Rich Dad Seminar Exposed (FINALLY!)

[Bobo]

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

Can I write the jokes for this one guys?

 

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[MonTexan]

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

Ha! Several months ago I attended an internet marketing pitch-fest in Houston. It was pushed hard to the local REI crowd, and I decided to attend to pick up some nuggets on IM. (I got in free)

The Montelongo's were included on the card, I assume to draw in some real estate folks. After listening to their bullshit for about 5 minutes I had to get up and leave. They were actually pitching membership in a MLM Travel Club! Guess the whole house flipping thing isn't going so well....

 

[Rob Williams]

I attended a Rich Dad seminar in Sydney last year. I'd never seen RK speak before and my expectations of the event, for which I got free tickets for which others had paid $400 (that should have been a big clue, right there), were quite high.
My expecations dropped like a brick within minutes.
Not only was he extremely arrogant, but there were some glaring factual errors in much of what he had to say.
To make matters worse, no evidence was presented to back his claims or to clarify how he had arrived at his conclusions.
He either didn't check his facts or just didn't care, so long as he promoted fear among the audience and offered them "shelter" in one of the many "Rich Dad" enterprises being promoted at the event.
Apparently, we Aussies are being screwed over with our fully franked dividend scheme. He said we were being fully "f&^%#d", not franked. What the?
I get a dividend from XYZ company, as a shareholder. XYZ has paid 30% tax on the profit. I get a credit on my tax for that company paid tax, increasing my effective yield and cash flow. How am I being screwed over?
He also made comments about he we Aussies are being totally "ripped" by our Superannuation scheme. OK, it's not the best in the world, but it's a better model than many others.
On top of my salary, my employer pays, out of their own pocket, an additional 9% into a Super Fund, ready for my retirement between age 55 - 65. It's not coming out of my pocket, so how am I getting "ripped"?
For the 95% of the working population not in the fastlane, this Super scheme is all that stands between them and poverty when they finally escape from the 40/40 club.
In between all the hype about the various Rich Dad property syndicates and how we could participate in them, faxes were brought out on stage every 10 minutes showing some great deal that was being offered to the syndicate. Very contrived and very well executed.
I expected better.

 

[Russ H]

Rob Williams-

Great to see another Aussie posting (we have a few on the fastlane).

I'm a big fan of the Barossa Valley-- so it's also cool to see someone from Adelaide!

I have a vertical of Hill of Grace that goes back quite a ways-- to the 70s. My most treasured bottle is the 1986.

Please go and post your intro to this area:

Introductions & Networking - Millionaire Entrepreneur Forum

The more we know about you, the better everyone will treat you around here!

Again, welcome.

-Russ H.

 

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[Rob Williams]

Thanks for the welcome, Russ. I've done as you suggested and posted an intro.

 

[MonTexan]

Was just reading an article in Entrepreneur magazine about a gal that writes ghost blogs for several well known people. Evidently Kiyosaki is one of her clients. Here's a quote from the article about a Tweet she sent out for him:

"For one of his recent seminars, which cost attendees $5,000 each, she tweeted his comments - here's one: "Socialism is for losers" - for people who couldn't afford the admission price."

Sounds like she "captures his voice" pretty well!

 

[andviv]

I did not even know he had a twitter account. Go figure. This is the same guy that told us the net was a waste of time. Interesting.

 

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[Guest3722A]

Has anyone attended any of his stock market seminars? I went to the introductory/free one last year to see if the same pitches still held as they did with Wade Cook back in the 90s. And wouldn't you know it, they were still selling the idea that stochastic crossovers are the holy grail! And people were drawn in... What the speaker did was find a couple stocks that had 100% confirmation of a crossover and put them up on the overhead projector for all to behold. In real life for those who don't trade or have never tinkered with technical analysis, stochastics are a lagging indicator, used to confirm the price action. Not the other way around but those who didn't understand, for obvious reasons, for the most part became sheep.

 

[Russ H]

Has anyone attended any of his stock market seminars? I went to the introductory/free one last year to see if the same pitches still held as they did with Wade Cook back in the 90s. And wouldn't you know it, they were still selling the idea that stochastic crossovers are the holy grail! And people were drawn in... What the speaker did was find a couple stocks that had 100% confirmation of a crossover and put them up on the overhead projector for all to behold. In real life for those who don't trade or have never tinkered with technical analysis, stochastics are a lagging indicator, used to confirm the price action. Not the other way around but those who didn't understand, for obvious reasons, for the most part became sheep.

I find this entirely in line w/what learned from him.

