All Forum Posts by: Justin B.
Justin B. has started 19 posts and replied 651 times.
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
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Ok, I think I'm done. I've spent too much time on this. Let's just agree to disagree :)
As with any topic, there are definitely people on both sides of the love/hate relationship with RK (and probably any Guru). Just like a previous poster compared to the god/atheist argument, we have one side going, "You prove he does exist" and the other side going, "No, you prove he doesn't exists". It is what it is.
I think the thread can come to an end now :)
Post: Rich Dad Poor Dad Thoughts?

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- Gaithersburg, MD
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Well yea, I find it very odd. You're telling me there is no trace on the Internet of the *1* article that has the only quote ever by Robert Kiyosaki that is construed as him admitting that Rich Dad doesn't exist? Yea, that article should be EVERYWHERE. I found at least 100 places where that quote is used. In order to use the quote, you have to have the original article right? Or maybe everyone just found it in one place and cut and copied (which would explain the similar wording, outside of the quote itself, I found across most of the sites.) And yet, no one who uses that quote has the article or a link to that article anywhere? So yea, very strange....
And you don't find it odd that you are basing your argument that Rich dad doesn't exist off a single quote from an article you haven't read (so you don't have the context around the quotes) and ignoring all the other times where he said Rich dad is a real person? And I'm focused solely on that statement you made where it's "widely" documented that Rich Dad isn't real (That's just not true. There is one quote and no context behind it). I actually agree with you that his seminars are probably crap (first because he's never there) and I'm ok with your opinion that he's a horrible teacher. I've never been "taught" by him so I have no opinion either way. I've just read his books.
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
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Originally posted by @Will Barnard:
The books are one thing, these Rich Dad seminars that are put on are quite another. I personally believe that would be investors should stay clear of them, they are nothing but scams to fleece you from your hard earned money.
Because it matters to me. Yes, I agree the lessons are valuable, but I don't like being lied to. Personally, I don't think I am being lied to so I'm just trying to do my due diligence. I do find it very odd that I cannot find this entire article anywhere. There should be no reason why this article doesn't seem to exist on the Internet. It leads me to believe that the context is different than the quote itself seems to lead one to believe.
So again, yes I fully agree with the concept and the teachings, but if Rich Dad turns out to be made up, I'll lose all respect for Robert Kiyosaki, but I do not believe this is the case.
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
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- Votes 441
Is there anyone who can post a link to the actual Smart Money article? I have not been able to find it anywhere. I have found tons of articles where Kiyosaki says Rich Dad is a real person and only a "reference" to this smart money article with a vague quote in 100 different places. I'd love to read the entire article so I can get context around it. Also, 90% of these references have the EXACT same wording around the paragraph. It's like someone initially wrote an article about this and everyone else just copied it. I can't find any unique opinions about it. It's funny how different people have just cut and copied this info. I even found several websites that were worded exactly like Duncan put in his post (the ENTIRE paragraph).
http://kschang.hubpages.com/hub/Robert-Kiyosaki-May-Not-Be-the-Financial-Genius-You-Think-He-Is
http://fxalso.com/?p=1203
I'm willing to listen to anyone's argument about anything, but I want to read the article to get the context behind it.
Post: What are typical splits for contribution and ownership in limited partnerships?

