Rich Dad "Advanced Training" seminars?

Guru, Book, & Course Reviews
18yFollow

Rich Dad "Advanced Training" seminars?

Todd Garrison
Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes

Has anyone taken the plunge and attended any of the "Advanced Training" courses put on by the Rich Dad Education company? Last fall I attended a three day seminar put on by Rich Dad Education, but because of the steep price (and some mental red flags that went up during the seminar), I declined to sign up for any of them.

The first warnings started sounding as things got underway the first day when we were forbidden to network with anyone during or outside of the classroom, we weren't to challenge any of the ideas of the instructor, nor were we to conduct "research" on our own by using the Internet. They also wanted to protect their "proprietary" information, so they wouldn't allow you to record any of the sessions. Note taking, it seems, doesn't seem to threaten that.

I later came to find out that the Rich Dad Education seminars were essentially repackaged Russ Whitney products, and many people feel scammed by the whole process.

I understand that the basic training seminar is mostly motivational in nature and is designed essentially to upsell the attendee into purchasing one of the "advanced training" seminars that deal with a specific area of investing, anywhere from wholesaling to large development deals.

The basic training courses are $495, and if you can withstand/ignore the high pressure sales tactics, I felt that I did actually receive my money's worth in terms of knowledge and useful information. But the advanced courses range anywhere from $7,000 all the way up to $45,000, if memory serves. That seems like a ton of money, but if it's something that returns your "investment" back to you in increased profits from doing better RE deals, then I would assume most would feel the high cost would be worth it.

My question is, has anyone attended any of these courses, and if so, do yo feel that you got your money's worth by attending? I see precious little information anywhere on the Web regarding reviews of these more expensive training courses.

Perhaps attendees sign contracts forbidding them from talking about their experiences? I figured this would be the place to find out.

Todd

2Reply
541 views

Most Popular Reply

Richard Warren
Real Estate Investor · Las Vegas, NV · Member since 2008 · 1k+ posts · 447 votes
18y

Understand that the Rich Dad Seminars is a marketing company. They give you a “free†seminar so that you’ll buy the $495 class, the $495 course is used to sell you $7,000 advanced course. The advanced course is designed to sell you the mentoring program. It’s all about upselling, they want you to believe that you will find out the success “secret†at the next class. The reality is that you learn by doing, did you learn how to ride a bike by going to a seminar? No, you learned by falling down and skinning your knees, then you got up and did it again. Education classes are your training wheels but until you actually get out there and do it you will not learn how to really be successful.

:cool:

15Reply
See this reply in the discussion

202 Replies

Jump to latestLatest
  • Scott Snow
    General Contractor · Floyd, VA · Member since 2008 · 5 posts · 1 vote
    18y

    I recently went to a "free" Rich Dad seminar where they were basically selling the $495 course. I put "free" in quotes because although I did not have to pay anything, it was a complete waste of 90 minutes. It was pretty clear it was all a funnel to get you into their expensive educational forums.

    1Reply
  • Richard Warren
    Real Estate Investor · Las Vegas, NV · Member since 2008 · 1k+ posts · 447 votes
    18y

    Understand that the Rich Dad Seminars is a marketing company. They give you a “free†seminar so that you’ll buy the $495 class, the $495 course is used to sell you $7,000 advanced course. The advanced course is designed to sell you the mentoring program. It’s all about upselling, they want you to believe that you will find out the success “secret†at the next class. The reality is that you learn by doing, did you learn how to ride a bike by going to a seminar? No, you learned by falling down and skinning your knees, then you got up and did it again. Education classes are your training wheels but until you actually get out there and do it you will not learn how to really be successful.

    :cool:

    15Reply
  • Todd Garrison
    OP
    Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes
    18y

    Good points. I suspect that there are many out there who want to believe that they can purchase (and just as many ready to sell) real estate knowledge rather than having to go through the trials and tribulations of actually experiencing it.

    I have to wonder, though, if anyone who's gone through one of these courses felt that they got their money's worth at the end of the day.

