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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

#71

Post by epolanski »

throwaway66201 wrote: post #64
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.

That famous book doesn't claim anything about his wealth, though. It's about his somewhat editorialized childhood/adolescence experience with two adults - his own father and a mentor - and the difference in their behavior and outcomes.

My point is that I find it intellectually dishonest that a person goes on preaching millions of people on stuff he himself never practiced.

The book content was okay albeit much longer than needed.

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

#72

Post by ryathal »

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…

This works until it doesn't, and then you are screwed. Once a single property falls into foreclosure, you lose the refinance option and everything starts collapsing when payments come due you never intended to have to pay.

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

#74

Post by throwaway66201 »

epolanski wrote: post #71
throwaway66201 wrote: post #64

Earlier quoted context omitted.

That famous book doesn't claim anything about his wealth, though. It's about his somewhat editorialized childhood/adolescence experience with two adults - his own father and a mentor - and the difference in their behavior and outcomes.

My point is that I find it intellectually dishonest that a person goes on preaching millions of people on stuff he himself never practiced. The book content was okay albeit much longer than needed.

I think he does and did practice the things from the book. I don't know about anything later than the book, though.

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

#76

Post by red-iron-pine »

throwaway66201 wrote: post #74
epolanski wrote: post #71

Earlier quoted context omitted.

My point is that I find it intellectually dishonest that a person goes on preaching millions of people on stuff he himself never practiced. The book content was okay albeit much longer than needed.

I think he does and did practice the things from the book. I don't know about anything later than the book, though.

hard to take his points credibly when 1) he wasn't doing that at the time, and 2) he's been broke af for a while now.

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

#77

Post by red-iron-pine »

Lio wrote: post #32
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.

Same with China. 20% discount on oil + markups on essentials. on an economy-wide scale this is pretty sweet, and will continue as long as Russia stays at war.

I think India is weary of Russia, but these are deals they can't say no to.

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

#78

Post by rmbyrro »

ryathal wrote: post #72
rmbyrro wrote: post #20

Earlier quoted context omitted.

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…

This works until it doesn't, and then you are screwed. Once a single property falls into foreclosure, you lose the refinance option and everything starts collapsing when payments come due you never intended to have to pay.

As in every business, this also has its risks. There are ways to mitigate, but not to eliminate.

But hey, that's life.

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

#79

Post by LargeTomato »

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?

That's subjective but I like the Economist a lot. NYT is fine. It is what is it but it's a lot better then e.g. CNN.

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

#80

Post by LargeTomato »

dgellow wrote: post #41
LargeTomato wrote: post #11

Earlier quoted context omitted.

That's right, almost everything you buy is a financial liability. Debt glutton is a very loaded term. I bought 2 houses in the pandemic but I did so thoughtfully, after much research. My income can fully cover both mortgages and living expenses. In the US, interest rates are usually locked in and the monthly payment on the mortgage is not affected by the rates of today. Everyone I know who did "the real estate thing"…

The lesson I remember learning from 2008 was that a really, really large part of the population is foolish and reckless. On both sides, not only buyers. What if you’re the exception here instead of the norm?

They you win at capitalism?

By "exception" I interpret that to mean "someone who is capable of financial forethought".

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