The Biggest Scam Ever by Robert Kiyosaki

[flintlock]

http://finance.yahoo.com/expert/arti...hricher/205569

On the cover of the October 19, 2009 issue of "Time" magazine ran this headline: "Why It's Time to Retire the 401(k)." The cover picture was ominous, showing a 401(k) sinking like the Titanic.
I recommend reading this entire article, especially if you do have a 401(k). My concern is that the flaws of this retirement plan will grow into personal tragedies as the first of approximately 75 million baby boomers retire, leading to the biggest stock market crash in history.

Not the most well written article, but I am interested in the impact retiring baby boomers will have on the economy.

[c1ue]

Re: The Biggest Scam Ever by Robert Kiyosaki

When I read the title of your post - I was curious as to which scam of Kiyosaki's you were referring to: his real estate pushing, his supposed investing acumen, etc etc.

[metalman]

Re: The Biggest Scam Ever by Robert Kiyosaki

When I read the title of your post - I was curious as to which scam of Kiyosaki's you were referring to: his real estate pushing, his supposed investing acumen, etc etc.

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad

A number of people asked me about Robert T. Kiyosaki and his book Rich Dad, Poor Dad. When I said I didn’t think he was a real-estate guru, they insisted he was. Several told me I would like him, that he preaches a message like mine. Eager to find such a guru, I bought his book, Rich Dad, Poor Dad, in a bookstore.
Summary

Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred.
Kiyosaki is a salesman and a motivational speaker. He has no financial expertise and won’t disclose his supposed real estate or other investment success.
Rich Dad, Poor Dad contains much wrong advice, much bad advice, some dangerous advice, and virtually no good advice.

see... i'm not the only one who picks on scammer assclowns like kiyosaki.

Report: Robert Kiyosaki

Robert Kiyosaki "Rich Dad" & Russ Whitney SCAM ALERT! "Rich Dad" associate being investigated by the government. Is Kiyosaki NEXT? Scottsdale Arizona


The "Rich Dad" organization recently joined with the Russ Whitney organization and the results are being to show that Robert Kiyosaki has sold out and the victims are you and I.

Here in New York I recently went to a so-called "FREE" seminar that I thought Robert Kiyosaki was going be speaking at. To my surprise Robert was not at the event but rather a bunch of SLICK-TALKING snake-oil salesmen tried to sell me $10,000 to $63,000 training packages. Well I was more than upset and left immediately.

I called Robert's office to tell them that someone was running a scam using Robert's name. TO MY SURPIZE the "Rich Dad" organization confirmed that this was a VALID and authorized seminar that Robert Kiyosaki in fact did support. I can't tell you how shocked and dishearten I have become. This is the biggest sellout I have ever seen in my life. I feel used!! I've thrown all my "Rich Dad" books out in the trash and have made it a point to tell everyone of these deceptive practices.

Will my actions stop Robert Kiyosaki from using our trust for HIS financial gain? Of course not BUT justice is on the way. My friend Daniel forwarded me the following news alert that details how the Russ Whitney organization has just been subpoenaed by a FEDERAL GRAND JURY for its marketing practices! HALLELUAJ!!! There is justice in this world. Robert Kiyosaki's company joined with Russ Whitney not long ago so I'm sure their fraud will be disclosed soon by Uncle Sam. Shame on you Robert!

the man himself...

[Andreuccio]

Re: The Biggest Scam Ever by Robert Kiyosaki

When I read the title of your post - I was curious as to which scam of Kiyosaki's you were referring to: his real estate pushing, his supposed investing acumen, etc etc.

That was my thought, too. Just which one of his scams is the biggest of the lot?

[Spartacus]

Re: The Biggest Scam Ever by Robert Kiyosaki

you're missing this ... Since Whitney & Kiyosaki are now joined @ the hip, I suppose all this could be applied to Kiyosaki as well as to Whitney

http://www.johntreed.com/ReedonWhitney.html


The worst, most damaging things to Whitney's "reputation" on that link are NOW MISSING ... Whitney settled his lawsuit against Reed and the settlement required Reed to take down the most damaging of the material Reed had uncovered on Whitney and his organization.