Robert Kiyosaki has never claimed (or pretended) to use new techniques for building wealth-- quite the opposite. While he's never called his approach "old fashioned", it is-- he uses the tried and true things that have worked, for decades or even centuries.

This was great when getting my first "grounding" in financial awareness: Reading Rich Dad, Poor Dad, and his other first books (through Rich Dad's Guide to Investing, and Cashflow Quadrant) were all very, very helpful-- they got me on the right track.

After that, RK had pretty much said all he needed to say. But I still bought his books (loved reading 'em)-- and his publisher kept asking for more (b/c guys like me kept buying!).

The repetition from one book to the next was good- I needed that. But it may have had an unintentional effect on Kiyosaki: He got so good at rehashing the same things, over and over, that he really missed out on the dramatic changes occurring in the world around him.

When we last met him (and he screamed at us, calling us all "f*cking losers" for spending time online), he readily admitted he did not use a computer much, he barely used a cell phone, and as for things like blogging, or EMAIL, or i-pods, well, they just didn't interest him much. He didn't use them at all (this was only 3 years ago).

We were all OK w/this (perhaps a big shocked), but his attitude was "If you're not doing it like me, you're a loser".

That's where we took different paths. If he couldn't see the value in what we were doing (he clearly did not), we were OK w/going off and forming a community of people who did. Funny thing was, that day he yelled at us all, calling us f-ing losers, there were at least 10 people in the room who had made hundreds of thousands of dollars online. And a few who'd made millions (ahem).

In hindsight, what RK did to us was a blessing: He showed us his limitations-- where his vision stopped.

That allowed many of us to move on-- to take the next steps.

To move over to the fastlane.

-Russ H.

 

[andviv]

Russ, I don't think topherea is actually referencing a real teaching by RK. Based on what we know, this is the same training material that his partner company for trainings provide.

This company uses the same tactic for all the trainings.

1. Imagine a big success, how good life will be when you are rich, have lots of money, toys, free time, etc.

2. Show you a couple examples (in some cases, as proven, they are made up or almost impossible to verify). Provide a how-to tip (buy cheap real estate, sell high; buy a share of whatever company, sell when higher; etc).

3. Sell the audience this dream and tell them to go to the next seminar. Enroll today or you are a loser. You are worth nothing if you don't. You deserve to be poor for ever if you don't.

4. Get them to the next seminar, where they upsell you from this seminar to the next one with an extra zero (from free to $500 to $5,000 to $50,000).

The interesting thing is, these seminars work over and over again. People don't want to hear that much about the How-to, they want the money and toys. They upsell you a dream.

I know for a fact that these seminars only have RK's name, but the material is not his or from his company. The training stuff is not a Rich Dad's stuff.

Now, Russ, your recollection of what happened and the lessons we got from it are 100% accurate, in my opinion.

 

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[Russ H]

Great points, Andres.

I understand and agree-- that is the whole idea behind a lot of the seminars-- keep emphasizing the toys and $$$-- and feed on the insecurity/"you're a loser" to draw the weak ones (non-doers) to just pay and pay.

What?! We taught you all of this and you're STILL not successful?!?

You LOSER!

Here, spend even more money-- and we'll show you what you're doing wrong, you LOSER!!! :smx4:

-Russ H.

.

 

[MJ DeMarco]

I know for a fact that these seminars only have RK's name, but the material is not his or from his company. The training stuff is not a Rich Dad's stuff.

C'mon Andres, I'm shocked at reading this.

So are you suggesting that the person who hires the hit man to kill someone isn't as culpable as the hit man himself? I don't care if it's not Rich Dad's shit -- his name is on and therefore he OWNS IT. He can't blame the hit men he hired.

 

[x9vjzs098u123rnl]

Great points, Andres.

I understand and agree-- that is the whole idea behind a lot of the seminars-- keep emphasizing the toys and $$$-- and feed on the insecurity/"you're a loser" to draw the weak ones (non-doers) to just pay and pay.

What?! We taught you all of this and you're STILL not successful?!?

You LOSER!

Here, spend even more money-- and we'll show you what you're doing wrong, you LOSER!!! :smx4:

-Russ H.

.

Hahahaha sounds like The Rich Jerk marketing style to me!

 

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[andviv]

C'mon Andres, I'm shocked at reading this.

So are you suggesting that the person who hires the hit man to kill someone isn't as culpable as the hit man himself? I don't care if it's not Rich Dad's shit -- his name is on and therefore he OWNS IT. He can't blame the hit men he hired.

Nope. What I'm saying is, the two teachings don't match. Do not expect to hear RK's message in the seminars, that's all.

In your analogy, it is more like: "I hired them to eliminate someone, and the hit man decided to used arsenic instead of a knife".

