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Robert Kiyosaki

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Robert Kiyosaki
BornRobert Toru Kiyosaki
(1947-04-08) April 8, 1947 (age 77)
Hilo, Hawaii, U.S.
OccupationBusinessman, author
EducationUnited States Merchant Marine Academy (BS)
University of Hawaii, Hilo
SubjectPersonal finance, business investing
Years active1973–1994
1997–present
Notable worksRich Dad, Poor Dad
Website
Official website

Robert Toru Kiyosaki (born April 8, 1947) is an American entrepreneur, businessman and author.[1] Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos. The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name for a fee.[citation needed] He is also the creator of the Cashflow board and software games to educate adults and children about business and financial concepts.[2]

Kiyosaki is the author of more than 26 books, including the international self-published personal finance Rich Dad Poor Dad series of books which has been translated into 51 languages and sold over 41 million copies worldwide. He has been criticized for advocating practices of debatable legality perceived as "get rich quick" philosophy.[3] Kiyosaki is the subject of a class action suit filed by people who attended his seminars and has been the subject of two investigative documentaries by CBC Canada and WTAE USA.[4][5] Kiyosaki's company, Rich Global LLC, filed for bankruptcy in 2012.[6]

Early life and family

Robert Toru Kiyosaki was born in 1947 in Hilo, then in the Territory of Hawaii.[citation needed]

Education

Kiyosaki attended Hilo High School and graduated in the year 1965.[citation needed]

Business career

In 1974, Kiyosaki attended the Erhard EST seminars, which he says changed his life.[7][8]

In 1977, he started a company called "Rippers".[9] The company eventually went bankrupt.[9]

Kiyosaki took a job as a sales associate for Xerox until June 1978.

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.[10]

In 1997, Kiyosaki launched Cashflow Technologies, Inc., a business and financial education company[11] that owns and operates the Rich Dad and Cashflow brands.[12]

Other business ventures and investments

Kiyosaki's earlier two businesses (for surfing bags with Velcro fasteners and T-shirts) went bankrupt.[13] In an interview with CBC, Kiyosaki described his books as an advertisement for his higher-priced seminars. 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.[14][15]

Business and financial advice

Main articles: Rich Dad and Rich Dad Poor Dad

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.[16] This includes Rich Dad LLC, Whitney Information Network, Rich Dad Education and Rich Dad Academy.[17]

Kiyosaki's financial and business teachings focus on what he calls "financial education": generating passive income by focusing on business and investment opportunities, such as real estate investments, businesses, stocks and commodities, with the goal of being able to support oneself by such investments alone and thus achieving true financial independence.[citation needed]

Kiyosaki uses the term "assets" for things that put money in one's pocket.[18] He stresses the importance of building up an asset first to fund one's liabilities instead of saving cash or relying on a salary from a traditional job.[19]

Personal life

Kiyosaki endorsed and supported Republican candidate Donald Trump for the 2016 presidential elections.[20] Kiyosaki also co-authored two books with Trump.[21]

Criticism

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. 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.

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.[22]

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.[23]

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.[24] The Marketplace exposé on his seminars in Canada showed what occurred in $450 seminars through a hidden camera including Kiyosaki's response to them.[2]

Books authored

  • Rich Dad Poor Dad – What the Rich Teach Their Kids About Money – That the Poor and Middle Class Do Not! (first published in 1997) Warner Business Books. ISBN 0-446-67745-0.
  • Cashflow Quadrant: Rich Dad's Guide to Financial Freedom (2000). ISBN 0-446-67747-7.
  • Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not! (2000). ISBN 0-446-67746-9.
  • The Business School for People Who Like Helping People (March 2001). ISBN 99922-67-42-9 – endorses multi-level marketing
  • Rich Dad's Rich Kid, Smart Kid: Giving Your Children a Financial Headstart (2001). ISBN 0-446-67748-5.
  • Rich Dad's Retire Young, Retire Rich (2002). ISBN 0-446-67843-0.
  • Rich Dad's Prophecy: Why the Biggest Stock Market Crash in History Is Still Coming… and How You Can Prepare Yourself and Profit from It! (2002). Warner Books. ISBN 0-641-62241-4.
  • Rich Dad's The Business School: For People Who Like Helping People (2003) ISBN 979-686-729-X.
  • Rich Dad's Who Took My Money?: Why Slow Investors Lose and Fast Money Wins! (2004) ISBN 0-446-69182-8.
  • Rich Dad, Poor Dad for Teens: The Secrets About Money – That You Don't Learn in School! (2004) ISBN 0-446-69321-9.
  • Rich Dad's Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business (2005). ISBN 0-446-69637-4.
  • Why We Want You to Be Rich: Two Men, One Message (2006) co-written with Donald Trump ISBN 1-933914-02-5.
  • Rich Dad's Increase Your Financial IQ: Get Smarter with Your Money (2008). ISBN 0-446-50936-1.
  • Rich Dad's Conspiracy of the Rich: The 8 New Rules of Money (2009). ISBN 0-446-55980-6
  • The Real Book of Real Estate: Real Experts. Real Stories. Real Life. (2009) ISBN 1-4587-7250-0.
  • An Unfair Advantage: The Power of Financial Education (2011). ISBN 1-61268-010-0.
  • Midas Touch: Why Some Entrepreneurs Get Rich And Why Most Don't (2011), co-written with Donald Trump ISBN 1-61268-095-X.
  • Why 'A' Students Work for 'C' Students and Why 'B' Students Work for the Government: Rich Dad's Guide to Financial Education for Parents (2013). ISBN 978-1-61268-076-7.
  • The Business of the 21st Century (2010), co-written with John Fleming and Kim Kiyosaki ISBN 81-8322-260-9.
  • Second Chance: for Your Money, Your Life and Our World (2015) ISBN 978-1-61268-046-0
  • 8 Lessons in Military Leadership for Entrepreneurs: How Military Values and Experience Can Shape Business and Life (2015) ISBN 978-1-4915-8387-6
  • Why the Rich Are Getting Richer (2017) ISBN 978-1-61268-088-0
  • FAKE: Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer (2019) ISBN 978-1-61268-084-2

