Rich Dad Poor Dad Bankrupt?

[kurtyordy]

Thought you guys would find this interesting- Rich Dad, Poor Dad now a bankrupt dad: Best-selling author files for corporate bankruptcy after losing $24m judgement | Mail Online

 

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[MJ DeMarco]

One of his LLCs is filing bankruptcy, not he himself. The article is misleading. In fact, I retitled the thread to make it a question, not a statement of fact.

Nonetheless, the alleged reneging doesn't shock me. The man simply doesn't come across as trustworthy.

 

[tua79610]

I guess I won't be buying his book.

 

[andviv]

Nice asset protection move.

 

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[Kak]

I guess I won't be buying his book.

It is honestly worth a read. He is just a mess.

 

[kahem89]

He himself got 80 million dollars on book. And hes other companies are in good economic health.
The company vent bankrupt because one of hes company got sued for 20mill+ dollars and lost.

Not a fan on the guy or anything but let facts be facts.

 

[Vigilante]

The first book had sound principles. Most of the bullshit that followed was marketing. I know a LOT of people on this forum had an inside seat to the start of this implosion.

 

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[The-J]

"Mike Sullivan, CEO of Kiyosaki's Rich Dad Co., told reporters Kiyosaki would not put personal assets towards the judgement and claimed the judgement was far more than Rich Global LLC's value."

Huh.

The article itself is filled with awful reporting. I don't know what the purpose of Rich Global, LLC, is. It looks like a holding company. Kiyosaki, in the article, said 'that's not where the money is', so the money is elsewhere. Therefore, the dude is still rich but that one LLC is done for.

The article itself is confusing. It's trying to say 'Robert Kiyosaki, author of RDPD, is BROKE' while still trying to put some element of truth into it. They did it wrong. Now I'm confused and didn't learn a thing except that Kiyosaki knows how to protect his a$$.

 

[JAJT]

I guess I won't be buying his book.

Yeah, the poor guy will only be left with $70ish million after this devastating blow...

 

[Vigilante]

And he probably said to the Plaintiff "listen... if you win, we will just bankrupt that entity and you will end up with legal fees and nothing to show for it..."

This is why I both love and hate the legal system in the United States.

 

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[MJ DeMarco]

Nice asset protection move.

Agreed. There is a lesson to be learned here.

 

[tua79610]

Yeah, the poor guy will only be left with $70ish million after this devastating blow...

I was only being sarcastic. I have already listened to the audio and plan on borrowing the book from a friend. Obviously the guy knows much more than I do and I will gladly learn from him.

 

[JAJT]

To be fair I've never actually read his book either - I've been meaning to pick it up but I have other books already in the queue and I have a rule about not buying new books until I've read all the ones I currently own.

 

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[andviv]

Kiyosaki, in the article, said 'that's not where the money is', so the money is elsewhere.

Well, remember, even if he was really bankrupt, he and his employees would have to pretend he still has milions somewhere else.

Why?

Cause he keeps selling books based on his famous millionaire status.

So, even if he did not have a penny more, his whole empire, whatever is left, is based on the illusion of having money.

Now, I do believe they have a complex asset protection strategy.

And I am sure his next book will now be about asset protection (they already have one or two, written by his expert advisors in the topic). And how people want to steal from the rich so you need it.

This is a great win for him and his team, in my opinion.

 

[andviv]

oh, and his first book is a must read, in my opinion.

 

[JasonR]

I read his first book, it's definitely worth the read. Never read his other ones.

 

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[Milkanic]

I have a rule about not buying new books until I've read all the ones I currently own.

I need to learn this rule.

 

[JAJT]

I need to learn this rule.

I know too many people who have only read a fraction of the books they own.

I really pride myself on my bookshelf. I enjoy knowing that anyone could pick up any single book on it and have a conversation with me about it. I also only keep books on it I would personally recommend. When I place an order for a number of books I tend to keep them all off to the side in queue, separate from the rest of the books I've already read.

I'm not saying this is "right" or "wrong" but that's how I personally view the books that I own.

Right now I think the only books I own that I haven't gotten to yet are "Blue Ocean Strategy" and "The 48 Laws of Power".

 

[andviv]

What was the latest book you read?

And, more important, what did you apply in your business/life after reading it?

When I read RDPD the first time, I learned a lot about RE. That followed with a couple of deals I put together. My first 'big' deal ended up with me walking away from the closing table with a $116,000 check.

The difference was my willingness to apply what I had read.

 

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[Vigilante]

I don't buy physical books any more. Only eBooks. I violate this rule for legal reference books or anything I would want to mark the heck out of.