I read it all and when it got taken down I could just have kicked myself silly for not having saved it so I could put up my own archive.

see... i'm not the only one who picks on scammer assclowns like kiyosaki.


the man himself...

[ASH]

Re: The Biggest Scam Ever by Robert Kiyosaki

Not the most well written article, but I am interested in the impact retiring baby boomers will have on the economy.

I had read that because of the unequal distribution of wealth, the impact of retiring boomers on the stock market is likely to be minimal. The wealthy won't need to cash out at any sort of rapid pace, and the poor have little to cash out.

The impact of boomer retirement on the economy in general is another matter. I think the most noticeable effect will be the declining ratio of workers to retirees, and consequent strain on public finances.

[sunskyfan]

Re: The Biggest Scam Ever by Robert Kiyosaki

Whatever one may think of Kiyosaki the 401k is a scam. It was introduced as a narrative to defuse the valid worries of killing pensions when Reagan killed the unions. Most actuaries will tell you that almost no-one is able to contribute enough to their 401k to make a retirement they expect even when the market is performing well.

[Jim Nickerson]

Re: The Biggest Scam Ever by Robert Kiyosaki

Whatever one may think of Kiyosaki the 401k is a scam. It was introduced as a narrative to defuse the valid worries of killing pensions when Reagan killed the unions. Most actuaries will tell you that almost no-one is able to contribute enough to their 401k to make a retirement they expect even when the market is performing well.

I don't generally look upon any scheme to save money, i.e. spend less than one earns, as a scam. It might be a scam if one were limited to funding a plan only with stock from a company at which one is employed.

Despite whatever may be available with company plans or IRA's, one can pay taxes on your earnings and assuming one is not in poverty, then save money outside a pension plan.

Anyone that wishes to come back and write "saving is for fools" is himself a fool in my opinion.

[ASH]

Re: The Biggest Scam Ever by Robert Kiyosaki

Whatever one may think of Kiyosaki the 401k is a scam. It was introduced as a narrative to defuse the valid worries of killing pensions when Reagan killed the unions. Most actuaries will tell you that almost no-one is able to contribute enough to their 401k to make a retirement they expect even when the market is performing well.

You can simultaneously be right about the role of the 401(k) in ending defined benefit plans, without the 401(k) itself being a 'scam'. As far as I am concerned, the 401(k) is a piece of the tax code, and the only potential scams are (a) the investment products marketed for holding in 401(k) accounts, (b) abusive practices by the trustees or appointed fiduciaries of a 401(k) plan, or (c) misrepresentation by politicians or the financial services industry of what pay-out can reasonably be achieved, and how best to use a 401(k). However, these potential scams are not inherent in the 401(k) itself.

I quite agree that the great majority of people are not saving enough in tax-deferred retirement accounts to fund the retirement that they expect. I am also aware that many participants in tax-deferred retirement accounts are ill-equipped to manage their investments. While this means that the 401(k) is not an effective piece of social policy for funding the retirement expenses of the masses, it doesn't add up to a 'scam' in the way that Kiyosaki uses the term. It just means that the 401(k) doesn't fit well into a nanny-state; it won't function as a social safety net, and it won't profit the inattentive or uncritical. However, it is a valuable tool for those with the wit to wield it.

Put another way, my inability to create fine art when furnished with a paintbrush and canvas in no way invalidates their utility in the hands of a talented artist. At the same time, if the social goal is to fill the world with art, a policy of providing everyone with art supplies, and letting them have at it with no instruction (or false instruction) will not serve its purpose.

[g.e.bennett]

Re: The Biggest Scam Ever by Robert Kiyosaki

http://www.johntreed.com/ReedonWhitney.html

The worst, most damaging things to Whitney's "reputation" on that link are NOW MISSING ... Whitney settled his lawsuit against Reed and the settlement required Reed to take down the most damaging of the material Reed had uncovered on Whitney and his organization.

Could this have what you are looking for: http://web.archive.org/web/*/http://...onWhitney.html

[rabot10]

Re: The Biggest Scam Ever by Robert Kiyosaki

Kiyosaki isn't a scam - not a big fan of his but he isn't a bad guy. Metal as part of the iTulip (paid) group can't stand anyone that makes more money than EJ or has a different view. Metal is a joke

I would bet money that Metal is EJs wife, just a guess.(not really) When you see this deleted you will know for sure

[Spartacus]

Re: The Biggest Scam Ever by Robert Kiyosaki

I found that earlier today.

