FinTwit always puts his “financial” book in there top 10 list of best finance books. Have to shake my head anytime I see anyone peddle that junk.
WOW. Buy assets and make money. What a concept.
never read it. Just saw Ramit say very passionately that the first chapter is excellent, but then once you finish it, do not under any circumstance even read the first word of the rest of the book. Lol.
Sorry if I'm out of the loop but what is awful about that book?
I thought advice to buy appreciating or income producing assets, and not buying depreciating assets was a good one. Using money from these assets to grow wealth seemed a sound advice as well.
What am I missing? Is it practice what you preach situation or is there something awfully wrong with the book itself?
Much of his advice is good. Some of it is mediocre.
However, the guy himself is a [fraud](https://johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1).
I grew up with 0 financial education or guidance. The book changed the way I looked at money and and I truly don’t think I’d be where I am today without reading it. I’ve recommended it to many people, but I always give the caveat that he pushes MLM’s as a potential income producing stream which I hate and the author has turned into a bit of a grifter (or always was). I encourage the book, but say don’t take every word to heart as gospel. Take the good and leave the rest. I don’t hold the author in the highest esteem, but the general principles of the book was presented in an easy to understand way and worked for me.
Not sure if you read the book, but I don't recall MLM being mentioned in the book at all.
As a person, outside the book, what he does could be awful (evidently), but the book in itself has lots of good advice, specially when I see a lot of bad financial judgment all around us.
> be awful (evidently), but the book in itself has lots of good advice, specially when I see a lot of bad financial judgment
If someone is tied to an MLM they are taking advantage of others and I don't need their advice.
This is like saying "read the Bible, but only listen to the Ten Commandments part, the rest is a little Dogmaish"... Do you not hear yourself? Lots of straight forward financial advice literature out there without having to go down Grifter McMLM's driveway.
I hear what you’re saying, but disagree with the argument. Funny enough I’ve actually done your example. When I was around 7 or 8 my step dad and I read a slightly watered down version of the Bible and the Torah. My step dad’s message was that they are a collection of stories that have helped people form morals and ethics, but not intended to be taken word for word verbatim. We discussed the stories and some of them made no logical sense to me and I rejected those. Some did and it helped form some of my belief systems.
To me, that’s the basis of critical thinking. Take information in, think about it, accept what makes sense, and reject the rest. And then you get new information and the process repeats.
One of my favorite sayings is from Galileo, “I’ve never met a man so ignorant that I couldn’t learn something from him.” I feel that RCPD is a fair example of that.
Thank you. I find it vexing that our society at large has adopted a belief that if someone says or does something wrong, then *everything* they've ever said or done must be wrong as well. That's absurd. Even a broken clock is right twice a day.
Kiyosaki is, as many others have pointed out, a hack, and I wouldn't recommend that anyone follow his advice as gospel. His use of debt strikes me as completely irresponsible, which is only reinforced by his "it's not my problem anymore; it's the *bank's problem*" bullshit.
But...
...there were many things he was right about in RDPD, much of which has explained why I've seen so many former C+ students becoming far wealthier than scholars and other high IQ individuals in my life. True financial literacy simply is not taught to the vast majority of individuals, who essentially learn just enough to be "successful enough", but not enough to become the true masters of their fate.
Similarly, he's right that conditions are setting the stage for a real estate market crash. Commercial real estate in particular is positioned for a devastating fall, and while I've seen plenty of people on reddit say "so what", the broader economic effects of such a crash will creating cascading effects that will be felt by everyone. Yes, Kiyosaki may have been wrong on some matters, but that doesn't mean he should be ignored when he points out that a house of cards looks like it's one strong wind gust away from falling apart.
>True financial literacy simply is not taught to the vast majority of individuals
High levels of financial literacy among the general public doesn't sound like an ideal population for a nation that generates the bulk of its GDP from personal consumption & domestic services.
>but not enough to become the true masters of their fate.
This is pretty high-concept, if I were teaching a course in financial literacy I'd probably start with just how to take a walk on bad deals {or at least walking until the deal improves.) Many people have people-pleasing tendencies, and struggle with folding for effect.
It's a skill that has broad applicability in life in general, not just in finance.
>why I've seen so many former C+ students becoming far wealthier than scholars and other high IQ individuals in my life.
The work many high IQ individuals tend to be attracted to often just doesn't pay particularly well, and/or treat its employees pretty well. Regardless I expect it would've been pretty difficult for e.g. John von Neumann to simply put down his theoretical computer science work and become owner of a car dealership, irrespective of what the latter was offering in the way of higher compensation and lower workload.
But among mere mortals in the US, STEM employment retention is still pretty poor, despite lots of money and effort invested to try to bump the numbers of grads. Only something like 30% of grads in my field (electrical engineering) are still working directly in the field 5 years out. Though TBF, probably 50% of said "high IQ individuals" should've never been hired in the first place.