 

[JAJT]

What was the latest book you read?

I just finished Getting Things Done by David Allen. I enjoyed it and it got me thinking about organizing better. I applied some of the concepts to my life and things are smoother than they were before. I found the majority of that book to be too focused on minutia for my liking though. It seemed like it was well suited for a busy office executive drowning in paperwork more than it was suited for someone trying to just get a bit better handle on things. Still, I'm better off having applied 10% of the book to my life than I was before applying it.

Right now I'm reading "How to Get Rich" by Felix Dennis. About 40% though. A fantastic read so far but I've been enjoying reading it more than I have been learning anything new from it (to be fair, the concepts on getting rich don't change much book to book so I can't say I didn't expect it to provide new concepts either). I'll see how the last 60% goes but right now I merely happy to find it enthralling.

 

[Twiki]

"Cashflow Quadrant" is another good one by RK. It's too easy to make fun of him but I credit his early material for inspiring me to get out of the "employee" rat-race --- now I'm in the "self-employed" rat-race, which is a step up I suppose (maybe?), but now I'm being inspired by the ppl here and the Fastlane material to get to the "right side" of the quadrant as RK would call it. MJ's book has helped crystallize ideas that for some reason I did not absorb fully from RK's stuff... even if I'd been exposed to the Fastlane before, maybe I wouldn't have been ready for it yet, or I was just so intent on getting the heck out of the "j.o.b." world that I didn't care about the process and making sure I went into something that fully met the CENTS criteria.

 

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[Rawr]

I don't buy physical books any more. Only eBooks. I violate this rule for legal reference books or anything I would want to mark the heck out of.

I'm gonna make you break that rule

The Power of Positive Nonsense: Leo Rosten: 9780070539853: Amazon.com: Books





"“Two heads are better than one.”
Not if both are stupid. The only place I can think of where two heads are better than one is a Ringling Brothers show. In other places, personnel interviews are shamelessly prejudiced against a job applicant who has two heads.
“Easy Come Easy Go.”
This doesn’t apply to houseguests.


“All power to the people!”
The people who holler “All power to the people” want power to be handed over to the people who holler “All power to the people.”


“Don’t count your chickens until they’re hatched.”
Anyone who counts chickens before they’re hatched is counting eggs, not chickens. Pay no attention to a dummy like that.


“Money can’t buy happiness.”
Nothing brings happiness to some people; anything brings happiness to others. By and large, money brings more happiness than the absence thereof.

“Absence makes the heart grow fonder.”
Not necessarily. Absence can liberate the brain from the hearts maudlin seductions. And if absence makes the heart grow fonder, what shall we do about “Out of sight, out of mind”?

“Truth is stranger than fiction.”
Of course it is: Fiction has to make sense.

“A penny saved is a penny earned.”
And a penny spent is a penny enjoyed.

“Strike while the iron is hot.”
Why wait that long? You can brain someone you don’t like with a cold iron as effectively as with a hot iron. I say, “If you want to strike, don’t waste time standing over a stove.

“There’s a destiny that shapes our ends.”
Mebbe. But, a more likely destiny is the one that ends our shapes.

“Always tell the truth.”
What a foolish, awful, heartless injunction. Can you really tell your excessively homely daughter that she is no sight for sore eyes? Should you tell a sensitive friend that he/she had such bad breath that he/she ought to bottle it and send it to the Division of Chemical Warfare? Dare you tell your wife, just before you both for an important dinner that, the new dress with which she surprises you would look better on Halloween?
The truth is so precious, said
Winston Churchill that it must be protected by “a bodyguard of lies.”
The truth is sometimes so bitter, so painful, so unjust, say I, that it must not be revealed to those who would only be shattered to hear it.




“Opposites attract.”
Not as often as they repel. Data compiled by our finest sociological morticians tell a potent tale: the more alike a husband and wife are in background, education, faith-the more likely that their marriage will be stable. Connubial storms are directly correlated with differences in background, culture, religion and tastes.
Moral: “Opposites may attract, but similarities endure.”"

 

[socaldude]

Nice asset protection move.

I would LOVE to know how his lawyers and accountants pulled that off.

 

[GlobalWealth]

Agreed. There is a lesson to be learned here.

ding ding ding...

 

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[Rawr]

ding ding ding...

For those on the fence about BP 2013 - this lesson was given in 2008 at the BP meet.

 

[H. Palmer]

Here's a 32 page legal document about the case dating back tot January 2012.

http://docs.justia.com/cases/federa...dce/1:2009cv04432/345418/142/0.pdf?1326377618