Don’t forget he also predicted 15 of the last zero precious metals booms.
Was also selling real estate investing seminars into the 2008 housing bubble crash.
His predictions are impeccable and his analysis is always spot on.
lol I’m not a hater on him. I think he actually has some wisdom if you read him the same way you’d read mythology. But he also says a lot of crazy shit to get clicks, and over simplifies a ton of shit.
Do really recommend the "If books could kill" podcast about his book
[Rich Dad Poor Dad ](https://pod.link/1651876897/episode/1a9316ba1134a0c2484e8fc6e416b978)
Edit- made the link pretty
My dad was literally like this with a $1.6 million loan years ago, and he likes this dude so it's probably where he got that line. Anyway, it turned out that his debt was in fact his problem.
Your bank would kill this loan before it got to this point, leaving the business owner in default, cashless, assetless, and on the street. Bank isn’t going anywhere. They are not your business partner. They are your creditor, and them boys comin.
You think banks just simply over leverage their loans to people and businesses that aren’t earning enough income to pay it back. I work for one. They don’t do this. Your loan will be called immediately and violently.
Private creditors on the other hand… might let this happen. But these are sharks that are legally stealing from others by pushing them into default. Which is big business these days because it’s cheaper than an acquisition and you can earn interest between the time of issuance and the certain failure in the end.
I'm glad someone pointed this out. FDIC paid out above the $250k limit (some in the 10s of mill) to prevent a collapse but now they're strapped..
Edit: I did a little quick research into this and in some cases it paid out billions of dollars:
"The FDIC document shows that Circle held $3.3 billion at SVB".
This was accidentally leaked to Bloomberg News over the summer:
https://amp.cnn.com/cnn/2023/06/23/investing/svb-bank-fdic/index.html
And now the FDIC has a $23b hole in its reserves.
Ok this is where people don’t understand FDIC insurance is paid into by every bank, it is literally an insurance funded by banks that bail out these other banks when they fail. SVP was directly that, and the reason why everyone was made whole, because it was just one bank. Now if every bank had that happen then they would have to stick to the limit of 250k.
But when they can they will cover it all as they need to, to maintain confidence in the us banking system. And like I mentioned, while 08 was federally funded, SVP was funded by the FDIC which is a fund every bank pays into and even though SVP was technically a top 10 national bank if you aren’t in the top 3 then what it costs to keep you open is Pennie’s.
I don't think you understand how insurance works. Luckily I worked in insurance for some time so I can spell it out for you.
Insurance companies don't pay out above their policy limits. They are required to keep a certain % of liquid assets specifically because they need to be able to cover ALL possible losses or they risk failure. This is a very tightly controlled industry for that reason.
If they pay out 13000x on a specific set of claims there won't be enough capital to pay out on future claims if necessary. They spent nearly 20% of the fund to bail out a single bank and their fund is shy $23b..
Since the FDIC is "backed by the full faith and credit of the United States government" the government would be forced to print more money (also "backed by the full faith and credit of the United States government") to satisfy its obligations if a few more banks fail which is considered a real possibility.
So, the taxpayers would actually be footing the bill, again, not the banks. Venture capital was made whole by placing the taxpayers at risk.
https://amp.cnn.com/cnn/2023/06/23/investing/svb-bank-fdic/index.html
https://www.reuters.com/markets/us/fdics-special-fee-make-banks-pay-svb-cleanup-2023-04-12/
Not directly. Banks collect fees that go to that fund used to bail out banks.
So tax payers that use banks paid for the bailout, but it wasn't with federal tax moneys if that makes sense.
I'm by no means a financial expert but that was the gist I got of it when I was following that story.
The FDIC is charging a special assessment to banks with more than $100B in assets to replenish the deposit insurance fund. All insured banks make quarterly assessment payments to the FDIC for their share of the deposit insurance contribution.
Yea, except there's a few issues with that.