    1Reply
  • Nate Cadwell
    Real Estate Investor · Tulsa, OK · Member since 2008 · 8 posts · 7 votes
    18y

    Just for those that are wondering, I can vouch for the Rich Dad Advanced Training courses. I have only taken 2 (plus we had our mentor out - that is worth so much more than what we paid for it) so far and I am already a full time real estate investor well on my way to creating the lifestyle of my dreams. I will have the ability to retire at an extremely early age thanks in a huge part to these classes and the training I have received. I can understand the doubts that have been expressed, believe me we all have our doubts. But I strongly believe in the statement that an entrepreneur will pay for their education, whether they pay for training or they jump in and make the mistakes that cost them money. We would have left a lot of money on the table if we had done deals without the training. I believe, without a doubt, that the classes have more than paid for themselves. And I still have 2 more classes to go before I upgrade... And I will upgrade because I KNOW that it is worth it. The knowledge, the networking, the experience, and the relationships created is priceless. But if you were wondering about what matters on paper - the money - it pays for itself ten fold! Don't get me wrong, I completely agree that every person reaches a point where they just need to get out there and do it, make something happen! However, our personal process of getting things going would have gone so much slower if we hadn't taken these classes. In less than a year we have established our company, done some deals that have more than paid for the classes and quit our jobs to do this full time. And we love it! I hope this provides a little light on the subject. If you have any questions, I would be happy to do my best to answer them. Good luck in your investing and I hope you make the right choice for you.

    6Reply
  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    18y

    Nate, Its clear you're passionate about what they've taught you. Can you be more specific about "done some deals that have more than paid for the classes"? What is it you have learned from the classes that have helped you in those deals, or made them better deals? You must be making pretty good money from this, if its supporting you and your wife.

    3Reply
  • Todd Garrison
    OP
    Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes
    18y

    Nate,

    Thank you for your post and giving us some insight as to the value of these courses. With such a steep price, I had to weigh the benefits of the courses with the financial impact it would have created. In other words, if it were a financial strain where I could *just* afford to enrol in a seminar, but my credit cards would be maxed out or I tapped into an equity line of credit, would this have been an advisable course of action? Given the high-pressure sales tactics at the seminar I did attend, I was led to believe that attending these advanced trainings would be worth the sacrifice of becoming over-leveraged, if I can use that cliché. To me, that was a red flag and was the deciding factor in deciding NOT to participate. I understand they wish to encourage and reward action and seizing the moment, but I wouldn't want to get myself upside down financially just to make it happen. Their apparent unwillingness or inability to offer financing or offer other arrangements effectively sealed the deal for me. If I had unlimited resources, I believe I would have taken a chance on it, but given my financial situation at the time and some of the reviews I read about the tactics that the Rich Dad team was using, I decide to defer that education until another time or when I could find out more about its value.

    Like Wheatie said in the previous post, I too would like some more information about what they've taught you. I don't want you to divulge any "trade secrets" by any means, but whatever you feel comfortable sharing would be greatly appreciated.

    Thanks again for replying,

    Todd

    4Reply
  • Noelia Estevez
    Real Estate Investor · Newark, DE · Member since 2008 · 1 post · 5 votes
    18y

    Todd,
    I am sorry that you feel the way you do about the "tactics" received at the Rich Dad seminar. My husband and I attended this seminar last year and our lives have changed dramatically. We did sign up for the "big" package. We sold our successful business this past January and have been taking our classes and doing real estate full time since them. You cannot put a dollar amount on your education or on changing your life for the better. We now have quality time with each other and our families. Not only that, we are quite successful at what we are doing. We purchased two properties this year that are fully rented out and we are doing short sales and wholesaling properties. Our mentor came out a couple of weeks ago and that experience was priceless. Take it from me. We are "real" people who took a chance and invested in our education. Our lives will never be the same again. We are happy to wake up in the morning and do something we are passionate about. It's funny, all you ever hear from are the naysayers, however, there are thousands of us who took a chance and couldn't be happier. The choice is yours.
    Noelia

    5Reply
  • Todd Garrison
    OP
    Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes
    18y

    Noelia,

    That's great! That's actually the type of response I was hoping to hear. Perhaps I came across in my previous post as a tad dismissive of the methods that the Rich Dad Team utilized to get one to sign up for the "advanced" classes, but I in no way wanted to minimize the value I received from attending the $495 3-day seminar. And aside from the sales pitch, I felt that both my time and money were very well spent.

