Robert Kiyosaki as a real estate guru: Would you take his advice?
I’ve only read one of Robert Kiyosaki’s books the "Rich Dad, Poor Dad" and someone gave me a DVD version as a gift. The book is a pretty interesting read but I don’t agree in all of his teachings. Meanwhile, the DVD version inspired me to be at the top, but I won’t exactly follow all his ways.
Out of curiosity, I searched the internet for feedbacks regarding the books and other materials of Robert Kiyosaki. A lot of the reviews were not too good. Out of all the reviews I’ve read, this one highlights an important note:
"In Kiyosaki’s world, there is no risk, or at least it’s not a big enough factor to ever worry about. His books encourage people to start working for themselves, but the individuals who would be attracted to Kiyosaki’s work are individuals who generally don’t have the backbone, the salesmanship, the acumen, or the pre-existing network to make such plans work. People who start their own business are taking on a significant amount of risk, and to ignore that risk in your advice is simply giving terrible advice.
In no way am I saying that going into business for yourself is a bad choice, but it is a choice that merits some careful planning and analysis and realization of the risks involved. In Kiyosaki’s world, risk is for losers, yet until he came across a preexisting network that he could utilize, he failed time and time again to start his own business. In other words, Kiyosaki’s own background shows the huge flaws in the advice he gives."
- an excerpt from The Simple Dollar - "Deconstructing Robert Kiyosaki" written by Trent
Attending a real estate guru’s seminar is inspiring, but when it is taken out of context it could lead you to serious trouble. Casey Serin’s life story is an example of someone who was encouraged by a real estate guru; he quit his job, jumped into a real estate business and ended up in deep financial and even personal trouble.
Trent further wrote afull review of the "Rich Dad, Poor Dad" pointing out the good, the bad and the ugly. I personally liked the review. It was done in good taste and is not entirely from an anti-Robert Kiyosaki point of view, such as the analysis of John T. Reed.
In my effort to get a balanced review of Robert Kiyosaki and his books, I did searched the internet for positive reviews and feedbacks. Unfortunately, the only good reviews I got are from the companies selling his books and from a fan; Jon of SmartMoneyDaily (I think he enjoys reading the books but I’m not sure if he has applied his teachings to his life yet).
I’ll try to search for more positive reviews and feedbacks of Robert Kiyosaki. Meanwhile, I’m overwhelmed with the number of negative reviews from his books, considering he has sold several million copies. Many find them entertaining but not educational. If you have any positive feedback, know of any positive reviews or know of any success stories from doing it the Robert Kiyosaki way, please leave a comment or email me, so I can update my post and provide a more balanced overview of Robert Kiyosaki.
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POSTED IN: Famous People in Real Estate
5 opinions for Robert Kiyosaki as a real estate guru: Would you take his advice?
John
May 19, 2007 at 9:00 am
I think he has a great way of explaining personal finance to people (assets versus liabilities) it’s a nice simple explanation - unfortunately in other areas he’s perhaps oversimplified things (glossing over risk) and hence the critisim…
Trent
May 19, 2007 at 1:17 pm
Good analysis. The Casey Serin example is a really good one.
H. R.
Jul 14, 2007 at 1:58 pm
I’ve been a full time real estate investor since 1999, and in my opinion, Rich Dad Poor Dad is a great book. I think his following book, Cashflow Quadrant, is even better. I do not know Mr. Kiyosaki, nor have i attended any workshop, etc. I can only speak from experience as a small property owner of 40+ rental units. While I certainly agree that risk MUST be assessed in any investment, I do not feel his books convey a message of “throwing caution to the wind”, and just buy real estate for the sake of buying real estate. I have actually used some of the techniques contained in his books, as well as techniques of other real estate investing teachers. Techniques such as 1031 exchanges, bond for deed purchases and sales, and seller financing when buying and selling properties, are used just about every day in this business. There are many others as well, as i am sure you are aware. While i cannot state that every technique, or piece of advice listed in every book is very easily applied, i can say, most if not all of the information and techniques taught by Mr. Kiyosaki is actual real world stuff. That’s not to say that everyone can do it and be successful, but the fact is that what he teaches can be done by most people who truly want to improve their financial situation.
HK
Sep 25, 2007 at 7:47 am
I am personally a fan of his books, and believe that the mindset that he encourages is important for people who do not want to be a slave to a job for the rest of their lives. However, Kiyosaki is NOT the be all end all, and anyone who would rely solely on the advice or teachings of one man or woman without diversifying their personal improvement or informal education in regards to success, business, or any personal improvement is taking a dangerous and shallow approach. As well, critics who do not consider the scope and content of the intended message and try to judge the books on a level above what they were intended for are missing the boat as well, I daresay intentionally in some cases, such as the vitriolic accusations of John T Reed. As with anything else, take what you can from it, learn what you can from it, don’t trust it as gospel, only the gospel can be trusted as such.
Nancy Garcia
Jun 30, 2008 at 10:13 pm
Our financial advisor introduced my husband and me to “Rich Dad Poor Dad” In September 2007. My husband and I read the book in November 2007; we attended a seminar in January 2008; started our education in the Wealth Intelligence Academy (WIA); now have a coach; and we are truly grateful for this education.
I believe the information provided in the many books of Rich Dad’s Advisors is quite helpful. However, the interpretation and desire to want to grow in the real estate investments business has much to do with how well the person wants to move-up in life. My husband and I not only take the information we have learned so far only from the WIA classes nor the weekly coaching lessons; but we consult the information with our CPA, real estate broker, and attorney all of which has been factual. We will continue our WIA education as we continue to grow our portfolio.
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