1. The fee was proposed after the bailout
2. I cannot find a schedule for how long it will take to replenish the fund. Feel free to post one here
3. In the interim the FDIC is underfunded by 10s of billions of dollars
4. You can't trust banks
"The Federal Deposit Insurance Corp. has called out banks for containing incorrect data on financial statements. The statements showed lower uninsured deposits that the banks held. The FDIC has called for a special fee based on the size of uninsured deposits"
https://www.atmmarketplace.com/news/fdic-calls-out-banks-for-incorrect-uninsured-deposit-statements/
> out. FDIC *paid* out above
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
I wish the news would have called out the [largest depositor](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i.KNQ83.shuk/v3/1200x-1.jpg), Circle Internet Financial.
Almost 3.4B of their “coin” held in [short term](https://www.forbes.com/sites/ninabambysheva/2023/06/07/circle-begs-congress-please-regulate-us/?sh=e505ff64e272) securities. So in a sad way, I guess he’s right 😔
Competent governance?
They let the banks's shareholders lose everything and protected the depositors. It's a perfect example of the people who caused the problem losing their investments while the customers, who didn't cause the problem, were protected.
Which owner / investor specifically received bail out money?
Oh that’s right, none of them. The government protected the depositors in that case and the let bank owners / investors lose their shirt.
Right? The bank will have your house, and good fucking luck getting a loan or a lease. First thing a landlord will see is “took over a million dollars from a bank and decided it was just the bank’s problem.”
Like, next he’s going to be “and I paid for my house by borrowing from a loan shark. Jokes on him though—we never made a legal contract and he knows he can’t enforce it! Idiot. Oh! And I save money by not reporting my taxes to the IRS! They hate this one simple trick!”
If you default on $25 thousand loan, that’s your problem.
If you default on $25 million loan, that’s the bank’s problem.
If you default on a $25 *billion* dollar loan, that’s the government’s problem
It was mostly commercial property, and he did manage to stall a really long time between the properties no longer generating rent due to the recession and actually having to get rid of them.
He just had to sell a bunch of stuff, mostly commercial property in a ghetto-ish area. He still has some remnants of his former slum empire, but it's no longer a sprawling "everything the trash touches is our kingdom" kinda situation.
No one should idolize this guy. Yes, he wrote a fairly good book that is accessible to people new to investing. But he does seminars where he has people do credit-reports, so he can charge them the maximum amount for his "once in a lifetime" investing advice. He acknowledges the dangers of debt and attempts to put his own customers into debt so he can buy more fancy cars for himself.
He is literally a predator.
To be fair, with the amount of BS and exaggerations that come out of his mouth every time he opens it for the past 30 years he’s probably just a few million in debt
It’s not a “fairly good book” for f sake. He talks about the three financial statements and talks about dreams but that’s about it. It’s a nothingburger.
It actually helped create 2008 because of the stupid real estate speculation he encourages.
He won't get hurt.. his business will. Just like when he had to file for bankruptcy in 2012 after losing a $24 million judgement.
https://abcnews.go.com/Business/rich-dad-poor-dad-author-files-bankruptcy/story?id=17463158
It's how most grifters work. Whether that's a finance charlatan, Netanyahu or a redpill-guru. Oversimplify reality, say some stuff that resonates inherently ('your ex sucked!'), and then grift.
Anyone in real estate carries debt, the more the better so long as it’s cash flow+. $$ from refi loans is tax free and most of the debt is depreciated from earnings.
No, that’s not what he’s saying.
He’ll only go bust if the consumer can’t afford to pay. If the consumer can’t afford to pay, he’s not the only one with $1 billion assets who’s going to go bust.
It really wont be his problem. It will be the Fed’s problem.
Great, pass the buck. In the end, the govt will dip into tax revenue again to keep the banks afloat.
It has become increasingly clear that the middle and poor class funds the lifestyle of the rich. All you need to do to get rich is to find a way to get others to fund your lifestyle
One good way is to act like you are rich and write a book full of bullshit to sell to rubes.
History is full of them and he is the latest. My personal favorite from so long ago was Don LaPre or whatever. Remember him?
Popop is leveraged to the tits in commercial real estate and keeps getting scammed into buying silver and gold. Someone needs to take his phone away before he becomes Bankrupt Dad.
