If you’re looking to get rich, a CBC Marketplace hidden camera investigation reveals that Robert Kiyosaki’s “Rich Dad” seminars should probably be avoided. They attended a $500 3-day workshop and found it was little more than some very poor real-estate investing advice – tricks like “lease options,” “pre-foreclosure” and “buy 10 condos, get 1 free” – sprinkled on top of heavy upsells into the $12,000-$45,000 “advanced” training courses. In a new twist, the instructor tells everyone to go raise their credit card limit by $100,000 so they will have the money they need to start investing in real-estate, and even gives them the scripts to do it.
When students start asking questions about how they’re supposed to do all this on only a regular paycheck, the teacher ends the seminar abruptly. Another student protests, saying they paid to go for two more hours, and the teacher has hotel security throw him out.
Turns out that Kiyosaki licensed his name to a company formerly known as Whitney Information Network, a get-rich-quick educational service with a checkered past of run-ins with regulators and unhappy customers.
Confronted, Kiyosaki has some pretty rich cop-outs to deflect responsibility.
Hmm, watching the video the spiel reminds me of what I saw when I investigated the Robert Allen Institute get rich in real-estate seminar for CNBC.
Who’s getting rich off Rich Dad? [CBC Marketplace]