Rich Dad, Poor Dad

35 Replies

I recently purchased a 3-day seminar package and am wondering if anyone has any thoughts or experience with Rich Dad, Poor Dad in general.

I just finished the book and holy moly I loved it! I found a meetup group that uses the board game monthly. I'm hoping to attend one soon. 

That is really cool. I have not read the book, but I did read the reviews online. A lot of people mentioned that no substantial information was in the book, only general concepts. So I neglected to pursue that particular book. Instead I purchased Real Estate Investing for Beginners and downloaded BiggerPocket's ultimate guide. I have played the game and it was loads of fun. So much so, that I went to Ebay and ordered both CashFlow 101 & 102 for $85. Just arrived today, so hoping to get into it this weekend.

I loved the book and you have others that don't see the value in it.

I think it's the difference between 'big picture person' or 'detail person' .

The book is sort of a parabel. It's about the concept, the mindset of an entrepreneur. Can you think outside the box and are you willing to? The story may be real or may not or may have true parts, but it's about the overall.

Detail people will pick it apart, saying that there never were 2 dads and therefore the whole book is a lie etc. Sort of not being able to see the forest for the trees.

As to the seminar, I have not attended and I understand that this was sold to some other organization.

With that said, go and see what you can get out of it. DON'T let them talk you into buying all the course, books, hype. But if you can go with an open mind and commit to only the 3 days and learn what you can, then it should be beneficial. Just don't expect them to give you the 'holy grail of real estate investing' - their promise will be: Just as soon as you buy this 10K mentoring system you will find out everything.

Do a search on this site and you'll find other threads on RDPD seminars

@Joe Butcher...that can not be a real name...haha

But I paid $399 for the 3-day training. To be honest, I can not say if it was worth it, but the training was enough information to do more than pique my interests. It incited me into action, but cautiously.

Likely without that exposure, I would have let my fear command me and would not be taking steps to try real estate investing. I did not fully commit to their mentoring program because they pitched too hard and because I lacked sufficient capital to purchase the only program I felt was worth something to a person who knew absolutely nothing about real estate: $22,000. There were lesser options ($6,000 & $11,000) but ultimately I felt there was not enough Return on those lesser expensive packages.

Good call passing on those mentoring programs.  Read all you can on bigger pockets and learn from people here.  Seems like you're headed in the right direction. Good luck!

@Cedric Casby 

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 70 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

@Account Closed  yeah thats what everyone says about my name!

I read Rich Dad and it was very motivating and I can see the seminar being motivating to you and thats good.

I tend to be against spending a lot of money on seminars, but I'm not anti-seminar in general. I would just rather attend the ones put on by my REIA group. They are super cheap (20 bucks) topic-specific and put on by locals who you can connect with....I am attracted to the more grass roots, DIY kind of ethic.

That being said there is no rah-rah there.......the information that is going to make you money should be motivation enough.

Disclosure: I don't know Kiyosaki, however I do provide specialized education material via courses, seminars and live events.

Since I'm probably one of the more seasoned investors on BP as well as having taught for other real estate educators as well as my own events, I'll share my thoughts:

Michaela is spot on. Kiyosaki's principles are well illustrated by the parables in his series of RDPD books. However, remember they are stories. True or not, they are effective in communicating several important messages about money, investor mindset and basic principles.

I would caution you to think twice about following the precise advice of most of his 'experts'. I was appalled some of the crap that I read and thought to myself this will come back to haunt all concerned.

All training is designed to lead the trainee to purchasing the next offer.

That's not necessarily a bad thing as it's just a profit structure. However, as a consumer, you should know that the promoter doesn't break even until you've probably spent a few hundred dollars minimum. Content is limited to more attitude and motivational aspects and light on details and specifics.

Rob (and Kim) have had their problems. At the root of these, IMHO, are the same problems that eventually plague most all mass-market, make money in real estate, info-product educators. Eventually, someone can't understand why their purchased material, in pristine condition (still inside shrink wrap) has not made them money while sitting in their underwear at the kitchen table and they complain to FTC or sue.