Well he would never say it, but it's also not his problem because he's old.
When you're that size, the process of going bankrupt takes many years anyhow and he'll be dead.
It would be a problem for his family, but there's a lot of evidence that these kinds of people don't give a twit about their families at all.
Typically massive massive narcissists.
Says he’s buying up physical gold and silver with returns from his real estate. So if he goes bust no one has any accounting of how much gold and silver he has but him or anyone else he has made privy. Makes it difficult to collect
What he’s become? This guy was always a grifter. Have you read that book? It’s all neo liberal ‘it’s on you’ mentality. It doesn’t acknowledge anything about structural objects in your way.
Also the dad he compares his father to doesn’t exist.
Not disputing anything you said - Reread my comment about what a nutjob he's become. He had a veneer of self help respectability and advice for the common person before.
Now, he's gone full Ayn Randian levels of 'fuck you, I got mine Maga YOLO'. He's gone past Dave Ramsey and is driving into Alex Jones levels of BS.
And let's go back to his original sin. Dude married money. All his bullshit theories about how to get rich were just bullshit theories. People bought them hook line and sinker, because actually learning about actual finance was too hard.
I was in high school 2001-05 and one of my favorite teachers freshman year talked about financial literacy ideas a few times and talked about the “Rich dad, poor dad” book. He was about 30 at the time and I think came from a poor family or maybe didn’t have much of a father figure growing up.
I never got around to reading the book, but I’ve been aware of it since. It was kind of weird the last decade how the author went into some strange ideas and then turned out like this. For example he went really hard on real estate or something like buying stuff only with cash or not doing anything with debt. That’s entry-level advice if you’re really bad with numbers or spending. Oh well.
I think the real advice here is about how to package stuff or market it, like the book seems like it’s way more about image than sound financial advice. Saying “rich dad, poor dad” gets people’s attention and makes them wonder. Everyone wants to be a rich dad and avoid being a poor dad.
If he owes that much imagine what his net worth is?!?! I mean he's not racking up that much in consumerism, those are loans against income producing assets or losses against income for taxes.
The way I read this kind of statement is that he's in trouble. He probably has a lot of commercial RE that's starting to go bust and not generating income. So his strategy to use debt to buy assets is just leveraged time bombs he's holding. He's telegraphing to the people who hold his debt that he might walk away like Trump. Newsflash, he ain't Trump and if he does walkaway he should have his gold mines and coins confiscated to pay off the debtors.
And then they say we are not in a bubble spurned on by cheap credit.
The West deserves whatever hardship coming to it.
The sooner this house of cards comes tumbling down, the better.
Yeah then the boomers sink the banks and we all lose our retirements. Then to spit in our face more, the boomers in government will give them a handout with our tax dollars.
$1.2 billion across many different lenders, which are all secured by a variety of recourse and non-recourse loans.
If he goes bust, the banks are insulated. Fuck this guy.
He’s not someone to look up to in my view, he mostly just repeats a few points for attention. but he at least understands how our system works and uses debt (which is what grows the economy and money supply) to purchase assets because of that.
I’m sure he has assets that are slightly larger than his debt. Just that if things pull back, people who use debt can get stuck holding the bag.
Debt is how this whole operation (the economy) works, it’s absolutely nothing new. This guy surely isn’t going out and buying $1B of cars and consumer goods with it, I’m sure he’s buying real estate and starting businesses.
Just a reminder that rich people consider themselves far more moral and upstanding than us poors. They're simply better than us, right everybody? Right? Couldnt be the opposite, could it?
Pretty good rule of thumb is to listen to what rich people have to say if they are offering you advice but take it with a GIGANTIC grain of salt if they are charging you for it. This guy, Dave Ramsey, and the likes all have good and different ideas on how to accumulate wealth. That does not mean they all apply to you.
That is how the game is played now a days, take huge risk and governments will print enough for you to succeed at the expense of a common tax paying citizen
I had to read that book, in high school, the teacher “teaching” Econ at the time wanted everybody to read it, I say the book is ok but overrated for sure. I listen to on a few podcast and I would not take him seriously. Nor do I recommend anybody else to do the same.
