Tuesday, September 9, 2008
Ok, to be fair, I've never read Robert Kiyosaki's books (I know, half of America has..I just never got around to it). The more I hear about the guy the more I really don't like him or his teaching principles. This is a guy who claims the way to make money is through debt?? Granted it's all in building your real estate empire but how relevant is this today given the whole Frannie Mae, Freddie Mac, Bear Sterns dibacle?
Most of the reputable personal finance bloggers out there recognize Kiosaki as little more than a guy who can write a pretty word or too with no real sound financial basis. Take for example this great article calle Let's Read Some of Robert Kiyosaki's Drivel at allfinancialmatters.com. The author dissects an article by Kiosaki which claims that mutual funds are no better than playing the lottery. Someone...please explain.
I guess the issue with Kiyosaki is his "win big," "get rich quick" attitude. It's off putting for those who know the road to riches is paid in patience, steady investing and common sense not in finding "the next big thing." Though I do believe risk is a big part in getting pay offs I'd much rather take caluclated risks and follow the advice of someone like Andrew Tobias then take out 70,000 to buy an apartment complex a la Kiyosaki advice. call me crazy....
If you're tempted by the promise of Kiyosaki just check out John Reed's Analysis.
Labels: Personal Finance