Ok, I'm a bit jaded about this. I make my living doing deals; mostly by investments that I've made for years. Dream merchants must sell you stuff. They do not make their living via real estate, or what little they do is intended as content for the show.

Early in your investing education, focus in learning the principles and foundation of real estate investing. If you're like me, I did not have an appreciation for learning advanced material until I was applying the basic stuff in my transactions. So, the time to invest in more expensive education isn't until you've exhausted your tools and need more than a hammer and screwdriver. This is why I began focusing on niches.

@Paul Timmins Thanks for the roadmap. I have already downloaded both books and started reading just yesterday. I expect that I'll have to take my time with the reading and learning. Bad news: At the moment, everything is a bit overwhelming. Good news: After I am complete with my summer courses for college, I have decided not to enroll in the Fall semester. I would much rather use my free time learning and studying real estate investing. I already have one college degree and returned for another to conduct a career shift, but I think real estate investing is perhaps a better investment.

@Joe Butcher, I most certainly plan on searching for local REI groups to become a part of. Although the thought of walking into a room full of strangers at this moment is imagined as intimidating, I am certain that once I attain a bit more knowledge and confidence, I'll be ready to walk the plank.

Thanks for the responses, both. This is feeling a bit euphoric. It is difficult to imagine a world where random strangers are so genuinely helpful. My gratitude and inspiration...I'll be sure to remember to pay if forward

Take things one step at a time!  You should plan to "study" the real estate market for a minimum of 3 months, maybe 6 or more, until you get a decent comfort level. There are many different ways to invest in RE- different locations, building types, buy/hold, flip, transactions/sales, etc. So read about all of them to get a sense of which way you want to develop further. 

Also, stay away for expensive seminars and gurus!  The guy above is right- pay $20-30 per local RE meeting.  Buy books for $20-40 (not self published stuff at inflated prices.)  and read materials on bigger pockets- there is a ton of free materials, pod casts, etc all for free!

The key is to get a sense for what type of investing sounds right for you. That also depends on the market you want to pursue and if you have any cash to get into a deal or not.  Study, study, study first!  Good luck :)

Originally posted by @Cedric Casby:

I recently purchased a 3-day seminar package and am wondering if anyone has any thoughts or experience with Rich Dad, Poor Dad in general.

 Hi Cedric,

The book changed my life but the free seminar still left a very sour taste in my mouth.

After attending various personal development and business seminars world wide by the likes of Harv Eker and Tony Robbins to name a few I have never witnessed a harder and pushier sale that the Rich Dad one.

It was very upsetting to see to be honest with you.

The content wasn't that special either. Go to a library and buy some books on what you want to learn and it will prob benefit you more.

Thanks and have a great day.

@Cedric Casby-

I'm glad you opted out of the $22K seminar. All of those gurus follow the same playbook. Sell a book or give away a FREE ebook/download. Or do a free 1 hour event somewhere. Pitch the 1 day workshop or weekend seminar for hundreds of $. Then, once there, hammer you non stop for the seminar that costs tens of thousands of $ where they show you all the "tricks". I know many people that have gone through that whole "funnel" and the general consensus I hear from the ones that are willing to admit it.... you don't get much more out of the super expensive one than you do the cheaper one. A lot of the guru material is outdated and/or not market specific. I think they, Rich Dad included, are great at getting you motivated but the actual nuts and bolts learning is learned by "doing". A Rich Dad book on my then girlfriend, now wife's bookshelf is what got me started years ago. At some point you have to pull the trigger instead of continuing to spend on education. You'll never be able to learn EVERYTHING before taking the leap and buying that 1st investment property because even after you've been investing for years you'll still be looking for new strategies and niches to learn. It's an ongoing process. Ask me how I know!

Just as an UPDATE to all,

It has been 3-weeks since I decided that I wanted to learn more about real estate investing. I initially began doing loads of reading, but all of that has come to a stand still. It was a bit overwhelming and I could not completely focus. I am taking summer courses for college. I already have one bachelor's degree (Marine Transportation), I was returning to college to conduct a career shift (Computer Science). After the Rich Dad, Poor Dad seminar and being exposed to the fact that college isn't necessarily the only and best way forward, I have decide that I am more interested in real estate and will not be re-enrolling in the fall semester 2014. 

