I would like to warn users against reading Robert Kiyosaki's books. Research has been performed on him and he offers pseudo-science methods disguised as authentic reading material to make money. He has come under fire for being a charlatan, that preys on unsuspecting consumers read below:
Kiyosaki's books and teachings have been criticized by some for having anecdotal lessons, but lacking concrete advice on what exactly one should do. Many readers find his work highly motivational and educational, but some find it lacking information to put it to use. Kiyosaki responds that his material is meant to be more of a motivational tool to get readers thinking about money, rather than a step by step guide to wealth. He also says the books are supposed to be "interesting" to people, which precludes involving a lot of technical material. [7]
Questions have arisen concerning Kiyosaki's true financial acumen, particularly in light of his ubiquitous, vocal and trusted presence in the popular culture of financial advice. For example, Kiyosaki claimed in one article that investors in any mutual fund with a 2.5% annual fee would, over a long time period, surrender 80% of the earnings to the fund. That this is nonsense requires only a rudimentary knowledge of compound interest to realize.
Kiyosaki has also been criticized for being overly repetitious in his teachings. Some consider this a tactic to produce “filler” material in order to make it appear he is covering more material. Kiyosaki claims that this is an intentional teaching style that he feels is important.
Kiyosaki has made appearances on PBS that are thought by some to be little more than expanded infomercials. This choice of programming has been generally controversial among PBS viewers, and is discussed on John T. Reed's criticism of Kiyosaki.
Critics of Kiyosaki's work have thought some of his advice to be financially poor or even dangerous. For example, he advocates focusing on a few "good investments" rather than diversifying or putting money into 401(k)s. Kiyosaki advocates risk-taking and recommends people "have guts" to take risk (see the "Risk-Taking" section of this article). These standpoints conflict with the views of conservative investors.
Kiyosaki's boardgames have been criticized for being excessively expensive - USD $200 for the most expensive Cashflow 101.
Kiyosaki downplays the importance of traditional/tertiary education to the importance of financial success. There are individuals who would object to this assertion, as well as studies to the contrary.
Some have questioned Kiyosaki's status as a successful investor and businessman prior to the formation of his present venture, CASHFLOW Technologies, Inc. They claim that his wealth has come only as a result of selling books and audio presentations about topics he has not personally succeeded in and that he is probably worth far less than the $50 to $100 million USD he once claimed in an interview. They note he has claimed to be bankrupt as recently as 1985, a high school dropout and a deserter from the military. Some of these items do not agree with records and may have been stated for "dramatic effect". In several of his books he makes claims about his accomplishments which appear to be exaggerations, fabrications or misdirection.
It may be difficult to discern fact from fiction and anecdote in many of his works. Some readers believe that Rich Dad is fictional and that Kiyosaki created him as an author surrogate (a literary device). In the past, Kiyosaki has maintained that Rich Dad actually existed, but that he died decades before the book was first published. However, he has never revealed his name or any other identifying information. Attempts by outsiders to determine Rich Dad's identity have not revealed a conclusive (or even likely) candidate, despite the prominence such a wealthy individual would likely have had in Hawaii in the 1950s. In the February 2003 issue of SmartMoney magazine, Kiyosaki appeared to back off his claim that his "rich dad" was a real person, instead stating “Is Harry Potter real? Why don’t you let Rich Dad be a myth, like Harry Potter?”. Some supporters of Kiyosaki claim to have researched the issue and come up with the notion that “Rich Dad” is really a (now deceased) man named "Richard Kimi". [8]
Kiyosaki is also an endorser of network marketing (such as Amway, Tahitian Noni, Mary Kay, Quixtar, Juice Plus, etc.) which some consider to be little more than pyramid schemes. He reasons in his book, The Business School For People Who Like Helping People, that the companies teach the skills necessary to be a successful business owner, like leadership, the ability to sell and teach, and emotional intelligence. Critics say he endorses the industry in order to sell more of his books and material to their members.
