Bigger Pockets is going to paint such an easy route to making money in real estate. There is no push button system. This is hard work and the more education you have in real estate, construction, finance, marketing, real estate law the better in the long term.

I'd recommend learning from BP members, listening to the podcast, etc.

As far as Kiyosaki being a "scam". Well, to me that would mean you didn't receive any value for the money paid for his book. That doesn't appear to be the case, as you seem to have gotten motivated or a different view of investing and passive income from his book so I won't judge. Nevertheless, I'm always skeptical of those whom teach full time as opposed to teaching and doing.

If his wealth is from teaching and not real estate that's a huge red flag...

2 Reply

Thomas Williamson

Investor · atlanta , GA · Member since 2012 · 287 posts · 148 votes

12y

For me reading Rich Dad changed my life forever. No, Robert won't tell you how to get from A to Z, but that's what's great about Rich Dad and many of his books since then. It forced me to think, and to come up with solutions to my own financial problems. After reading Rich Dad, I took 55,000 I had in a retirement savings account and put it to work with real estate. 3 years later, my wife retired at age 42, we own 9 s/f properties and I just purchased my first M/F property. I owe the motivation to do all that to Rich Dad Poor Dad. I've been to real estate seminars all over the country, and I'm always amazed at how many real estate investors got their start after reading Rich Dad Poor Dad. Do I think he's a fake or con man, no. He's in this to make money of course, but he's also helped thousands and thousands of others along the way. BTW, if you haven't read Kim Kiyosaki's books, I would encourage everyone too. Her's are geared more for women, but still inspirational as well.

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Zach Schaar

Real Estate Investor · Columbus, OH · Member since 2013 · 152 posts · 13 votes

12y

There is a ton of conflicting info on the Rich Dad Poor Dad business. In my opinion, most of his information is good, and it is helpful, but it's not always completely realistic. I've read a couple of his books.

In regards of him being a scam, I watched this video the news did on him awhile back I thought was interesting... http://www.youtube.com/watch?v=HE6nT0oyPt8

Although I must say, I've not spent a dime through Rich Dad Poor Dad with the exception of the books, and I've learned a ton. So I don't really feel as if I personally was scammed. Watch the report, it is very interesting.

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Shaun Reilly

Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes

12y

Rich Dad Poor Dad was one of the books that really changed my way of thinking and got me interested in RE Investing and having my own business.

People that criticize it usually point out how it doesn't really tell you how to go about achieving these things. The thing is it is not, not is it at all intended to be, a "how to" type book. It is meant to be inspirational and to change your perceptions about money and the working world.

I have heard things about a lot of the stuff about his experience were not all that factual. In fact I read some place where he more or less admitted that "Rich Dad" wasn't a real person. Maybe some conglomeration of many people and some made up stories to get the point across. But as others have said: Who cares? He is an author and he was able to write a book that got the point across and helped a lot of people, while making him a start and a crap load of money.

I have heard mixed thigns about his advanced training. More bad than good but even those who have told me it is great said it is really expensive. I did do a shot weekend workshope to short money many years ago but otherwise have just gotten a lot of the books and the CashFlow game. Don't regret any of those purchases (Including the workshop) but never considered going any farther with it.

2 Reply

Jose Reyes

Full Time Rehabber · Covina, CA · Member since 2012 · 28 posts · 22 votes

12y

His objective is to sell books, seminars and hope. That is it.

None of what he states is unique or different then almost all of the motivational gurus, they all simply package it differently.

If you are hoping, his books or seminars are going to give a magic recipe to riches, it's a huge waste of time.

5% useful, 95% fluff.

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Dawn AnastasiPro Member

Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes

12y

I got the Rich Dad book from the library so I didn't spend a cent on it. It made me think and if that was the goal, goal achieved. So no scam there.

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Zach Schaar

Real Estate Investor · Columbus, OH · Member since 2013 · 152 posts · 13 votes

12y

I agree with @Jose Reyes

After reading a few of his books, alot of it is very very basic information watered down with useless back information. With that said, back to my original post, I think it is a great place to start, by reading his books. But once you get more into the business you will quickly outgrow what they have to offer.

What would I suggest? Read everything you can Mr. Kiyosaki writes, and take advantage of his free webinar classes (i've learned a TON there), but I wouldn't necessarily spend any money on the seminars he tries to sell, because, just like the book, it's 90% background info you don't need.