Yet, I have not been able to do much real estate investing learning, because of my summer course load. It is ironic, my classes now seems so much more difficult because I have lost my motivation to participate and learn. I have gone from making complete 100%'s to struggling to meet deadlines and missing assignments and earning 0%'s. I feel like I am wasting my time with college, but I wanna follow through, just in case I need to return to point A in the future. I have shelved all the real estate investing material that I have purchased and hope to return to it later this month after the college summer semester is completed. 

I intend to give myself a complete year to simply learn about real estate before making any investments. Hopefully that will provide enough competence and confidence to continue in this market. If not, I shall return to college.

A 22k seminar? Take that money and use it as a down payment on your first investment property. That is the best ROI you can ever see whether you succeed or fail. Success comes from experience and experience comes from failure.

Cedric, funny thing about motivation. Ten years ago, I was half way through and MBA when I read RDPD. It was the worst thing for my career and the best thing that has ever happened to me financially, ironically. Also,I went to 2 days of a 3 day RDPD seminar about 5 years ago and was appalled. Don't get me started. Join a local REI group, find a mentor, read books and be active on BP. I listed to several pod casts on RE every week including the BP one. Everybody has got to live somewhere and collecting rent checks isn't rocket science. Good luck.

So...it is the beginning of August 2014. I just completed my summer semester of college. I was taking additional courses for my computer science major. I started off doing extremely well in the course, but after attending a Rich Dad, Poor Dad seminar, I lost a bunch of motivation to concentrate on my studies. I did end up getting my act together. Unfortunately, I had failed to complete some weekly assignments. It dropped my overall average, but nevertheless...I was still able to muster up enough work product to earned the lowest 'A' possible....a 90% in one class...and a 97% in the other. So although, I still managed to maintain a 4.0 GPA, my drive never fully recovered. I am not enrolling into college for the fall semester. I have decided to learn more about real estate for a minimum of one year. It is my decision to learn, but not invest....during this time.

It has only been one week since the semester ended...I have done very little outside of think about real estate. I have not read any blogs, found a local REI group, listened to any podcasts or read any books. However, I did manage to convince one of my friends to start the journey with me. Together we have purchased Robert Kiyosaki's "Rich Dad, Poor Dad" book to improve our mind frame. We also decided to search for a local REI group to join, read a minimum of one chapter of "Rich Dad, Poor Dad", "BiggerPockets' Ultimate Beginner's Guide to Real Estate Investing" and one corresponding "BiggerPockets" podcasts. I do believe it is a slow start, but I think it will be a good initial pace for the both of us.

Although technically in the preliminary stages, I have been able to save $800 for the month of July, to build my investment reserves. My initial plan was to start at $500/mnth. Although I understand that it isn't much, initially, I am confident that as I learn more, my incentive to save more will increase....plus, my elimination of college related costs should vastly improve my savings.

I wish for myself the best. Hopefully I don't let myself down.

Read the book few years ago. It changed my perception about investing and career. I recommend reading the book. 

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Thanks for all the info on this thread! This is my first post on BP as I am a complete newbie. I took the RDPD two day training the past two days where the Rich Dad RE investment software that shows all of the hot spots in any city and extensive training are promoted. I have an appt with someone at RD RE training tomorrow to talk about the training and thought I would check here and vet it. The software and training seems time saving and appealing, but for possibly $21K? Then I read on Wikipedia about Kiyosaki. Rich Dad Global filed for bankruptcy in 2012 for not being able to pay ~$23 million in a settlement (http://en.wikipedia.org/wiki/Robert_Kiyosaki#Controversy). If he is doing so well, I would think he would be able to pay this or find a way. Too many other red flags for me going up. Thank you for this site and being able to get objective feedback!