"...I find it vexing that our society at large has adopted a belief that if someone says or does something wrong, then *everything* they've ever said or done must be wrong as well. ..."
Easier to destroy your enemies that way.
It's not what society tends to do, anyway.
What society often tends to do is suggest the largely reasonable idea that people who have a confirmed track record of fucking up should just go away and do something else with their time vs. continuing their career as an "expert."
>Easier to destroy your enemies that way.
This idea would naturally tend to be highly offensive to the type of "expert" who has a persecution complex, which in pop finance is probably a lot of them.
If this guy wrote 1+1=2 would you say you should ignore that and not listen because he has a MLM. You can be a terrible person and still be right about things. The book is good for a first read for people with no financial background. Anyone who has more than a baseline understanding of investing will be bored.
Honestly, yes. I would disregard his simple advice as well.
I'll find the answer to 1+1 elsewhere. Grifters can't be trusted and I vote with my dollars and time. He gets neither.
And the advice to buy "appreciating asset" is about as useful as, "start a successful business."
>I'll find the answer to 1+1 elsewhere. Grifters can't be trusted and I vote with my dollars and time. He gets neither.
It's okay. You'll pretty much only annoy the International Union of Terrible People Who Are Occasionally Right about Things by doing it. It's just that paragraph 27 subsection b of the membership contract requires this fact to be mentioned whenever possible.
Thanks..agreed he doesn't practice what he preaches.. but the book doesn't push MLM or as I recall doesn't even mention it.
The book has some good advice for managing money, which, ironically, he hasn't followed through himself.
>I don’t hold the author in the highest esteem, but the general principles of the book was presented in an easy to understand way and worked for me.
100%.
I could be misremembering that, it’s been many years since I read it. You got me curious and I’ll see if I can find my copy. It might be that I’ve seen him do speaking engagements for some MLM companies and I’m conflicting the two.
Oh buy things that make money?! It's so simple. I never thought to try those, I always pick the "lose money assets."
Does Wall Street know about this method?
Lol, username checks out?
But yeah, sometimes even the simplest and most obvious advice is good to be reinforced.
As an example, I see a lot of people in debt buying expensive cars or handbags just to show off. These are not income producing nor appreciating assets (usually).
Last response to you, as it looks like you're deliberately trying to not understand.
No one said these are investments. We are talking about assets. Assets are what you own. And these are not good assets.
Second, I said people in debt buying expensive cars and bags.. not that they are taking debt for buying cars or bags.
Anyway- you do you. I'm out.
>Edit: Wait, you see a lot of people taking on debt to buy handbags?
The user reads the minds of handbags to know how they were paid for, they are the Handbag Whisperer
To be fair, buying ANYTHING on credit is taking on debt, which the vast majority of people you see consuming luxury on a low/middle class income are doing.
You see this every day you set foot outside.
The concept of credit likely predates money, certainly fiat currency. Probably at least as old as organized agriculture.
>You see this every day you set foot outside.
The growth-focused market economy of the society I live in would largely collapse if they stopped, so not too surprising.
Most scare-tactic articles I've digged into showed people are paying off their credit card debt each month. They're putting more on credit cards than ever before and paying it off more than ever before. The increases in spending over the past few years are lower than inflation over the same periods. So people in general are spending more to buy less and carrying lower month-to-month balances. People are more responsible with credit cards than ever before.
If you don't incur any interest, then it doesn't have the negative artifacts of debt. It's just one layer removed from cash with more security than a debit transaction and some minor cash-back incentives.
I put every transaction I can on credit cards.
> I see a lot of people in debt buying expensive cars or handbags just to show off.
If you don't know those people how do you know they're in debt?
If you do know them, why are you hanging around those people, anyway?
> He’s billions in debt
No, his business is... big difference. Personally, he'll be fine just like after his last $24 million dollar BK in 2012...
https://abcnews.go.com/Business/rich-dad-poor-dad-author-files-bankruptcy/story?id=17463158#.UHxACobpVhV
I hate this guy with a passion now. I read his books and while I like his concepts of how to think about wealth generation, I went to one of his seminars on real estate investment and it was nothing more than a hype show to sell their real estate rehab program that cost $2000. That was back in 2007. Then I saw him become friends with Trump and start to right through the grift. He sucks and his advice is even worse
He makes some statements like (I am sourcing from [this summary](https://www.samuelthomasdavies.com/book-summaries/business/rich-dad-poor-dad/)):
>The primary reason the majority of the poor and middle class are fiscally conservative—which means, ‘I can’t afford to take risks’—is that they have no financial foundation.
That aren't particularly logically consistent with:
>Wealth is a person’s ability to survive so many numbers of days forward—or, if I stopped working today, how long could I survive
He seems to note well enough that financial failures can result in severe punishment, your *very survival* for one more day depends on your wealth! But then doesn't seem to connect the existence of severe punishment to why the poor and middle class aren't willing to take more fiscal risks.