- Investor
- Gaithersburg, MD
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I will try and expand on what Duncan said. In a partnership, the general partner is fully exposed so I'd recommend (like Duncan said) never being a GP yourself. Always use an entity.
I think (and Duncan will correct me if I am wrong) if you are the person who will maintain it, if you want a 20% interest for example, be a limited partner for 19% and have an entity that you control be the GP for 1%. That way you get your 20% and don't have to be personally exposed. You should consult a lawyer and CPA either way, because doing it that way vs 20% to the entire entity you control has both different tax and protection situations.
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
- Posts 659
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Originally posted by @Gerald K.:
@Justin B.
I've heard the conspiracy theories since the book came out and to me, I don't care if he has a rich/poor dad, made up the story, or never invested in real estate. Story telling is an effective way to get a point across.
I agree about the book. That book is the single thing that turned me on to my current way of thinking and the reason I am where I am today. It was the beginning for me. It just gets under my skin when someone says something as absolute truth when there's no proof and that's what Duncan did. It's a pet peeve of mine, that's all.
Robert Kiyosaki has said over and over the story is true (albeit I'm sure minor details were changed to provide privacy). *If* it was ever proved that Rich Dad never existed and/or the book was mostly false, it would cause me to lose a lot of respect for him. If it was false and he said it was false up front and he's trying to get a point across (a very good one) that would be fine too. But he didn't. He says it's true and I will believe that until it's otherwise proven different (and as I've said, a single vague quote from 11 years ago isn't it). That's all :)
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
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I'm curious as to what the bet was :)
Also, I do agree with those who say seminars are a waste of time. Disclaimer: I say that without ever having been to one. But I do say that because I've never been to one and I've just read books (and online research and BP, etc). And I've done pretty well for myself and well on my way to financial freedom and I didn't need a seminar or some expensive "boot camp" to get there :)
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
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Originally posted by @Duncan Taylor:
As to Rich Dad existing...
In an interview by SmartMoney magazine, published February 2003, Robert Kiyosaki gave an answer that is surprisingly vague, yet real: ""Is Harry Potter real? Why don’t you let Rich Dad be a myth, like Harry Potter?"
As to his effectiveness as a 'teacher'...
http://abcnews.go.com/2020/story?id=1982669
The last line in the story is spot on...
"Which begs the question: Does anyone really need 18 books to learn to fail?"
So, are SmartMoney magazine and ABC News part of that conspiracy against RK?
I ran across that in my searching as well. I've read different view points on that quote and some seem to believe it's taken out of context and he really didn't mean that Rich Dad isn't real. I also ran across several articles after 2003 where he says it's true. Here is one, just look at question and answer 11-12 paragraphs down.
http://www.cnn.com/2005/WORLD/asiapcf/03/16/talkasia.kiyosaki.script/
I could probably find 100 places where he says it's true and only one place where he says something that some have viewed as him saying it's false. The problem is, most people focus on the *1* article and make no mention of the 100 other times he's said it's true. If in that article, he said a quote like "Rich Dad is false, I made it up", it would be different, but he's never said that. The quote he said is very vague and without context when it's quoted alone and maybe purposefully misleading and people are interpreting it how they want to. For all we know, he did it to garner press when book sales were down (the whole "any press is good press" thought).
And as to whether or not he's a good teacher, or whether his ideas or good or not, opinions on that are fine. People post on BP all the time whether or not they like someone's teachings or whether or not they agree with their philosophy. That ABC article has nothing to do with whether or not Rich Dad doesn't exist BTW.
Show me a quote from Robert where he says "Rich Dad is not real, I made him up." or show me definitive proof (an 11-year old vague quote with no context around it isn't that proof) and I'll let it go. Until then you said something as if it were 100% true and there is no proof of that. That's the problem I have.
Post: Rich Dad Poor Dad Thoughts?

- Investor
- Gaithersburg, MD
- Posts 659
- Votes 441
Originally posted by @Duncan Taylor:
I can tell you from first hand experience he does not know what the rich teach their kids.
He's just a guru, good at marketing, good at story telling but never done what he tells you to do.
Duncan, can you provide proof to this? I've done some googling and it's just conspiracy theory websites that I've been able to find. Everywhere someone makes an accusation, they say "allegedly" and other similar words. Keep in mind, in writing the book, I would not be surprised if he change "unimportant" elements of the book to reserve privacy. Names, Locations, etc (which would explain why people are finding "holes" in the specifics he mentions). He is a very public figure and just like famous people, politicians, etc, everything in his life is up for speculation. Things get twisted once media and the Internet is involved. No one is perfect and I'm sure he's made mistakes along the way (everyone has). And FYI, I have no dog in the fight with anything related to Robert Kiyosaki, but whenever you say something negative about someone (especially when you don't provide proof), it never puts you in a good light.
Post: Need Help: What does it mean when my Cash-on-Cash percentage is lower than my Cap Rate?

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- Gaithersburg, MD
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For $355/month for a $400k purchase price, I'd say it's a bad deal. You should be making that kind of cash flow on a purchase less than $200k in my opinion.