Principally I have liked what Robert Kiyosaki means when he says ‘home and car are not assets, because they cost you money’

But other than this I have not liked many of his philosophies. Some of the strategies like leveraging and trading on gold (it may have even made money for me if I had done it) to me were down right stupid.

Also long ago when I had to sell all my assets to pay off – my broker defaulted – I could have chosen to run away from the problem. However ‘Principles do not change, and are not negotiable’.

Now Robert Kiyosaki has decided to declare bankruptcy (great American concept of declaring business insolvency)…the great RK declares bankruptcy.

Read the following article…it says many things which I will not like to repeat …

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  1. Other than his first book, I never liked any of his other writings. It is repetitive, boring and chest beating. From what I understand, he became wealthy only through his books and monetizing the fame arising out of the same. He wasn’t wealthy before the book. In Hawaii, people only know his original dad who was a respected school teacher.

    I can see through his writing that he is man of lesser morals. Like many, he made money by writing how other people can make money.

  2. Now is it advisable to read Kiyosaki’s books including the bestsellers “Rich Dad Poor Dad”, “Cashflow Quadrant” and “Guide to Investing”? Or are the principles in the above 3 books too far fetched to apply in reality Subra Sir?

  3. If he had really retired, he won’t be following such a hectic schedule on lecture circuit, etc..

    Agree with Muthu, he made money only in books and not in investing.

    I have attended his seminars in USA.

    Many of of his ideas are faulty and can work only in certain markets and only during certain time frames e.g. buying houses using leverage.

  4. Subrabhai, looks like Mr Kiyosaki did an “undhi topi” like merchants of old days, shifting all their assets to their wife’s, kid’s name when bankruptcy was imminent. also the money has been owed over what period? I guess the settlement judgement is appealable, so it will be ages before Learning Annexe sees anything.

  5. Same thing about personal bankruptcy vs corporate bankruptcy can be said for a few people in india too.

    Note: For the past few days i have found this site being little bit slower than normal. Are other users experiencing the same?

  6. I have a different take on the same.

    I am a relatively new bee in wonderland of finance(4-5 years old). Rich Dad poor dad is one of my first reads on the subject and i was captivated by the subject. I could identify with it on need for financial education in family and financial eduction in general. Though i read few more of his books, they didnot have much impact as the concepts are not very relevant. But one thing i can say, his first book reoriented my view towards finance.

    As i read any book for the concept and not replicating verbatim, i still like the advise to be alert in propagating financial learning, at least in the immediate family.

    I accept that his preachings are not relevant for this period and our country. His concepts like leveraging and others may be too dangerous, for lay investors. But as far as the main concept, getting financial knowledge is concerned, there is no dispute.

    About the people who try to replicate his preachings verbatim, they are no different from persons who invest withour any plan.

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