    Given your review of the advanced training, I am now starting to look at the courses in a much more favorable light. Initially, when looking for some feedback of others' experiences, I did come across some reviews that cast aspersions on Rich Dad Trainings, often pointing to the fact that the Rich Dad Education program was essentially a repacked Russ Whitney product. Feeling a little disappointed, I decided to wait on such "investments" in my education until I felt a little more confident in getting my money's worth. At this point in my life, $20,000 is still considered quite a bit of money and didn't take parting with it lightly.

    I'm glad you posted, Noelia, and I hope there are others out there who would be willing to share their experiences as well!

    Todd

    0Reply
  • Anne *
    Real Estate Investor · Las Vegas, NV · Member since 2008 · 120 posts · 1 vote
    18y

    I've spent tens of thousands of dollars in various programs. In fact, our education budget this year is more than $10k.

    RDPD was the book that started it all for us, but I was a little miffed about the Russ Whitney repackaging. I should have done my homework before going to the $495 training, so it was completely my fault. That was the worst $495 spent on education, mostly because of the slimy sales tactics. We didn't even go to Day 3, which we read was a hard sell. Given a friend's bad experience with Russ Whitney years ago, we did not sign up for advanced training.

    Education is very important to me. I have no regrets spending money towards courses, books, and seminars. In fact, the really successful people in our area have purchased or gone through a LOT of different gurus and programs, not just one system. If a course costs you $5,000 but you learn a new technique and make $50,000 (hopefully repeatable), isn't it worth it?

    Pick up some courses or audio CDs. Look on eBay, if you're super cheap. Seminars can be great, too. It just depends on your learning style. My husband, for example, doesn't like to read manuals and books. But he learns by going to seminars and listening to CDs while driving.

    I think we can all agree that success is less about the program, and more about the person.

    0Reply
  • Amy L.
    Commercial Real Estate Agent · Boston, MA · Member since 2008 · 114 posts · 15 votes
    18y

    Nate and Noelia -
    Thanks for sharing your input on the classes. While I appreciate that you've taken the time to endorse the classes that you've taken, perhaps you can share some more with all of us?

    Both of you have joined BiggerPockets, and posted on the site only 1 time.

    Both of these posts happen to be endorsements of 1 product/service. I think your endorsements would likely carry more weight if you were more active on the site prior to your posts or since.

    I have a funny feeling that we're going to get a rash of endorsements from people who continue this trend of joining with the sole intention of promoting RDPD.

    Do any of the moderators smell something funny here?

    4Reply
  • Aly W.
    Investor · Middletown, NJ · Member since 2008 · 2k+ posts · 1k+ votes
    18y

    I'm happy to endorse Richard's "Ride a Bike" version of RDPD :wink:

    0Reply
  • Gary Moore
    Real Estate Investor · Anchorage, AK · Member since 2008 · 63 posts · 3 votes
    18y
    Originally posted by Anne *:
    I've spent tens of thousands of dollars in various programs. In fact, our education budget this year is more than $10k.

    We definitely have a similar view of this business. I don't spend that much any more. It kind of tapered off as I did more deals and now it will taper off more. A big reason for it going down further is a site I recently joined, it was the best 300 bucks I ever spent.
    0Reply
  • Todd Garrison
    OP
    Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes
    18y

    And what site might that be?

    Todd

    0Reply
  • Glen Andrews
    Real Estate Coach · Oviedo, FL · Member since 2008 · 35 posts · 6 votes
    18y

    Todd,
    I started out over 13 years ago buying rental property the wrong way. (Using my money and credit) I then spent over $30,000.00 dollars educating myself. I made $321 thousand dollars in my very first year after being educated. I can assure you that I wouldn't have made that if I listened to the people who told me NOT to spend the money.

    I spend $20K-30K each year still today on a wide variety of topics and I have made 10 times what it cost me to attend those seminars that I wouldn't have otherwise.

    The people who whine about getting educated either aren't educated or haven't implemented anything they were taught because it's easier NOT to take action and easier to just say it doesn't work.