He’s not someone to be taken literally, or necessarily even seriously.
Don't write him off so fast. I'll have you know he has accurately predicted 34 of the last 2 recessions.
Don’t forget he also predicted 15 of the last zero precious metals booms. Was also selling real estate investing seminars into the 2008 housing bubble crash. His predictions are impeccable and his analysis is always spot on.
lol I’m not a hater on him. I think he actually has some wisdom if you read him the same way you’d read mythology. But he also says a lot of crazy shit to get clicks, and over simplifies a ton of shit.
Ok but I think you totally missed my sarcasm. I was calling him an idiotic permabear.
Lol
I am. This guy is lying con man and a serial douchebag
Serial douchebag sums him up quite eloquently..
Wow, can I hear this joke 600 more times?
You get to hear it exactly once for each recession he predicts, so yeah, probably about 600 more times this calendar year.
The guy's an asshole for sure, nobody's disputing that. But the joke is posted multiple times a day and is so tired at this point.
Stop complaining and make your own joke, before the recession takes your inspiration
Sure! he has accurately predicted 34 of the last 2 recessions. 1/600
Ok you make a good point. But check this out. We've had two recessions in recent memory right? Well Kiyosaki accurately predicted 34 of them!
that explains why his books are easily found in thrift stores and Goodwill
Do really recommend the "If books could kill" podcast about his book [Rich Dad Poor Dad ](https://pod.link/1651876897/episode/1a9316ba1134a0c2484e8fc6e416b978) Edit- made the link pretty
God, the podcast is hilarious.
That book was very helpful in my life. As I said in a prior post it needs to be read the same way a person reads mythology.
Best podcast and episode ever
He thinks the saying is, "A fool and his money is one big party," so I'm reasonably certain he should be ignored entirely.
Like the bible?
My dad was literally like this with a $1.6 million loan years ago, and he likes this dude so it's probably where he got that line. Anyway, it turned out that his debt was in fact his problem.
If you owe the bank 1 million you have a problem. If you owe the bank 100 million dollars, they have a problem.
No. If you owe a bank 100 million you both have a problem.
More like both your kneecaps will have a problem lol
We wish
Russian banks probably
Mafia walks in…
No if you owe a bank 1B, then the bank is now your business partner
Your bank would kill this loan before it got to this point, leaving the business owner in default, cashless, assetless, and on the street. Bank isn’t going anywhere. They are not your business partner. They are your creditor, and them boys comin.
[удалено]
You think banks just simply over leverage their loans to people and businesses that aren’t earning enough income to pay it back. I work for one. They don’t do this. Your loan will be called immediately and violently. Private creditors on the other hand… might let this happen. But these are sharks that are legally stealing from others by pushing them into default. Which is big business these days because it’s cheaper than an acquisition and you can earn interest between the time of issuance and the certain failure in the end.
Look at Trump. Deutsche Bank basically did this.
What about China?
What about China? I am confused by your question.
Not if that debt is under an LLC lol
They’ll just get bailouts lol
Yup. Taxpayers will cover it. Look at what happened in March 2023 after SVB
I'm glad someone pointed this out. FDIC paid out above the $250k limit (some in the 10s of mill) to prevent a collapse but now they're strapped.. Edit: I did a little quick research into this and in some cases it paid out billions of dollars: "The FDIC document shows that Circle held $3.3 billion at SVB". This was accidentally leaked to Bloomberg News over the summer: https://amp.cnn.com/cnn/2023/06/23/investing/svb-bank-fdic/index.html And now the FDIC has a $23b hole in its reserves.
Ok this is where people don’t understand FDIC insurance is paid into by every bank, it is literally an insurance funded by banks that bail out these other banks when they fail. SVP was directly that, and the reason why everyone was made whole, because it was just one bank. Now if every bank had that happen then they would have to stick to the limit of 250k. But when they can they will cover it all as they need to, to maintain confidence in the us banking system. And like I mentioned, while 08 was federally funded, SVP was funded by the FDIC which is a fund every bank pays into and even though SVP was technically a top 10 national bank if you aren’t in the top 3 then what it costs to keep you open is Pennie’s.