I believe their books are more motivational, inspirational and geared toward setting up a frame of mind. No details or numbers, more conceptual and theoretical. No matter, people usually still get something from reading the books, even if it's nothing more than nudging you toward taking additional steps to learn more and be excited. Books are one of the cheapest ways of education!

Anyone listen to the Real Estate Guys? They align heavily with Kiyosaki. I really dislike the commercials and they don't go into detailed transactions much. However, I find that I learn good bits of info from them & they expand my mindset.

Still like the BP podcast best, thought! Keep up the fantastic work!

February 2015

So here it is, this is how it goes and there is how it went. I didn't complete many of my goals (more specific), my real estate goals for 2014 enumerated:

1. Read blogs: #EPIC FAIL                                                                                                        I almost forgot about BiggerPockets. In fact, I just recently received an email from BiggerPockets letting me know that I haven't logged on for a very long time. Here is the kicker, I didn't even open the email which was sent to my inbox a couple of weeks ago. I was able to view a couple words of the opening sentence....and then I moved on.

2. Join a REIA: #EPIC FAIL I did not join an REIA. I never even searched for one, really. The surprising fact is that I had the realist of intentions to do so. I really feel as if an REIA will be educational. The weird thing is, I would randomly remember to do so while I was shopping or driving or working. But I never put thoughts into actions.

3. Read Rich Dad, Poor Dad: #SEMI-FAIL                                                                                I did pick  up this book and attempt to read. One chapter at a time. I do not recall how far into the book I made it, but I am getting symptoms of annoyed disgust. This man did write a parable, which is almost always positive. But I just kept thinking 'malarkey'. This man apparently wishes everyone to believe that he had the insight of a successful business mogul, at the age of 8. I just couldn't remain interested enough to continue reading. Although I consider this reaction partially influenced by astrology (I am a very practical type of person-no imagination, no fairy tale fantasies), I dropped reading that book like a bad habit. And I actually have no regrets about it.

I recall my first introduction to Robert K*****gi, I was at the Rich Dad, Poor Dad seminar and one of the guest speakers asked for a show of hands of people who had actually read his book. While the hands went up and mine did not, I recalled thinking that the book couldn't be too great since the people who read it appeared to be in the same boat as me: in a free workshop, on the weekend, trying to financially alter our lives for the better. I don't believe that book could hold much benefit for me. I give myself a semi-fail, because I harbor no regrets about not finishing, even though it was my goal to finish the book. However, I did enjoy his #CASHFLOW game. That game is a fun, but working task.

4. Read BiggerPockets Ultimate Beginner's Guide to Real Estate Investing: #SUCCESS       I did read this book. I found it interesting. It was easy to understand and written at a comprehensive level that I was able to grasp. However, the book was definitely general knowledge (which is more than okay for a beginner). I actually credit this book for redirecting my attention. I no longer am interested in wholesaling, partly because this book informed me that there are a multitude of other real estate options for me and partly because I was swindled by another BiggerPockets member. But I did read the book, took notes on each chapter and developed a better understanding of where I may fit in, as it pertains to real estate.

5. Save $500/month: #EPIC FAIL                                                                                               I did not save any money. I actually started to do so. Things were flowing well...until life reared its head. I am not in a financial strain, but I have family members who are. I picked up the financial responsibility for a brother who needed a defense lawyer, then for another with 4 kids who lost his job. So I was/am shelling out money for other people's expenses. I also decided to use a large portion of money for a couple's vacation to Breckenrigde, CO for Valentine's weekend. I spent and not saved money.

OVERALL: I did not save money, I did not learn as much as I envisioned--at least I don't feel that I have....and in retrospect, the majority of the time, I did not think about real estate much. I did not stay focused and found myself grasping at knowledge that was not concentrated. I found myself reading anything about everything online. But I believe that my ultimate failure was not writing out my goals and displaying them at a place where it would have been impossible to forget, ignore or cast aside. I wrote everything on paper, inside a notebook. But when I do not look inside that notebook everyday, sooner or later I no longer think about my goals. I just remain in the #RATRACE, day in & day out.

I make no excuses or harbor any shame in these failures...I just hope to remember them and not repeat them.

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