    Let me also be clear and say that because of my education in real estate I've taught and helped hundreds of students around the world become financially secure. I started teaching real estate Investing only because I had so many people asking me how I did it and I charge a hefty fee for my services because...

    next time someone tells you NOT to Educate yourself ask them how much money their making in real estate and I can guarantee you that their information is probably worth exactly what you paid for it... NOTHING!

    0Reply
  • Account Closed
    Los Angeles, CA · Member since 2008 · 557 posts · 70 votes
    18y
    Originally posted by Glen Andrews:

    I started out over 13 years ago buying rental property the wrong way. (Using my money and credit) I then spent over $30,000.00 dollars educating myself. I made $321 thousand dollars in my very first year after being educated.


    This is great!

    Can you tell us about the deals you did in that one year. Specifically: How many deals. The type of properties, how you structured the deals, financing, exit strategy, and how you pulled your cash.

    I'm not looking for 'how-to' stuff. I'd just be interested in hearing about each deal. Or even the specifics (with numbers ) on just one deal: The most profitable single deal you made that year.

    I agree about education. I believe we pay for education one way or another as many others have stated.

    I don't think anyone here is telling anyone else not to get educated.



    0Reply
  • Glen Andrews
    Real Estate Coach · Oviedo, FL · Member since 2008 · 35 posts · 6 votes
    18y

    Matty,
    In my first year I did 16 deals total.
    On one deal I made $72K Net.

    Here are the numbers I bought the property for $110K. I put 12K into it to fix it up that I borrowed from my mother and paid her 15% interest.

    I actually borrowed $20K total for fix-up and holding costs. I then sold the property for $210K. This property was on a lake in a very nice area in Lake Mary, Florida. This was a probate property.

    I did 7 Wholesale deals with paydays ranging from $5K - $15K.

    The remaining deals were all fix and flip and I used NON of my own money to do these deals.

    I used hard money lenders who I found at my reia club. They only charged 1point and 16% APR.

    I still to this very day will NOT use my own money to fund deals or go down to a bank for financing. I use Private Lenders and I pay them 15% APR Accrued Interest and NO payments until the property is sold.

    I'm finishing up the paperwork on a deal in Greensboro, NC where there are 22 unit apartment and 34 seperate duplexes and quadraplexes. The Owners mismanaged them. They now need to sell. They only owe $572K the 22 units alone appraised for $910K.

    The owners are letting us take it subject to for the balance owed and my private lender will loan whatever we need to close and fix-up the properties.

    Today I won't purchase a property unless I'm taking it Subject To the existing financing and I will not sink my money into any deals. This is what I mean by Investing the right way.

    4Reply
  • Tom Sylvester
    Real Estate Investor · Rochester, NY · Member since 2008 · 193 posts · 46 votes
    18y

    I am currently taking the "Advanced Courses". Here is my take on the whole situation.

    I began looking into investing (all type - stocks, bonds,real estate etc) when I was in college. I knew I wanted to get started in real estate, but was not sure how.

    My cousin and I signed up for the 3 day $495 course. I really enjoyed this course, being a newbie, and would recommend it to anyone who wants to get started. Even though there were a lot of push to purchase the advanced trainings, I think the trainings gave a good overview of all the different types of investing. Additionally, it was very motivating.

    My cousin and I signed up for 4 advanced training courses. We both put out half on credit cards. I maxed out two credit cards doing this, and my cousin did one.

    So far, we have attended one of the courses. Out of the 20 people who signed up for the advanced courses, I only know of one or two who have been going to courses. The couple who have gone were not very impressed with the material. The one again mentioned the sales strategy to "upgrade" and said everything was at a very high level. The best part about the trainings is the networking with other investors.

    Since taking the training, I have spent ~$1000 buying several books/courses off ebay. They have been much cheaper and taught me so much more than I have learned with the advanced trainings. I bought my first duplex at the end of last year, and will be closing on my second duplex in the next two weeks.

    One thing I know is that maxing out credit cards to pay for the training did not help my real estate investing. I had trouble getting financed at a bank for the first property because of the added debt from the courses.