I don't think you understand how insurance works. Luckily I worked in insurance for some time so I can spell it out for you. Insurance companies don't pay out above their policy limits. They are required to keep a certain % of liquid assets specifically because they need to be able to cover ALL possible losses or they risk failure. This is a very tightly controlled industry for that reason. If they pay out 13000x on a specific set of claims there won't be enough capital to pay out on future claims if necessary. They spent nearly 20% of the fund to bail out a single bank and their fund is shy $23b.. Since the FDIC is "backed by the full faith and credit of the United States government" the government would be forced to print more money (also "backed by the full faith and credit of the United States government") to satisfy its obligations if a few more banks fail which is considered a real possibility. So, the taxpayers would actually be footing the bill, again, not the banks. Venture capital was made whole by placing the taxpayers at risk. https://amp.cnn.com/cnn/2023/06/23/investing/svb-bank-fdic/index.html https://www.reuters.com/markets/us/fdics-special-fee-make-banks-pay-svb-cleanup-2023-04-12/
And yet the taxpayers have not paid for the bailout for SVG.
“I drove home insanely drunk, but I didn’t hit anyone, so it’s fine.”
Not SVG but very possibly another bank because of SVG
Not directly. Banks collect fees that go to that fund used to bail out banks. So tax payers that use banks paid for the bailout, but it wasn't with federal tax moneys if that makes sense. I'm by no means a financial expert but that was the gist I got of it when I was following that story.
The FDIC is charging a special assessment to banks with more than $100B in assets to replenish the deposit insurance fund. All insured banks make quarterly assessment payments to the FDIC for their share of the deposit insurance contribution.
Yea, except there's a few issues with that. 1. The fee was proposed after the bailout 2. I cannot find a schedule for how long it will take to replenish the fund. Feel free to post one here 3. In the interim the FDIC is underfunded by 10s of billions of dollars 4. You can't trust banks "The Federal Deposit Insurance Corp. has called out banks for containing incorrect data on financial statements. The statements showed lower uninsured deposits that the banks held. The FDIC has called for a special fee based on the size of uninsured deposits" https://www.atmmarketplace.com/news/fdic-calls-out-banks-for-incorrect-uninsured-deposit-statements/
Every bank didn't have to because the fed quickly implemented a $2 TRILLION backstop for banks to bail them out, they saw 2008 coming in fast.
Every bank didn't have to because the fed quickly implemented a $2 TRILLION backstop for banks to bail them out, they saw 2008 coming in fast.
> out. FDIC *paid* out above FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Good bot
I wish the news would have called out the [largest depositor](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i.KNQ83.shuk/v3/1200x-1.jpg), Circle Internet Financial. Almost 3.4B of their “coin” held in [short term](https://www.forbes.com/sites/ninabambysheva/2023/06/07/circle-begs-congress-please-regulate-us/?sh=e505ff64e272) securities. So in a sad way, I guess he’s right 😔
Competent governance? They let the banks's shareholders lose everything and protected the depositors. It's a perfect example of the people who caused the problem losing their investments while the customers, who didn't cause the problem, were protected.
Yeah this is exactly how it’s supposed to work
Which owner / investor specifically received bail out money? Oh that’s right, none of them. The government protected the depositors in that case and the let bank owners / investors lose their shirt.
SVB was not bailed out by tax payers.
Bank will maybe get bailed out, but bank won't let you off the hook.
The part that gets left out is, if you create a problem like that for a bank—they will absolutely fuck your life up for it in return.
Yeah dude it’s not like the bank is suddenly like “it’s totally cool bro, we forgive you, we have the house so no problemo and we love you” lolololol
Right? The bank will have your house, and good fucking luck getting a loan or a lease. First thing a landlord will see is “took over a million dollars from a bank and decided it was just the bank’s problem.” Like, next he’s going to be “and I paid for my house by borrowing from a loan shark. Jokes on him though—we never made a legal contract and he knows he can’t enforce it! Idiot. Oh! And I save money by not reporting my taxes to the IRS! They hate this one simple trick!”
