Why does anyone buy this guys stuff?

[WickedLou9]

Yahoo! Personal Finance: Calculators,Money Advice,Guides,& More

Aside from the part about getting out of "bad" debt, which is an obvious statement to make even for the most financially illiterate, this article is nothing but nonsense. This guy got rich by selling a collection of trite and repackaged financial axioms and outright lying as well. His book, "Rich Dad, Poor Dad" is a NYT best seller, yet it's pretty much garbage. He got rich by doing what he does best, being a fraud. He was a "motivational speaker". He failed at every business venture he ever tried and which he still advocates. He still pushes gold and realestate and poo-poo's on the stock market. He tells people not to save. He discounts risk completely. I wish people would wake up and stop buying his drivel. He is a snake oil salesmen. NOthing more

Here is a nice excerpt

Another type of bad financial advice tells us to get a safe job, save money, live below our means, buy a house, get out of debt, and invest for the long term in a well-diversified portfolio of mutual funds. On those financial TV shows, I get into the most head-butting with the so-called financial experts who subscribe to this philosophy. That's because, according to the Census Bureau, in 1999 the average U.S. income was $49,244. By 2006, the average income declined to $48,201. This means that U.S. workers haven't had a pay raise for seven years. So much for the advice about getting a safe job -- it's the opposite of rich advice.
Diversify at Your Peril
Moreover, in January 2008 the Federal Reserve Board dropped the interest rate twice over a period of just eight days, by a record 1.25 percent. If my crystal ball is accurate, I expect another .5 percent drop sometime later this year. Savers are actually losers, then, because interest rates are low and inflation is high. So urging people to save money isn't rich advice, either.
Finally, the S&P stood at 1,352.99 in March 2008, which is below its mark of 1,362.80 in April of 1999. So much for the advice of investing for the long term in a well-diversified portfolio of mutual funds -- that's also not rich advice.
Warren Buffett has said that diversification is for people who don't know what they're doing. And my rich dad once told me, "Diversifying is like going to a horse race and betting on every horse. The only way you win is if the darkest of dark horses wins." So my concern is that people who follow this second type of financial advice may actually wind up poor in the long term.

Don't save, don't invest, and if you do, don't diversify. Don't worry about risk. Just dump everything into a long shot and hope for big returns. What excellent advice!

[thewise1]

You realize you just advertised for him

[WickedLou9]

Originally Posted by thewise1

You realize you just advertised for him

trying to bring awareness to his fradulent ways

[motivez]

Everyone wants an easy way to make it, very few people I think would prefer being stuck in their current circumstances .. so some guy who has apparently made it telling them what to do is an easy thing to buy into

I used to want to get one of those Carlton Sheets real estate programs (long ago), but then part of me wondered why he wasn't raking in even more cash by doing what he was instead of telling everyone how to compete with him

I think a lot of these people have had some limited success, and instead of taking it further, see a brighter market in telling people of their limited success and trying to convince them they can duplicate it

[WickedLou9]

Originally Posted by motivez

Everyone wants an easy way to make it, very few people I think would prefer being stuck in their current circumstances .. so some guy who has apparently made it telling them what to do is an easy thing to buy into

I used to want to get one of those Carlton Sheets real estate programs (long ago), but then part of me wondered why he wasn't raking in even more cash by doing what he was instead of telling everyone how to compete with him

I think a lot of these people have had some limited success, and instead of taking it further, see a brighter market in telling people of their limited success and trying to convince them they can duplicate it

yeah I think that's it. This guys life story is a long list of failures befopre he managed to hook up with some company that ran seminars on personal finance and he started giving the talks to people. I guess he's a good salesmen so that worked out. Then he packaged all the garbage he learned and put it in a book called "rich dad, poor dad" and made a ton of money off it. Most of the stuff in his book is made up. There is no Rich Dad. He never used any of the methods he talks about to make money.

[motivez]

I remember reading something about that book or seeing some segment about it on television, but I don't really remember anything specific about it.

[jimeigh]

Originally Posted by motivez

I remember reading something about that book or seeing some segment about it on television, but I don't really remember anything specific about it.

ahhh, thats just like this one time where i think i did something but i forget what it was

[motivez]

Originally Posted by jimeigh

ahhh, thats just like this one time where i think i did something but i forget what it was

Yeah man, I hate when that happens.

[Dispatcher]

There are so many rip offs and frauds out there. One wonders how they can sleep at night, but when you are laying on a bed of cash, I guess it's easier.

[motivez]

Originally Posted by Dispatcher

There are so many rip offs and frauds out there. One wonders how they can sleep at night, but when you are laying on a bed of cash, I guess it's easier.

I guess, but I don't know that I could sleep easy knowing I'd provided a bunch of bullshit financial advice to so many people