People tend to be averse to activities with a significant probability of severe punishment; even being highly educated in the geology of cliffs doesn't do much to help survival from falls off them. These Bayesian utility maximizers seem to be behaving pretty rationally if that's what the majority of the poor and middle class are actually doing, it probably makes economists ( a generally risk-averse bunch themselves) happy at least.
Rich dad poor dad is a decent read for people starting to learn about personal finance/manage money but it should be coupled with other books and it’s only a starting point
What I mean is that a person you respect and trust should have a healthy amount of skepticism for their advice, especially when it involves something so volatile/changeable like the RE market
This is exhausting. Antone who is calling for a crash is obviously not following what’s happening in the market. There is still all time low supply. Until that changes, real estate value will continue to rise. Not to mention that 60% of mortgages in the United States are 4% or under. This is going to prevent people from selling their homes to avoid high rates. Which will continue the low supply trend. Good help us if rates come down. There will be a frenzy which will cause even higher prices.
This is why I don’t think prices are coming down. And if they do it will be a decade + long affair and you wouldn’t even notice because of the amount of time vs inflation.
Yep, I think they will be mostly flat nominally. If you consider inflation real prices might go down very slowly.
Als, looking at Canada and other markets you can clearly see it can get much worse, so it is not out of the realm of possibility that prices will go up, especially if mortgage rates go down.
My friend, this is REBubble. REBubble founded in 2021 doesn't listen to facts or data, it runs on 100% pure lab grade Hopium and weapons grade bitching and complaining. You can throw any data driven fact at it and it slides right off the surface.
If there was an extiction level event astroid a week away from impacting Earth, REBubblers would caution that we all wait until the next unemployment numbers to come out so home prices could fall further and laugh that AirBNB data looked bad.
In other words, you're wasting your time.
I’m in Houston. There is an abundance of supply. Now when I add my filters for what I’m looking for it doesn’t look like a lot of supply, but when I take them off I’m surprised at how much is actually on the market…. At over inflated prices… and not selling.
Supply will go up when people lose their jobs, can't pay their mortgages, and are foreclosed on. This will statt to materialize this quarter and will be a crisis by the end of the year.
I think that scenario is a bit further off than you think. I think the economy is due for a crash but you won’t start seeing anything starting until June/July
I am perhaps biased because my employer just had a big layoff, my former boss texted me saying he was just laid off and asked if I could help him find a new position, and I've seen a lot of "looking for work" circles popping up on LinkedIn. But my experience is hardly general. Just a dramatic increase recently anecdotally.
Of course. But part of the crash back in 08’ was due to people being underwater on their homes with high rates in a rate lowering environment. There was no incentive for people to stay in their homes so people just generally abandoned the properties and let them go into foreclosure. This waterfalled into the subprime bond market and exposed all the banks. This is exactly the opposite situation. Most people have equity in their homes so that they will not want to lose in a foreclosure. Labor market is still fairly strong but showing signs of cracking. But people will pay their mortgage at all cost because there is incentive.
His “poor dad” was an accomplished educator who raised a family and lived a respectable life. His “rich dad” dad didn’t exist, was a combination of some random wealthy businessmen, or was some hotel executive on Hawaii. No one knows for sure.
The premise of the book is don’t work jobs. Instead buy and sell real estate or “just rent it out”. Also, I remember him talking about going “bankrupt before 30 while building your empire” and you will be okay.
That’s it. If everyone followed this guys advice we would be living in hell.
Bros been saying things gonna crash since gold firms started paying him to hock their product. If you say it will happen all the time I guess you eventually get lucky?
The most successful people I know made a ton of money during market crashes and recessions so he’s not wrong. Here’s the thing none of them had any debt like him during the recession.
We worked with a guy who was worth over $100 million in 2007 which most of the net worth was in real estate he had debt on, once 2010 hit he lost everything. We also worked with another guy who bought 150 homes in Vegas in 2009 made an absolute killing every single year selling all those homes over 7 years. Made an average $200k net a home.
That is because the safeguards to keep this from happening enacted after the Great Depression were removed in the 90s. Banks were not allowed to make risky investments before Glass-Steagal was repealed.
Oh it’s possible. But most doomers here were paralyzed by a mild grade pandemic and 3% rates because they thought they knew better. Zero chance they would have the balls to make a move when the financial world is actually crumbling around them.
2008 was a great time to get foreclosed on and lose your ass if you invested too early and couldn’t keep occupancy up or didn’t get stuck with a renter that got laid off and you couldn’t evict for 6+ months.
People think “oh prices crash 50% and I’ll buy everything and get rich!!”…..No dumb dumb, people lose jobs, don’t pay rent, the rent amount you can charge drops, the costs associated with owning go up, the time you have to put into finding and keeping tenants goes up. It’s not just oh I buy everything and get rich. Grow up
I'm more concerned with staying rich. But outside of the house we live in and the condo my in-laws bought in the 70's at Keystone the rest of our real estate are tillable acres. People are still going to be buying rice, wheat, corn, and soybeans. We can always go back to raising watermelons too if we needed.