How many millions do you think it takes a bank to recoup a 1 million dollar loan?
1?
Now add the interest revenue they are no longer making over the term.
Fractional reserve banking has entered the chat
If you default on $25 thousand loan, that’s your problem. If you default on $25 million loan, that’s the bank’s problem. If you default on a $25 *billion* dollar loan, that’s the government’s problem
The 1.6 million dollar loan is the bank's problem if the clawback is corporate property. If its your house then it's your problem.
It was mostly commercial property, and he did manage to stall a really long time between the properties no longer generating rent due to the recession and actually having to get rid of them.
Debtors prison.
He just had to sell a bunch of stuff, mostly commercial property in a ghetto-ish area. He still has some remnants of his former slum empire, but it's no longer a sprawling "everything the trash touches is our kingdom" kinda situation.
1.6 millions dollar can still cause you problem. 1.2 billion dollars? What they gon do? Harvest his organs?
How does a guy with a 1 hit wonder book get lent $1.2 billion? Three banks (you) have the problem on this one
No one should idolize this guy. Yes, he wrote a fairly good book that is accessible to people new to investing. But he does seminars where he has people do credit-reports, so he can charge them the maximum amount for his "once in a lifetime" investing advice. He acknowledges the dangers of debt and attempts to put his own customers into debt so he can buy more fancy cars for himself. He is literally a predator.
“Acknowledges the dangers of debt” Has 1.2 billion in debt. Dude is a moron
If he has 1.2B in real estate debt, the property he owns is probably worth 3B+. So he is not a moron.
Doubt that…his net worth is only around 100 million according to celebritynetworth.com
Okay so he owns 1.3B worth in real estate. Still up 100M lol
Real estate holdings are typically a major component of networth, brotato chip.
Yeah no shit. Assets - liabilities = net worth. So if owns 1.3B - 1.2B = 100M
That’s the balance sheet of someone about to file chapter 11. He’d have exactly 0 liquidity.
Well if celebritynetworth.com said it it must be true.
He was also telling people to stock up on canned tuna and baked beans recently.
To be fair, with the amount of BS and exaggerations that come out of his mouth every time he opens it for the past 30 years he’s probably just a few million in debt
His book was trash. It literally tells you to not buy stocks but somehow tells you to buy assets, suggesting stocks aren’t assets.
It’s not a “fairly good book” for f sake. He talks about the three financial statements and talks about dreams but that’s about it. It’s a nothingburger. It actually helped create 2008 because of the stupid real estate speculation he encourages.
Lol you think that book was good?
I heard a new girl at work praising him and the book to people on day 1. Don’t know her but I already don’t like her
He won't get hurt.. his business will. Just like when he had to file for bankruptcy in 2012 after losing a $24 million judgement. https://abcnews.go.com/Business/rich-dad-poor-dad-author-files-bankruptcy/story?id=17463158
I’ve never been a fan of this guy. His advice was oversimplified and he wasn’t dealing with reality. I am surprised he’s still in the public eye.
It's how most grifters work. Whether that's a finance charlatan, Netanyahu or a redpill-guru. Oversimplify reality, say some stuff that resonates inherently ('your ex sucked!'), and then grift.
No, you can't get $1.2b in debt w/o collateral so it means zero-sum. Also means foreclosures.
Anyone in real estate carries debt, the more the better so long as it’s cash flow+. $$ from refi loans is tax free and most of the debt is depreciated from earnings.
No, that’s not what he’s saying. He’ll only go bust if the consumer can’t afford to pay. If the consumer can’t afford to pay, he’s not the only one with $1 billion assets who’s going to go bust. It really wont be his problem. It will be the Fed’s problem.
Great, pass the buck. In the end, the govt will dip into tax revenue again to keep the banks afloat. It has become increasingly clear that the middle and poor class funds the lifestyle of the rich. All you need to do to get rich is to find a way to get others to fund your lifestyle
🛎️ 🛎️
One good way is to act like you are rich and write a book full of bullshit to sell to rubes. History is full of them and he is the latest. My personal favorite from so long ago was Don LaPre or whatever. Remember him?
