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FAILURE Rich Dad Seminar Exposed (FINALLY!)

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MJ DeMarco

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Posted in the other thread too...

Hidden cameras, suckers paid $500 to receive ten bucks of information and 3 days of hard upsells ... but didn't Fastlane expose this almost a year ago?

http://www.cbc.ca/marketplace/2010/road_to_rich_dad/main.html

RK, a man who claims "due diligence" in all his books, guess he didn't do his??? I don't buy it for a freaking second. He either can claim ignorance or claim a few million more in profits ...

Watch all 22 minutes.
 

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MJ DeMarco

MJ DeMarco

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I'm simply amazed that such an arrogant person could give a seminar and people still don't walk out. If I was in that room I might have stood up and told the guy to F*CK OFF. And yet, people still clapped at the end. As I said dozens of times earlier, the lessons taught therein are found for $19.95 at a bookstore, yet these saps paid $500 to hear it sprinkled over 3 days overshadowed by 3 days of hard upselling.

This seminar insanity exposes a need ... Kung Fu Steve ya out there?
 

ZDS

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I'm in class, but really interested in watching the video now. You'd be surprised what people can justify to themselves after they have paid the money. It's like mentally they receive the value as soon as the payment is processed. He could have probably said ANYTHING and still been received well.
 

Kung Fu Steve

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I'm simply amazed that such an arrogant person could give a seminar and people still don't walk out. If I was in that room I might have stood up and told the guy to F*CK OFF. And yet, people still clapped at the end. As I said dozens of times earlier, the lessons taught therein are found for $19.95 at a bookstore, yet these saps paid $500 to hear it sprinkled over 3 days overshadowed by 3 days of hard upselling.

This seminar insanity exposes a need ... Kung Fu Steve ya out there?
I hear you loud and clear!

Maybe we need to go on the speaking road together MJ :smxB:.

I have a hard time listening to someone who hasn't "done it". And I'm not one who can give financial advice yet as I have not "done it". The mental, emotional, and physical side is a piece of cake - although... we may need a relationship expert haha
 

Sparlin

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I just watched the video. The seminar reminded me of a Forex seminar I attended years ago. It was probably the same seminar company involved, but I can't be sure.

Regarding Rich Dad, this exposure can both good and bad. I'm glad these high pressure sales tactics are being revealed. They need to be because people should feel that they are receiving something of value after paying that amount of money.

My opinion (only) is that this will be a slight gut check for Kiyosaki, but he'll pull through it unless more media outlets run with the story. If that were to happen, the potential downside might be that it would affect financial advice book sales. People will become more skeptical. After all, the #1 guy just got checked by a national news source.

For my part, I'm glad that MJ has put this community together. I've been able to learn for free what others shell out thousands of dollars for. Regarding your book launch MJ, you already know that you're going to have to contrast the differences in your Fastlane philosophy and with those of other established authors. You've made this forum and your book out to be credible, and we'll back you on it. Soon it will be time to face the critics. I think that once they see that the information here is genuine and the advice applicable, your sales will take off.

Borrowing from your own metric, If you produce a quality product (information) that satisfies a need and apply it to millions, you'll be successful. Good Luck!
 

biophase

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MJ, aren't we going to Armando Montelongo's seminar next week? :)
 

kwerner

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"I will look into this..." "I will look into this..." "I will look into this, I PROMISE" "Ha ha ha ha ha!"
 

Pinnacle

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This is devastating. Not just that Kiyosaki is screwing people while giving them bits and pieces of sound advice sprinkled in between, but that he sold out to this get rich quickly scam artist fad. It makes things considerably more difficult for guys like me, or guys like MJ, who is interested in delivering sound financial advice to people for a reasonable price. One thing that stands out most to me whenever Robert and others speak is their language. Using terms like "get rich quick" or talking about doing what the rich do is such out-dated and intellectually belittling talk. Financial freedom--a word that is used so often these days it is like a toy--has nothing to do with richness. It is about spending a greater majority of your life living your living and less time having to earn your living. People spend too much time earning their living and don't get the chance to live it because money is a lifeline to them rather than a life enhancer. Robert garners peoples' trust and then stomps on it. That makes it so much more difficult for someone new with a brain to garner that trust and embrace it. As an entrepreneur, I am sick of having to climb mountains left behind by people who didn't care. I still want to get wealthy quickly, but I don't have to take shortcuts to do it.

