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'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

fortune.com

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Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#31

Post by paulgb »

maigret wrote: post #22
LargeTomato wrote: post #13

Earlier quoted context omitted.

Just block low tier news. I block verge, ars technica, fortune, etc.

What is high tier news?

As a general rule, if you aren’t paying for it, it’s probably crap. Paid sources are just better-incentivized and better funded to do real reporting.

The traditional newspapers (like WSJ, NYT, WaPo) still do quality reporting. People tend to have strong feelings about them because they disagree with the editorial side (often for good reason), but if you have the media literacy to know what’s news vs. what’s editorial, they are still quality sources.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#32

Post by Lio »

ixaxaar wrote: post #24

How is this guy wrong in hedging against the declining dollar and rising price of commodities? At a time when all central banks are de-dollarizing and buying gold, wouldn't this be the perfect hedge? I know for a fact that most fund managers (at least in India) have been converting as much as 10-20% of their portfolios into gold and other commodities.

Markets can stay irrational longer than you can stay solvent, as the saying goes.

With regard to India is that an unusual position because Indian fund managers can use gold to purchase oil cheaply from Russia? Other fund managers won't have to option to purchase commodity oil below market rate.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#33

Post by globular-toast »

fakedang wrote: post #7
Grimblewald wrote: post #2

"Living debt free is the worst advice you could give" What advice can one give me, an individual who does not wish to live the life of a tape worm?

> While he recommends leveraging debt to buy assets, he disapproves of taking out a loan to buy materialistic items that won’t increase in value or pay dividends. > “A lot of people use debt to buy liabilities,” he said. “I drive a Ferrari. Guess what? It’s paid off 100% because it’s a liability. I drive a Rolls-Royce. It’s paid off 100% because it’s a liability.” There's your answer. And this is actually sound advic…

Note that he didn't say depreciating asset, he said liability. I've always considered cars a liability and I'm glad to see I'm not alone.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#34

Post by mping »

scotty79 wrote: post #26
rmbyrro wrote: post #17

Earlier quoted context omitted.

Isn't that a cynical view of society?

Doesn't mean it's wrong. Besides, it only sounds bad if you care about economic output and give it a moral value.

It's woefully short sighted, as it misses the long-term prospect of economic output, as most classes of people you mentioned provide some economic benefit in one way or another. Cynicism should be precise, in my opinion.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#35

Post by itsoktocry »

rmbyrro wrote: post #20
Grimblewald wrote: post #2

"Living debt free is the worst advice you could give" What advice can one give me, an individual who does not wish to live the life of a tape worm?

His debt doesn't fund consumption, it funds real estate, which he rents or sells for a profit. He's not advocating to go into debt for a lush Bahamas vacation. The value of long-term debt to fund real assets is that inflation corrodes the debt value, while boosting the asset value. Even if the asset doesn't appreciate above the inflation (meaning you do nothing all day), you can still make money if interest is lower…

>Even if the asset doesn't appreciate above the inflation (meaning you do nothing all day), you can still make money if interest is lower than the inflation rate.

It's a shame that lending institutions also understand this and attempt to set their lending rates accordingly.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#36

Post by dvh »

rmbyrro wrote: post #20
Grimblewald wrote: post #2

"Living debt free is the worst advice you could give" What advice can one give me, an individual who does not wish to live the life of a tape worm?

His debt doesn't fund consumption, it funds real estate, which he rents or sells for a profit. He's not advocating to go into debt for a lush Bahamas vacation. The value of long-term debt to fund real assets is that inflation corrodes the debt value, while boosting the asset value. Even if the asset doesn't appreciate above the inflation (meaning you do nothing all day), you can still make money if interest is lower…

Stupid me. I was using money to buy food the whole time.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#37

Post by abalashov »

raverbashing wrote: post #21
epolanski wrote: post #16

I think the guy is one of the biggest intellectual scammers out there. He wrote his famous book when working a normal 8 hour job and was nowhere near being wealthy. He wasn't a rich dad. Just a normal guy.

His ideas probably can be summed up in a couple of paragraphs and 99% of it is the basic stuff that anyone that doesn't torch their credit card every month does. Yes rich dad buys a car within his means, poor dad finances the brand new truck and doesn't know what "9% APR" means but he's happy cause he can "afford it" (not). But since the average financial literacy is very low and several people look for the loudest m…

This was always my impression every time that former high school classmates-turned-MLM-shysters would hawk his work to me; thank you for confirming it.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#39

Post by itsoktocry »

raverbashing wrote: post #21
epolanski wrote: post #16

I think the guy is one of the biggest intellectual scammers out there. He wrote his famous book when working a normal 8 hour job and was nowhere near being wealthy. He wasn't a rich dad. Just a normal guy.

His ideas probably can be summed up in a couple of paragraphs and 99% of it is the basic stuff that anyone that doesn't torch their credit card every month does. Yes rich dad buys a car within his means, poor dad finances the brand new truck and doesn't know what "9% APR" means but he's happy cause he can "afford it" (not). But since the average financial literacy is very low and several people look for the loudest m…

>His ideas probably can be summed up in a couple of paragraphs and 99% of it is the basic stuff that anyone that doesn't torch their credit card every month does.

This book was written in the 90s. It was a totally different information landscape. It's easy to look at it now and say the content is obvious.

I read it when I was young, along with school friends who were also burgeoning "masters of the universe" (ie interested in being "rich"). I think it had some great lessons.

That said, the guy obviously turned into a "scammer", thanks in part to the success of his book. He wrote a book with Trump, for crying out loud.

Re: 'Rich Dad, Poor Dad' author Robert Kiyosaki reveals he's $1B in debt

#40

Post by abalashov »

ClassyJacket wrote: post #19

My sister tried to get me to read this book, around the same time she lost a bunch of money to a pyramid scheme.

A couple of high school classmates sucked into the morass of MLMs were the only ones who ever pimped this book to me unironically.
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