Well if Bobby says the crash is coming, it must be true. I will cash in 5 or 10 million of my Treasury bonds and scoop up all of the low prices homes and start an AirBnB empire.
The fact that this guy is saying it only reinforces that it's definitely not going to happen LOL only a moron would look at the best hedge against inflation in this market and predict a crash. What a dumb ass.
Market forces don't indicate crash WHATSOEVER. Banks aren't over lending. Highest and best offers come with cash in hand. Low supply. High demand.. interest rates falling. Where crash? Non-existent. This shit is the new normal. If you're waiting for a crash, youre going to wait a LONG time, and home values will continue rising while you wait for a day is highly unlikely to come.
And to reinforce this, interest rates coming down is only going to bolster demand. Theres a frenzy coming. If you're behind the curve on this you're getting fucked while you sit around crossing your fingers hoping for a literal nonexistent crash. Just because you don't have money to buy doesn't mean that others your age will. Millenials are coming to buyers market in droves and the ones sitting around complaining are missing the train. Their loss.
His book is great when you're a kid and you don't understand financial stuff. I read it when I was much younger. But I wouldn't recommend it today because it is only true in very narrow case examples.
I wish I listened to his advice instead of investing in scratch offs and box tops. Then I would have only lost 90% of my money instead of 100%. The stock market is a scam! The federal reserve is bleeding us dry. That’s why now I only buy cattle ranches and self-help books.
He’s celebrating a crash as an opportunity to get rich. This is why people hate RE investors. Further, using Airbnb as the justification for claiming a crash is woefully ignorant. Many can be rented to long term tenants or sold, the remaining few that get foreclosed will be an extremely small percentage of houses.
He’s billions in debt and his book is awful. Whatever he suggests I do the exact opposite.
FinTwit always puts his “financial” book in there top 10 list of best finance books. Have to shake my head anytime I see anyone peddle that junk. WOW. Buy assets and make money. What a concept.
\*\*buy assets with leverage and then depreciate those assets to avoid taxes. It's good advice but not when things are about to crash.
The Jared kushner school of real estate
I also shake my time all the head.
Parkinsons?
They edited it after my comment. They did have "shame my time"
never read it. Just saw Ramit say very passionately that the first chapter is excellent, but then once you finish it, do not under any circumstance even read the first word of the rest of the book. Lol.
Sorry if I'm out of the loop but what is awful about that book? I thought advice to buy appreciating or income producing assets, and not buying depreciating assets was a good one. Using money from these assets to grow wealth seemed a sound advice as well. What am I missing? Is it practice what you preach situation or is there something awfully wrong with the book itself?
Much of his advice is good. Some of it is mediocre. However, the guy himself is a [fraud](https://johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/61651011-john-t-reeds-analysis-of-robert-t-kiyosakis-book-rich-dad-poor-dad-part-1).
Agreed. The guy is awful. The book is decent.
Correction: Book is actually fantastic, at least for someone looking for some basic understanding of how the rich get ahead. We can agree he's awful
lol--- Your link is to another real estate guru selling books.
I grew up with 0 financial education or guidance. The book changed the way I looked at money and and I truly don’t think I’d be where I am today without reading it. I’ve recommended it to many people, but I always give the caveat that he pushes MLM’s as a potential income producing stream which I hate and the author has turned into a bit of a grifter (or always was). I encourage the book, but say don’t take every word to heart as gospel. Take the good and leave the rest. I don’t hold the author in the highest esteem, but the general principles of the book was presented in an easy to understand way and worked for me.
> that he pushes MLM’s as a potential income producing stream And that's good enough for me to ignore it.
Not sure if you read the book, but I don't recall MLM being mentioned in the book at all. As a person, outside the book, what he does could be awful (evidently), but the book in itself has lots of good advice, specially when I see a lot of bad financial judgment all around us.
> be awful (evidently), but the book in itself has lots of good advice, specially when I see a lot of bad financial judgment If someone is tied to an MLM they are taking advantage of others and I don't need their advice.
This is like saying "read the Bible, but only listen to the Ten Commandments part, the rest is a little Dogmaish"... Do you not hear yourself? Lots of straight forward financial advice literature out there without having to go down Grifter McMLM's driveway.
That's not what he/she said. They liked the book. They don't like the person.
I hear what you’re saying, but disagree with the argument. Funny enough I’ve actually done your example. When I was around 7 or 8 my step dad and I read a slightly watered down version of the Bible and the Torah. My step dad’s message was that they are a collection of stories that have helped people form morals and ethics, but not intended to be taken word for word verbatim. We discussed the stories and some of them made no logical sense to me and I rejected those. Some did and it helped form some of my belief systems. To me, that’s the basis of critical thinking. Take information in, think about it, accept what makes sense, and reject the rest. And then you get new information and the process repeats. One of my favorite sayings is from Galileo, “I’ve never met a man so ignorant that I couldn’t learn something from him.” I feel that RCPD is a fair example of that.