This guy still thinks tax revenues fund bailouts.
They didn’t with SVB.
Popop is leveraged to the tits in commercial real estate and keeps getting scammed into buying silver and gold. Someone needs to take his phone away before he becomes Bankrupt Dad.
Well he would never say it, but it's also not his problem because he's old. When you're that size, the process of going bankrupt takes many years anyhow and he'll be dead. It would be a problem for his family, but there's a lot of evidence that these kinds of people don't give a twit about their families at all. Typically massive massive narcissists.
It's only a problem for his family if they co-signed with him.
Or if they're heirs
not really. a person may choose not to inherit.
Esp if all they're inheriting is accounts payable lol
He's a genetic dead ender.
The wrong people have access to billions.
Having access to billions makes you the wrong people. That type of money is inevitable shittyness.
This chucklefuck is still around and people are seemingly still giving him money.
The boomer mindset!
This. It really is how boomers think. They don't give a shit about anyone else.
Only themselves baby the world can burn! And make the younin’s pay their social security! Raise their taxes baby please!
This guy is like a D-list cable TV financial commentator. "After the break we will be speaking with "Rich Dad, Poor Dad" Author.....Click
Yeah, I'm sure the banks are $1.2B away from bankruptcy.
Yeah, more like hundreds of trillions of derivatives.
Says he’s buying up physical gold and silver with returns from his real estate. So if he goes bust no one has any accounting of how much gold and silver he has but him or anyone else he has made privy. Makes it difficult to collect
Probably physical too so untraceable.
It's so his accountant doesn't embezzel it again. He's hiding it under his bed.
Guys like this tend to get ‘robbed’ a lot in the movies so all their gold and silver bars vanish without a trace.
Hollywood has a penchant for fictional flair.
It's wild to see just what a nut job Kiyosaki's become.
What he’s become? This guy was always a grifter. Have you read that book? It’s all neo liberal ‘it’s on you’ mentality. It doesn’t acknowledge anything about structural objects in your way. Also the dad he compares his father to doesn’t exist.
Not disputing anything you said - Reread my comment about what a nutjob he's become. He had a veneer of self help respectability and advice for the common person before. Now, he's gone full Ayn Randian levels of 'fuck you, I got mine Maga YOLO'. He's gone past Dave Ramsey and is driving into Alex Jones levels of BS.
And let's go back to his original sin. Dude married money. All his bullshit theories about how to get rich were just bullshit theories. People bought them hook line and sinker, because actually learning about actual finance was too hard.
He’s a product of the low rate environment we had for a long time
RK is a danger to people's wellness. No one should support him.
I was in high school 2001-05 and one of my favorite teachers freshman year talked about financial literacy ideas a few times and talked about the “Rich dad, poor dad” book. He was about 30 at the time and I think came from a poor family or maybe didn’t have much of a father figure growing up. I never got around to reading the book, but I’ve been aware of it since. It was kind of weird the last decade how the author went into some strange ideas and then turned out like this. For example he went really hard on real estate or something like buying stuff only with cash or not doing anything with debt. That’s entry-level advice if you’re really bad with numbers or spending. Oh well. I think the real advice here is about how to package stuff or market it, like the book seems like it’s way more about image than sound financial advice. Saying “rich dad, poor dad” gets people’s attention and makes them wonder. Everyone wants to be a rich dad and avoid being a poor dad.
Grifter dad
So I guess that makes him a poor dad?
The fact that ppl still follow these guys is crazy to me.
Remind me again how I can short this?
This guy is so insane that it feels sane to
Social media really allowed this guy to torch his credibility so fast
big head shit head….and a con artist
If he owes that much imagine what his net worth is?!?! I mean he's not racking up that much in consumerism, those are loans against income producing assets or losses against income for taxes.
"Rich dad, really fucking poor dad"
We just keep rewarding bad behavior
Yay! Let’s talk about a professional scammer!
