Robert Kiyosaki

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Robert Kiyosaki
Robert Kiyosaki by Gage Skidmore 2.jpg
Kiyosaki in 2023
BornRobert Toru Kiyosaki
(1947-04-08) April 8, 1947 (age 77)
Hilo, Territory of Hawaii, U.S.
OccupationBusinessman, author
SubjectPersonal finance, business investing
Years active1973–1994
1997–present
Notable works Rich Dad Poor Dad
Spouse
Kim Meyer
​
​
(m. 1986;div. 2017)​
RelativesEmi Kiyosaki (sister)
Beth Kiyosaki (sister)
John Kiyosaki (brother)
Website
www.richdad.com

Robert Toru Kiyosaki (born April 8, 1947) is an American businessman and author, known for the Rich Dad Poor Dad series of personal finance books. He is the founder of the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos, and Rich Global LLC, which filed for bankruptcy in 2012. [1]

Contents

Since 2010, Kiyosaki was the subject of a class action suit filed by people who attended his seminars, [2] [3] and the subject of investigative documentaries by CBC, [4] WTAE-TV [5] . [6]

Early life and family

Kiyosaki was born in 1947 in Hilo, in the American Territory of Hawaii, into a family of Japanese descent. [7]

Business career

In 1977, Kiyosaki started a company called "Rippers" that marketed nylon and Velcro wallets. [8] The company eventually went bankrupt and he took a job as a sales associate for Xerox until June 1978. [8]

In 1993, Kiyosaki published his first book, If You Want to Be Rich and Happy, Don't Go To School. In his book, he encouraged parents not to send their children to college and instead to enter the real estate business. [9]

In 1997, Kiyosaki launched Cashflow Technologies, Inc., a holding company that owns and operates the Rich Dad and Cashflow brands. [8] [10] [11] Kiyosaki created the Cashflow board and software games to educate adults and children about business and financial concepts. [12]

Other business ventures and investments

Kiyosaki's earlier two businesses (for surfing bags with Velcro fasteners and T-shirts) went bankrupt. [13]

Kiyosaki operates through a number of companies that he owns fully or in part, and through franchisee arrangements with other companies authorized to use his name for a fee. [14] This includes Rich Dad LLC, Whitney Information Network, Rich Dad Education and Rich Dad Academy. [15] The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name.[ citation needed ]

In 2012, Kiyosaki's company "Rich Global LLC" filed for bankruptcy and was ordered to pay nearly $24 million to The Learning Annex and its founder. [16] [17]

Business and financial advice

Kiyosaki has authored more than 26 books including Rich Dad Poor Dad, which has been translated into 51 languages and sold over 41 million copies worldwide.[ citation needed ] In an interview with CBC, Kiyosaki described his books as an advertisement for his higher-priced seminars. [3]

Kiyosaki's financial and business teachings claims that financial independence can be achieved through passive income. [18] [19] He also claims that wealth cannot be achieved from going to school and obtaining a traditional job. [20]

Policy

Kiyosaki endorsed and supported Republican candidate Donald Trump for the 2016 presidential elections. [21] Kiyosaki had previously co-authored two books with Trump. [22]

Criticism

Kiyosaki's advice has been criticized for emphasizing anecdotes and containing nothing in the way of concrete advice on how readers should proceed or work. [23]

In 2006 and 2007, Kiyosaki's Rich Dad seminars continued to promote real estate as a sound investment, just before their prices came crashing down. [24]

In 2010, the Canadian Broadcasting Corporation did an exposé on scams that were being perpetuated by Kiyosaki's company in Canada in the guise of seminars. [4] Upon tracking the success claims of "Rich Dad" seminar organizers, they discovered that these claims were not true. Investments in trailers and trailer parks, which were being propagated as "successful" by seminar teachers, were found to actually be barren pieces of land that no one was using. Their Marketplace exposé on his seminars in Canada showed what occurred in $450 seminars through a hidden camera, including Kiyosaki's response to them. [12]

Also in 2010, Allan Roth of CBS News documented what occurred when he attended one of Rich Dad's free seminars and dissected some of the tactics employed. [25]

WTAE-TV, the ABC television station in Pittsburgh, Pennsylvania, produced another critical segment about him in 2013. [5]