References

  1. ^ "Marketwatch - Rich dad's seminar's deceptive marketplace". CBC. Archived from the original on December 12, 2021. Retrieved November 13, 2017.
  2. ^ a b "Road to rich dad". www.cbc.ca. Canadian broadcasting coprporation. Retrieved November 23, 2020.
  3. ^ "Robert Kiyosaki taken down by CBC". www.aol.com. AOL. Retrieved November 13, 2017.
  4. ^ Olen, Helaine (February 11, 2016). "This Legal Dispute Says Everything About the Shadiness of Personal Finance Gurus". Slate.com. Retrieved July 18, 2018.
  5. ^ "'Rich Dad' author's seminars cost thousands, but not everyone gets rich". WTAE Pittsburgh. May 9, 2013. Retrieved July 18, 2018.
  6. ^ Kim, Susanna (October 12, 2012). "'Rich Dad, Poor Dad' Author Files for Bankruptcy for His Company". ABC news. Retrieved July 18, 2018.
  7. ^ Kioysaki, Robert. "Why was RD Created" (PDF). Rich Dad. Retrieved January 10, 2016.
  8. ^ "What Are You Working For - A Financial Education or a Job?". Rich Dad Blog. Retrieved May 6, 2015.
  9. ^ a b Youn, Jacy. "Robert Kiyosaki". Hawaii Business. Archived from the original on September 23, 2016. Retrieved April 22, 2016.
  10. ^ 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.
  11. ^ "Entity Details – Secretary of State, Nevada". Nvsos.gov. Retrieved July 10, 2014.
  12. ^ "Trademark Electronic Search System: RICH DAD". Tess2.uspto.gov. Retrieved July 10, 2014.
  13. ^ "Interview with Robert Kiyosaki". CNN Money. July 1, 2015.
  14. ^ "Robert Kiyosaki files for bankruptcy, again". ABC News. October 12, 2012. Retrieved November 13, 2017.
  15. ^ Roth, Allan (January 20, 2013). "Rich Dad, Poor Dad's bankrupt company". CBS News. Retrieved September 26, 2020.
  16. ^ Jaffe, Chuck (February 10, 2006). "'Teach Me to Trade' seminar is a lesson in futility". Market Watch. Retrieved November 26, 2018.
  17. ^ Jaffe, Chuck (July 13, 2017). "'Rich Dad Academy' a poor choice for investors". Market Watch. Retrieved November 26, 2018.
  18. ^ Kiyosaki, Robert (October 18, 2016). "Dear Millennials, Experiences Are Still Liabilities".
  19. ^ Chris Schnabel (December 1, 2015). "Robert Kiyosaki: Traditional school is useless". Rappler. Retrieved January 19, 2016.
  20. ^ Kiyosaki, Robert (October 20, 2015). "Why America Needs Donald Trump". Jetset Magazine. Retrieved November 21, 2015.
  21. ^ 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.
  22. ^ Sing, Terrence (July 13, 2003). "Writer ignores critics of his self-help success".
  23. ^ Jaffe, Chuck. "Stupid Investment of the Week". www.marketwatch.com. Marketwatch. Retrieved November 26, 2018.
  24. ^ "Rich Dad Education - The Ultimate Emotional Investment". CBS News. March 4, 2010. Retrieved November 26, 2018.
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