Do you have a cURL or wget command to copy all that?

I think they can be ordered to take the stuff down.

It looks like you need javascript to access all the sub-pages, and curl & wget don't do it automatically.

Could this have what you are looking for: http://web.archive.org/web/*/http://...onWhitney.html

EDIT:
This looks interesting ... I'll look at this later when I get a couple of hours do d*ck around
http://weblog.miceda.org/2007/08/17/...little-script/

[sunskyfan]

Re: The Biggest Scam Ever by Robert Kiyosaki

I agree that saving money is not a scam. Providing a tax shelter for either employer and/or employee to create a special account to save money may be bad policy but is not scam.

The three primary reasons 401k's are a scam is that:

1) They were part of a lie to make the destruction of the traditional guaranteed pension politically palatable.

2) The savings rate to make them work, even with employer contribution, is beyond what the average worker can contribute.

3) The government requires investment of the monies in a way that specifically DOES NOT benefit the saver. Perhaps, before last fall, you could believe that Wall Street was a Trust statistically large enough not to be effected by self-interests in conflict with the Trustee (the retiree) but now, after last fall, that belief is clearly a joke.

[wayiwalk]

Re: The Biggest Scam Ever by Robert Kiyosaki

Geez, Kiyosaki may get people to spend money for additional $$$, and that they don't need, but his basic ideas are pretty sound. The basic premise (save money, don't spend what you don't have, etc, and create a vehicle for passive income) is pretty much common sense that is entirely avoided in our education system.

But most sheeple don't like to learn some basic ideas and then apply their own thinking to enact it, and that approach doesn't sell so well because ultimately, people that listen to such "gurus" are really just there to be entertained. Hence the gurus that hold the most attention are those that put on the best show. Duh.

If someone listened to him pitching the idea of buying real estate and renting out to create passive income (the path to easy riches), but accomplished that by leveraged purchase of such real estate, then they stupidly are violating a basic concept....of not spending what they don't have.

I'm not a fan of his, but I think he should be bashed for the proper reasons. I'm not seeing those here.

FWIW, just about every writer on the yahoo finance page is an idiot. Sort of like their direction is, "write something controversial, but not too much so".

[c1ue]

Re: The Biggest Scam Ever by Robert Kiyosaki

If someone listened to him pitching the idea of buying real estate and renting out to create passive income (the path to easy riches), but accomplished that by leveraged purchase of such real estate, then they stupidly are violating a basic concept....of not spending what they don't have.

It all depends on your recollection of history.

Would you term The Donald (Trump) a scamster or a serious adviser for the public?

http://board.classifieds1000.com/Cal..._San_Francisco

One Weekend can make you a Millionaire!

Attend the Learning Annex Real Estate Wealth Expo as a V.I.P.
Donald Trump
Robert Kiyosaki
Doug Wilson
Are only some of the keynote speakers!
• Over 70 different seminars by leading experts on every aspect of money making in real estate!
• Over 100 different vendors on the exhibit floor!
• Over 40,000 expected in attendance – imagine the real estate networking opportunities!
2 Full Days: March 25-26, Saturday and Sunday, 8:00 A.M. – 6:00 P.M.
San Francisco: Moscone Center
Special promotion: Receive 50% off the V.I.P. ticket price of $499, and pay a mere $249.50!
All you have to do is use this special promotion code: SACN52
Call 1800-US-Annex and give them this special promotion code: SACN52
go to:
www.learningannex.com/realestate/realestate.taf?CourseNum=DA06EX&menu=register&refer= And use the code SACN52 on the web to buy tickets.


Please be aware that this special promotion offer expires on February 23, 2006.
This offer is also based on limited availability, and may expire before February 23, 2006, based on high demand. We highly recommend you buy tickets now. HURRY!!! DISCOUNT program EXPIRES on FEBRUARY 23!!!!!!!!

Does this look like the work of a thoughtful serious advisor to the public?

As for his other work - you might browse through this site:

http://www.johntreed.com/Kiyosaki.html

Of course John T. Reed has his own agenda as well but the points raised are still worth thinking about.