Hope this helps =)

1 Reply

Bill Gulley

Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes

12y

Before I cam to BP I contributed some on another site, later I did learn it was guru oriented.....Rich Dad, Poor Dad was pushed, I read what there was and general advice, it kept me busy. Yes, it's a scam, OTH, if you read stuff, guru stuff, take out the claims of riches, take out the RE technical issues, take out their legal opinions in telling you what is perfectly legal, you may have an inspirational read that might motivate you.

And as mentioned, such books are at the library, glanced at some but I can't take much of that stuff, but I did see some strategies in some pointed out as "new" that were nothing but spins on some really old stuff.

But, as long as people just want to be feed how to make a buck without any real study and effort, I guess the gurus will always be around. Human nature prevails. :)

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Nicole Pettis

OP

Flipper/Rehabber · St. Louis, MO · Member since 2008 · 489 posts · 300 votes

12y

I agree with you all...overall I think his book motivate people to look beyond what they have and gives them a different way to look at life and achieving dreams.

I listen to the BP podcasts and read the posts & they are just as motivating and knowledgable!

While my father never bought Kiyosaki's books or programs, one of his close friends did. Dropped A LOT of money on his program and "didn't get anything out of it". However this person is infamous for buying every guru program out there and not following through with anything, so I take that with a grain of salt.

Thank you for your input! Great discussion!

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Nicole Pettis

OP

Flipper/Rehabber · St. Louis, MO · Member since 2008 · 489 posts · 300 votes

12y

I should have said the BP podcasts give knowledge and the "how to" its great to hear how people have achieved their goals and the steps they take.

Yes, I believe RK accomplished what he meant to and that is to motivate people and become a subject of discussion to sell more books, programs and such.

I have bought into one "guru" program and that was enough & no it wasn't real estate based. I didn't drop a whole lot of money, but it was significant enough. I learned my lesson...

I am not promoting RK, I just wanted to get thoughts on his lessons and teachings since it seems that his book has started many people down the REI path.

0 Reply

Engelo RumoraBusiness Member

Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes

12y

Originally posted by Thomas Williamson:

For me reading Rich Dad changed my life forever. No, Robert won't tell you how to get from A to Z, but that's what's great about Rich Dad and many of his books since then. It forced me to think, and to come up with solutions to my own financial problems. After reading Rich Dad, I took 55,000 I had in a retirement savings account and put it to work with real estate. 3 years later, my wife retired at age 42, we own 9 s/f properties and I just purchased my first M/F property. I owe the motivation to do all that to Rich Dad Poor Dad. I've been to real estate seminars all over the country, and I'm always amazed at how many real estate investors got their start after reading Rich Dad Poor Dad. Do I think he's a fake or con man, no. He's in this to make money of course, but he's also helped thousands and thousands of others along the way. BTW, if you haven't read Kim Kiyosaki's books, I would encourage everyone too. Her's are geared more for women, but still inspirational as well.

Awesome post.

The book also changed my life. Within a matter of days I started focusing on assets instead if liabilities.

I recommend every newbie read it.

Thanks.

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Brian P.

Wholesaler · Salt Lake City, UT · Member since 2009 · 1k+ posts · 401 votes

12y

the book was a great mindset book but the truth is when he wrote it he was not an expert in real estate or much else. But he was smart enough to surround himself with people that were and start learning what they knew. I still suggest it to people that need that pep talk, but recommend other people when it comes to investing in real estate and actual knowledge.

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Account Closed

Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes

12y

Selling hope & dream is a huge business. However, when you start a relationship with a lie, that's a big turn off for most people. There are other ways to convey your educational information, but RK chose the lying way. Maybe he didn't know of a different way.

Your father is upset because he probably disagreed with RK's character. Amazingly RK has succeeded in his business. That goes to show you some people just don't care about his character and the way he conducts his business.

Just my 2 cents.

3 Reply

Nicole Pettis

OP

Flipper/Rehabber · St. Louis, MO · Member since 2008 · 489 posts · 300 votes

12y

@Account Closed you are correct! My father respects integrity in business & that's why he has such an issue with RK.

0 Reply

Paul Sorgi

Real Estate Investor · Abington, MA · Member since 2011 · 356 posts · 114 votes

12y

I don't think he is a scam and give his book RDPD credit for helping me to view money and business from a different perspective. As with any author or Guru there is always fluff and there are always people who will say they got ripped off. Most of the time it is because they buy on emotion and then don't put anything they learn into action. I recommend the book to anyone who is interested in starting a business or increasing their income.