Books authored

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References

  1. ↑ Kim, Susanna (October 12, 2012). "'Rich Dad, Poor Dad' Author Files for Bankruptcy for His Company". ABC news. Retrieved July 18, 2018.
  2. ↑ Olen, Helaine (February 11, 2016). "This Legal Dispute Says Everything About the Shadiness of Personal Finance Gurus". Slate . Retrieved July 18, 2018.
  3. 1 2 "Marketwatch – Rich dad's seminar's deceptive marketplace". CBC. Archived from the original on December 12, 2021. Retrieved November 13, 2017– via YouTube.
  4. 1 2 "Road to Rich Dad: Who's getting rich off Rich Dad?". Marketplace . CBC. January 29, 2010. Retrieved January 31, 2010.
  5. 1 2 Van Osdol, Paul (May 9, 2013). "'Rich Dad' author's seminars cost thousands, but not everyone gets rich". WTAE-TV . Retrieved July 18, 2018.
  6. ↑ Lang, Hannah Erin (January 3, 2024). "Robert Kiyosaki, author of 'Rich Dad Poor Dad,' says he's more than $1 billion in debt — but that's 'not my problem'". MarketWatch. Retrieved January 9, 2024.
  7. ↑ Yoshikawa, Mai (January 18, 2018). "'Rich Dad Poor Dad' author Robert Kiyosaki appeals for financial literacy". The Japan Times.
  8. 1 2 3 Youn, Jacy. "Robert Kiyosaki". Hawaii Business. Archived from the original on September 23, 2016. Retrieved April 22, 2016.
  9. ↑ Kiyosaki, Robert (April 1, 1993). If You Want to Be Rich & Happy Don't Go to School: Ensuring Lifetime Security for Yourself and Your Children (2 ed.). Aslan publications. ISBN   978-0-944031-38-4.
  10. ↑ "Entity Details – Secretary of State, Nevada". Nevada Secretary of State. Retrieved July 10, 2014.
  11. ↑ "Trademark Electronic Search System: RICH DAD". USPTO Trademark Electronic Search System . Archived from the original on July 25, 2013. Retrieved July 10, 2014.
  12. 1 2 "Road to rich dad". CBC . Retrieved November 23, 2020.
  13. ↑ "Interview with Robert Kiyosaki". CNN Money . July 1, 2015.
  14. ↑ Jaffe, Chuck (February 10, 2006). "'Teach Me to Trade' seminar is a lesson in futility". MarketWatch . Retrieved November 26, 2018.
  15. ↑ Jaffe, Chuck (July 13, 2017). "'Rich Dad Academy' a poor choice for investors". MarketWatch . Retrieved November 26, 2018.
  16. ↑ "Robert Kiyosaki files for bankruptcy, again". ABC News . October 12, 2012. Retrieved November 13, 2017.
  17. ↑ Roth, Allan (January 20, 2013). "Rich Dad, Poor Dad's bankrupt company". CBS News . Retrieved September 26, 2020.
  18. ↑ Yardney, Michael (October 7, 2022). "Do Robert Kiyosaki's "Rich Dad Poor Dad" lessons still apply? Here's what I learned from my interview with him". Property Update. Retrieved January 5, 2023.
  19. ↑ Silva, Derek (September 21, 2022). "Robert Kiyosaki - Everything You Need to Know". SmartAsset. Retrieved January 5, 2023.
  20. ↑ Chris Schnabel (December 1, 2015). "Robert Kiyosaki: Traditional school is useless". Rappler. Retrieved January 19, 2016.
  21. ↑ Kiyosaki, Robert (October 20, 2015). "Why America Needs Donald Trump". Jetset Magazine. Retrieved November 21, 2015.
  22. ↑ Trump, Donald; Kiyosaki, Robert T.; McIver, Meredith; Lechter, Sharon L. (2006). Why we want you to be rich : two men, one message. New York Berkeley, CA: Rich Press Distributed by Publishers Group West. ISBN   978-1-933914-02-2. OCLC   71305016.
  23. ↑ Sing, Terrence (July 13, 2003). "Writer ignores critics of his self-help success".
  24. ↑ Jaffe, Chuck. "Stupid Investment of the Week". MarketWatch . Retrieved November 26, 2018.
  25. ↑ "Rich Dad Education - The Ultimate Emotional Investment". CBS News. March 4, 2010. Retrieved November 26, 2018.
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