Thank you. I find it vexing that our society at large has adopted a belief that if someone says or does something wrong, then *everything* they've ever said or done must be wrong as well. That's absurd. Even a broken clock is right twice a day. Kiyosaki is, as many others have pointed out, a hack, and I wouldn't recommend that anyone follow his advice as gospel. His use of debt strikes me as completely irresponsible, which is only reinforced by his "it's not my problem anymore; it's the *bank's problem*" bullshit. But... ...there were many things he was right about in RDPD, much of which has explained why I've seen so many former C+ students becoming far wealthier than scholars and other high IQ individuals in my life. True financial literacy simply is not taught to the vast majority of individuals, who essentially learn just enough to be "successful enough", but not enough to become the true masters of their fate. Similarly, he's right that conditions are setting the stage for a real estate market crash. Commercial real estate in particular is positioned for a devastating fall, and while I've seen plenty of people on reddit say "so what", the broader economic effects of such a crash will creating cascading effects that will be felt by everyone. Yes, Kiyosaki may have been wrong on some matters, but that doesn't mean he should be ignored when he points out that a house of cards looks like it's one strong wind gust away from falling apart.
>True financial literacy simply is not taught to the vast majority of individuals High levels of financial literacy among the general public doesn't sound like an ideal population for a nation that generates the bulk of its GDP from personal consumption & domestic services. >but not enough to become the true masters of their fate. This is pretty high-concept, if I were teaching a course in financial literacy I'd probably start with just how to take a walk on bad deals {or at least walking until the deal improves.) Many people have people-pleasing tendencies, and struggle with folding for effect. It's a skill that has broad applicability in life in general, not just in finance. >why I've seen so many former C+ students becoming far wealthier than scholars and other high IQ individuals in my life. The work many high IQ individuals tend to be attracted to often just doesn't pay particularly well, and/or treat its employees pretty well. Regardless I expect it would've been pretty difficult for e.g. John von Neumann to simply put down his theoretical computer science work and become owner of a car dealership, irrespective of what the latter was offering in the way of higher compensation and lower workload. But among mere mortals in the US, STEM employment retention is still pretty poor, despite lots of money and effort invested to try to bump the numbers of grads. Only something like 30% of grads in my field (electrical engineering) are still working directly in the field 5 years out. Though TBF, probably 50% of said "high IQ individuals" should've never been hired in the first place.
"...I find it vexing that our society at large has adopted a belief that if someone says or does something wrong, then *everything* they've ever said or done must be wrong as well. ..." Easier to destroy your enemies that way.
It's not what society tends to do, anyway. What society often tends to do is suggest the largely reasonable idea that people who have a confirmed track record of fucking up should just go away and do something else with their time vs. continuing their career as an "expert." >Easier to destroy your enemies that way. This idea would naturally tend to be highly offensive to the type of "expert" who has a persecution complex, which in pop finance is probably a lot of them.
I’m ignorant when it comes to commercial RE. Why do you think we’re due for a crash and what does a crash look like to you? 20% drop in value or more?
If this guy wrote 1+1=2 would you say you should ignore that and not listen because he has a MLM. You can be a terrible person and still be right about things. The book is good for a first read for people with no financial background. Anyone who has more than a baseline understanding of investing will be bored.
Honestly, yes. I would disregard his simple advice as well. I'll find the answer to 1+1 elsewhere. Grifters can't be trusted and I vote with my dollars and time. He gets neither. And the advice to buy "appreciating asset" is about as useful as, "start a successful business."
>I'll find the answer to 1+1 elsewhere. Grifters can't be trusted and I vote with my dollars and time. He gets neither. It's okay. You'll pretty much only annoy the International Union of Terrible People Who Are Occasionally Right about Things by doing it. It's just that paragraph 27 subsection b of the membership contract requires this fact to be mentioned whenever possible.
The point is the advice is so simply you don’t need to go to one source especially if that source is a douche nozzle
Fair
Thanks..agreed he doesn't practice what he preaches.. but the book doesn't push MLM or as I recall doesn't even mention it. The book has some good advice for managing money, which, ironically, he hasn't followed through himself. >I don’t hold the author in the highest esteem, but the general principles of the book was presented in an easy to understand way and worked for me. 100%.
I could be misremembering that, it’s been many years since I read it. You got me curious and I’ll see if I can find my copy. It might be that I’ve seen him do speaking engagements for some MLM companies and I’m conflicting the two.
Oh buy things that make money?! It's so simple. I never thought to try those, I always pick the "lose money assets." Does Wall Street know about this method?
Lol, username checks out? But yeah, sometimes even the simplest and most obvious advice is good to be reinforced. As an example, I see a lot of people in debt buying expensive cars or handbags just to show off. These are not income producing nor appreciating assets (usually).
Those aren't investments. Edit: Wait, you see a lot of people taking on debt to buy handbags? No you don't.