1 Reply

Morris Jackson

New Orleans, LA · Member since 2013 · 2 posts · 1 vote

12y

Real are fake, stolen are his story, it changed my life for ever!

1 Reply

Shaun Reilly

Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes

12y

Originally posted by Brian P.:

the book was a great mindset book but the truth is when he wrote it he was not an expert in real estate or much else. But he was smart enough to surround himself with people that were and start learning what they knew. I still suggest it to people that need that pep talk, but recommend other people when it comes to investing in real estate and actual knowledge.

I don't know if that is true about not being an expert in Real Estate or anything else when he wrote (or at least published) the book.

I don't believe it is in question that he did start the successful businesses (That did go belly up) that he talks about in the books and as far as I know nobody has ever questioned his contention that he started investing in RE in the 70s and retired off the passive income in the early 90s.

Again he doesn't do much to tell you HOW to get to the point of starting a mutli million dollar business or a huge cash flowing rental portfolio, but I do think he did actually do those things.

0 Reply

Morris Jackson

New Orleans, LA · Member since 2013 · 2 posts · 1 vote

12y

Real are fake, stolen are his story, it changed my life for ever!

0 Reply

Shaun Reilly

Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes

12y

Originally posted by Minh L.:

Selling hope & dream is a huge business. However, when you start a relationship with a lie, that's a big turn off for most people. There are other ways to convey your educational information, but RK chose the lying way. Maybe he didn't know of a different way.

Your father is upset because he probably disagreed with RK's character. Amazingly RK has succeeded in his business. That goes to show you some people just don't care about his character and the way he conducts his business.

Just my 2 cents.

He was telling a story and used colorful stories that were not true.

The idea was to inspire and make people think. He did that. If "Rich Dad" was actually a real person or an aggregate of many people, along with other things that he would have liked to have had isn't really a big deal to me.

Yeah maybe it would have been nice for him to say upfront that it was more of a fictional account, but doesn't chance the points.

And RDPD is the #1 personal finance book of all time and he has sold like 26 million copies of all his books so it is pretty clear most people aren't concerned about the fictional aspects of the stories.

Now if he lies and makes stuff up in his actual business dealings I would guess he would have a lot more issues. And if you see some of the stuff that comes up on Google maybe that stuff does happen with him, and in those situations I would agree that is character would be a big issue for me.

0 Reply

Chris Adams

Contractor · Valparaiso , IN · Member since 2013 · 604 posts · 327 votes

12y

The other thing to remember is that the RDPD book was originally published in 2000, information was not as widely available as it is today. And as REI we have all learned so much that we think the info he gave out was trivial. Which for the RDPD book its really was. But if his other books gave out details, then it may have helped a lot of people.

Think of how many new people come to this site daily asking questions that we as investors think are rudimentary. Now go back 13 years and try to find the answers without a site like BP. It was pretty hard.

So all in all RK just filled a niche market at the time when information was not as easy to find.

RDPD was really a philosophical book, not a detailed step by step business plan.

1 Reply

Johnny Flewellen

Real Estate Investor · Las Vegas, NV · Member since 2011 · 14 posts · 15 votes

12y

I think that majority of the information being told is true as it relates to events that occurred in his life.

However, the problem comes in when people who think they are going to get a detailed action plan from the book that costs about $20.00 The book serves as an overview nothing more because some things written in a book don't hold true in this day in time. But it's an excellent start when it comes to tapping into your creative thinking.

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Michaela G.

Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes

12y

I think a lot depends on whether the reader is a 'big picture person' or a 'detail person'.

A 'big picture person' will look at the overall and see the value in the concept, the idea, the whole mindset of a real estate investor and won't get so bogged down with the details of the book. They will then work their way inwards, getting the details from various areas.

A detailed oriented person will likely get so hung up over the details being fantasy, that they might not see the value/concept of the book.

2 Reply

Bryan L.

Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes

12y

Read, read, and then read some more. From a lot of different people. But take it all with a grain of salt. If you have at least an average intelligence, you can learn for yourself what to keep and what to throw away.

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Rich Dad Poor Dad Fake or Not?

Rich Dad Poor Dad Fake or Not?

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