 

[MJ DeMarco]

I understand what you're saying but I doubt you can conclude the person doing the hiring was ignorant to the methods. I think it was more like "Kill him and I don't care what method you use"

In other words,

"If it makes me $$$$, I don't care what you teach"

This is akin to me holding Fastlane seminars that teach the Slowlane - and not giving two-bits because hey, I'm making some scratch.

 

[Guest3722A]

C'mon Andres, I'm shocked at reading this.

So are you suggesting that the person who hires the hit man to kill someone isn't as culpable as the hit man himself? I don't care if it's not Rich Dad's shit -- his name is on and therefore he OWNS IT. He can't blame the hit men he hired.

Not to mention, if an RK seminar gets a class action lawsuit, I'm not positive but pretty sure that his corporate vail will not protect him if it is discovered that fraud has occurred, as what happened with Wade Cook when his seminars imploded with class actions and he had to file bankruptcy for the 3rd time. I too was one of the "losers" who paid $3000 for a Wade Cook stock market and entity structuring (lol) seminar.

On a side note, I also read Rich Dad Poor Dad and thought it was a great read. But the one book that has stuck with me all these years and keeps pushing me is the good 'ol Napoleon Hill book. The next book on my list is, "What Rich People Know and Desperately Want to Keep Secret". :smx9:

 

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[lexingtonjames]

Yeah! Who does this Kiyosaki guy think he is putting HIS BRAND AND NAME on these crappy seminars by Whitney!? He should know better!

 

[David]

This is why I prefer motivation > wealth type text.

 

[shuriken]

Robert Kiyosaki is my idol:groove:

 

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[Forbes]

^ you should do more research on your idol
He's very controversial.

 

[Charlotte]

He's getting decent money from doing this, if it worked for me I would do the same, these people are just stupid.

So let them be.

 

[FDJustin]

Stupid..? Nah, it's just like any other abusive relationship.

You put a lot into something, and you have a damn hard time pulling out of it.
An investment of time, money and heart is a powerful tie to anything - It will make it hard to drop failing relationships, businesses, methods, spoiled meat, you name it.

You might not agree with me now, but I bet you if I made you give me a dollar to read the above statement, and you had -any- remote inclination to agree to it, you would find ways to defend that payment to yourself.

 

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[Anon3587x]

Robert Kiyosaki is full of it.

After 2 minutes of watching that video I realized I hadn't learned anything productive besides the fact Robert Kiyosaki is indeed, full of even more bs than I originally thought.

 

[brianm4289]

wow I wish I would have read this thread a couple days ago, I just bought the book "rich dad poor dad" yesterday and read the entire thing haha. I thought it was a good book, but after reading all of this its pretty much a let down :nonod:

 

[Russ H]

wow I wish I would have read this thread a couple days ago, I just bought the book "rich dad poor dad" yesterday and read the entire thing haha. I thought it was a good book, but after reading all of this its pretty much a let down :nonod:

Brian-

There are several millionaires on this site who started their journey by reading Rich Dad Poor Dad.

I'm one of them.

Just b/c Kiyosaki has a seminar scandal doesn't mean his original message is bad.

There are a *lot* of ex-richdad.com posters here as well.

Don't write off the book as fodder. It's not.

At least it wasn't for us. :banana:

-Russ H.

 

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[brianm4289]

thanks russ i needed that lol

 

[hatterasguy]

Robert Kiyosaki is full of it, but I still have a string of his books on my shelf. Rich Dad Poor Dad was IMHO one of the best motivational books on making and keeping wealth written, it started everything for me when I first read it and for a lot of other people.

Lately he is getting worse which is a shame because I think his original message which is very good is going to be forgotten.

Screw the classes, pay $20 for RDPD.

 

[CVentures1B12]

I totally agree with Russ. RDPD started me on my journey to freedom and I still reccomend that book to people often. I did take the "intro" course by Rich Dad Education and saw right through it so, fortunately, I didn't spend more money on the big seminars.

But the book is great as is his original message! I even enjoy playing the game of CashFlow when I get a chance. But the best way to learn is get out there and do it!

 

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[Gaulkin]

You guys are being to hard on him.. I made ten hundred million dollars last year as an independent business owner through Amway Global!

 

[Fennec]

Is it just me, or does it seem like untrustworthy promoters have a similar m.o.:
"If you don't see the genius in my advice, LEAVE! We don't need you anyway!"

Seems they're trying to make the consumers feel stupid/guilty for questioning the motives/value of the guru. Blatantly turning the question of sincerity on the audience rather than to the guy asking for $1,000.

It does seem to work though.