    I am a firm believer in education. I continue to learn every day. I would not recommend signing up for the advanced courses. I do not think you need to spend that much money to get started. I also do not think they are worth the money. You can spend that money on other training or put it towards purchasing a property and be better off.

    And for the two people who posted praising the trainings, I hope everyone will notice that they each only have 1 post and disregard anything they have said.

    Good luck. Go join your local REIA and start networking with SUCCESSFUL real estate investors. That is all you need to get started, not a $20,000 series of courses.

    5Reply
  • Todd Garrison
    OP
    Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes
    18y

    Hi Tom,

    Wow--It was good to finally get an honest account of what to expect from these "advanced" trainings. Thank you for sharing your experience. I now see that the other posters who were "pro" on the trainings did indeed only have one posting each, so I think it's reasonable to assume that they are more likely shills for the Rich Dad Education company.

    The impression I got from having read Kiyosaki's books was that he was a man of integrity. Unfortunately, what these courses are doing to people seems to belie that sense of confidence and trust.

    Pressuring people to get their students to raise their credit limits so they can then turn around and max out their credit cards and put themselves in serious financial peril for for the sake of education seems to contradict anything and everything the original Rich Dad series had to say about "Financial IQ." Sad.

    Anyone else out there with a similar experience?

    Todd

    1Reply
  • Account Closed
    Los Angeles, CA · Member since 2008 · 557 posts · 70 votes
    18y

    Glen -
    Thanks for taking the time to post and share some deals.

    Todd -

    I'm mapping out my next education move, too. Though I will probably not go with any Rich Dad products.

    I think Rich Dad Poor Dad was a good motivational book. It does a great job at inspiring unsavvy investors to get a financial education. But I think for getting the actual education I'd speculate there may be better (lower investment cost yet higher return) avenues.

    I love the power of the Internet for getting feedback on this stuff. I think everyone with a blog should post a link to this thread with the keywords along the lines of 'Rich Dad Seminars' as the anchor text. That will probably get this thread close to number 1 in Google's search results, then we'll get tons more feedback.

    0Reply
  • Jeff TumbarelloPro Member
    Real Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
    18y
    Originally posted by Matty M:
    Glen -
    Thanks for taking the time to post and share some deals.

    Todd -

    I'm mapping out my next education move, too. Though I will probably not go with any Rich Dad products.

    I think Rich Dad Poor Dad was a good motivational book. It does a great job at inspiring unsavvy investors to get a financial education. But I think for getting the actual education I'd speculate there may be better (lower investment cost yet higher return) avenues.

    I love the power of the Internet for getting feedback on this stuff. I think everyone with a blog should post a link to this thread with the keywords along the lines of 'Rich Dad Seminars' as the anchor text. That will probably get this thread close to number 1 in Google's search results, then we'll get tons more feedback.



    You either make your money thru real estate or not.....
    These guys are platform sales not investors. I know a lot of People at Whitney, not much real estate done

    We have 2 speakers locally, who will teach you how to get rich from foreclosures. They are on the list they are selling.

    The books are written in asuch a way to pump you up to get you into the seminar. All good platform sales start with emotion and motivation. Good business starts with numbers and knowledge. Kiyosaki claims to be a Marine, I can not find him in the DOD database. He lost me on that.
    thats my 2 cents

    3Reply
  • Brad Mcleod
    Investor · GA · Member since 2008 · 44 posts · 8 votes
    18y

    I took the 16 week Rich Dad course last year.

    I learned a lot about investing as I went through the online tutorial and worked with my coach every week.

    During that time I was also reading other real estate books and was also working every week in the investing-apartment business (rehabbing units, renting them, balancing the books, etc.).

    The course is somewhat expensive - but most courses that have one on one teaching and a tutorial will probably run about the same.

    Yes; you could read everything on this website (as I am currently doing), and read all the Rich Dad books (and others) and pound the streets and work the REI business. I commend anyone that is doing that and learning. That is what hard work and discipline are about.

    I believe that I learned a great deal - but can honestly say that I applied my self and worked hard.

    If I had the opportunity over again.. I would stack up more books and CD's next to my computer and take the online course again and work harder - like any athlete wanting to win their next big game.