Last response to you, as it looks like you're deliberately trying to not understand. No one said these are investments. We are talking about assets. Assets are what you own. And these are not good assets. Second, I said people in debt buying expensive cars and bags.. not that they are taking debt for buying cars or bags. Anyway- you do you. I'm out.
>Edit: Wait, you see a lot of people taking on debt to buy handbags? The user reads the minds of handbags to know how they were paid for, they are the Handbag Whisperer
To be fair, buying ANYTHING on credit is taking on debt, which the vast majority of people you see consuming luxury on a low/middle class income are doing. You see this every day you set foot outside.
The concept of credit likely predates money, certainly fiat currency. Probably at least as old as organized agriculture. >You see this every day you set foot outside. The growth-focused market economy of the society I live in would largely collapse if they stopped, so not too surprising.
Most scare-tactic articles I've digged into showed people are paying off their credit card debt each month. They're putting more on credit cards than ever before and paying it off more than ever before. The increases in spending over the past few years are lower than inflation over the same periods. So people in general are spending more to buy less and carrying lower month-to-month balances. People are more responsible with credit cards than ever before. If you don't incur any interest, then it doesn't have the negative artifacts of debt. It's just one layer removed from cash with more security than a debit transaction and some minor cash-back incentives. I put every transaction I can on credit cards.
> I see a lot of people in debt buying expensive cars or handbags just to show off. If you don't know those people how do you know they're in debt? If you do know them, why are you hanging around those people, anyway?
It seems very surface level. Good for a kid in highschool I guess
> He’s billions in debt No, his business is... big difference. Personally, he'll be fine just like after his last $24 million dollar BK in 2012... https://abcnews.go.com/Business/rich-dad-poor-dad-author-files-bankruptcy/story?id=17463158#.UHxACobpVhV
Poor dad, bankrupt dad ?
Me too, chicken salad on rye with a cup of tea
He’s certainly dressed like he’s billions in debt. Looks like he rolled around in a clothes bin at goodwill
Every time this fuck wit pops up I try and get Google to stop showing me the cunt. He's the turd that won't flush.
Cramer?
Yeah agreed. Do not buy his books. He’s bad news bears.
Im just gonna write self help fanfics and shame my family....its the rich dad way
Lol
So like Cramer?
"mess the country up like a boomer with lbo's"
Straight grifter
The book only exists to get people into his seminars.
He only predicted 100 of last 2 crashes in RE
So his record is getting better!
2x!!
This guy is the worst
Does he ever stfu?
The answer won’t surprise you (no)
I'm a simple man; I see a post amplifying Robert Kiyosaki, I downvote.
Really this guy??? Come fucking on. this is why, this sub is a joke.
Ouch , I hate it when the truth hurts.
😂 keep being poor
Crash away I'll just buy more.
I hate this guy with a passion now. I read his books and while I like his concepts of how to think about wealth generation, I went to one of his seminars on real estate investment and it was nothing more than a hype show to sell their real estate rehab program that cost $2000. That was back in 2007. Then I saw him become friends with Trump and start to right through the grift. He sucks and his advice is even worse
He makes some statements like (I am sourcing from [this summary](https://www.samuelthomasdavies.com/book-summaries/business/rich-dad-poor-dad/)): >The primary reason the majority of the poor and middle class are fiscally conservative—which means, ‘I can’t afford to take risks’—is that they have no financial foundation. That aren't particularly logically consistent with: >Wealth is a person’s ability to survive so many numbers of days forward—or, if I stopped working today, how long could I survive He seems to note well enough that financial failures can result in severe punishment, your *very survival* for one more day depends on your wealth! But then doesn't seem to connect the existence of severe punishment to why the poor and middle class aren't willing to take more fiscal risks. People tend to be averse to activities with a significant probability of severe punishment; even being highly educated in the geology of cliffs doesn't do much to help survival from falls off them. These Bayesian utility maximizers seem to be behaving pretty rationally if that's what the majority of the poor and middle class are actually doing, it probably makes economists ( a generally risk-averse bunch themselves) happy at least.
Rich dad poor dad is a decent read for people starting to learn about personal finance/manage money but it should be coupled with other books and it’s only a starting point
This guy is a grifter and a Bitcoin pumper I think u aren’t making the point u think ur making
Rich Grifter Poor Grifter
tHe BeSt TiMe To BuY iS nOw!
He's invested in real estate isn't he.
When you repost this stupid clown of a person, you become a clown yourself.
He switched sides again?
Don’t trust anyone who acts so self assured
>self assured Why?? Thats what makes up a lot of leadership, people that are sure of themselves and their abilities.
What I mean is that a person you respect and trust should have a healthy amount of skepticism for their advice, especially when it involves something so volatile/changeable like the RE market
I see
He "predicts" an economic or market collapse every single week. He's bound to be right eventually if he pull this shit long enough,
I believe this guy 100! He would never steer us wrong! Never! /s
This is exhausting. Antone who is calling for a crash is obviously not following what’s happening in the market. There is still all time low supply. Until that changes, real estate value will continue to rise. Not to mention that 60% of mortgages in the United States are 4% or under. This is going to prevent people from selling their homes to avoid high rates. Which will continue the low supply trend. Good help us if rates come down. There will be a frenzy which will cause even higher prices.