MJ, how do you plan to set yourself apart from this when you start marketing your book? I showed a co-worker the front page of this forum one day and his response was "Looks like a scam to me."
 

Russ H

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Wow, the attitude of the instructor reminds me of a meeting we had just a few years ago w/RK . . .

From the video above:

"If you don't like what I'm saying, LEAVE."

"If you the guts to say something, say it to my face. And if you say it's too expensive- LEAVE."

-Russ H.
 

Russ H

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I loved this one:

"Ill say it again our advanced training ranges from 12 to 45 thousand dollars."

Do the math.

Let's say 100 of these seminars are put on each year.

100 x 100 attendees x $500 = $,5000,000

From those, let's say only 10% "sign up":

100 x 100 x 10% = 1,000 people

1,000 people x 30,000 each = $30,000,000.00

Staggering.

-Russ H.
 

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MJ DeMarco

MJ DeMarco

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1,000 people x 30,000 each = $30,000,000.00
Certainly beats selling $45,000 mobile homes in a non-existant, undeveloped mobile home park, wouldn'tcha say? :rofl:
 

rxcknrxll

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Yeah the hard upselling and overall sleaze of it can't stand a chance. It's bound to get exposed like this, and anyone discerning will keep their distance. That said I don't have an inherent issue with charging what you can get.
 

Cat Man Du

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I hear you loud and clear!

Maybe we need to go on the speaking road together MJ :smxB:.

I have a hard time listening to someone who hasn't "done it". And I'm not one who can give financial advice yet as I have not "done it". The mental, emotional, and physical side is a piece of cake - although... we may need a relationship expert haha

I think CAT would be perfect for the above........after all who would know more about relationships...huh?

Kio's people tried to hire me a couple years ago......guess I missed out !Now where is that mobile? :smx6:
 

andviv

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Correct, we discussed this years ago.

This is not only RK's system... it is a proven system used by many others in the industry. They all act in similar way.

Why?

CAUSE IT WORKS!
 

EastWind

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besides this seminar, i think any seminar that people pay money for is BS, especially if it's costing more than $50. or/and you have to buy additional materials. information is free, all anyone gotta do is find it. it's 2010, it's staggering what one can find by hitting a search engine. my father has wasted so much money on these sort of stuff, the worse is he buys the books and never even reads em.
 

Sparlin

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If anything, this is an example of how greed and blind trust can cause people to act recklessly. Most people spend weeks and months when considering whether to buy a house, vehicle, boat, or finance college. Yet if you can convince them that you have the key to their happiness and they must act fast, they'll go over a cliff like lemmings. It's like the kids story "Jack and the Bean Stock", they'll sell the cow just for a chance to buy magic beans. The only problem is the Giant often works for the collection agency and you have no axe when you need it. More than that, they are often too lazy to plant the beans in the first place.
 

Jonleehacker

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information is free, all anyone gotta do is find it. it's 2010, it's staggering what one can find by hitting a search engine.
You're missing the point of charging for information. It isn't the information that is being charged for, everyone knows it is available for free SOMEWHERE else.

What's being charged for is the time savings of gathering, organizing and presenting the information.

By your logic, houses should sell for the cost of the building materials, since theoretically I could build my own house if I own a hammer and a wheelbarrow. ;)
 

hakrjak

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RK is an expert in upselling. That his always been his business model. Anybody who didn't see that after reading the first book, didn't see the big picture. Every book pitches the cashflow board game, and the next book, or a previous book, etc etc... If you've ever been to one of his "free" seminars, it's a straight up sell for the $5k package deal, which probably upsells to the $45k package, etc

- Hakrjak
 

kwerner

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besides this seminar, i think any seminar that people pay money for is BS, especially if it's costing more than $50. or/and you have to buy additional materials. information is free, all anyone gotta do is find it.

I have to disagree with this comment to a degree.