    Paying $5k (for the Rich Dad course) is not going to make you a millionaire, no more than paying for a expensive personal trainer at the gym will make you an Arnold Schwarzennegger.

    Making it in real estate - or any aspect of life - takes hard work, determination, persistence, drive, belief in yourself, and good old fashioned hustle and sweat.

    I have also read about every book by Robert Kyosaki, most CD's and most podcast and have enjoyed and learned from them all.

    Just wanted to post up my personal experience with this course.
    (I am not paid any commission by Rich Dad).

    0Reply
  • Account Closed
    Manhattan, NY · Member since 2008 · 801 posts · 61 votes
    18y

    So, I guess no one is bothered by the fact his "Rich Dad/Poor Dad" book is fiction?

    http://johntreed.com/Kiyosaki.html

    1Reply
  • Ram Chandrasekaran
    San Jose, CA · Member since 2008 · 137 posts · 2 votes
    18y

    While I may not be the right person to comment about Advanced Courses, I sure can about the Personal Coaching (sort of an Intermediate RDPD Course) that my wife and I spent about $5600.00. We used to have a Personal coach who will call us every week and talk to us for 1/2 hr. We had to complete assignments that were there on the website and report progress of what we did last week w.r.t investing. It is for 16 weeks and then we are on our own although they give free Resource Line access for 1 yr + website access to download some forms and documents they have on their website.

    I have invested in NONE after that class and the class completed around August 2007. I see someone commented that if you pay NOTHING you get NOTHING. Well, we did pay $5600.00 and so far I managed to pay an additional $100-$200 to repay that debt on my credit card.

    In summary, it is not about how much you pay, it is how much you LEARN and get to KNOW and what you DO with which you LEARN and KNOW. I can spend $100 and print business cards, knock on doors and be aggressive to find a good deal or I can attend a personal coaching and learn that I knock on doors, go to the title company and get the NODs, go to the courthouse and find the home address that I interested to invest in, etc etc.

    Yes, I owe it to the Personal Coaching for giving us some crucial details to START investing. We learnt terminologies, what to look for, how to research about a house, how to network, how to find REI clubs, etc. I gotto THANK them for that... Other than that, if you do NOT have the DESIRE to invest and make money, NO course can make you do that!!

    Hope that helps

    Cheers
    Ram

    0Reply
  • Ram Chandrasekaran
    San Jose, CA · Member since 2008 · 137 posts · 2 votes
    18y
    Originally posted by Taz:
    So, I guess no one is bothered by the fact his "Rich Dad/Poor Dad" book is fiction?

    http://johntreed.com/Kiyosaki.html

    Well, it sort of did.. LOL. Apparently, the website owner's eMail FRIEND is wrong about the Inflation and the Link to Gold - as far as I know. The Inflation rate published always exclude Oil and Food and if we include them it is way higher than the one they publish...

    As for the Gold, the other currencies are doing well because US Dollar is not. Once things changed to USD instead of GOLD, our capacity to raise capital (by the Fed) increased exponentially and thats the consequence we face now. I guess both seems to be talking with less facts in their hands and secondly, are also HIGHLY BIASED, although I agree sometime Robert Kiyosaki can get ahead of himself (lot of times). He is a Self-Confident RAM - Aries (Zodiac) ;-). Need I say more...

    Cheers
    Ram

    0Reply
  • Account Closed
    Manhattan, NY · Member since 2008 · 801 posts · 61 votes
    18y

    The fiction I was referring to has nothing to do with gold or inflation. Although, his discussion of gold and inflation demonstrates a lack of understanding of the basics of finance.

    "Rich Dad" did not and does not exist!

    In Kiyosaki's 1992 book "If You Want to Be Rich and Happy, Don’t Go To School", "Rich Dad" was not mentioned at all in the LONG list of people he thanked for being influential in his life. In his "Rich Dad/Poor Dad" book in 1997, all of a sudden, "Rich Dad" was the MOST influential person in his life AND had been since 1955.

    BTW, in later reprints of "Rich Dad/Poor Dad" the copyright page admits the book is fiction.

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free