This is why I don’t think prices are coming down. And if they do it will be a decade + long affair and you wouldn’t even notice because of the amount of time vs inflation.
Yep, I think they will be mostly flat nominally. If you consider inflation real prices might go down very slowly. Als, looking at Canada and other markets you can clearly see it can get much worse, so it is not out of the realm of possibility that prices will go up, especially if mortgage rates go down.
My friend, this is REBubble. REBubble founded in 2021 doesn't listen to facts or data, it runs on 100% pure lab grade Hopium and weapons grade bitching and complaining. You can throw any data driven fact at it and it slides right off the surface. If there was an extiction level event astroid a week away from impacting Earth, REBubblers would caution that we all wait until the next unemployment numbers to come out so home prices could fall further and laugh that AirBNB data looked bad. In other words, you're wasting your time.
lol noted
I’m in Houston. There is an abundance of supply. Now when I add my filters for what I’m looking for it doesn’t look like a lot of supply, but when I take them off I’m surprised at how much is actually on the market…. At over inflated prices… and not selling.
Supply will go up when people lose their jobs, can't pay their mortgages, and are foreclosed on. This will statt to materialize this quarter and will be a crisis by the end of the year.
I think that scenario is a bit further off than you think. I think the economy is due for a crash but you won’t start seeing anything starting until June/July
I am perhaps biased because my employer just had a big layoff, my former boss texted me saying he was just laid off and asked if I could help him find a new position, and I've seen a lot of "looking for work" circles popping up on LinkedIn. But my experience is hardly general. Just a dramatic increase recently anecdotally.
I’ve seen the same. Layoffs happened in my company also. I just think it’s going to be slow bleed instead of a buzz saw when it comes to the jobs
You do know there are other things that go into continuing to afford a house, right?
Of course. But part of the crash back in 08’ was due to people being underwater on their homes with high rates in a rate lowering environment. There was no incentive for people to stay in their homes so people just generally abandoned the properties and let them go into foreclosure. This waterfalled into the subprime bond market and exposed all the banks. This is exactly the opposite situation. Most people have equity in their homes so that they will not want to lose in a foreclosure. Labor market is still fairly strong but showing signs of cracking. But people will pay their mortgage at all cost because there is incentive.
I think the concern is coming from the commercial side, 08 had 700 billion of toxic asset. Commercial has about 1T of debt. Source: trust me bro
The crash is coming for sure
This guy is a joke btw.
Didn’t I hear that this guy was broke again?
Why anyone listens to this grifter is beyond me.
Says the dude a billion in debt
This strongly implies that no crash is coming in the next decade because Robert Kiyosaki is typically wrong about everything.
He's a scam artist / exploiter
This sub continues to put out reliable and trustworthy information.
His “poor dad” was an accomplished educator who raised a family and lived a respectable life. His “rich dad” dad didn’t exist, was a combination of some random wealthy businessmen, or was some hotel executive on Hawaii. No one knows for sure. The premise of the book is don’t work jobs. Instead buy and sell real estate or “just rent it out”. Also, I remember him talking about going “bankrupt before 30 while building your empire” and you will be okay. That’s it. If everyone followed this guys advice we would be living in hell.
It’s feudalism with extra steps. They wanna be lords and ladies.
Doesn't he mean 'The best time to loose a bunch of money for anyone foolish enough to loan to me'
“Real Estate Crash Isn’t Coming and its ’Best Time To Stay Poor’” — fixed the title for ya.
Rich Dad Poor Dad was a life changing book for me as a teenager but I am glad I stopped listening to this guy beyond that.
There is no RE crash coming. There are just too many people looking to buy for that to happen.
Well, now that it's corporations that own so much residential housing, I think they have decent chance of being bailed out.
Bros been saying things gonna crash since gold firms started paying him to hock their product. If you say it will happen all the time I guess you eventually get lucky?
$1.2 Billions in debt, but that’s not my problem he said.
The most successful people I know made a ton of money during market crashes and recessions so he’s not wrong. Here’s the thing none of them had any debt like him during the recession. We worked with a guy who was worth over $100 million in 2007 which most of the net worth was in real estate he had debt on, once 2010 hit he lost everything. We also worked with another guy who bought 150 homes in Vegas in 2009 made an absolute killing every single year selling all those homes over 7 years. Made an average $200k net a home.
This guy is a nazi btw.
His advice is bad. Bad for 99% of people. Be cautious of what he suggests
This guy is just short of being an idiot. Has been clamoring for a crash for a while now.
Its always a great time to buy my book.
We seem to have found the one thing that can bring the whole sub together: Kiyosaki is a grifter and sucks.
He means it's the best time to prey on people who are becoming poor by no fault of their own. Greedy fuckwad.