The purpose of going to a legitimate seminar is to learn something in the least amount of time possible. Sure you could probably learn it on your own, but at the cost of TIME. (Time being your most precious commodity.)

For example, lets say that I had an interest in learning internet marketing and I have no prior knowledge on the matter whatsoever. And let's say I have a choice between two options to learn what it is that I need to know to become a success in internet marketing:

1) I can try to learn it on my own for the next 12 months by reading articles off the web in my spare time for FREE, and still be a complete novice at the end of that 12 month period. Or

2) I can attend a 3 day seminar that JonLeeHacker is hosting for $5,000 and have a solid foundation to begin starting my business.

If I had the cash (or could charge it :)) and was SERIOUS about doing this as a business, I would without a doubt choose option #2 for a number of reasons including: the time value of money, the networking benefit of a seminar like this, and by learning from someone that is actually walking the talk, not just making his money teaching seminars.

That's where I see a seminar CAN be a benefit. Obviously Kiyosaki's does not fit into this category.



Edit: While I was busy typing (sorry, I'm a slow typer) looks like Jon beat me to the punch with this point. :D
 
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biophase

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Wow, the attitude of the instructor reminds me of a meeting we had just a few years ago w/RK . . .

From the video above:

"If you don't like what I'm saying, LEAVE."

"If you the guts to say something, say it to my face. And if you say it's too expensive- LEAVE."

Russ H.
I thought I heard the words "you are losers" somewhere in the video and it brought back memories! :)
 

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Russ H

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Wow, LOVED the "$32,000,000 mobile home park" the instructor bragged about. . .

. . . that didn't exist.

-Russ H.
 

JayKim

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At 6:52 it looks like someone gets up and leaves LOL :rofl:
 

tchandy

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I have to disagree with this comment to a degree.

The purpose of going to a legitimate seminar is to learn something in the least amount of time possible. Sure you could probably learn it on your own, but at the cost of TIME. (Time being your most precious commodity.)

For example, lets say that I had an interest in learning internet marketing and I have no prior knowledge on the matter whatsoever. And let's say I have a choice between two options to learn what it is that I need to know to become a success in internet marketing:

1) I can try to learn it on my own for the next 12 months by reading articles off the web in my spare time for FREE, and still be a complete novice at the end of that 12 month period. Or

2) I can attend a 3 day seminar that JonLeeHacker is hosting for $5,000 and have a solid foundation to begin starting my business.

If I had the cash (or could charge it :)) and was SERIOUS about doing this as a business, I would without a doubt choose option #2 for a number of reasons including: the time value of money, the networking benefit of a seminar like this, and by learning from someone that is actually walking the talk, not just making his money teaching seminars.

That's where I see a seminar CAN be a benefit. Obviously Kiyosaki's does not fit into this category.



Edit: While I was busy typing (sorry, I'm a slow typer) looks like Jon beat me to the punch with this point. :D
Great point. Speed ++ Seminars saves you time which is something that you can't get back in order to achieve your goal.

Tom
 

PaulRobert

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I have been following this thread since the very beginning reading every comment. I watched the video in its entirety and I am not shocked. Rich Dad Poor Dad is the book that started my financial education and I proceeded to read more of his books.

3 years ago, if I attended one of these seminars I would of agreed to the information he said. Now, not at all. As Sparlin states, Greed plays a big factor in this. Many of the attendees, read Rich Dad Poor Dad and are ready to get rich. They are ready to build and acquire assets. Some are willing to do whatever it takes and will get hooked by the illusion that this speaker did it and is just telling the cold hard facts. What the presenter is really doing is intimidating the people and using his "power" to convince the people that he is a big shot and if people don't agree with what he does, they will fail and never succeed. It is somewhat of a brainwash IMO. This fear overshadows their regular thought process and they begin to make decisions to spend a couple grand to learn even more. And who is at the top collecting? Yup, you guessed it.
 

GoldenEggs

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I haven't been able to watch the video but some friends of ours attended a seminar where they teach you how to hold a successful seminar. From what they told me about the course and from what other people have posted about the video, I guess they teach you how to be a jerk too.
 

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