Friday, November 9, 2012

Rich Dad Poor Dad Author Files for Bankruptcy

Let me give you some more information about Robert Kiyosaki, the financial guru who wrote Rich Dad, Poor Dad.

He's been in the news - because he had to declare for Chapter 7 bankruptcy after losing a judgement.

A judge agreed he had stiffed business partners out of millions. Not a good sign of trustworthiness or character.

Kiyosaki's system is somewhat vague. It mostly involves buying on credit, moving assets around  under shell corporations and insane amounts of leverage.

Here's a more detailed critical view here.

I recommend you follow the link and put in your time doing your research if you're thinking about following his advice.

By the way, Kiyosaki's net worth is at best $70 to $80 million. That's not really master of the universe territory.

A real master of the universe would be billionaire real estate mogul Sam Zell. If you really want to know how to make money in real estate, I suggest you start by researching his career (follow the link for a typical profile). 

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