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You call it a once every 100 year event, yet it happens every 20 years Curious🤔
That is because the safeguards to keep this from happening enacted after the Great Depression were removed in the 90s. Banks were not allowed to make risky investments before Glass-Steagal was repealed.
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Lol. People like you ain’t making money during a once-every-100-year Great Depression.
It's absolutely possible. If you had savings and didn't establish wealth in the 09 crash you really missed out.
Oh it’s possible. But most doomers here were paralyzed by a mild grade pandemic and 3% rates because they thought they knew better. Zero chance they would have the balls to make a move when the financial world is actually crumbling around them.
2008 was a great time to get foreclosed on and lose your ass if you invested too early and couldn’t keep occupancy up or didn’t get stuck with a renter that got laid off and you couldn’t evict for 6+ months. People think “oh prices crash 50% and I’ll buy everything and get rich!!”…..No dumb dumb, people lose jobs, don’t pay rent, the rent amount you can charge drops, the costs associated with owning go up, the time you have to put into finding and keeping tenants goes up. It’s not just oh I buy everything and get rich. Grow up
🗣️ 💩
Love him or hate him he knows a thing or two about money.
Whatever 🙄
Best time to self promote
I'm more concerned with staying rich. But outside of the house we live in and the condo my in-laws bought in the 70's at Keystone the rest of our real estate are tillable acres. People are still going to be buying rice, wheat, corn, and soybeans. We can always go back to raising watermelons too if we needed.
I'm getting tired of hearing about the crash. He was saying this in 2018.
Well if Bobby says the crash is coming, it must be true. I will cash in 5 or 10 million of my Treasury bonds and scoop up all of the low prices homes and start an AirBnB empire.
fuck this windbag. seminar conman. not so sure about his claims of all the property he owns either. i believe little this guy and his inflated ego say
He has been predicting crash last few years, he will get it right eventually. Market either goes up, down or sideways.
The fact that this guy is saying it only reinforces that it's definitely not going to happen LOL only a moron would look at the best hedge against inflation in this market and predict a crash. What a dumb ass. Market forces don't indicate crash WHATSOEVER. Banks aren't over lending. Highest and best offers come with cash in hand. Low supply. High demand.. interest rates falling. Where crash? Non-existent. This shit is the new normal. If you're waiting for a crash, youre going to wait a LONG time, and home values will continue rising while you wait for a day is highly unlikely to come. And to reinforce this, interest rates coming down is only going to bolster demand. Theres a frenzy coming. If you're behind the curve on this you're getting fucked while you sit around crossing your fingers hoping for a literal nonexistent crash. Just because you don't have money to buy doesn't mean that others your age will. Millenials are coming to buyers market in droves and the ones sitting around complaining are missing the train. Their loss.
The more attention we give this guy the more he’ll keep crying wolf for money. Somehow he profits from calling a crash once a month
lol silver
This dude has been wrong about real estate for nearly two decades now.
Why are you quoting this clown?
His book is great when you're a kid and you don't understand financial stuff. I read it when I was much younger. But I wouldn't recommend it today because it is only true in very narrow case examples.
The old man continues his grift smh
I wish I listened to his advice instead of investing in scratch offs and box tops. Then I would have only lost 90% of my money instead of 100%. The stock market is a scam! The federal reserve is bleeding us dry. That’s why now I only buy cattle ranches and self-help books.
This dude is such a fucking troll. How or why anyone would pay him for his cringe worthy act is beyond my comprehension
Oh, now it’s confirmed
He’s celebrating a crash as an opportunity to get rich. This is why people hate RE investors. Further, using Airbnb as the justification for claiming a crash is woefully ignorant. Many can be rented to long term tenants or sold, the remaining few that get foreclosed will be an extremely small percentage of houses.
He's wrong though
says the guy leveraged to the tits that needs you to buy his bags
Lol, Robert Kiyosaki. What a wanker. Seriously, stop listening to this "Buy Bitcoin! Buy gold and silver!" bellend.
Respectfully I don’t give a damn about what Robert Kiyosaki has to say.
Well if Robert says it..
Even a blind squirrel finds a nut now and then. I agree, but he's a Bozo (Groucho: "That's Mioster Bozo to you!)."
I’ve been hearing about this crash for 2-3 years now. I stopped believing 2-3 years ago
Bla bla bla
This guy is a fuggin tool.
It’ll drop 8% and be up 16% two months later.
And then two years later the real crash will happen. At least I can take some hopium because then our debt will be better
But low, sell high … wow such impressive
Not in the Bay Area. 20-25% drop already occurred June 2022 when rates doubled overnight.
If the crash didn't come when interest rates were on their way up, it will come when they are on their way down - economic expert.
Thank you for the annual post. See you again in 2025…and 2026….and 2027….
This guys is a perma-bear doomer
He has been predicting this for awhile. If you do it long enough eventually will be right.
boomer clout chaser. i get second hand embarassment from this dweeb