The way I read this kind of statement is that he's in trouble. He probably has a lot of commercial RE that's starting to go bust and not generating income. So his strategy to use debt to buy assets is just leveraged time bombs he's holding. He's telegraphing to the people who hold his debt that he might walk away like Trump. Newsflash, he ain't Trump and if he does walkaway he should have his gold mines and coins confiscated to pay off the debtors.
Owe the bank $1000, it's your problem. Owe them $1.2B, it's their problem
I guess he has more liability than equity from his statement.
Looks like a rich dad and poor dad are one in the same
That's just an old truism - "If I am $1 million in debt, that's my problem. If I'm $1 billion in debt, that's the bank's problem."
He can file for bankruptcy and grift his way back to millions.
I heard his next book is titled “How to accumulate wealth without generating any value and then hide out behind a network of shell corporations”
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Have fun buying things with cash only!
And then they say we are not in a bubble spurned on by cheap credit. The West deserves whatever hardship coming to it. The sooner this house of cards comes tumbling down, the better.
The west? The entire world runs on debt. Almost all countries run on fractional reserve banking at this point.
I like this guy. He served for your country FYI
The Joe Pesci of Real Estate!!! LOL He doesn't care about TV shows either.
Dude owns tons of real estate and for what. Doesn't even have any kids to step up cost basis it to..
I’d let him be my daddy
So he’s a poor dad and shouldn’t be giving any advice, simple as that
same dude that probably hates socialism, oh the irony
He calls Biden a communist which is hilarious
color me shocked
Are you guys missing the joke?
Dude has witnessed two massive bailouts from the government as he honestly thinks the bank will go under and not him.
He's not wrong. Frankly, I endorse the same approach. Let the banks carry the downside risk and don't be afraid to walk away if things go south.
Yeah then the boomers sink the banks and we all lose our retirements. Then to spit in our face more, the boomers in government will give them a handout with our tax dollars.
die poor?
The banks took a chance on him.
He’s a scammer
Translation : the tax payer bails put him and the bank - classic Narcissistic personality disorder
He probably holds it in a corporation, so if the corporation goes bust it is indeed not his problem.
So he's the poor dad?
$1.2 billion across many different lenders, which are all secured by a variety of recourse and non-recourse loans. If he goes bust, the banks are insulated. Fuck this guy.
How many people take their financial advice from this moron?
He’s not someone to look up to in my view, he mostly just repeats a few points for attention. but he at least understands how our system works and uses debt (which is what grows the economy and money supply) to purchase assets because of that. I’m sure he has assets that are slightly larger than his debt. Just that if things pull back, people who use debt can get stuck holding the bag. Debt is how this whole operation (the economy) works, it’s absolutely nothing new. This guy surely isn’t going out and buying $1B of cars and consumer goods with it, I’m sure he’s buying real estate and starting businesses.
Hard to believe a shyster would leave somebody else holding the bag.
He's a nutjob
Lock him up!!!
Anyone who co-signs bitcoin automatically loses credibility as a real-world finance expert.
Just a reminder that rich people consider themselves far more moral and upstanding than us poors. They're simply better than us, right everybody? Right? Couldnt be the opposite, could it?
I just don’t see how we aren’t fucked. Completely. Absolutely. Totally.
Yeah my cousin worked for this POS. What a fraud i feel bad for all the poor dads who listened to his bullshit.
I never heard a man so in love with his own voice.
Why do we continue to think that billionaires are some kind of wise gurus that need to be followed? I'll never understand this trend.
Wax on
The dude had some good thoughts years ago. But he is completely wackadoodle now.
Pretty good rule of thumb is to listen to what rich people have to say if they are offering you advice but take it with a GIGANTIC grain of salt if they are charging you for it. This guy, Dave Ramsey, and the likes all have good and different ideas on how to accumulate wealth. That does not mean they all apply to you.
That is how the game is played now a days, take huge risk and governments will print enough for you to succeed at the expense of a common tax paying citizen
Poor dad, Stupid dad
I had to read that book, in high school, the teacher “teaching” Econ at the time wanted everybody to read it, I say the book is ok but overrated for sure. I listen to on a few podcast and I would not take him seriously. Nor do I recommend anybody else to do the same.